Chuck Royce on His Oldest Mutual Fund
- By Julie Young
Chuck Royce (Trades, Portfolio) purchased the Pennsylvania Mutual Fund through an acquisition of Quest Advisory Corp. in 1972. With the acquisition of the fund, he began to focus his investments more in the small-cap space which is what he and his firm are now known for in the industry. In 1997, Royce changed the name of Quest Advisory Corp. to Royce and Associates and further built out additional funds and investment professionals focused on small-cap stocks.
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The intrinsic value of KWR
The Pennsylvania Mutual Fund is considered a flagship fund for the firm, and this year it has returned 10.93%. The fund is an actively managed fund focused on small-cap stocks of up to $3 billion. The fund is most heavily weighted in industrials and its top holdings include:
Quaker Chemical (KWR)
Ritchie Bros. Auctioneers (RBA)
HEICO Corporation (HEI)
Drew Industries (DW)
Copart (CPRT)
In a recent interview, RoyceA gave his insight on the Pennsylvania Mutual Fund and some of the reasons for its recent outperformance.
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This article first appeared on GuruFocus.
Warning! GuruFocus has detected 5 Warning Signs with RY. Click here to check it out.
The intrinsic value of KWR
