Royce Investment Partners

Dec 2024 → Dec 2025 · Publishes monthly · 4 funds

Our archive holds 20 letters from Royce Investment Partners, behind 41 investment theses. Every quote below is copied verbatim from the letter it came from.

Royce Investment Partners’s own letters page

Letters

Companies

Moves

Theses

Theses · 41

Amentum Holdings
September 2025
Amentum Holdings is a newly formed public company with strong growth potential, driven by a merger, improving order win rates, and expected margin expansion, trading at an attractive valuation relative to peers.
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Arcosa
September 2025
Arcosa is strategically focusing on higher return growth businesses in U.S. infrastructure, particularly in aggregates and engineered structures, positioning itself for long-term earnings and cash flow growth through organic expansion and strategic acquisitions.
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Exponent
September 2025
Exponent is a leading multidisciplinary consulting firm specializing in complex problem analysis, well-positioned for growth as technological innovation and safety concerns evolve.
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Gaztransport & Technigaz
September 2025
Gaztransport & Technigaz (GTT) is the leading provider of membrane-containment systems for liquefied natural gas (LNG), holding over 70% of the global market share and offering strong financial performance with a compelling growth outlook.
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German American Bancorp
September 2025
German American Bancorp is a high-quality Midwest bank with strong returns on assets and equity, positioned for growth with a low valuation and promising earnings potential.
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Glacier Bancorp
September 2025
Glacier Bancorp is a regional bank with a strong market share in smaller markets, excellent credit quality, and expected robust earnings growth due to improving net interest margins and strategic acquisitions.
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JTC
September 2025
JTC is a leading independent provider of fund and trust administration with a strong track record of revenue growth and potential for industry consolidation amid private equity interest.
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Mayville Engineering
September 2025
Mayville Engineering is transitioning from cyclical heavy vehicle manufacturing to higher-margin data center infrastructure, supported by lean operations and a focus on domestic sourcing, aiming for significant sales growth in 2026.
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Onto Innovation
September 2025
Onto Innovation is a leader in providing essential inspection, metrology, and lithography equipment for semiconductor manufacturing, with strong growth prospects driven by technological advancements and a robust product pipeline.
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Riken Keiki
September 2025
Riken Keiki is a dominant Japanese industrial company specializing in safety systems for hazardous worksites, with strong recurring revenues and significant potential for global market expansion.
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SmartCraft ASA
September 2025
SmartCraft ASA is a growth-oriented digital toolkit for Nordic and UK SMEs in the construction sector, providing essential software solutions for increased profitability and compliance, with significant market penetration potential.
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TowneBank
September 2025
TowneBank is a strong investment opportunity due to its dominant market share, diverse earnings from non-interest income sources like its insurance brokerage, disciplined acquisition strategy, and attractive valuation compared to expected robust earnings growth.
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Funds · 4

Royce IP9
Royce6
Royce Invest4
Royce Invest 251120251

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Theses · 41

Letter archive · 20

2025

2024

Funds · 4

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