Plus, Van Eck launches a commodity fund to fight contango, and more.
Royce, a firm known for its smaller-cap funds, launched its first large-cap offering Jan. 3 along with three new international funds.
The large-cap offering, Royce Special Equity Multi-Cap
Dreifus said the new fund will allow him to buy ample bargains in the large-cap space. He has owned more mid-caps in Royce Special Equity in the past year or so, but this will be his first stint running a fund focused on larger-cap stocks, which are heavily followed by Wall Street analysts and professional money managers.
Royce Special Equity Multi-Cap will own 35 to 50 stocks that have at least a $5 billion market capitalization. This fund likely will have the largest market cap of any at the firm. (Royce Mid-Cap's
The other new offerings--Royce Global Dividend Value
Global Dividend Value will be run by David Nadel and Chuck Royce. The managers will normally keep at least 40% of the portfolio invested in international stocks, and dividend-paying firms will soak up at least 80% of its assets.
Nadel, who has been a foreign equity fund manager at the firm for four years, will also be lead manager on International Premier and International Micro-Cap. George Wyper, who joined the firm in 2010 and formerly was head of Wyper Capital Management, will comanage International Premier. Firm veterans Jenifer Taylor and James Harvey will comanage International Micro-Cap. These two funds will devote at least 65% of assets to foreign stocks, but the market-cap ceilings for new stock picks are $2.5 billion for International Premier and $500 million for International Micro-Cap.
Van Eck Launches Second-Generation Commodity Fund
New York-based asset manager Van Eck Global recently launched the index-based Van Eck CM Commodity Index Fund