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.
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 Service Class shares on
8/30/02 reflects Investment Class results. Service Class shares bear an annual
distribution expenses that is not borne by the Investment Class. If Service
Class’s annual distribution expense had been reflected, total returns prior to
8/30/02 would have been lower.
The Fund may invest up to 35% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)
Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower.
The Fund invests primarily in micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks (Please see "Primary Risks for Fund Investors" in the prospectus).
The Fund may invest up to 35% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)
Shares redeemed within 180 days of purchase may be subject to a 1% 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 up to 35% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)
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 invests primarily in micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks (Please see "Primary Risks for Fund Investors" in the prospectus).
Operating expenses reflect the Fund's total annual operating
expenses for the Investment Class as of the Fund’s most current prospectus and
include management fees and other 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.
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, other expenses, and acquired fund fees and
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 expenses to the extent necessary to maintain the Service
Class’s net annual operating expense, other than acquired fund fees and expenses, at or below 1.66% 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.
Operating expenses reflect the Fund’s total annual operating
expenses for the Institutional Class as of the Fund’s most current prospectus,
and include management fees and other 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.
Operating expenses reflect the Fund’s total annual operating
expenses for the Consultant Class as of the Fund’s most current prospectus and
include management fees, 12b-1 distribution and service fees, and other
expenses.
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.
Distributor: Royce Fund Services, Inc.
NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED
Management Team
Portfolio Manager
Assistant Portfolio Managers
| Rudolph Technologies |
1.3% |
| Graham Corporation |
1.2% |
| GP Strategies |
1.2% |
| Total Energy Services |
1.2% |
| Marten Transport |
1.1% |
| Canadian Energy Services & Technology |
1.1% |
| Drew Industries |
1.1% |
| Global Power Equipment Group |
1.1% |
| Anaren |
1.1% |
| Universal Stainless & Alloy Products |
1.0% |
| Top 10 as % of Total |
11.3% |
Royce Micro-Cap Fund (RMC) invests primarily in companies with market capitalizations up to $500 million. Royce generally focuses on micro-cap companies that it believes are trading significantly below its estimate of their current worth, an assessment based chiefly on balance sheet quality and cash flow levels. We believe that investors in the Fund should have a long-term investment horizon of at least three years.
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
10YR |
15YR |
20YR |
Since Inception |
Inception Date |
| RYOTX |
9.35% |
9.35% |
-1.81% |
27.47% |
4.17% |
9.60% |
11.27% |
12.80% |
12.94% |
12/31/1991 |
| Russell Microcap |
8.52% |
8.52% |
-0.50% |
21.78% |
-2.41% |
5.47% |
N/A |
N/A |
8.86% |
N/A |
| Russell 2000 |
7.07% |
7.07% |
2.86% |
23.03% |
1.19% |
6.45% |
6.59% |
8.47% |
N/A |
N/A |
| Annual Operating Expenses: 1.54% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
10YR |
15YR |
20YR |
Since Inception |
Inception Date |
| RYOTX |
9.69% |
-12.10% |
-12.10% |
21.18% |
2.39% |
8.91% |
10.75% |
12.50% |
12.50% |
12/31/1991 |
| Russell Microcap |
13.83% |
-9.27% |
-9.27% |
14.23% |
-3.75% |
4.63% |
N/A |
N/A |
N/A |
N/A |
| Russell 2000 |
15.47% |
-4.18% |
-4.18% |
15.63% |
0.15% |
5.62% |
6.25% |
8.52% |
8.52% |
N/A |
| Annual Operating Expenses: 1.54% |
-
Fund Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$1.16 billion |
| Ticker Symbol |
RYOTX |
| Number of Holdings |
222 |
| Average Market Capitalization* |
$342 million |
| Weighted Average P/E Ratio** |
12.7x |
| Weighted Average P/B Ratio |
1.4x |
U.S. Investments
(% of Net Assets) |
65.1% |
Non-U.S. Investments
(% of Net Assets) |
32.0% |
| Portfolio Turnover as of 6/30/2011 |
18% |
| Minimum Investment |
$2,000 |
| Cusip Number |
780905709 |
| Fund Number |
264 |
| Fund Inception Date |
12/31/1991 |
| Benchmark Index |
Russell Microcap |
| |
Russell 2000 |
-
Value of $10,000 Invested on 12/31/91
As of Quarter-End 12/31/2011
-
Value of $10,000 Invested on 12/31/91
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 |
Industrials |
$25.98 |
| 2 |
Energy |
$23.27 |
| 3 |
Consumer Discretionary |
$20.20 |
| 4 |
Information Technology |
$15.05 |
| 5 |
Materials |
$12.98 |
| 6 |
Health Care |
$3.57 |
| 7 |
Telecommunication Services |
$2.31 |
| 8 |
Financials |
$0.12 |
| 9 |
Utilities |
-$0.29 |
| 10 |
Consumer Staples |
-$3.63 |
Top 5 Winners*
for Quarter Ended 12/31/2011
| Company |
Gain*
(in millions) |
| Lumina Copper |
$8.70 |
| Total Energy Services |
$5.16 |
| Kirkland's |
$4.41 |
| Rudolph Technologies |
$4.24 |
| GP Strategies |
$4.11 |
Top 5 Losers*
for Quarter Ended 12/31/2011
| Company |
Loss*
(in millions) |
| Lexicon Pharmaceuticals |
-$5.86 |
| Waterloo Investment Holdings |
-$2.98 |
| Sigma Designs |
-$2.22 |
| Great Basin Gold |
-$2.00 |
| Perry Ellis International |
-$1.96 |
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
10YR |
15YR |
20YR |
Since Inception |
Inception Date |
| RYOTX |
9.35% |
9.35% |
-1.81% |
27.47% |
4.17% |
9.60% |
11.27% |
12.80% |
12.94% |
12/31/1991 |
| Russell Microcap |
8.52% |
8.52% |
-0.50% |
21.78% |
-2.41% |
5.47% |
N/A |
N/A |
8.86% |
N/A |
| Russell 2000 |
7.07% |
7.07% |
2.86% |
23.03% |
1.19% |
6.45% |
6.59% |
8.47% |
N/A |
N/A |
| Annual Operating Expenses: 1.54% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
10YR |
15YR |
20YR |
Since Inception |
Inception Date |
| RYOTX |
9.69% |
-12.10% |
-12.10% |
21.18% |
2.39% |
8.91% |
10.75% |
12.50% |
12.50% |
12/31/1991 |
| Russell Microcap |
13.83% |
-9.27% |
-9.27% |
14.23% |
-3.75% |
4.63% |
N/A |
N/A |
N/A |
N/A |
| Russell 2000 |
15.47% |
-4.18% |
-4.18% |
15.63% |
0.15% |
5.62% |
6.25% |
8.52% |
8.52% |
N/A |
| Annual Operating Expenses: 1.54% |
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
Relative Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 12/31/11
RMC Spread vs. Russell Microcap Over the Last 10 Years
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 |
$0.2016 |
$— |
$0.6977 |
$0.90 |
$14.47 |
| 12/8/10 |
12/9/10 |
$0.2533 |
$— |
$— |
$0.25 |
$17.03 |
| 12/8/09 |
12/9/09 |
$0.1842 |
$— |
$— |
$0.18 |
$13.21 |
| 12/8/08 |
12/9/08 |
$0.0000 |
$0.0934 |
$0.2326 |
$0.33 |
$8.21 |
| 12/6/07 |
12/7/07 |
$0.4491 |
$0.3761 |
$2.0280 |
$2.85 |
$15.70 |
NAV History
| Previous 12 Months Ending 1/31/2012 |
| High |
$19.30 |
4/29/11 |
| Low |
$13.43 |
10/3/11 |
| Previous Month Ending 1/31/2012 |
| High |
$16.01 |
1/27/12 |
| Low |
$14.54 |
1/1/12 |
-
Year-End NAVs
| Year |
NAV |
| 2011 |
$14.54 |
| 2010 |
$17.57 |
| 2009 |
$13.71 |
| 2008 |
$8.93 |
| 2007 |
$15.72 |
| 2006 |
$17.35 |
| 2005 |
$15.90 |
| 2004 |
$15.71 |
| 2003 |
$14.93 |
| 2002 |
$10.16 |
Portfolio Manager
Jenifer L. Taylor is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.
View Full Bio
Education
Experience
- 23 Years of Experience
- 11 Years at Royce
Assistant 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) |
$1.16 billion |
| Number of Holdings |
222 |
| Average Market Capitalization* |
$342 million |
| Weighted Average P/E Ratio** |
12.7x |
| Weighted Average P/B Ratio |
1.4x |
| Portfolio Turnover as of 6/30/2011 |
18% |
Market Cap Exposure (In Millions)
as of Quarter-End 12/31/2011
Companies by Market Capitalization
as of Quarter-End 12/31/2011
-
| Rudolph Technologies |
1.3% |
| Graham Corporation |
1.2% |
| GP Strategies |
1.2% |
| Total Energy Services |
1.2% |
| Marten Transport |
1.1% |
| Canadian Energy Services & Technology |
1.1% |
| Drew Industries |
1.1% |
| Global Power Equipment Group |
1.1% |
| Anaren |
1.1% |
| Universal Stainless & Alloy Products |
1.0% |
| Top 10 as % of Total |
11.3% |
Portfolio Holdings
as of Quarter-End 12/31/2011
View the complete list of holdings for Royce Micro-Cap 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)
| Industrials |
20.1% |
| Materials |
15.9% |
| Consumer Discretionary |
15.0% |
| Information Technology |
14.1% |
| Health Care |
10.4% |
| Energy |
9.6% |
| Financials |
7.2% |
| Consumer Staples |
3.3% |
| Telecommunication Services |
1.5% |
| Utilities |
0.1% |
| Treasuries, Cash & Cash Equivalents |
3.0% |
Asset Allocation
as of 12/31/2011
% of Net Assets (Subject to Change)
-
Five-Year Morningstar Statistical Measures as of 12/31/2011*
| |
RMC |
Category Median |
Best Breakpoint |
| Sharpe Ratio |
0.16 |
0.04 |
0.14 |
| Standard Deviation |
23.44 |
24.47 |
23.85 |
Royce Micro-Cap Fund's value approach produced below average volatility relative to micro-cap objective funds.
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* |
| RMC |
2.39 |
23.44 |
0.10 |
| Russell Microcap |
-3.75 |
25.29 |
-0.15 |
|
|
Over the last five years, Royce Micro-Cap Fund outperformed the Russell Microcap on both an absolute and risk adjusted basis.
Russell Microcap Down Quarters
Performance Comparison 15 Years Ended 12/31/11
| Quarter |
Russell Microcap |
RMC |
Spread |
| 9/30/11 |
-22.7% |
-22.1% |
+0.6% |
| 6/30/11 |
-3.5 |
-4.3 |
-0.8 |
| 6/30/10 |
-8.9 |
-5.8 |
+3.1 |
| 12/31/09 |
-0.5 |
+6.5 |
+7.0 |
| 3/31/09 |
-15.2 |
-6.9 |
+8.3 |
| 12/31/08 |
-28.1 |
-27.5 |
+0.6 |
| 9/30/08 |
-0.8 |
-12.5 |
-11.7 |
| 6/30/08 |
-3.5 |
+1.0 |
+4.5 |
| 3/31/08 |
-12.4 |
-7.9 |
+4.5 |
| 12/31/07 |
-7.5 |
-1.9 |
+5.6 |
| 9/30/07 |
-4.6 |
-0.9 |
+3.7 |
| 9/30/06 |
-0.7 |
-2.2 |
-1.5 |
| 6/30/06 |
-6.8 |
-3.2 |
+3.6 |
| 3/31/05 |
-7.4 |
-3.8 |
+3.6 |
| 9/30/04 |
-5.6 |
-1.8 |
+3.8 |
| 6/30/04 |
-1.8 |
-1.8 |
0.0 |
| 3/31/03 |
-2.5 |
-7.2 |
-4.7 |
| 9/30/02 |
-22.4 |
-23.5 |
-1.1 |
| 6/30/02 |
-3.5 |
-6.2 |
-2.7 |
| 9/30/01 |
-20.4 |
-17.3 |
+3.1 |
| 3/31/01 |
-0.1 |
+1.7 |
+1.8 |
| 12/31/00 |
-12.6 |
-3.0 |
+9.6 |
| 9/30/00 |
-0.5 |
+7.2 |
+7.7 |
Royce Micro-Cap Fund outperformed the Russell Microcap in 16 out of 23 down quarters.
Down Market Performance Comparison (In Percentages):
as of Quarter-End 12/31/2011
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
10YR |
15YR |
20YR |
Since Inception |
Inception Date |
| RYOTX |
9.35% |
9.35% |
-1.81% |
27.47% |
4.17% |
9.60% |
11.27% |
12.80% |
12.94% |
12/31/1991 |
| Russell Microcap |
8.52% |
8.52% |
-0.50% |
21.78% |
-2.41% |
5.47% |
N/A |
N/A |
8.86% |
N/A |
| Russell 2000 |
7.07% |
7.07% |
2.86% |
23.03% |
1.19% |
6.45% |
6.59% |
8.47% |
N/A |
N/A |
| Annual Operating Expenses: 1.54% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
10YR |
15YR |
20YR |
Since Inception |
Inception Date |
| RYOTX |
9.69% |
-12.10% |
-12.10% |
21.18% |
2.39% |
8.91% |
10.75% |
12.50% |
12.50% |
12/31/1991 |
| Russell Microcap |
13.83% |
-9.27% |
-9.27% |
14.23% |
-3.75% |
4.63% |
N/A |
N/A |
N/A |
N/A |
| Russell 2000 |
15.47% |
-4.18% |
-4.18% |
15.63% |
0.15% |
5.62% |
6.25% |
8.52% |
8.52% |
N/A |
| Annual Operating Expenses: 1.54% |
-
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) |
1.00% |
-
Annual Fund Operating Expenses
| (expenses that you pay each year as a percentage of the value of your investment) |
| Management fees |
1.30% |
| Distribution (12b-1) fees |
0.00% |
| Other expenses |
0.20% |
| Acquired fund fees and expenses |
0.04% |
| Total annual Fund operating expenses |
1.54% |
| Fee waivers and/or expense reimbursements |
0.00% |
| Total annual Fund operating expenses after fee waivers and/or expense reimbursements |
1.54% |
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 Micro-Cap 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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