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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: bob s who wrote (26779)	3/18/1998 11:20:00 AM
From: Knighty Tin	Respond to of 132070

Bob, I have owned Fund in the past and am considering jumping in again. All of Royce's funds are managed the old-fashioned way. They use good fundamental research to buy and sell. It shows. This is a fund that buys small cos. worldwide, though there is a US bias, and was up 27 pct. last year when most of the intl plays fell on their face due to micro problems. I have two caveats about the fund. First, Royce is famous for rights offerings. True, his rights offerings are the least rapacious in the CEF business, but they are still rights offerings that hurt the shareholder a little bit. And, second, I don't see how an organization as small as Royce can afford the intl. research for this fund. That may be the reason for the US emphasis. My guess is they are using somebody else's research overseas and that is always dangerous. True, they run the research through their own value discipline, but it you can't be sure of the numbers, the discipline is much less effective. So, I like it, but like all of my investments, it makes me nervous. -g- MB