Vantage: Finding value compounders with Royce Investment Partners

Vantage: Finding value compounders with Royce Investment Partners

Chuck Royce is a founding father of small-cap investing and is still chair of Royce Investment Partners. In this interview, we speak to Mark Rayner and Mark Fischer from Royce, who manage the International Premier Fund. The duo explain their approach to finding high-quality companies in the international small-cap universe, one of the ‘last inefficient frontiers’ in public market investing. This diverse universe of companies coupled with market inefficiencies allows the team to pick stocks and find value compounders, with Mark Rayner reminding us that compounding was cited as the eighth wonder of the world by Einstein. They also provide illustrations with two stocks, New Work and Carel.


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