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Royce Global Select Long/Short Fund to be liquidated

TheShadowTheShadow
edited November 2013 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/709364/000094937713000290/rgs-supplement.htm

497 1 rgs-supplement.htm

The Royce Fund

Royce Global Select Long/Short Fund

Supplement to the Prospectus dated May 1, 2013


The Royce Fund’s Board of Trustees approved a plan of liquidation for Royce Global Select Long/Short Fund, to be effective on December 2, 2013. The Fund is being liquidated primarily because it has not attracted and maintained assets at a sufficient level for it to be viable. As of October 21, 2013, the Fund was no longer offering shares of the Fund for purchase and was not accepting any investments in the Fund.



November 1, 2013



Comments

  • VintageFreakVintageFreak
    Really? They have so many funds but couldn't sustain this one because it didn't garner assets?

    Royce is an Asset Gatherer before being an Investment Manager. Autonomously managed my foot. Legg Mason is pulling the strings here.
  • TheShadowTheShadow
    edited November 2013
    Deja vu. Franklin/Templeton used to have a domestic L/S which was later merged into its global L/S. The global L/S fund was later reorganized into some other fund as it was not successful.
  • David_Snowball
    Then, too, it's not very good. At least over the past three years, it's badly trailed a whole variety of benchmarks. Perhaps the combination of no assets and no returns warrants ... ?

    David
  • ShostakovichShostakovich
    The manager, David Nadel, Royce's newest Whitney George (in that he gets put on a lot of new "gee whiz" funds to garner assets before being flipped to yet another fund) was the manager. Did he have any experience as a long/short manager before taking the helm of this one?

    Royce has lost all shame. They'll put anything out there in their quest for AUM. Legg Mason is really trying to squeeze every last drop of blood out of the Royce name. Chuck, do you condone these changes to your once-respected firm? Probably -- you've been upping the % of international holdings for most of your funds for years, all while retaining the same Russell 2000 benchmark. Fiduciary, they are not.
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