Royce Value Trust (MARKET: RVT | NAV: XRVTX)
Closed-End Fund
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NAV as of 5/16/2012 $14.47
Daily NAV change -$0.13 (-0.89%)
- Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.
The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index.
The S&P SmallCap 600 are Indexes of U.S. large- and small-cap stocks, respectively, selected by Standard & Poor’s based on market size, liquidity and industry grouping, among other factors.Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.
All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold.Current performance may be higher or lower than performance quoted. Current month-end performance information may be obtained at www.roycefunds.com.
The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies.This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money.
Distributor: Royce Fund Services, Inc.
NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED
Management Team
Portfolio Manager
- Charles M. Royce
- 49 Years of Experience;
- 39 Years at Royce
Assistant Portfolio Managers
- Chris E. Flynn
- 28 Years of Experience;
- 19 Years at Royce
- Lauren A. Romeo
- 19 Years of Experience;
- 8 Years at Royce
- David A. Nadel
- 19 Years of Experience;
- 5 Years at Royce
Top 10 Positions
as of Quarter-End 3/31/2012
as of Month-End 4/30/2012
% of Net Assets (Subject to Change)Coherent 1.2% Nordson Corporation 1.0% HEICO Corporation 1.0% Oil States International 1.0% Carter's 1.0% Advisory Board (The) 0.9% Cognex Corporation 0.9% Mohawk Industries 0.9% Lincoln Electric Holdings 0.9% Newport Corporation 0.8% Top 10 as % of Total 9.6% Coherent 1.1% Carter's 1.1% Oil States International 1.0% Nordson Corporation 1.0% HEICO Corporation 1.0% Advisory Board (The) 1.0% Lincoln Electric Holdings 1.0% Mohawk Industries 0.9% Cognex Corporation 0.9% Alleghany Corporation 0.9% Top 10 as % of Total 9.8% % of Net Assets Applicable to Common Stock Holders
Literature & Research
Special Closed-End Fund Info
How to Puchase Shares
Overview of the DRIP Plan
What is Preferred Stock?
SEC Filings
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.
1-Month* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR RVT -1.08% 13.49% -7.90% 20.42% -2.73% 5.19% 10.10% 9.95% 10.41% 1Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR XRVTX 13.93% 13.93% -5.33% 30.67% 1.31% 6.47% 9.80% 10.52% 10.35% * Not Annualized -
Fund Statistics
as of Quarter-End 3/31/2012Fund Net Assets (Attributable to Common Stock) $1.09 billion Symbol: Market Price RVT Symbol: NAV XRVTX Number of Holdings 561 Average Market Capitalization* $1.47 billion Weighted Average P/E Ratio** 13.2x Weighted Average P/B Ratio 1.8x 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 2011 26% Net Leverage† 12% 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 (8% of portfolio holdings as of 3/31/2012).†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.
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Value of $10,000 Invested on 11/26/86
As of Quarter-End 3/31/2012 
Capital Structure:
Publicly Traded Securities Outstanding at 3/31/12
68 Million Shares of Common Stock
- $1 Billion (NAV)
5.90% Cumulative Preferred Stock
- $220 Million
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Value of $10,000 Invested on 11/26/86
As of Quarter-End 3/31/2012
Calendar Year Total Returns
as of Quarter-End 3/31/2012
Performance Breakdown by Sector
for Quarter Ended 3/31/2012Sector Name Gain/Loss*
(in millions)1 Information Technology $35.51 2 Industrials $30.30 3 Financials $27.20 4 Consumer Discretionary $17.27 5 Health Care $10.59 6 Materials $10.45 7 Energy $1.71 8 Consumer Staples $1.61 9 Diversified Investment Companies $0.53 10 Bonds & Preferreds $0.07 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.
Top 5 Winners*
for Quarter Ended 3/31/2012Company Gain*
(in millions)Nordson Corporation $2.72 On Assignment $2.36 Carter's $2.30 Newport Corporation $2.15 Emulex Corporation $2.04 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.
Top 5 Losers*
for Quarter Ended 3/31/2012Company Loss*
(in millions)PMFG -$1.17 HEICO Corporation -$1.16 GrafTech International -$0.62 Brink's Company (The) -$0.62 World Acceptance -$0.51 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.
Special Closed-End Fund Info
How to Puchase Shares
Overview of the DRIP Plan
What is Preferred Stock?
SEC Filings 1-Month* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR RVT -1.08% 13.49% -7.90% 20.42% -2.73% 5.19% 10.10% 9.95% 10.41% 1Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR XRVTX 13.93% 13.93% -5.33% 30.67% 1.31% 6.47% 9.80% 10.52% 10.35% * Not Annualized
Small-Cap Market Cycle Performance as of Quarter-End 3/31/12 
Absolute Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 3/31/12
Number of Five-Year Average Annual Return Periods Over the Last 10 Years
Relative Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 3/31/12
RVT Spread vs. Over the Last 10 Years
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 3/6/12 3/2/12 N/A $— $— $— $0.191 $14.09 12/6/11 12/2/11 $0.0202 $0.0702 $0.0039 $0.1057 $0.13 $11.94 9/6/11 9/1/11 $0.0213 $0.0737 $0.0041 $0.1110 $0.14 $12.03 6/6/11 6/2/11 $0.0192 $0.0667 $0.0037 $0.1004 $0.12 $14.21 3/7/11 3/3/11 $0.0182 $0.0632 $0.0035 $0.0951 $0.12 $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 1 Unallocated until 12/31/2012
Market Price Performance History Since Inception (11/26/1986)1
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.NAV History
Previous 12 Months Ending 4/30/2012 High $18.42 5/1/11 Low $12.00 10/3/11 Previous Month Ending 4/30/2012 High $16.12 4/2/12 Low $15.11 4/10/12 -
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
Portfolio Manager
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.
Education
- BA, Brown University
- MBA, Columbia University
Experience
- 49 Years of Experience
- 39 Years at Royce
Assistant Portfolio Managers
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.
Education
- BA, Columbia University,
- MBA, University of Chicago,
Experience
- 28 Years of Experience
- 19 Years at Royce
Lauren A. Romeo
- Portfolio Manager
- CFA
Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.
Education
- BA, University of Notre Dame,
- MBA, Wharton School, University of Pennsylvania,
Experience
- 19 Years of Experience
- 8 Years at Royce
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.
Education
- BA, Williams College,
- MA, Harvard University,
- MBA, Harvard Business School,
Experience
- 19 Years of Experience
- 5 Years at Royce
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Portfolio Statistics
as of Quarter-End 3/31/2012Fund Net Assets (Attributable to Common Stock) $1.09 billion Number of Holdings 561 Net Leverage† 12% Average Market Capitalization* $1.47 billion Weighted Average P/E Ratio** 13.2x Weighted Average P/B Ratio 1.8x Portfolio Turnover 2011 26% †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 (8% of portfolio holdings as of 3/31/2012).Market Cap Exposure (In Millions)
as of Quarter-End 3/31/2012
Special Closed-End Fund Info
How to Puchase Shares
Overview of the DRIP Plan
What is Preferred Stock?
SEC Filings -
Coherent 1.2% Nordson Corporation 1.0% HEICO Corporation 1.0% Oil States International 1.0% Carter's 1.0% Advisory Board (The) 0.9% Cognex Corporation 0.9% Mohawk Industries 0.9% Lincoln Electric Holdings 0.9% Newport Corporation 0.8% Top 10 as % of Total 9.6% Coherent 1.1% Carter's 1.1% Oil States International 1.0% Nordson Corporation 1.0% HEICO Corporation 1.0% Advisory Board (The) 1.0% Lincoln Electric Holdings 1.0% Mohawk Industries 0.9% Cognex Corporation 0.9% Alleghany Corporation 0.9% Top 10 as % of Total 9.8% % of Net Assets Applicable to Common Stock Holders
Portfolio Holdings
as of Quarter-End 3/31/2012View the complete list of holdings for Royce Value Trust as of 3/31/2012. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.
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Portfolio Sector Breakdown
as of Quarter-End 3/31/2012
as of Month-End 4/30/2012
% of Net Assets (Subject to Change)Industrials 28.1% Information Technology 22.5% Financials 21.1% Consumer Discretionary 13.8% Materials 11.1% Health Care 7.1% Energy 5.3% Consumer Staples 2.2% Telecommunication Services 0.7% Diversified Investment Companies 0.5% Bonds & Preferreds 0.1% Cash & Cash Equivalents 7.7% Industrials 28.2% Information Technology 22.1% Financials 21.8% Consumer Discretionary 13.9% Materials 10.9% Health Care 7.1% Energy 5.3% Consumer Staples 2.3% Telecommunication Services 0.7% Diversified Investment Companies 0.4% Bonds & Preferreds 0.1% Cash & Cash Equivalents 7.6% % of Net Assets Applicable to Common Stock Holders
Asset Allocation
as of 3/31/2012
% of Net Assets (Subject to Change)
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Down Quarters
Performance Comparison 15 Years Ended 3/31/12Quarter 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 Royce Value Trust outperformed the in 14 out of 24 down quarters.
Down Market Performance Comparison (In Percentages):
as of Quarter-End 3/31/2012
1-Month* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR RVT -1.08% 13.49% -7.90% 20.42% -2.73% 5.19% 10.10% 9.95% 10.41% 1Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR XRVTX 13.93% 13.93% -5.33% 30.67% 1.31% 6.47% 9.80% 10.52% 10.35% * Not Annualized
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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%
Download literature for Royce Value Trust
©
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.
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