Royce Investment Partners announced today that Boniface “Buzz” Zaino will lead the portfolio management team of Royce Opportunity Fund, as well as the firm’s other portfolios that are managed with the unique opportunistic value strategy that he developed. Although Mr. Zaino transitioned from Portfolio Manager to Senior Advisor on the strategy in October 2018, he has remained actively engaged in the Strategy’s portfolios in the interim. Three Portfolio Managers will join the new investment team being led by Mr. Zaino: James P. Stoeffel and Brendan J. Hartman, who also manage Royce Micro-Cap Fund, and James Harvey, who spent a decade as an analyst with Mr. Zaino working directly on the Opportunity strategy.
This change takes place as Portfolio Managers William Hench, Robert Kosowsky, and Suzanne Franks, as well as Analyst Adam Mielnik, resigned from Royce on April 20. That prior team had managed the strategy since October 2018.
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Royce’s CEO Chris Clark said, “Buzz created the opportunity strategy and very successfully managed it for more than two decades at Royce. We are fortunate to once again have his leadership guiding a team that includes three additional portfolio managers with a combined 46 years of investment experience managing small- and micro-cap portfolios.”
Mr. Zaino said, “I’m very excited to be working with such an experienced team to manage this strategy which I founded several decades ago. I believe the current market environment presents very attractive opportunities for investing in small- and micro-cap stocks, especially those that fall within the scope of our value-oriented discipline.”
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The strategy will be managed as it has been since 1998, using Royce’s opportunistic approach to invest in small- and micro-cap companies focused on four distinct themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings. The investment team will continue to identify catalysts for future earnings growth in the form of new management, more favorable business cycles, product innovation, and/or margin improvement.
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