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The Royce Small-Cap Total Return Fund's commentary for FY 2025 highlights a positive outlook for small-cap stocks as economic recovery continues. The fund manager emphasizes a focus on value hunting amidst market volatility. They predict stronger performance from sectors like technology and consumer discretionary, which are expected to benefit from spending increases. However, caution is advised regarding inflation's potential impact on margins. Overall, the commentary suggests a bullish stance for small-cap investments in the upcoming year.

The Royce Small-Cap Special Equity Fund's FY 2025 commentary indicates a cautious yet optimistic view on small-cap equity investments. The fund's management emphasizes the potential for small-cap stocks to outperform larger caps, especially in a recovering economy. They are pivoting towards sectors that promise growth, citing a market shift towards value and cyclical stocks. Key sectors mentioned include consumer discretionary and industrials, which may see increased investment. Overall, the fund anticipates continued volatility but also opportunities in the small-cap space through select stock picking.