Plus, a shocking week for the fund industry.
Royce announced the launch of its first mid-cap fund, Royce Mid-Cap. It will invest primarily in the equity securities of companies with market capitalizations from $2.5 billion to $15 billion that Royce believes are trading below its estimate of the firms' current worth.
This is a big step up from the smaller companies Royce typically focuses on. Royce SMid-Cap Value
As is typical with most of Royce's funds, this fund will generally invest in companies that have excellent business strengths, have high internal rates of return, and exhibit above-average prospects.
The portfolio management team includes Carl Brown, Brendan Hartman, James Stoeffel, and W. Whitney George. Its expense ratio will be capped at 1.49% though April 30, 2012.
Royce's fund lineup has performed well in recent years, particularly in 2008. Charlie Dreifus, manager of Royce Special Equity Investment
A Shocking Week for the Fund Industry
The mutual fund industry is ending 2009 with a bang. TCW's former star manager Jeffrey Gundlach, a candidate for Fixed-Income Manager of the Decade, has been all over the news. First, he left TCW. Then he announced the launch of his new firm Doubleline. That left TCW Total Return
There were other surprises this week T. Rowe's
Wells Fargo Loses Bond Manager to Loomis Sayles
Loomis Sayles recently named Bill Stevens, a long-tenured comanager at Wells Fargo Advantage Total Return Bond