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The Royce Funds

Small-cap value investing for more than 35 years

Individual Investors
View daily prices and performance, access your account, and learn more about our disciplined small-cap value approach.
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  1. I Want To . . .
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  2. Royce Mid-Cap Fund (RMIDX)

    Service Class
    QUALITY + FOCUSED

    Quality + Focused funds generally employ a more limited portfolio approach-typically holding no more than 100 positions that we believe possess high quality.

     

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    1. Open to New Investors

      NAV as of 9/1/2010  $9.73
      Daily NAV change  +$0.30 (+3.18%)

      2. Recent News on this Fund

Risk Analysis

    1. Management Team

      Portfolio Managers

      W. Whitney George
      Carl D. Brown
      Jim P. Stoeffel
      Brendan J. Hartman

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

      ENSCO ADR 5.0%
      Questar Corporation 3.9%
      Flowserve Corporation 3.8%
      Western Digital 3.8%
      Greif Cl. A 3.4%
      Biogen Idec 3.0%
      Dollar Tree 3.0%
      Manpower 2.5%
      Kinetic Concepts 2.5%
      TD AMERITRADE Holding Corporation 2.3%
      Top 10 as % of Total 33.3%

      Literature & Research

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    2. Royce Mid-Cap Fund (RMM) seeks long-term growth of capital. The Fund invests primarily in equity securities of mid-cap companies with market capitalizations from $2.5 billion to $15 billion that Royce believes are trading below its estimate of their current worth. The Fund generally seeks to invest in securities of companies that Royce believes have excellent business strengths, high internal rates of return and exhibit above-average prospects. The Fund seeks to accomplish its objectives by employing a disciplined value approach that looks at the financial and operating dynamics of a business in an attempt to identify companies whose market value differs from Royce’s assessment of its intrinsic/business or “current worth” and, identifying what Royce believes are opportunistic situations for such undervalued companies. Such opportunistic situations may include turnarounds, companies with interrupted earnings patterns, companies with unrecognized asset values, and companies with misplaced investor concerns or underappreciated potential.

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

        Ticker Symbol RMIDX
        Fund Net Assets (All Classes) $4 million
        Number of Holdings 51
        Average Market Capitalization* $4.98 billion
        Weighted Average P/E Ratio** 13.7x
        Weighted Average P/B Ratio 1.8x
        Minimum Investment $2,000
        Cusip Number 78081A204
        Fund Number 582
        Inception Date 12/31/2009
        Benchmark Index Russell Midcap

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (5% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 12/31/2009 As of Quarter-End 6/30/2010

        RMIDX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 12/31/2009 As of Quarter-End 6/30/2010

      RMIDX vs Russell 2000

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

      Company Gain*
      (in millions)
      Fidelity National Information Services $0.02
      Advance Auto Parts $0.01
      O'Reilly Automotive $0.01
      IAMGOLD Corporation $0.01
      Red Back Mining $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)
      Western Digital -$0.05
      Flowserve Corporation -$0.04
      Agrium -$0.04
      American Eagle Outfitters -$0.03
      Reliance Steel & Aluminum -$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.

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    2. Cumulative Performance Since Inception (12/31/2009)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RMIDX

      View how RMM performed during down markets.

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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $11.06 4/23/10
        Low $9.27 7/06/10
        Previous Month Ending 8/31/2010
        High $10.07 8/04/10
        Low $9.40 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.00

  3. Portfolio Managers

    W. Whitney George

    W. Whitney George

    • 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

    • BA, Trinity College

    Experience

    • 29 Years of Experience
    • 18 Years at Royce
    Carl D. Brown

    Carl D. Brown

    • Portfolio Manager

    Carl D. Brown is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, University of Pennsylvania
    • MBA, New York University

    Experience

    • 16 Years of Experience
    • 1 Year at Royce
    Jim P. Stoeffel

    Jim P. Stoeffel

    • Portfolio Manager

    James P. Stoeffel is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Washington & Lee University
    • MBA, New York University

    Experience

    • 17 Years of Experience
    • 1 Year at Royce
    Brendan J. Hartman

    Brendan J. Hartman

    • Portfolio Manager

    Brendan J. Hartman is a Portfolio Manager for Royce & Associates, LLC, investment advisor to The Royce Funds.

    View Full Bio

    Education

    • BA, Lehigh University
    • MBA, New York University

    Experience

    • 15 Years of Experience
    • 1 Year at Royce

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

      Fund Net Assets (All Classes) $4 million
      Number of Holdings 51
      Average Market Capitalization* $4.98 billion
      Weighted Average P/E Ratio** 13.7x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 0%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (5% of portfolio holdings as of 6/30/2010).

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

      Royce Mid-Cap 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)

      ENSCO ADR 5.0%
      Questar Corporation 3.9%
      Flowserve Corporation 3.8%
      Western Digital 3.8%
      Greif Cl. A 3.4%
      Biogen Idec 3.0%
      Dollar Tree 3.0%
      Manpower 2.5%
      Kinetic Concepts 2.5%
      TD AMERITRADE Holding Corporation 2.3%
      Top 10 as % of Total 33.3%

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

      View the complete list of holdings for Royce Mid-Cap 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)

      Industrial Products 20.6%
      Natural Resources 17.2%
      Industrial Services 11.1%
      Technology 10.9%
      Consumer Services 10.7%
      Health 8.9%
      Financial Intermediaries 6.5%
      Financial Services 3.9%
      Consumer Products 3.7%
      Treasuries, Cash & Cash Equivalents 6.5%

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Royce Mid-Cap Fund Asset Allocation

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

      Quarter Russell 2000 RMM Spread
      6/30/10 -9.9% -10.8% -0.9% 

      Royce Mid-Cap Fund outperformed the Russell 2000 in 0 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 180 days) 1.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.00%
      Distribution (12b-1) fees 0.25%
      Other expenses 0.50%
      Total annual Fund operating expenses 1.75%
      Fee waivers and/or expense reimbursements (0.26)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.49%

      Royce has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net annual operating expenses at or below 1.49% through April 30, 2013.

    3. 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


  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 generally invests in securities of mid-cap companies, which may involve considerably more risk than investing in larger-cap stocks (Please see "Primary Risks for Fund Investors" in the prospectus). As of 6/30/10, the Fund held 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. The Fund may invest up to 25% 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 International Securities" in the prospectus). The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. It includes approximately 800 of the smallest securities in the Russell 1000 index.

  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.