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article 03-05-2019
Jay Kaplan on Asset TV's Masterclass: Small-Caps March 2019
By Jay Kaplan Last updated March 05, 2019
PM Jay Kaplan joined host Sue Lee on Asset TV's Masterclass: Small-Caps March 2019 to discuss why he's less concerned about recession than inflation and where he is finding opportunities in domestic small-caps.
More about Jay Kaplan
Jay Kaplan, CFA®
Portfolio Manager, Principal
18Years at Royce
31Years of Experience
PM Jay Kaplan joined host Sue Lee and another investment professional on Asset TV's Masterclass: Small-Caps March 2019, which aired March 4, 2019, to address the possible recession concern, share where he is finding opportunities, and more.
Watch Jay's appearance here.
When asked whether he believes inflation or a recession is a larger concern for domestic small-cap companies, Jay made the case for inflation. He believes inflation may be looming because consumer products are beginning to raise prices, citing Hershey's announcement that chocolate prices are increasing. Jay added that he doesn't see any evidence of a recession in the U.S. at this time.
He noted that the December downturn provided many buying opportunities, but that has slowed now that the market is up 16% since New Year's. However, he said that as a value investor he has been looking into cyclical areas, such as banking and trucking.
"This year so far to date, small-cap value has almost caught up to small cap growth, so that's a post in the right direction I guess," Jay said. "When you look at valuations, small-cap value stocks are way less expensive. The earnings power is way better. They actually have earnings."
Bio of Jay Kaplan
Jay Kaplan has been at Royce & Associates for 18 years, and he is a portfolio manager for five funds at the Firm. Prior to joining, he spent 12 years with The Prudential, most recently as Managing Director and Portfolio Manager. Mr. Kaplan holds a bachelor's degree from the State University of New York at Binghamton and a Master of Business Administration from New York University. He is a CFA® charterholder.
The thoughts and opinions expressed in the video are solely those of the persons speaking as of February 20, 2019 and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.
The performance data and trends outlined in this presentation are presented for illustrative purposes only. Past performance is no guarantee of future results. Historical market trends are not necessarily indicative of future market movements.
Cyclical and Defensive are defined as follows: Cyclical: Consumer Discretionary, Energy, Financials, Industrials, Information Technology, Materials. Defensive: Consumer Staples, Health Care, Real Estate, Telecommunication Services, Utilities.
Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.
Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication. All indexes referenced are unmanaged and capitalization-weighted. The Russell 2000 Index is an index of domestic small-cap stocks that measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.
This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)
Archived Material: Important Performance Information
July 18 Steve Lipper On Money Life with Chuck Jaffe
July 09 Closing Date for Reorganization and Details Regarding Final Distribution by Royce Low-Priced Stock Fund
July 03 MarketWatch: Charlie Dreifus On Red Flags In Proxies
© 2019 Royce & Associates, LP, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, LLC, a wholly owned subsidiary of Royce & Associates and a member of FINRA and SIPC. These Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, charges, expenses, and other information that you should read and consider carefully before investing. Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value Trust are closed-end funds whose shares of common stock trade on the NYSE. Royce Fund Services, LLC does not serve as a distributor or as an underwriter to or of these Royce closed-end funds. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy, and Proxy Voting Guidelines and Procedures.
Any information, statements, and opinions set forth herein are general in nature, are not directed to or based on the financial situation or needs of any particular investor, and do not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.
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