Author: Ticker Magazine
123jump.com
Last Update: 1:22 PM EST November 21 2006

Click here to view the detailed PDF version

Jay Kaplan		“We require that companies generally have an asset to equity ratio of two times or less. That is a very strict criteria which makes our view of balance sheets generally more conservative than most of our competitors.”
		Royce Value Fund

Following a time-tested three-pronged investment philosophy Jay Kaplan, portfolio manager at The Royce Value Fund, seeks to generate higher returns by identifying companies with strong balance sheets, high return businesses and discount valuations. Using a contrarian approach, the manager believes that rock solid balance sheets offer brick wall protection against temporary operating problems at a company.