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This general information pertains to the manager responsible for the day-to-day management of the portfolio(s) available through Pacific Life's variable products and the information presented may not relate specifically to the available portfolio(s). The information is provided by and used with the permission of this manager.
Royce & Associates, LLC, is one of the industry's most experienced and highly respected small-cap value investment managers. The firm was acquired in 1972 by Charles M. Royce, one of the pioneers of small-cap investing. Based in New York City, Royce has been a wholly-owned, independent subsidiary of Legg Mason., Inc since 2001 and has been cultivating a unique small-cap value style over four decades.
Investment Management Process
The Royce & Associates approach emphasizes paying close attention to risk and maintaining the same discipline, regardless of market movements and trends. The price paid for a security must be significantly below their appraisal of its current worth, requiring a thorough analysis of the financial and business dynamics of an enterprise. Royce attempts to limit volatility by emphasizing risk management; something they believe does not diminish long-term returns.
To select stocks, Royce uses a bottom-up stock selection approach that targets individual companies to select companies from the entire smaller-company universe, not just the “value” portion. They target companies with a history of earnings, high internal rates of return and the ability to generate free cash flow. Royce also looks for valuation discrepancies, not just statistically cheap stocks.
Experience
Royce & Associates is committed to the same small-cap value investing principles that have served them well for more than 35 years. Charles M. Royce, President and Co-Chief Investment Officer, enjoys one of the longest tenures of any active mutual fund manager. Royce’s investment staff also includes Co-Chief Investment Officer W. Whitney George and more than 30 investment and trading professionals.
At Royce & Associates, smaller company investing has been their only business for more than 30 years. They use a disciplined value approach to build what they believe are the best available smaller company portfolios — all with the goal of delivering above-average, long-term performance. Royce believes their singular focus and experience sets them apart from most other asset management firms.
Attributes
Royce & Associates manages approximately $29 billion in assets under management as of December 31, 2009 for both individual and institutional investors
Portfolios Managed
Royce & Associates, LLC
Data as of December 31, 2009
Higher volatility and greater risks may be associated with investing in smaller size companies.
Although some portfolios may have names or investment objectives that resemble retail mutual funds managed by the portfolio manager, these portfolios will not have the same underlying holdings or performance as the retail mutual funds.
You should carefully consider a variable life insurance product’s risks, charges, limitations and expenses, as well as the risks, charges, expenses and investment objectives of the underlying investment options. The accompanying product and underlying fund prospectuses contain this and other information about Pacific Life. Read them carefully before investing or sending money.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York, and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues, and its product and rider guarantees are backed by that company’s financial strength and claims-paying ability.
Shares of Royce Capital Fund are distributed by Royce Fund Services, Inc.
Royce Capital Fund is not affiliated with Pacific Life or Pacific Select Distributors, Inc.
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