
caps trading at a discount not only to their fellow small-caps but to their larger-cap siblings as well. Stay tuned... FDG Important Disclosure Information Francis Gannon is a Portfolio Manager of Royce & Associates LLC. Mr. Gannon’s thoughts
always thought it is generally a good time to invest when the people closest to these businesses are investing. Stay tuned – FDG Important Disclosure Information Francis Gannon is a Portfolio Manager of Royce & Associates LLC. Mr. Gannon’s thoughts
Psychology may run the market in the short-term, but earnings and fundamentals run the market in the long-term. Stay tuned... FDG Important Disclosure Information Francis Gannon is a Portfolio Manager of Royce & Associates LLC. Mr. Gannon’s thoughts
Having used the proceeds of $9.8 billion raised through debt to buy the 60% it didn't already own of Fording Canadian Coal Trust in July 2008, Canada's largest metallurgical coal producer, the sudden fall in commodity prices meant
deliver superior returns over the long term, particularly when they are purchased at an attractively low price. Stay tuned... FDG For more than 35 years, Royce & Associates has been managing smaller company portfolios using a disciplined value approach
quite evident in the performance differential between the Russell 2000 and the S&P SmallCap 600 in 2011. Stay tuned... FDG Important Disclosure Information For more than 35 years, Royce & Associates has been managing smaller company portfolios using
ideal environment for active managers with an absolute return orientation such as ourselves. Stay tuned... Happy Holidays! FDG *Cirrus Risk Score (CRX): The US Cirrus Risk Score (CRX-US) is a cross-market measure of investor willingness to assume
as business buyers, we are struck by the strategic actions of corporations in this uncertain environment. Stay tuned... FDG For more than 35 years, Royce & Associates has been managing smaller company portfolios using a disciplined value approach
while we remain steadfast in our approach and our focus on quality. To us, that has always been important! Stay tuned! FDG Important Disclosure Information For more than 35 years, Royce & Associates has been managing smaller company portfolios using
inexpensive high-quality companies are under owned, especially within the small-cap space. Stay tuned...and stay the course! FDG P.S. We found an interesting quotation from Michael Churchill of Churchill Research for those focused on the precious metals