From the SEC, Microcap Stock: A Guide for Investors (2013):

The term "microcap stock" applies to companies with low or "micro" capitalizations, meaning the total value of the company's stock. A typical definition would be companies with a market capitalization of less than $250 or $300 million.

That's quite a distance from Royce Micro-Cap Opportunity's billion dollar boundary. The portfolio, as currently constructed is about two-thirds microcap and one-third small cap. The portfolio's average cap is $720 million.
The fund's performance is fine (two years in the top 5%, two years in the bottom 5%, strong start to 2015) but its asset base is nonexistent, perhaps a reminder that the world doesn't need two dozen Royce clones. I suppose the remaining is a futile marketing gesture given the Royce also runs Royce Micro-cap and Royce Micro-cap Discovery.
David

For $40,000 in 19 holdings? 71.5% share to self and 28.5% to other fund houses? total=100% crazy

"point out succinctly"
Please try to keep your requests somewhat reasonable!

Your suspicions would appear to be well-founded. Here is the Schwab robo-portfolio as shown in Ted's MarketWatch Quiz Link, from the "Can You Tell A Human Financial Adviser From A Robot?" posting.
Schwab Robo-Portfolio

There is now a monthly fact sheet available through the Schooner Funds website:
schoonermutualfunds.com/wp-content/uploads/2015/04/SHAIX-MARCH-2015.pdf

I am surprised that the technology component of the NASDAQ contracted from 65% in 2000 to 42% today.

http://www.sec.gov/Archives/edgar/data/709364/000094937715000154/e34519_ros-supp.htm
497 1 e34519_ros-supp.htm
The Royce Fund
Supplement to the Investment, Service, and Institutional Class Shares Prospectus Dated May 1, 2014
Royce Opportunity Select Fund
On April 22, 2015, the Board of Trustees of The Royce Fund approved name changes and investment policy changes for Royce Opportunity Select Fund. All of these changes will take effect on May 1, 2015. The investment policies and operations of Royce Opportunity Select Fund will not change except as specifically described below.
Royce Opportunity Select Fund will be renamed Royce Micro-Cap Opportunity Fund. The Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of companies with stock market capitalizations up to $1 billion. In addition, the Fund’s operating policies will prohibit it from engaging in short sale transactions, writing call options, or borrowing money for investment purposes.
April 24, 2015
ROS-042415

@John Chisum: I'm happy, even with the sell-off today in Biotech and Healthcare, my 5 funds are up 10.24% YTD.
Regards,
Ted
QQQ=7.67%
SPY=3.66%
PRHSX=17.12%
FBTCX=19.88%
PFF=2.90%

FYI:
Regards,
Ted
WSJ Slant:
http://www.wsj.com/articles/u-s-stock-futures-rise-putting-nasdaq-composite-on-track-for-more-gains-1429878630
Bloomberg Slant:
http://www.bloomberg.com/news/articles/2015-04-24/nasdaq-futures-signal-stocks-to-rise-on-google-amazon-results
Reuters Slant;
http://www.reuters.com/article/2015/04/24/us-markets-stocks-usa-idUSKBN0NF16J20150424
MKarketWatch Slant;
http://www.marketwatch.com/story/us-stocks-google-amazon-poised-to-lead-nasdaq-to-another-record-2015-04-24/print
WSJ Markets At A Glance:
http://markets.wsj.com/us
Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
Current Futures:
http://finviz.com/futures.ashx

FYI: Charles Schwab’s (SCHW) automated investment service is adding “hundreds of new accounts every day,” the brokerage’s chief executive said this week.
Schwab’s chief executive officer, Walter Bettinger, unveiled some details about Schwab Intelligent Portfolios in a call with analysts on Thursday. The brokerage rolled out its so-called robo-advisor service in early March, or about six weeks ago.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/04/24/schwabs-robo-service-nets-1-5-billion-in-six-weeks/tab/print/

Hey OJ - I'm with you in hoping that the 90%+ group share their secret. All I can figure out is that I recognized few, if any, of the fund symbols. That's largely because I haven't had a fresh idea in years. Basically, have stayed with the same 5 or 6 fund houses and pretty much the same dozen funds for well over a decade now. I guess in the past 3 years I've added just one new one (PRNEX).
Possibly they benefitted from a superior knowledge of those fund symbols and were able to identify funds a computer might overlook.

Speaking of emerging market debt, here's a recent article that doesn't exactly make you want to run out and buy them. But as one of the reader comments stated, maybe just the opposite. Meaning, when prices are rising amid these type of doom and gloom articles, it's the time to buy.
http://www.wsj.com/articles/investors-grow-wary-of-emerging-market-debt-1429473506

Another thought, How many Middle Class people buy Stocks (invest).... last I read it was less than 10%, How many Care or want to?
In fact how many well educated Americans even Know how to go about buying stocks?
Guarantee, myself as a well educated, young successful businessman with plenty of disposal money didn't have a clue....finally after years of fooling around with mutual fund companies and buying IRAs out of tax necessity.. I educated myself....
Middle Class Doesn't do that....buying stocks....so I guess they don't benefit....
all my guessing

"In terms of types of financial wealth, the top one percent of households have 35% of all privately held stock, 64.4% of financial securities, and 62.4% of business equity. The top ten percent have 81% to 94% of stocks, bonds, trust funds, and business equity, and almost 80% of non-home real estate."
http://www2.ucsc.edu/whorulesamerica/power/wealth.html
Also:
http://www.cnbc.com/id/100780163
http://www.salon.com/2013/09/19/stock_ownership_who_benefits_partner/

Jaffe has set-up six-straw men which he refutes.
1. ‘It can’t go up forever,’ or ‘We are overdue for a downturn or a correction.’ - The first part of this straw-man is true. The second part does not necessarily follow.
2. ‘Because the bull run has been long, any decline is going to be big, too.’ - This is a patently false premise. Duration of a bull market is not the determining factor in the severity of corrections. Valuations and economic conditions are the primary drivers.
3. ‘The Federal Reserve is serious about raising rates now, and that’s going to end the rally.’ - The first part of his statement is probably true. The second part does not necessarily follow.
4. ‘The government will screw this up.’ - This is a silly argument. Governments come and go depending on the outcome of elections.
5. ‘The market is overpriced.’ - This is probably true in general. However, it's a straw-man so "all-inclusive" that it's easy to knock down.
6. ‘You can’t lose money in cash, so I will wait until the next downturn passes.’ - True and false. The validity of the argument hinges on the meaning of "money." Cash won't lose "nominal" value. As Jaffe points out, it will lose purchasing power.
My conclusion? Jaffe has managed to shed little light on the question of whether or not you should make changes to your portfolio. Setting up a list of largely bogus assumptions ("straw-men") and than refuting them, serves little purpose IMHO.

I'm still 100% in HY Muni bonds paying me about 5.1% - only state tax. Munis haven't seen capital appreciation this year. My guess it is the possible Fed increase later in the year holding them back.
My current plan is to stop the re-investment of dividends in Jan of 2016 and put that $ into other places, maybe high yield international bonds. Time will tell.

I am 100% in open end corporate junk. Many of the corporate junk funds are up around 4% YTD. But a friend of mine recently made a move into where the real action has been the past many weeks and that is emerging market debt. May move some there. Bank loan funds have also showed some life in 2015.

William Lazonick writes that "Stock buybacks are an important explanation for both the concentration of income among the richest households and the disappearance of middle-class employment opportunities in the United States over the past three decades. Over this period, corporate resource-allocation at many, if not most, major U.S. business corporations has transitioned from “retain-and-reinvest” to “downsize-and-distribute” ". Toward the end of the paper, Lazonick further states "Senior executives who are willing to waste hundreds of millions or billions of dollars annually on buybacks are likely to lose the judgmental capacity to comprehend the types of investments in organization and technology that are required to remain innovative in their industries."
Rex Nutting comments on the paper at this link where he says "Share buybacks encourage executives to loot companies, stall innovation and depress wages":
marketwatch.com/story/how-the-stock-market-destroyed-the-middle-class-2015-04-24?dist=beforebell
Here is a link to a summary of the paper and to its full pdf version ("Stock buybacks: From retain-and reinvest to downsize-and-distribute"):
brookings.edu/research/papers/2015/04/17-stock-buybacks-lazonick
It is my impression share buybacks have been a key driver of US equity market performance in recent years. I am not sure that trend can be sustained in a positive way over the next several years. This may be worth thinking about since it impacts our portfolios.

I'm still 100% in HY Muni bonds paying me about 5.1% - only state tax. Munis haven't seen capital appreciation this year. My guess it is the possible Fed increase later in the year holding them back.
My current plan is to stop the re-investment of dividends in Jan of 2016 and put that $ into other places, maybe high yield international bonds. Time will tell.

The $20M is in DSL - all a single position.
As Junkster pointed out, this is a muni bond, not a corporate. Aside from that, there are other differences from what Gundlach was talking about. He specifically mentioned a flood of maturities in the 2018 time frame. He felt that this would create a problem both in price (lots of new bonds coming on the market to replace the old ones) and defaults (not having the cash flow to deal with higher coupon bonds?).
PR bonds, in contrast, are generally (still) long term maturing in the 2030s and now 2040s. In particular, the series in DSL mature in 2035. PR is having problems servicing its current debt, but it won't have to deal with rolling over its bonds for many years.
PR bonds are unique in another way. They were recently downgraded to junk (the only "state" bonds to be so graded, so they're in a class by themselves). As a result, funds dumped them (as did many other investors), and they have already been badly punished in the market. As Junkster's link pointed out, they're trading at all-time lows. I have a small portfolio of individual munis, and I watch the PR bond prices drop even as all other muni prices (from BBB to AA) rise.
Not wishing to sound like a Pollyanna, I nevertheless offer a (possibly rare) contrarian view for your consideration: https://www.fmsbonds.com/News/bond_article.asp?id=488

@Dex Saw on a blog last week that "over 30%" of all outstanding HY municipal bonds were PR debt. (sigh) Given your note that HYD municipal index has PR debt at 3.4%, the dude obviously has a problem with zee decimal points.
Quite a stretch this is newsworthy. I mean, 20/2260 x 100= 0.885% .... so?