$XLSM

Royce Capital's FY 2025 commentary indicates a bullish outlook on small-cap stocks, driven by expected economic recovery and corporate earnings growth. The firm emphasizes the resilience of small-cap companies despite economic headwinds. Specific sectors such as technology and healthcare within small caps are highlighted as having strong potential for investment. Additionally, the commentary suggests a favorable environment for active management strategies, aiming to capitalize on market dislocations. Overall, the analysis reaffirms optimism among investors towards small-cap equities for the upcoming fiscal year.