“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 NameTickerValueActivity
NU SKIN ENTERPRISES INCNUS328511-10%
PAN AMERICAN SILVERPAAS2889201%
BUCKLE INCBKE267892-2%
UNIT CORPUNT2578282%
ALLIED NEVADA GOLD CORPANV254032-21%
TERADYNE INCTER24653821%
LINCOLN ELECTRICLECO2361595%
FEDERATED INVESTORSFII2279463%
RELIANCE STEEL & ALUMINUMRS226994-1%
GRAFTECH INTLGTI2013948%
SILVER STANDARD RESSSRI1963442%
GARTNER INCIT1929740%
MYRIAD GENETICS INCMYGN18768014%
WESTLAKE CHEMICAL CORPWLK1866415%
ALLEGHANY CORP DEY1837416%
THOR INDUSTRIES INCTHO1828042%
AMERICAN EAGLE OUTFITTERSAEO1713509%
RITCHIE BROS AUCTIONEERSRBA1702948%
I D E X X LABORATORIESIDXX1693830%
JOS A BANK CLOTHIERSJOSB165632-5%

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