Please verify that you are a Financial Professional

I hereby certify that I am either:
(i) an associated person of an investment adviser that is either registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940 or with a state securities commission (or any agency or office performing like functions);
(ii) an entity with total assets of at least $50 million;
(iii) a FINRA member or registered associated person of such member;
(iv) a bank, savings and loan association, insurance company, or registered investment company;
(v) a governmental entity or subdivision thereof;
(vi) an employee benefit plan or qualified plan that and has at least 100 participants; or
(vii) a person acting solely on behalf of a person or entity referenced in (i) through (vi) above.

 

You are already registered for access to our Financial Professional site.

Please use the Financial Professional Login to access the site or Forgot Password link for help with your password.
  2. comment  twitter   rss   printer  email 
  1. I Want To . . .
    • Download Literature
    • Invest Now
    • Compare Funds
    • Search NAVs

     

  2. Royce Focus Trust (MARKET: FUND | NAV: XFUNX)

    Closed-End Fund

     

    Close [X]

    1. NAV as of 2/3/2012  $8.38
      Daily NAV change  +$0.11 (+1.33%)

    1. Management Team

      Portfolio Manager

      W. Whitney George

      Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Berkshire Hathaway Cl. B 3.8%
      Microsoft Corporation 3.4%
      Analog Devices 3.4%
      Buckle (The) 3.3%
      Allied Nevada Gold 3.2%
      Franklin Resources 3.2%
      Exxon Mobil 3.1%
      Western Digital 3.1%
      Newmont Mining 3.0%
      Mosaic Company (The) 2.8%
      Top 10 as % of Total 32.2%

      % of Net Assets Applicable to Common Stock Holders

      Literature & Research

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

      spacer

    2. Royce Focus Trust (FUND) is a closed-end fund that invests primarily in a limited number of smaller companies, selected using a value approach.

      spacer

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      XFUNX 8.55% -10.51% -10.51% 18.83% 1.53% 9.51% 9.74% 9.95% 11/1/1996 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 6.66% N/A

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 12/31/2011

        Fund Net Assets (Attributable to Common Stock) $151 million
        Symbol: Market Price FUND
        Symbol: NAV XFUNX
        Number of Holdings 55
        Average Market Capitalization* $4.75 billion
        Weighted Average P/E Ratio** 12.2x
        Weighted Average P/B Ratio 1.8x
        U.S. Investments
        (% of Net Assets applicable to Common Stockholders)        		 77.8%
        Non-U.S. Investments
        (% of Net Assets applicable to Common Stockholders)        		 24.8%
        Portfolio Turnover as of 6/30/2011 22%
        Net Leverage† 3%
        Minimum Investment n/a
        Cusip Number 78080N108
        Fund Inception Date 11/1/1996
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (6% of portfolio holdings as of 12/31/2011).

        †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to common stockholders.

      2. Value of $10,000 Invested on 11/1/96
        As of Quarter-End 12/31/2011

        XFUNX vs Russell 2000

        Capital Structure:

        Publicly Traded Securities Outstanding at 12/31/11

        20.0 Million Shares of Common Stock
        • $151 Million (NAV)
        6.00% Cumulative Preferred Stock
        • $25 Million

    1. Value of $10,000 Invested on 11/1/96
      As of Quarter-End 12/31/2011

      XFUNX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2011

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2011

        Sector Name Gain/Loss*
      (in millions)
      1 Energy $3.10
      2 Information Technology $2.62
      3 Financials $2.00
      4 Industrials $1.61
      5 Consumer Discretionary $1.01
      6 Consumer Staples $0.70
      7 Materials $0.64
      8 Health Care $0.21

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Major Drilling Group International $1.12
      Reliance Steel & Aluminum $1.10
      Helmerich & Payne $0.89
      MKS Instruments $0.88
      Western Digital $0.80

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Seabridge Gold -$1.02
      Allied Nevada Gold -$0.88
      Pan American Silver -$0.59
      Veeco Instruments -$0.42
      Industrias Bachoco ADR -$0.31

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

      spacer

    2. Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      XFUNX 8.55% -10.51% -10.51% 18.83% 1.53% 9.51% 9.74% 9.95% 11/1/1996
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 6.66% N/A

      * Not Annualized


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/11

      XFUNX

      View how RFT performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      Number of Five-Year Average Annual Return Periods Over the Last 10 Years

      XFUNX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RFT Spread vs. Russell 2000 Over the Last 10 Years

      XFUNX

      Distribution History

      Our closed-end funds pay quarterly distributions.

      5-Year Distribution History
      Record Date Payable Date Ordinary Income Return of Capital S/T Gains L/T Gains Total Reinvest Price
      12/6/11 12/2/11 $0.1100 $— $— $— $0.11 $6.24
      9/6/11 9/1/11 $0.1100 $— $— $— $0.11 $6.80
      6/6/11 6/2/11 $0.1000 $— $— $— $0.10 $7.38
      3/7/11 3/3/11 $0.0900 $— $— $— $0.09 $7.75
      3/6/09 3/4/09 $0.0029 $0.0871 $— $— $0.00 $3.83
      12/8/08 12/4/08 $0.0193 $0.0069 $— $0.0737 $0.09 $3.92
      9/8/08 9/4/08 $0.0232 $0.0083 $— $0.0885 $0.11 $7.20
      6/6/08 6/4/08 $0.0232 $0.0083 $— $0.0885 $0.11 $9.04
      3/6/08 3/4/08 $0.0251 $0.0090 $— $0.0959 $0.12 $8.00
      12/6/07 12/4/07 $0.3574 $— $0.0358 $1.2248 $1.62 $8.90
      9/6/07 9/4/07 $0.0287 $— $0.0029 $0.0984 $0.13 $10.24
      6/6/07 6/4/07 $0.0287 $— $0.0029 $0.0984 $0.13 $11.11
      3/6/07 3/2/07 $0.0287 $— $0.0029 $0.0984 $0.13 $9.98

      Market Price Performance History Since Inception (11/01/1996)1

      Adjusted-Actual Market Price

      1Royce &Associates assumed investment management responsibility for the Fund on 11/1/96.
      2Reflects the cumulative performance experience of a continuous common stockholder who reinvested all distributions as indicated and fully participated in the primary subscription of the Fund's 2005 rights offering.
      3Reflects actual month-end market price movement of one share as it has traded on Nasdaq.

      spacer

      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $9.60 4/27/11
        Low $6.66 10/3/11
        Previous Month Ending 1/31/2012
        High $8.13 1/27/12
        Low $7.36 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $7.36
        2010 $8.72
        2009 $7.16
        2008 $4.76
        2007 $8.92
        2006 $9.75
        2005 $9.80
        2004 $9.76
        2003 $9.00
        2002 $6.27

  3. Portfolio Manager

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College

    Experience

    • 31 Years of Experience
    • 20 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 12/31/2011

      Fund Net Assets (Attributable to Common Stock) $151 million
      Number of Holdings 55
      Net Leverage† 3%
      Average Market Capitalization* $4.75 billion
      Weighted Average P/E Ratio** 12.2x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover as of 6/30/2011 22%

      †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.
      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (6% of portfolio holdings as of 12/31/2011).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2011

      Royce Focus Trust

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

    2. Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Berkshire Hathaway Cl. B 3.8%
      Microsoft Corporation 3.4%
      Analog Devices 3.4%
      Buckle (The) 3.3%
      Allied Nevada Gold 3.2%
      Franklin Resources 3.2%
      Exxon Mobil 3.1%
      Western Digital 3.1%
      Newmont Mining 3.0%
      Mosaic Company (The) 2.8%
      Top 10 as % of Total 32.2%

      % of Net Assets Applicable to Common Stock Holders


      Portfolio Holdings
      as of Quarter-End 12/31/2011

      View the complete list of holdings for Royce Focus Trust as of 12/31/2011. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

    3. Portfolio Sector Breakdown
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Materials 29.1%
      Financials 19.8%
      Information Technology 16.8%
      Energy 13.4%
      Industrials 8.0%
      Consumer Discretionary 7.4%
      Consumer Staples 6.8%
      Health Care 1.3%
      Treasuries, Cash & Cash Equivalents 14.0%

      % of Net Assets Applicable to Common Stock Holders

      Asset Allocation
      as of 12/31/2011
      % of Net Assets (Subject to Change)

      Royce Focus Trust Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/11

      Quarter Russell 2000 RFT Spread
      9/30/11 -21.9% -20.5% +1.4% 
      6/30/11 -1.6 -4.4 -2.8 
      6/30/10 -9.9 -11.1 -1.2 
      3/31/09 -15.0 -7.3 +7.7 
      12/31/08 -26.1 -30.5 -4.4 
      9/30/08 -1.1 -19.4 -18.3 
      3/31/08 -9.9 -5.3 +4.6 
      12/31/07 -4.6 -3.6 +1.0 
      9/30/07 -3.1 +0.4 +3.5 
      6/30/06 -5.0 -4.7 +0.3 
      3/31/05 -5.3 -5.1 +0.2 
      9/30/04 -2.9 +3.7 +6.6 
      3/31/03 -4.5 -7.3 -2.8 
      9/30/02 -21.4 -19.8 +1.6 
      6/30/02 -8.4 -7.0 +1.4 
      9/30/01 -20.8 -20.3 +0.5 
      3/31/01 -6.5 -7.5 -1.0 
      12/31/00 -6.9 +4.1 +11.0 
      6/30/00 -3.8 -0.8 +3.0 
      9/30/99 -6.3 -6.8 -0.5 
      3/31/99 -5.4 -14.9 -9.5 
      9/30/98 -20.1 -17.0 +3.1 
      6/30/98 -4.7 -5.3 -0.6 
      12/31/97 -3.3 -5.0 -1.7 
      3/31/97 -5.2 +0.4 +5.6 

      Royce Focus Trust outperformed the Russell 2000 in 15 out of 25 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 12/31/2011

      RFT vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      XFUNX 8.55% -10.51% -10.51% 18.83% 1.53% 9.51% 9.74% 9.95% 11/1/1996 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 6.66% N/A

      * Not Annualized

      spacer

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.14%
      Other expenses 0.17%
      Total annual Fund operating expenses 1.31%


  8. © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.