Royce & Associates, LP 13F holdings and portfolio analysis

ListoRoyce & Associates, LP · Francis Gannon

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Baseline

Mensajes de análisis
Rama:
Baselinetested
Referencia de preguntas y respuestas de estrategia3 preguntas de referencia

Preguntas y respuestas pregeneradas sobre este fondo. Úsalas como contexto de referencia para tu propio análisis.

baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?

Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 5.91%, top 10 10.34%, top 20 17.44%, with ACA 1.45%, KWR 1.15%, JBTM 1.11%, ESAB 1.11%, MKSI 1.09%, AGO 0.98%. The baseline result is return 2.42%, alpha 0.03%, beta 0.17, Sharpe 0.66, Sortino 0.86, max drawdown -7.64%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Industrials 30.59%, Information Technology 17.93%, Financials 17.11%, Consumer Discretionary 11.97%) still dominate the realized path.

↳Compare Baseline concentration and drawdown with each screen.
baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?

The period rows show the character of the baseline. The strongest relative period was 2024-12-31 (-1.20% vs SPY -3.63%, excess 2.43%, turnover 2.85%); the weakest was 2023-09-30 (1.27% vs SPY 10.11%, excess -8.83%, turnover 3.09%). The latest rows (2025-03-31 (1.91% vs SPY 9.22%, excess -7.31%, turnover 2.94%); 2025-06-30 (0.15% vs SPY 4.20%, excess -4.05%, turnover 3.76%); 2025-09-30 (0.22% vs SPY 1.49%, excess -1.26%, turnover 2.95%)) show whether recent results are confirming or reversing the long-term profile.

↳Rank recent baseline periods by excess return and turnover.
baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?

Before accepting Baseline, I would inspect three things: whether ACA 1.45%, KWR 1.15%, JBTM 1.11%, ESAB 1.11% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -7.64% is acceptable for the user's risk budget.

↳Review the largest baseline holdings and explain whether each still deserves its weight.
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