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Fund Times: Royce to Launch International Funds

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Small-cap specialist Royce & Associates has filed a prospectus with the SEC to launch the firm's first internationally focused funds: Royce International Value Fund and Royce Smaller-Companies International Fund. The prospectus suggests that both funds will be run by the firm's chief investment officer, Chuck Royce, who has distinguished himself at offerings such as Royce Heritage (RGFAX) and Royce Total Return (RYTRX). While Royce has certainly invested abroad, most notably in Canada, South Africa, and Asia, we would not be surprised if the firm brought on board an experienced international manager to help out here.

According to the prospectus, the all-cap International Value Fund will invest at least 65% of assets in international equities, with the remaining 35% going to U.S.-based securities and/or developing-markets firms. Smaller-Companies International will focus 80% of assets in companies with $5 billion or less in market cap, at least 65% of which will be internationally based. Both funds are likely to display Royce's trademark value-based approach.

Lawrence Jones does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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