Insight into the Latest Investment Moves by Royce International Premier Fund (Trades, Portfolio)
Royce International Premier Fund (Trades, Portfolio), known for its strategic investments in non-U.S. small-cap companies, has revealed its N-PORT filing for the fourth quarter of 2023. The fund's investment philosophy centers on identifying premier companies with strong competitive advantages, robust returns on invested capital, and sustainable franchises. By focusing on businesses that exhibit a-cyclical growth, generate significant free cash flow, and possess a defensible moat, the fund aims to construct a high-quality portfolio that stands the test of time.
Summary of New Buy
Royce International Premier Fund (Trades, Portfolio) expanded its portfolio with a new addition:
- JTC PLC (LSE:JTC, Financial) was the standout new buy, with the fund purchasing 471,827 shares. This position represents 1.02% of the portfolio and is valued at £4.9 million.
Key Position Increases
The fund also bolstered its stakes in six companies, with significant increases in:
- XP Power Ltd (LSE:XPP, Financial), where an additional 169,930 shares were acquired, bringing the total to 564,391 shares. This move marks a 43.08% increase in share count and a 0.61% impact on the current portfolio, valued at £9.75 million.
- Auction Technology Group PLC (LSE:ATG, Financial) saw an increase of 156,828 shares, resulting in a total of 1,307,371 shares. This adjustment reflects a 13.63% increase in share count, with a total value of £8.69 million.
Summary of Sold Out Positions
The fund exited three holdings entirely in the fourth quarter of 2023:
- Marel hf (OISE:MAREL, Financial): The complete sale of 2,871,501 shares had a -1.39% impact on the portfolio.
- Ergomed PLC (LSE:ERGO, Financial): The liquidation of 327,131 shares caused a -0.89% impact on the portfolio.
Key Position Reductions
Significant reductions were made in 50 stocks, with the most notable being:
- Open Text Corp (TSX:OTEX, Financial) saw a reduction of 286,872 shares, leading to an -88.58% decrease in shares and a -1.67% impact on the portfolio. The stock's average trading price was C$51.08 during the quarter, with a 24.14% return over the past three months and a 0.92% year-to-date return.
- IMCD NV (XAMS:IMCD, Financial) was reduced by 55,969 shares, resulting in a -65.23% reduction in shares and a -1.18% impact on the portfolio. The stock traded at an average price of €130.92 during the quarter and has returned 29.30% over the past three months and -9.11% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Royce International Premier Fund (Trades, Portfolio)'s portfolio comprised 58 stocks. The top holdings included 3.38% in BML Inc (TSE:4694, Financial), 3.09% in Hansen Technologies Ltd (ASX:HSN, Financial), 3.05% in TKC Corp (TSE:9746, Financial), 2.95% in IPH Ltd (ASX:IPH, Financial), and 2.61% in RIKEN KEIKI Co Ltd (TSE:7734, Financial). The fund's investments are primarily concentrated across eight industries: Industrials, Technology, Basic Materials, Healthcare, Financial Services, Consumer Cyclical, Communication Services, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
