The Fund’s top contributor was John Bean Technologies (NYSE:JBT), which sidestepped the travails that many other industrial companies faced in 2015. The company manufacturers and services food processing and airport transportation equipment. A new CEO came on board in September 2013. He strengthened the management team which in turn has executed superbly on revenue growth and profit improvements. We reduced our position as its shares rose but held enough to make it a top-20 holding at year-end. We like its enviable market position, favorable long-term growth trends, attractive acquisition opportunities, and further room for margin expansion.
From Royce Funds' Small-Cap Leaders Fund 2015 annual shareholder letter.
