The founder of Royce & Associates, Charles M. Royce, enjoys one of the longest tenures of any active mutual fund manager, still serving as its president and chief investment officer. A Legg Mason, Inc. subsidiary since 2001, Royce strives to build small-cap value portfolios that provide solid absolute performance with a focus on reducing volatility.


Royce & Associates is a small-cap specialist with unparalleled knowledge and experience.

We are pioneers in small-cap investing—it's been our specialty for 40+ years. What sets us apart is our unparalleled depth of small-cap knowledge, experience, and focus, combined with our culture of intellectual curiosity, creativity, and collaboration. This creates an environment where our team has the confidence to go against consensus, the insight to uncover opportunities others might miss, and the tenacity to stay the course through market cycles.

Within a common culture we encourage our talented managers to refine their distinct investment approaches and offer strategies with different risk/return profiles. These distinct approaches offer clients clear choices to meet their specific small-cap needs. In our experience, successful investment demands commitment. We demonstrate our commitment by investing alongside you. Our team of portfolio managers has significant personal investments in the strategies they manage.

Royce & Associates (Royce) is affiliated with Legg Mason Investor Services, LLC (LMIS) through common control and ownership by Franklin Resources, Inc. LMIS provides its non-U.S. clients with access to Royce primarily through its Dublin domiciled funds, in which such affiliate serves as investment manager or sub-investment manager.

Our Affiliates