Morningstar's QuickTake Report on Royce Low-Priced Stock Fund, a component of the Bradway Strategic Portfolio, says that, "aided by a shareholder-friendly closure, this fund seems poised to continue its winning streak." In February, Royce limited new investments in the fund to existing relationships only.
"Royce's decision to tighten the inflow spigot is smart and responsible. An unwieldy asset base makes small-cap funds less nimble, a particular risk given the managers' penchant for more thinly traded micro-cap firms," Morningstar analyst Karin Anderson wrote.
"Overall, this quality-driven approach paired with strong overall stock-picking has made it a long-term winner," Morningstar noted.
"This Royce Fund, which focuses on stocks trading at less than $25 per share, has a contrarian bent. Managers Whitney George and Chip Skinner look for stocks that have fallen out of favor but that still have solid balance sheets and the ability to generate strong cash flows, Anderson wrote.
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