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 Value Trust (MARKET: RVT | NAV: XRVTX)

    Closed-End Fund

     

    Close [X]

    1. NAV as of 2/3/2012  $16.27
      Daily NAV change  +$0.37 (+2.33%)

    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      Chris E. Flynn
      Lauren A. Romeo
      David A. Nadel

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

      Coherent 1.3%
      HEICO Corporation 1.2%
      Oil States International 1.2%
      Alleghany Corporation 1.1%
      Advisory Board (The) 1.0%
      Woodward 1.0%
      Carter's 1.0%
      Mohawk Industries 0.9%
      Sapient Corporation 0.9%
      Simpson Manufacturing 0.9%
      Top 10 as % of Total 10.5%

      % 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 Value Trust (RVT) is a closed-end small-cap fund with more than 20 years of performance history. The Fund seeks long-term capital appreciation by investing primarily in small- and micro-cap companies using a disciplined 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 20YR 25YR
      XRVTX 14.15% -10.06% -10.06% 19.21% -0.65% 6.10% 8.86% 10.24% 10.17%
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 8.52% 8.68%

      * Not Annualized

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

        Fund Net Assets (Attributable to Common Stock) $967 million
        Symbol: Market Price RVT
        Symbol: NAV XRVTX
        Number of Holdings 550
        Average Market Capitalization* $1.31 billion
        Weighted Average P/E Ratio** 14.2x
        Weighted Average P/B Ratio 1.6x
        U.S. Investments
        (% of Net Assets applicable to Common Stockholders)        		 86.9%
        Non-U.S. Investments
        (% of Net Assets applicable to Common Stockholders)        		 27.8%
        Portfolio Turnover as of 6/30/2011 12%
        Net Leverage† 14%
        Minimum Investment n/a
        Cusip Number 780910105
        Fund Inception Date 11/26/1986
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (7% 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 11/26/86
        As of Quarter-End 12/31/2011

        XRVTX vs Russell 2000

        Capital Structure:

        Publicly Traded Securities Outstanding at 12/31/11

        68 Million Shares of Common Stock
        • $967 Million (NAV)
        4.90% Cumulative Preferred Stock
        • $220 Million

    1. Value of $10,000 Invested on 11/26/86
      As of Quarter-End 12/31/2011

      XRVTX 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 Industrials $44.18
      2 Information Technology $26.02
      3 Consumer Discretionary $18.57
      4 Energy $10.89
      5 Financials $6.96
      6 Materials $5.36
      7 Health Care $5.02
      8 Telecommunication Services $1.06
      9 Consumer Staples $0.94
      10 Bonds & Preferreds $0.30

      *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)
      Oil States International $4.05
      Ethan Allen Interiors $3.49
      Woodward $3.13
      Mohawk Industries $2.54
      Reliance Steel & Aluminum $2.35

      *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)
      MF Global Holdings -$3.20
      E-L Financial -$0.98
      Medusa Mining -$0.93
      Paris Orleans et Cie -$0.89
      Waterloo Investment Holdings -$0.78

      *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 20YR 25YR
      XRVTX 14.15% -10.06% -10.06% 19.21% -0.65% 6.10% 8.86% 10.24% 10.17%
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 8.52% 8.68%

      * Not Annualized


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

      XRVTX

      View how RVT 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

      XRVTX

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

      XRVTX

      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 $0.2000 $— $— $— $0.20 $11.94
      9/6/11 9/1/11 $0.2100 $— $— $— $0.21 $12.03
      6/6/11 6/2/11 $0.1900 $— $— $— $0.19 $14.21
      3/7/11 3/3/11 $0.1800 $— $— $— $0.18 $14.77
      12/6/10 12/2/10 $0.0300 $— $— $— $0.03 $13.85
      3/6/09 3/4/09 $0.0000 $0.3200 $— $— $0.00 $6.07
      12/8/08 12/4/08 $0.0104 $0.1086 $— $0.2610 $0.27 $7.19
      9/8/08 9/4/08 $0.0115 $0.1200 $— $0.2884 $0.30 $14.73
      6/6/08 6/4/08 $0.0124 $0.1286 $— $0.3091 $0.32 $16.90
      3/6/08 3/4/08 $0.0129 $0.1343 $— $0.3228 $0.34 $15.39
      12/6/07 12/4/07 $0.0211 $— $0.0458 $0.4031 $0.47 $17.70
      9/6/07 9/4/07 $0.0211 $— $0.0458 $0.4031 $0.47 $19.10
      6/6/07 6/4/07 $0.0202 $— $0.0438 $0.3860 $0.45 $21.50
      3/6/07 3/2/07 $0.0207 $— $0.0448 $0.3945 $0.46 $21.14

      Market Price Performance History Since Inception (11/26/1986)1

      Adjusted-Actual Market Price

      1Reflects the cumulative performance of an investment made by a stockholder who purchased one share at inception ($10.00 IPO) and then reinvested all annual distributions as indicated and fully participated in primary subscriptions of the Fund's rights offerings.
      2Reflects actual month-end market price movement of one share as it has traded on the NYSE.

      spacer

      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $18.42 4/29/11
        Low $12.00 10/3/11
        Previous Month Ending 1/31/2012
        High $15.61 1/27/12
        Low $14.18 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $14.18
        2010 $16.73
        2009 $12.87
        2008 $9.37
        2007 $19.74
        2006 $20.62
        2005 $18.87
        2004 $18.95
        2003 $17.03
        2002 $13.22

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President and Co-Chief Investment Officer

    Charles M. Royce is President and Co-Chief Investment Officer of Royce & Associates, LLC and President of The Royce Funds, a position he has held since 1972.

    View Full Bio

    Education

    • BA, Brown University
    • MBA, Columbia University

    Experience

    • 49 Years of Experience
    • 39 Years at Royce

    Assistant Portfolio Managers

    Chris E. Flynn

    Chris E. Flynn

    • Portfolio Manager, Senior Analyst and Principal

    Chris E. Flynn is a Portfolio Manager, Senior Analyst and Principal for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Columbia University,
    • MBA, University of Chicago,

    Experience

    • 27 Years of Experience
    • 18 Years at Royce
    Lauren A. Romeo

    Lauren A. Romeo

    • Portfolio Manager
    • CFA

    Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, University of Notre Dame,
    • MBA, Wharton School, University of Pennsylvania,

    Experience

    • 19 Years of Experience
    • 8 Years at Royce
    David A. Nadel

    David A. Nadel

    • Portfolio Manager and Director of International Research

    David A. Nadel is a Portfolio Manager and Director of International Research for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College,
    • MA, Harvard University,
    • MBA, Harvard Business School,

    Experience

    • 20 Years of Experience
    • 5 Years at Royce

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

      Fund Net Assets (Attributable to Common Stock) $967 million
      Number of Holdings 550
      Net Leverage† 14%
      Average Market Capitalization* $1.31 billion
      Weighted Average P/E Ratio** 14.2x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover as of 6/30/2011 12%

      †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 (7% of portfolio holdings as of 12/31/2011).

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

      Royce Value 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)

      Coherent 1.3%
      HEICO Corporation 1.2%
      Oil States International 1.2%
      Alleghany Corporation 1.1%
      Advisory Board (The) 1.0%
      Woodward 1.0%
      Carter's 1.0%
      Mohawk Industries 0.9%
      Sapient Corporation 0.9%
      Simpson Manufacturing 0.9%
      Top 10 as % of Total 10.5%

      % 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 Value 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)

      Industrials 28.7%
      Information Technology 23.9%
      Financials 21.2%
      Consumer Discretionary 12.8%
      Materials 11.0%
      Health Care 7.3%
      Energy 6.1%
      Consumer Staples 2.4%
      Telecommunication Services 0.6%
      Diversified Investment Companies 0.5%
      Bonds & Preferreds 0.2%
      Treasuries, Cash & Cash Equivalents 8.1%

      % of Net Assets Applicable to Common Stock Holders

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

      Royce Value Trust Asset Allocation

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

      Quarter Russell 2000 RVT Spread
      9/30/11 -21.9% -25.2% -3.3% 
      6/30/11 -1.6 -2.6 -1.0 
      6/30/10 -9.9 -10.4 -0.5 
      3/31/09 -15.0 -13.5 +1.5 
      12/31/08 -26.1 -32.9 -6.8 
      9/30/08 -1.1 -8.3 -7.2 
      3/31/08 -9.9 -10.7 -0.8 
      12/31/07 -4.6 -2.6 +2.0 
      9/30/07 -3.1 -1.8 +1.3 
      6/30/06 -5.0 -3.9 +1.1 
      3/31/05 -5.3 -3.5 +1.8 
      9/30/04 -2.9 -2.1 +0.8 
      3/31/03 -4.5 -6.7 -2.2 
      9/30/02 -21.4 -22.0 -0.6 
      6/30/02 -8.4 -9.2 -0.8 
      9/30/01 -20.8 -17.9 +2.9 
      3/31/01 -6.5 -2.3 +4.2 
      12/31/00 -6.9 +0.6 +7.5 
      6/30/00 -3.8 +1.8 +5.6 
      9/30/99 -6.3 -4.8 +1.5 
      3/31/99 -5.4 -12.8 -7.4 
      9/30/98 -20.1 -18.5 +1.6 
      6/30/98 -4.7 -2.7 +2.0 
      12/31/97 -3.3 -1.9 +1.4 
      3/31/97 -5.2 +0.1 +5.3 

      Royce Value 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

      RVT 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 20YR 25YR
      XRVTX 14.15% -10.06% -10.06% 19.21% -0.65% 6.10% 8.86% 10.24% 10.17%
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 8.52% 8.68%

      * 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 1.29%
      Other expenses 0.09%
      Total annual Fund operating expenses 1.38%


  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.