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September 22, 2003 at 08:00 PM
Boniface “Buzz” Zaino manages Royce Fund Opportunity/Inv (RYPNX) with an eye on micro-cap stocks that match a set of guiding themes.
He likes undervalued assets, the classic stratagem of finding hidden gems. In the micro-cap arena where Zaino works, the search for undiscovered gems is a given.
Zaino also pursues what he calls undervalued growth — a strong company in a weak sector.
He likes turnaround plays brought on by, say, new management.
And he favors what he calls “interrupted earnings growth.” An IPO that stumbles fits that description.
Zaino says much of the tech sector was like a broken IPO in the tech wreck of 2000.
Once he’s found a stock he likes, Zaino tends to hang on to it as turnover is a low 46% annually.
