Here's a way to look beyond Nvidia's stock for -2-
The iShares Russell 2000 ETF IWM trades at a forward price/sales ratio of 1.2, which matches its 10-year average valuation, according to FactSet. Meanwhile, SPY trades at a forward price/sales ratio of 2.8, compared with a 10-year average valuation of 2.2.
Performance of the fund
Here's a 10-year chart comparing the performance of the Royce Small-Cap Opportunity Fund's Investor share class with that of the Russell 2000 and the Russel Microcap Index:
Performance for the Royce Small-Cap Opportunity Fund's Investor share class is net of expenses, which currently come to 1.23% of assets under management annually.
Stoeffel said one reason for the fund's good performance over the long haul was that it had been "dramatically underweight" financial stocks, especially banks, compared with broad indexes.
Top holdings
Here are the largest 10 stockholdings (out of 223) of the Royce Small-Cap Opportunity Fund as of May 31:
Aspen Aerogels Inc. Ticker Industry % of Royce Small-Cap Opportunity Fund as of May 31 Arlo Technologies Inc. ARLO Telecommunications Equipment 0.87% Orion Group Holdings Inc. ORN Engineering and Construction 0.86% Artivion Inc. AORT Medical Specialties 0.83% VSE Corp. VSEC Engineering and Construction 0.83% Kyndryl Holdings Inc. KD Data Processing Services 0.82% Primoris Services Corp. PRIM Engineering and Construction 0.82% Aspen Aerogels Inc ASPN Industrial Specialties 0.81% Carpenter Technology Corp. CRS Metals/Minerals 0.81% Veeco Instruments Inc. VECO Electronic Production Equipment 0.80% CECO Environmental Corp. CECO Industrial Machinery 0.79% Sources: Royce & Associates, FactSet
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Don't miss: Why this fund manager trimmed his Nvidia position - and has a warning about AI
-Philip van Doorn
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07-08-24 1032ET
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