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 Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income.The Morgan Stanley Capital International (MSCI) World Small Core Index
is an unmanaged index of global small-cap stocks. Index returns include
net reinvested dividends and/or interest income.
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 and risk information presented in this material prior to the commencement date of Investment Class shares on 8/31/10 reflects Service Class results. Shares of RGV's Service Class bear an annual distribution expense that is not borne by the Investment Class.
All performance and risk information presented in this material prior to the commencement date of Consultant Class shares on 5/30/11 reflects Service Class results. Consultant Class shares bear annual expenses that are higher than those borne by Service Class shares. If Consultant Class's annual expenses had been reflected, total returns prior to 5/30/11 would have been lower.
Shares redeemed within 180 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.
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 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 may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. (Please see "Investing in Foreign Securities" in the prospectus) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see "Primary Risks for Fund Investors" in the prospectus)
In addition, as of 12/31/11, the Fund held a limited number of small-cap and micro-cap stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund's overall value to decline to a greater degree.
Shares redeemed within 180 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.
The Fund may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. (Please see "Investing in Foreign Securities" in the prospectus) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see "Primary Risks for Fund Investors" in the prospectus)
In addition, as of 12/31/11, the Fund held a limited number of small-cap and micro-cap stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund's overall value to decline to a greater degree.
Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge payable to the Fund’s distributor, Royce Fund Services, Inc., which is not reflected in the performance shown above; if it were, performance would be lower.
The Fund may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. (Please see "Investing in Foreign Securities" in the prospectus) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see "Primary Risks for Fund Investors" in the prospectus)
In addition, as of 12/31/11, the Fund held a limited number of small-cap and micro-cap stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund's overall value to decline to a greater degree.
Gross operating expenses reflect the total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, other expenses, and acquired fund fees and expenses. Net operating expenses reflect contractual fee waives and/or expense reimbursements. All expense information is reported as of the Fund’s most current prospectus.
Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Fund's net direct annual operating expenses, other than acquired fund fees and expenses, at or below 1.44% through April 30, 2012 and 1.99% through April 30, 2021.
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.
Gross operating expenses reflect the Fund's gross total annual
operating expenses for the Service Class, and include management fees, 12b-1
distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund’s most
current prospectus.
Royce & Associates has contractually agreed to waive
fees and/or reimburse operating expenses to the extent necessary to maintain the Fund’s net direct annual
operating expenses, other than acquired fund fees and expenses, at or below 1.69% through April 30, 2012.
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.
Royce & Associates has contractually agreed
to waive fees and/or reimburse operating expenses to the extent necessary to
maintain the Consultant Class’s net annual operating expense ratio at or below
2.44% through April 30, 2012.
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.
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
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
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.
Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility.
Management Team
Portfolio Managers
| Mayr-Melnhof Karton |
3.4% |
| Semperit AG Holding |
3.3% |
| Trican Well Service |
3.0% |
| Value Partners Group |
3.0% |
| Jupiter Fund Management |
3.0% |
| Santen Pharmaceutical |
2.9% |
| FamilyMart |
2.8% |
| Ashmore Group |
2.7% |
| Allied Nevada Gold |
2.7% |
| Helmerich & Payne |
2.3% |
| Top 10 as % of Total |
29.1% |
Royce Global Value Fund (RGV) invests primarily in equity securities of both U.S. and non-U.S. companies that it believes are trading significantly below its estimate of their current worth. Royce bases this assessment chiefly on balance sheet quality and cash flow levels. Although the Fund may invest in the equity securities of companies of any market capitalization, Royce generally expects that a significant portion of the Fund’s assets will be invested in equity securities of smaller companies, those with market capitalizations of up to $5 billion.
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RIVFX |
9.94% |
9.94% |
-9.42% |
27.62% |
5.80% |
6.05% |
12/29/2006 |
| Russell Global Small Cap |
8.29% |
8.29% |
-6.34% |
23.16% |
0.00% |
0.80% |
N/A |
| MSCI World Small Core |
7.55% |
7.55% |
-3.07% |
24.40% |
0.45% |
0.30% |
N/A |
| Annual Operating Expenses: Gross 1.93% Net 1.78% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RIVFX |
0.42% |
-18.69% |
-18.69% |
21.33% |
4.17% |
4.16% |
12/29/2006 |
| Russell Global Small Cap |
5.25% |
-14.03% |
-14.03% |
16.72% |
-1.28% |
-1.27% |
N/A |
| MSCI World Small Core |
8.22% |
-9.06% |
-9.06% |
18.24% |
-0.64% |
-0.64% |
N/A |
| Annual Operating Expenses: Gross 1.93% Net 1.78% |
-
Fund Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$282 million |
| Ticker Symbol |
RIVFX |
| Number of Holdings |
66 |
| Average Market Capitalization* |
$1.47 billion |
| Weighted Average P/E Ratio** |
10.6x |
| Weighted Average P/B Ratio |
1.9x |
| Portfolio Turnover as of 6/30/2011 |
12% |
| Minimum Investment |
$2,000 |
| Cusip Number |
780905329 |
| Fund Number |
677 |
| Fund Inception Date |
12/29/2006 |
| Benchmark Index |
Russell Global Small Cap |
| |
MSCI World Small Core |
-
Value of $10,000 Invested on 12/29/06
As of Quarter-End 12/31/2011
-
Value of $10,000 Invested on 12/29/06
As of Quarter-End 12/31/2011
Calendar Year Total Returns
as of Quarter-End 12/31/2011
Performance Breakdown by Sector
for Quarter Ended 12/31/2011
| |
Sector Name |
Gain/Loss*
(in millions) |
| 1 |
Energy |
$5.88 |
| 2 |
Information Technology |
$3.64 |
| 3 |
Industrials |
$3.29 |
| 4 |
Consumer Staples |
$2.32 |
| 5 |
Consumer Discretionary |
$1.38 |
| 6 |
Financials |
$1.28 |
| 7 |
Health Care |
$0.25 |
| 8 |
Materials |
-$7.77 |
Top 5 Winners*
for Quarter Ended 12/31/2011
| Company |
Gain*
(in millions) |
| Teradyne |
$2.53 |
| Value Partners Group |
$2.34 |
| Helmerich & Payne |
$2.32 |
| Trican Well Service |
$1.68 |
| Major Drilling Group International |
$1.67 |
Top 5 Losers*
for Quarter Ended 12/31/2011
| Company |
Loss*
(in millions) |
| Medusa Mining |
-$2.12 |
| Pan American Silver |
-$1.45 |
| Allied Nevada Gold |
-$1.38 |
| Citadel Capital |
-$1.37 |
| E-House China Holdings ADR |
-$1.16 |
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RIVFX |
9.94% |
9.94% |
-9.42% |
27.62% |
5.80% |
6.05% |
12/29/2006 |
| Russell Global Small Cap |
8.29% |
8.29% |
-6.34% |
23.16% |
0.00% |
0.80% |
N/A |
| MSCI World Small Core |
7.55% |
7.55% |
-3.07% |
24.40% |
0.45% |
0.30% |
N/A |
| Annual Operating Expenses: Gross 1.93% Net 1.78% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RIVFX |
0.42% |
-18.69% |
-18.69% |
21.33% |
4.17% |
4.16% |
12/29/2006 |
| Russell Global Small Cap |
5.25% |
-14.03% |
-14.03% |
16.72% |
-1.28% |
-1.27% |
N/A |
| MSCI World Small Core |
8.22% |
-9.06% |
-9.06% |
18.24% |
-0.64% |
-0.64% |
N/A |
| Annual Operating Expenses: Gross 1.93% Net 1.78% |
Absolute Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 12/31/11
Number of Five-Year Average Annual Return Periods since RGV's Inception
Relative Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 12/31/11
RGV Spread vs. Russell Global Small Cap since RGV's Inception
Distribution History
| 5-Year Distribution History |
| Record Date |
Payable Date |
Ordinary Income |
S/T Gains |
L/T Gains |
Total |
Reinvest Price |
| 12/7/11 |
12/8/11 |
$0.0709 |
$— |
$— |
$0.07 |
$12.06 |
| 12/8/10 |
12/9/10 |
$0.0787 |
$— |
$— |
$0.08 |
$14.23 |
| 12/8/09 |
12/9/09 |
$0.0553 |
$— |
$— |
$0.06 |
$10.49 |
| 12/8/08 |
12/9/08 |
$0.0252 |
$0.0003 |
$— |
$0.03 |
$5.84 |
| 12/6/07 |
12/7/07 |
$0.2111 |
$0.0191 |
$— |
$0.23 |
$11.32 |
NAV History
| Previous 12 Months Ending 1/31/2012 |
| High |
$15.70 |
4/27/11 |
| Low |
$11.32 |
12/19/11 |
| Previous Month Ending 1/31/2012 |
| High |
$13.07 |
1/27/12 |
| Low |
$11.77 |
1/1/12 |
-
Year-End NAVs
| Year |
NAV |
| 2011 |
$11.77 |
| 2010 |
$14.56 |
| 2009 |
$10.79 |
| 2008 |
$6.70 |
| 2007 |
$11.20 |
| 2006 |
$10.00 |
Portfolio Managers
- 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
Experience
- 31 Years of Experience
- 20 Years at Royce
- 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
-
Portfolio Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$282 million |
| Number of Holdings |
66 |
| Average Market Capitalization* |
$1.47 billion |
| Weighted Average P/E Ratio** |
10.6x |
| Weighted Average P/B Ratio |
1.9x |
| Portfolio Turnover as of 6/30/2011 |
12% |
Market Cap Exposure (In Millions)
as of Quarter-End 12/31/2011
-
| Mayr-Melnhof Karton |
3.4% |
| Semperit AG Holding |
3.3% |
| Trican Well Service |
3.0% |
| Value Partners Group |
3.0% |
| Jupiter Fund Management |
3.0% |
| Santen Pharmaceutical |
2.9% |
| FamilyMart |
2.8% |
| Ashmore Group |
2.7% |
| Allied Nevada Gold |
2.7% |
| Helmerich & Payne |
2.3% |
| Top 10 as % of Total |
29.1% |
Portfolio Holdings
as of Quarter-End 12/31/2011
View the complete list of holdings for Royce Global Value Fund 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.
-
Portfolio Sector Breakdown
as of Quarter-End 12/31/2011
% of Net Assets (Subject to Change)
| Materials |
25.3% |
| Industrials |
14.3% |
| Financials |
13.7% |
| Energy |
10.4% |
| Consumer Discretionary |
9.7% |
| Information Technology |
8.7% |
| Health Care |
7.7% |
| Consumer Staples |
7.0% |
| Treasuries, Cash & Cash Equivalents |
3.2% |
Portfolio Country Breakdown
as of Quarter-End 12/31/2011
% of Net Assets* (Subject to Change)
| United States |
13.2% |
| Canada |
11.1% |
| Japan |
9.8% |
| United Kingdom |
9.5% |
| Germany |
7.0% |
| Austria |
6.7% |
| Hong Kong |
5.1% |
| South Africa |
4.9% |
| Australia |
4.8% |
| Switzerland |
3.6% |
| Norway |
3.0% |
| Belgium |
2.8% |
| India |
2.5% |
| United Arab Emirates (U.A.E.) |
2.0% |
| China |
2.0% |
| South Korea |
1.7% |
| France |
1.6% |
| Sweden |
1.3% |
| Turkey |
1.3% |
| Brazil |
1.1% |
| Italy |
1.0% |
| Mexico |
0.5% |
| Egypt |
0.4% |
-
Five-Year Morningstar Statistical Measures as of 12/31/2011*
| |
RGV |
Category Median |
Best Breakpoint |
| Sharpe Ratio |
0.24 |
0.05 |
0.18 |
| Standard Deviation |
26.07 |
23.87 |
22.32 |
Risk Disclosure
The Sharpe Ratio is calculated for a specified period by dividing a fund's annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility.
Risk/Return Comparison
Five-Year Period Ended 12/31/2011
| |
Average Annual Total Return |
Standard Deviation |
Return Efficiency* |
| RGV |
4.17 |
26.07 |
0.16 |
| Russell Global Small Cap |
-1.28 |
24.23 |
-0.05 |
|
|
Over the last five years, Royce Global Value Fund outperformed the Russell Global Small Cap on both an absolute and risk adjusted basis.
Russell Global Small Cap Down Quarters
Performance Comparison Since RGV's Inception Through 12/31/11
| Quarter |
Russell Global Small Cap |
RGV |
Spread |
| 9/30/11 |
-20.3% |
-22.0% |
-1.7% |
| 6/30/11 |
-0.7 |
-0.7 |
0.0 |
| 6/30/10 |
-9.0 |
-6.7 |
+2.3 |
| 3/31/09 |
-9.8 |
-5.7 |
+4.1 |
| 12/31/08 |
-25.4 |
-27.0 |
-1.6 |
| 9/30/08 |
-17.8 |
-22.5 |
-4.7 |
| 6/30/08 |
-2.8 |
+8.5 |
+11.3 |
| 3/31/08 |
-9.5 |
-2.1 |
+7.4 |
| 12/31/07 |
-3.5 |
-2.7 |
+0.8 |
Royce Global Value Fund outperformed the Russell Global Small Cap in five out of nine down quarters.
Down Market Performance Comparison (In Percentages):
as of Quarter-End 12/31/2011
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RIVFX |
9.94% |
9.94% |
-9.42% |
27.62% |
5.80% |
6.05% |
12/29/2006 |
| Russell Global Small Cap |
8.29% |
8.29% |
-6.34% |
23.16% |
0.00% |
0.80% |
N/A |
| MSCI World Small Core |
7.55% |
7.55% |
-3.07% |
24.40% |
0.45% |
0.30% |
N/A |
| Annual Operating Expenses: Gross 1.93% Net 1.78% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RIVFX |
0.42% |
-18.69% |
-18.69% |
21.33% |
4.17% |
4.16% |
12/29/2006 |
| Russell Global Small Cap |
5.25% |
-14.03% |
-14.03% |
16.72% |
-1.28% |
-1.27% |
N/A |
| MSCI World Small Core |
8.22% |
-9.06% |
-9.06% |
18.24% |
-0.64% |
-0.64% |
N/A |
| Annual Operating Expenses: Gross 1.93% Net 1.78% |
-
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 180 days) |
2.00% |
-
Annual Fund Operating Expenses
| (expenses that you pay each year as a percentage of the value of your investment) |
| Management fees |
1.25% |
| Distribution (12b-1) fees |
0.25% |
| Other expenses |
0.34% |
| Acquired fund fees and expenses |
0.09% |
| Total annual Fund operating expenses |
1.93% |
| Fee waivers and/or expense reimbursements |
(0.15)% |
| Total annual Fund operating expenses after fee waivers and/or expense reimbursements |
1.78% |
Royce has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net annual operating expenses, other than acquired fund fees and expenses, at or below 1.69% through April 30, 2012.
Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which 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.
-
Account Minimums
| To Open an Account |
| Regular |
$2,000 |
| Traditional/Roth IRA/Coverdell ESA |
$1,000 |
| Automatic Investment and Direct Deposit Plans |
$1,000 |
| 401(k)s |
none |
| Subsequent Investments |
| All Account Types |
$50 |
Download literature for Royce Global Value Fund
-
©
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.
Fund Impact and Attribution Reports
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