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Chuck Royce's Royce & Associates has roughly $27.65 billion in assets in its 13F portfolio. It uses "a value-based approach to invest in companies with small market capitalizations." In fact, the fund looks specifically for small-cap companies that are underpriced relative to their enterprise values.

Most stocks in Royce's portfolio are companies with less than $5 billion in market capitalizations - and that strategy was still in full force at the end of the fourth quarter. According to a series of documents filed with the SEC on January 11-13, Royce & Associates bought new positions in several companies on December 31, 2011. The new holdings represent at least a 5% stake in each respective company.

Cubic Corp. (NYSE:CUB): Royce bought 1.45 million shares, or a 5.41% stake, in CUB. The company has a $1.16 billion market cap and is currently priced at 13.64 times its forward earnings. CUB has quarter over quarter EPS growth of 81.86% and -0.23% quarter over quarter sales growth. It has a 0.90 beta and carries an analyst recommendation of 2.6 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." CUB recently traded at $43.82 a share.

eHealth, Inc. (NASDAQ:EHTH): Royce bought 1.11 million shares, or a 5.52% stake, in EHTH. The company has a $293.79 million market cap and is currently priced at 41.89 times its forward earnings. EHTH has quarter over quarter EPS growth of -110.96% and -7.11% quarter over quarter sales growth. It has a 0.84 beta and carries an analyst recommendation of 2.6 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." EHTH recently traded at $15.11 a share.

EMCOR Group, Inc. (NYSE:EME): Royce initiated a stake worth 4.06 million shares, or a 6.09% stake, in EME. The company has a $1.85 billion market cap and is currently priced at 12.37 times its forward earnings. EME has quarter over quarter EPS growth of 118.18% and 21.49% quarter over quarter sales growth. It has a 1.72 beta and carries an analyst recommendation of 2.0 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." EME recently traded at $28.04 a share.

EXFO, Inc. (NASDAQ:EXFO): Royce purchased 1.58 million shares, or a 5.48% stake, in EXFO. The company has a $394.95 million market cap and is currently priced at 11.80 times its forward earnings. EXFO has quarter over quarter EPS growth of -89.24% and 9.95% quarter over quarter sales growth. It has a 1.13 beta and carries an analyst recommendation of 2.7 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." EME recently traded at $6.42 a share.

Fushi Copperweld, Inc. (NASDAQ:FSIN): Royce bought 2.01 million shares, or a 5.26% stake, in FSIN. The company has a $315.15 million market cap and is currently priced at 7.30 times its forward earnings. FSIN has quarter over quarter EPS growth of -31.29% and 11.69% quarter over quarter sales growth. It has a 1.77 beta and carries an analyst recommendation of 2.3 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." FSIN recently traded at $8.22 a share.

Forward Air Corp. (NASDAQ:FWRD): Royce purchased 2.12 million shares, or a 7.42% stake, in FWRD. The company has a $989.83 million market cap and is currently priced at 19.15 times its forward earnings. FWRD has quarter over quarter EPS growth of 43.19% and 11.71% quarter over quarter sales growth. It has a 1.06 beta and carries an analyst recommendation of 2.3 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." FWRD recently traded at $34.75 a share.

Global Power Equipment Group, Inc. (NYSE:GLPW): Royce initiated a holding worth 832,100 shares, or a 5.08% stake, in GLPW. The company has a $366.75 million market cap and is currently priced at 19.99 times its forward earnings. GLPW has quarter over quarter EPS growth of -27.55% and -7.68% quarter over quarter sales growth. It has a 1.31 beta and carries an analyst recommendation of 2.5 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." GLPW recently traded at $22.78 a share.

Innospec, Inc. (NASDAQ:IOSP): Royce bought 1.21 million shares, or a 5.22% stake, in IOSP. The company has a $701.48 million market cap and is currently priced at 8.21 times its forward earnings. IOSP has quarter over quarter EPS growth of -159.05% and 16.15% quarter over quarter sales growth. It has a 2.16 beta and carries an analyst recommendation of 1.0 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." IOSP recently traded at $30.02 a share.

Kaydon Corp. (NYSE:KDN): Royce initiated a new position worth 1.76 million shares, or a 5.47% stake, in KDN. The company has a $1.05 billion market cap and is currently priced at 16.10 times its forward earnings. KDN has quarter over quarter EPS growth of 15.03% and 2.84% quarter over quarter sales growth. It has a 1.45 beta and carries an analyst recommendation of 2.5 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." KDN recently traded at $32.93 a share.

Kensey Nash Corp. (KNSY): Royce bought 516,933 shares, or a 5.98% stake, in KNSY. The company has a $179.23 million market cap and is currently priced at 10.91 times its forward earnings. KNSY has quarter over quarter EPS growth of -37.33% and 18.02% quarter over quarter sales growth. It has a 0.61 beta and carries an analyst recommendation of 2.0 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." KNSY recently traded at $21.14 a share.

Landstar System, Inc. (NASDAQ:LSTR): Royce purchased 2.37 million shares, or a 5.05% stake, in LSTR. The company has a $2.29 billion market cap and is currently priced at 18.48 times its forward earnings. LSTR has quarter over quarter EPS growth of 44.34% and 9.80% quarter over quarter sales growth. It has a 0.84 beta and carries an analyst recommendation of 2.0 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." LSTR recently traded at $48.87 a share.

Perry Ellis International, Inc. (NASDAQ:PERY): Royce purchased 974,878 shares, or a 6.35% stake, in PERY. The company has a $219.96 million market cap and is currently priced at 5.73 times its forward earnings. PERY has quarter over quarter EPS growth of -21.45% and 23.42% quarter over quarter sales growth. It has a 2.13 beta and carries an analyst recommendation of 2.2 on a scale in which 1.0 means "Strong Buy" and 5.0 means "Sell." PERY recently traded at $14.46 a share. David Keidan's Buckingham Capital had a large position in PERY as well.

Source: 12 Recent Buys From Chuck Royce