US Small-Caps Stay on Top in the Second Quarter

Published on July 8, 2026

Royce Investment Partners: In this second quarter recap, Francis Gannon discusses how US small-and micro-cap stocks have continued to lead the US equity market in a robust period for equities.

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Execution Efficiency Redefines Fixed Income Transitions

July 8, 2026
Fixed income transition costs are increasingly driven by what happens in credit markets. As credit trading becomes more efficient, the cost of transitioning fixed income portfolios is coming down, and how those transitions are executed is changing too.

Margin Debt Risk: The Ratios That Mislead Investors

July 8, 2026
Rising prices increase the value of collateral in every margin account, which automatically increases how much each investor can borrow under Reg T. Debt rises BECAUSE the market rose, not the reverse. That single fact is what breaks the ratios we’re about to examine, and it lies at the core of why margin debt risk is so often misjudged.