“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
