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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Asia-Pacific Select Fund (RAPSX)

    Investment Class
    QUALIFIED INVESTOR

    Qualified Investors may use Royce's Select Funds, which use a performance fee structure with a specific portfolio management style.

     

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    1. Open to New Investors

      NAV as of 9/1/2010  $12.37
      Daily NAV change  +$0.18 (+1.48%)

      2. Recent News on this Fund

Risk Analysis

    1. Management Team

      Portfolio Manager

      James J. Harvey

      Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Green Cross 4.4%
      SJM Holdings 4.0%
      Ajisen China Holdings 4.0%
      E-House China Holdings ADR 3.4%
      Huabao International Holdings 2.8%
      3SBio ADR 2.3%
      Pico Far East Holdings 2.2%
      KT&G Corporation 2.1%
      Singapore Airport Terminal Services 2.0%
      Sa Sa International Holdings 2.0%
      Top 10 as % of Total 29.4%

      Literature & Research

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    2. Royce Asia-Pacific Select Fund (RAP) seeks long-term growth of capital and is designed for “qualified investors.” The Fund invests in both long and short positions in equity securities of companies that are domiciled in a country within the Asia-Pacific region or that trade principally on a stock exchange or in an over-the-counter market in a country within the Asia-Pacific region. The long portion of the Fund’s portfolio is invested primarily in a limited number (generally less than 100) of micro-cap, small-cap and mid-cap companies with market capitalizations up to $10 billion, that Royce believes possess excellent business strengths and/or growth prospects, high internal rates of return and low leverage.

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      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR Since Incept
      RAPSX -1.32% 1.44% 19.40% 19.40%
      MSCI AC Asia Pacific Standard Core -9.38% -5.27% 11.69% 11.69%
      Inception Date: 6/30/2009  Annual Operating Expenses: 3.55%

      * Not Annualized

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 365 days of purchase may be subject to a 2% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were performance would be lower. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's total annual operating expenses as of the most current prospectus and include the Fund's management fee based on 12.5% of its pre-fee, high watermark return of 20.88% in 2009. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

      1. Fund Statistics
        as of Quarter-End 6/30/2010

        Ticker Symbol RAPSX
        Fund Net Assets (All Classes) $2 million
        Number of Holdings 80
        Average Market Capitalization* $1.18 billion
        Weighted Average P/E Ratio** 17.2x
        Weighted Average P/B Ratio 2.3x
        Portfolio Turnover 2009 104%
        Minimum Investment $50,000
        Cusip Number 78081A105
        Fund Number 351
        Inception Date 6/30/2009
        Benchmark Index MSCI AC Asia Pacific Standard Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (3% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 6/30/2009 As of Quarter-End 6/30/2010

        RAPSX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 6/30/2009 As of Quarter-End 6/30/2010

      RAPSX vs Russell 2000

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Diversified Investment Companies $0.03
      2 Consumer Services $0.01
      3 Health $0.01
      4 Utilities $0.00
      5 Natural Resources -$0.00
      6 Technology -$0.00
      7 Consumer Products -$0.01
      8 Financial Services -$0.01
      9 Industrial Services -$0.01
      10 Industrial Products -$0.03

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      SJM Holdings $0.02
      Ajisen China Holdings $0.01
      iShares MSCI South Korea Index Fund $0.01
      Green Cross $0.01
      Spreadtrum Communications ADR $0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 6/30/2010

      Company Loss*
      (in millions)
      Tianneng Power International -$0.03
      China Green (Holdings) -$0.01
      Citic 1616 Holdings -$0.01
      Hanmi Pharm Company -$0.01
      MegaStudy Company -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR Since Incept
      RAPSX -1.32% 1.44% 19.40% 19.40%
      MSCI AC Asia Pacific Standard Core -9.38% -5.27% 11.69% 11.69%
      Annual Operating Expenses: 3.55%
      Inception Date: 6/30/2009

      * Not Annualized

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 365 days of purchase may be subject to a 2% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were performance would be lower. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's total annual operating expenses as of the most current prospectus and include the Fund's management fee based on 12.5% of its pre-fee, high watermark return of 20.88% in 2009. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.


      Cumulative Performance Since Inception (6/30/2009)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RAPSX

      View how RAP performed during down markets.

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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $12.52 4/26/10
        Low $10.02 9/02/09
        Previous Month Ending 8/31/2010
        High $12.41 8/23/10
        Low $12.13 8/01/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $11.77

  3. Portfolio Manager

    James J. Harvey

    James J. Harvey

    • Portfolio Manager
    • CFA

    James J. Harvey, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Albany
    • MBA, New York University

    Experience

    • 18 Years of Experience
    • 12 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 6/30/2010

      Fund Net Assets (All Classes) $2 million
      Number of Holdings 80
      Average Market Capitalization* $1.18 billion
      Weighted Average P/E Ratio** 17.2x
      Weighted Average P/B Ratio 2.3x
      Portfolio Turnover 2009 104%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (3% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      Royce Asia-Pacific Select Fund

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Green Cross 4.4%
      SJM Holdings 4.0%
      Ajisen China Holdings 4.0%
      E-House China Holdings ADR 3.4%
      Huabao International Holdings 2.8%
      3SBio ADR 2.3%
      Pico Far East Holdings 2.2%
      KT&G Corporation 2.1%
      Singapore Airport Terminal Services 2.0%
      Sa Sa International Holdings 2.0%
      Top 10 as % of Total 29.4%

      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Royce Asia-Pacific Select Fund for the quarter ended 06/30/2010. 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 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Consumer Services 18.4%
      Health 18.0%
      Technology 14.9%
      Consumer Products 13.9%
      Industrial Services 8.2%
      Financial Services 4.6%
      Industrial Products 2.8%
      Utilities 0.2%
      Natural Resources -0.1%
      Diversified Investment Companies -16.2%
      Treasuries, Cash & Cash Equivalents 35.2%

      Portfolio Country Breakdown
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Hong Kong 22.1%
      Japan 20.3%
      China 14.7%
      South Korea 10.9%
      Taiwan 6.7%
      Singapore 6.3%
      United States -16.2%

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 RAP Spread
      6/30/10 -9.9% -1.3% +8.6% 

      Royce Asia-Pacific Select Fund outperformed the Russell 2000 in one out of one down quarters.

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    1. Shareholder Fees

      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases 0.00%
      Maximum deferred sales charge 0.00%
      Maximum sales charge (load) imposed on reinvested dividends 0.00%
      Redemption fee (as a percentage of amount redeemed on shares held for less than 365 days) 2.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees (12.5% of pre-fee high watermarked return) 2.61%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.19%
      Dividends on securities sold short 0.75%
      Total annual Fund operating expenses 3.55%

    3. Account Minimums

      To Open an Account
      Minimum investment $50,000
      Minimum subsequent investment $100

      This Fund is designed for qualified investors, as defined in the prospectus.


  7. 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.

    The Fund normally invests a significant portion of its assets in micro-cap, small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus). The Fund invests in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see "Investing in International Securities" in the prospectus). The MSCI AC (All Country) Asia Pacific Standard Core index is designed to measure the equity market performance of the developed and emerging markets in the Asia Pacific region.

  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.