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Francis Gannon
Royce Investment Partners (co-CIO)
First call on the ledger
No calls filed yet. Quotes in curly quotation marks are verbatim; everything
else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
He argues the run 'is actually in its 16th month' since 'the tariff tantrum in April of last year' @0:31 and is not a head fake ('I don't think this is a head fake' @0:27); drivers are Fed easing, AI hard-asset demand, reshoring, deregulation and 100% capex expensing.
“so if earnings lead the market which I believe they do I think you're going to Be in a sweet spot here with small caps for a period of time”
Baseline he cites: 'we had negative earnings in small caps for 23 and 24' and roughly six months into 2025 @0:44, with earnings only turning positive at the end of 2025.
“the outlook is pretty positive and we think it's going to continue to Actually be in line perhaps even potentially better than large-cap earnings by the end of this year into 2027”
Based on 'everything happens in ten ten year segments' in Russell/CRSP data @2:49: 'We're coming to the end of a ten year period of outperformance of large cap' @2:54. He adds investors are underexposed: 'flows into the ETF the small cap ETF continue to be negative' @4:45, and 'you're at the beginning of what could be a prolonged small cap cycle' @5:56.
“and the small caps tend to outperform when they start to Outperform will outperform for a decade and I think that's where we are”
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