SCHEDULE: Royce & Associates LP Amends Forrester Research Stake

Royce & Associates LP has filed an amended Schedule 13G, disclosing a 0.56% beneficial ownership stake in Forrester Research, Inc. as of September 30, 2025.

Summary

• Royce & Associates LP, an investment adviser, reported beneficial ownership of 106,387 shares of Forrester Research, Inc. common stock.
• This ownership represents 0.56% of the total class of securities.
• The filing is an Amendment No. 14 to a Schedule 13G, indicating an update to a previously reported position.
• Royce & Associates LP holds sole voting power and sole dispositive power over all 106,387 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• Royce & Associates LP disclaims any pecuniary interest in the reported securities, as they are held on behalf of investment management clients.

Sentiment

Score: 5

Explanation: Neutral. This is a routine disclosure of institutional ownership, neither inherently positive nor negative for the issuer. The stake is small and passive, and the filing primarily serves a compliance function.

Positives

• Indicates continued institutional interest in Forrester Research, Inc. by Royce & Associates LP.
• The investment is held in the ordinary course of business, suggesting a routine portfolio allocation rather than an activist stance.

Negatives

• The reported stake of 0.56% is relatively small, indicating a minor position for the institutional investor.
• Royce & Associates LP disclaims pecuniary interest, meaning the direct financial benefit accrues to their clients, not the firm itself.

Risks

• No specific risks related to Forrester Research, Inc. are detailed in this ownership disclosure.
• The filing clarifies that Royce & Associates LP operates independently from its parent, Franklin Resources, Inc., and its affiliates, mitigating potential conflicts of interest or group attribution issues regarding beneficial ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Forrester Research, Inc.'s future performance or strategic direction.

Industry Context

This filing reflects routine institutional investment activity. Investment advisers like Royce & Associates LP frequently adjust their holdings in public companies based on their investment strategies and client mandates. A 0.56% stake is a passive investment, typical for a diversified portfolio, and does not suggest any significant strategic shift or activist intent.

Related Party Transactions

• The filing details the relationship between Royce & Associates, LP (RALP) and its parent company, Franklin Resources, Inc. (FRI), clarifying that RALP exercises independent voting and investment powers over the reported securities.
• It notes that Charles B. Johnson and Rupert H. Johnson, Jr. are principal stockholders of FRI, but beneficial ownership of the securities reported by RALP is not attributed to them due to RALP's independent operations and informational barriers.

Stakeholder Impact

• Shareholders: Provides transparency regarding institutional ownership, confirming a minor, passive stake by Royce & Associates LP.
• Management: Awareness of institutional investor holdings, though this small, passive stake is unlikely to influence corporate strategy or operations.

Key Dates

Keywords

Forrester Research, ROYCE & ASSOCIATES LP, Schedule 13G, Institutional Ownership, Common Stock, Investment Adviser, FRA, 346563109