For Subscribers

Fit to Commit

This small-cap value fund wants investors for the long haul.

By Dian Vujovich

Opinions expressed by Entrepreneur contributors are their own.

Look into the background of a fund's portfolio manager, andyou're bound to learn a lot about how that fund is managed.Charlie Dreifus has been at the helm of the Royce Special EquityFund (RYSEX) since it began in 1998. Over that time, not only hasthe fund had an impressive performance record--last year, it rankedNo. 1 of all small-cap value funds tracked by Lipper--but it hashad only one down performance year.

Dreifus purchased his first stock at age 13 and learned aboutinvesting from value gurus Benjamin Graham and Warren Buffet andaccounting critic Abraham Briloff. Then there's his experienceprior to joining Royce, a fund family specializing in small-capvalue investing. It includes time in mergers and acquisitions whileworking for Lazard Freres & Co. Put all that together, andyou'll find a fund manager who hates to lose money for hisshareholders and purchases micro- and small-cap stocks for thefund's portfolio at bargain prices.

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