Chuck Royce took over Royce & Associates in 1972. He has since grown his AUM to a value of $35.3 billion. It has been a subsidiary of Legg Mason, Inc. (LM) since October 2001. Even now, Royce manages the fund as President and Co-Chief Investment Officer. His career at Royce & Associates marks “one of the longest tenures of any active mutual fund manager,” according to the Royce & Co. website.
Ken Fisher founded his Fisher Investments in 1979. In that time, he also wrote the Forbes Portfolio Strategy column for 26 years, making him the fourth-longest running columnist in the history of Forbes. Fisher also penned several books on money management and earned a spot on the Forbes list of the 400 richest Americans. He ranks 252.
Royce and Fisher are two of the most esteemed fund managers in the industry. They also share several of the same positions, including positions in Exxon Mobil Corp (XOM). Fisher owns $584.1 million in the company after increasing his stake in the company by 2%. Royce has $7.1 million in XOM. Phill Gross and Robert Atchinson, fund managers at Adage Capital Management, are also fans (see Adage Capital’s top stock picks).
The pair is also invested in Microsoft Corp (MSFT). Fisher has a $464 million position in the technology giant. Royce has a $9.7 million position in MSFT. It recently traded for $26.34 a share and a market cap of $8.38 billion. The company is also popular with Boykin Curry, Eagle Capital Management (check out Curry’s top picks).
Coach, Inc. (COH) is also a favorite of Royce and Fisher. Fisher owns a stake in the clothing and leather goods company valued at $385 million. Royce holds a position worth $31.6 million in the company. COH is currently trading for $56.78 and has a $16.48 billion. Jim Simons of Renaissance Technologies is also a fan.
Royce and Fisher also hold common positions in Helmerich & Payne, Inc. (HP). Fisher’s position is worth $106 million while Royce holds nearly twice that at $207 million. HP is $4.53 billion company and is currently trading at $42.26 a share.
MSC Industrial Direct, Inc. (MSM) is also a favorite of Royce and Fisher. Although both men reduced their positions in the company last quarter, Royce has $127 million invested in the company while Fisher has $94 million in it. James Crichton and Adam Weiss, managers at Scout Capital Management, are also fans of the company (see Scout Capital’s top picks).
The pair also likes Fairchild Semiconductor International, Inc. (FCS). Fisher owns a $93 million position in MSM after decreasing his position by 3% last quarter. Royce has a $127 million stake in the company after increasing his stake by 112% in the second quarter. The stock is also popular with Ken Griffin of Citadel Investment Group.
Disclosure: I am long MSFT.