“Small-cap value investment is our core business” says Chuck Royce. Royce & Associates, founded by Chuck Royce in 1972, employs a value-based approach to invest in companies with small market capitalizations. The company looks for small-cap companies that are underpriced relative to the enterprise value. Most stocks in its portfolio are companies with less than $5 billion in market capitalizations.

Top 20 positions in Royce’s 13F portfolio as of September 30, 2011 are as follows:

Company Name Ticker Value Activity
NU SKIN ENTERPRISES INC NUS 328511 -10%
PAN AMERICAN SILVER PAAS 288920 1%
BUCKLE INC BKE 267892 -2%
UNIT CORP UNT 257828 2%
ALLIED NEVADA GOLD CORP ANV 254032 -21%
TERADYNE INC TER 246538 21%
LINCOLN ELECTRIC LECO 236159 5%
FEDERATED INVESTORS FII 227946 3%
RELIANCE STEEL & ALUMINUM RS 226994 -1%
GRAFTECH INTL GTI 201394 8%
SILVER STANDARD RES SSRI 196344 2%
GARTNER INC IT 192974 0%
MYRIAD GENETICS INC MYGN 187680 14%
WESTLAKE CHEMICAL CORP WLK 186641 5%
ALLEGHANY CORP DE Y 183741 6%
THOR INDUSTRIES INC THO 182804 2%
AMERICAN EAGLE OUTFITTERS AEO 171350 9%
RITCHIE BROS AUCTIONEERS RBA 170294 8%
I D E X X LABORATORIES IDXX 169383 0%
JOS A BANK CLOTHIERS JOSB 165632 -5%

Link to full: http://seekingalpha.com/article/314055-top-small-cap-value-stocks-by-chuck-royce