Royce Small-Cap Trust

Active believes that tighter financial con- conditions will create a more challenging backdrop for smaller companies than their large cap peers, and that started the debate.

So, in this bonus edition of Allocation Views, we are joined by Francis Gannon and CIO of Royce Investment Partners, Franklin Templeton's specialist small cap investment house, to join this debate.

Have investors become too pessimistic on US small caps? Are higher rates reflected in valuations? Do higher rates even matter? And what would make smaller companies surprise on the upside? Frank, thank you very much for joining us on Macro Moments today.

Uh, and l- shall we get straight into the debate?