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.
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 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, small-cap and/or mid-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 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 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 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, small-cap and/or mid-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 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). 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.
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 Service Class’s net annual operating expense ratio at or below 1.49%
through April 30, 2012.
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
Lead Portfolio Manager
Portfolio Manager
| Helmerich & Payne |
1.9% |
| Verisk Analytics Cl. A |
1.7% |
| Reliance Steel & Aluminum |
1.7% |
| FARO Technologies |
1.7% |
| Oil States International |
1.6% |
| Valmont Industries |
1.6% |
| Warnaco Group (The) |
1.6% |
| Rofin-Sinar Technologies |
1.6% |
| Kennametal |
1.5% |
| Cymer |
1.5% |
| Top 10 as % of Total |
16.5% |
Royce 100 Fund (ROH) seeks long-term growth of capital. Royce invests the Fund’s assets primarily in a limited number (approximately 100) of smaller-company securities with market capitalizations up to $5 billion that Royce believes have excellent business strengths and/or prospects for growth, high internal rates of return and low leverage, and that are trading significantly below its estimate of their current worth. 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 |
Since Inception |
Inception Date |
| RYOHX |
8.42% |
8.42% |
-0.59% |
24.61% |
5.40% |
10.95% |
6/30/2003 |
| Russell 2000 |
7.07% |
7.07% |
2.86% |
23.03% |
1.19% |
8.24% |
N/A |
| Annual Operating Expenses: Gross 1.50% Net 1.49% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RYOHX |
16.07% |
-6.52% |
-6.52% |
17.21% |
4.13% |
10.02% |
6/30/2003 |
| Russell 2000 |
15.47% |
-4.18% |
-4.18% |
15.63% |
0.15% |
7.45% |
N/A |
| Annual Operating Expenses: Gross 1.50% Net 1.49% |
-
Fund Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$382 million |
| Ticker Symbol |
RYOHX |
| Number of Holdings |
94 |
| Average Market Capitalization* |
$1.98 billion |
| Weighted Average P/E Ratio** |
15.9x |
| Weighted Average P/B Ratio |
1.9x |
U.S. Investments
(% of Net Assets) |
89.3% |
Non-U.S. Investments
(% of Net Assets) |
9.3% |
| Portfolio Turnover as of 6/30/2011 |
7% |
| Minimum Investment |
$2,000 |
| Cusip Number |
780905519 |
| Fund Number |
277 |
| Fund Inception Date |
6/30/2003 |
| Benchmark Index |
Russell 2000 |
-
Value of $10,000 Invested on 6/30/03
As of Quarter-End 12/31/2011
-
Value of $10,000 Invested on 6/30/03
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 |
$19.71 |
| 2 |
Information Technology |
$13.70 |
| 3 |
Consumer Discretionary |
$7.71 |
| 4 |
Energy |
$7.04 |
| 5 |
Materials |
$6.40 |
| 6 |
Financials |
$1.44 |
| 7 |
Health Care |
$0.45 |
| 8 |
Consumer Staples |
$0.37 |
Top 5 Winners*
for Quarter Ended 12/31/2011
| Company |
Gain*
(in millions) |
| Oil States International |
$2.09 |
| Helmerich & Payne |
$2.07 |
| FARO Technologies |
$2.03 |
| Reliance Steel & Aluminum |
$1.99 |
| Major Drilling Group International |
$1.83 |
Top 5 Losers*
for Quarter Ended 12/31/2011
| Company |
Loss*
(in millions) |
| IPG Photonics |
-$0.87 |
| Federated Investors Cl. B |
-$0.55 |
| Intrepid Potash |
-$0.37 |
| DreamWorks Animation SKG Cl. A |
-$0.32 |
| Pason Systems |
-$0.25 |
| |
1-Month* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RYOHX |
8.42% |
8.42% |
-0.59% |
24.61% |
5.40% |
10.95% |
6/30/2003 |
| Russell 2000 |
7.07% |
7.07% |
2.86% |
23.03% |
1.19% |
8.24% |
N/A |
| Annual Operating Expenses: Gross 1.50% Net 1.49% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RYOHX |
16.07% |
-6.52% |
-6.52% |
17.21% |
4.13% |
10.02% |
6/30/2003 |
| Russell 2000 |
15.47% |
-4.18% |
-4.18% |
15.63% |
0.15% |
7.45% |
N/A |
| Annual Operating Expenses: Gross 1.50% Net 1.49% |
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 ROH's Inception
Relative Return Focus: Five Year Monthly Rolling Return Periods
as of Quarter-End 12/31/11
ROH Spread vs. Russell 2000 since ROH'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 |
$0.0000 |
$0.0349 |
$0.4107 |
$0.45 |
$8.52 |
| 12/8/10 |
12/9/10 |
$0.0000 |
$0.0193 |
$0.0875 |
$0.11 |
$9.52 |
| 12/8/08 |
12/9/08 |
$0.0000 |
$0.0255 |
$0.0619 |
$0.09 |
$5.43 |
| 12/6/07 |
12/7/07 |
$0.0000 |
$0.2036 |
$0.5222 |
$0.73 |
$8.39 |
NAV History
| Previous 12 Months Ending 1/31/2012 |
| High |
$10.77 |
4/29/11 |
| Low |
$7.49 |
10/3/11 |
| Previous Month Ending 1/31/2012 |
| High |
$9.55 |
1/25/12 |
| Low |
$8.67 |
1/1/12 |
-
Year-End NAVs
| Year |
NAV |
| 2011 |
$8.67 |
| 2010 |
$9.76 |
| 2009 |
$7.91 |
| 2008 |
$5.73 |
| 2007 |
$8.22 |
| 2006 |
$8.32 |
| 2005 |
$7.52 |
| 2004 |
$6.85 |
| 2003 |
$5.53 |
Lead Portfolio Manager
- 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.
View Full Bio
Education
- BA, Brown University
- MBA, Columbia University
Experience
- 49 Years of Experience
- 39 Years at Royce
Portfolio Manager
Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.
View Full Bio
Education
- BA, University of Notre Dame
- MBA, Wharton School, University of Pennsylvania
Experience
- 19 Years of Experience
- 8 Years at Royce
-
Portfolio Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$382 million |
| Number of Holdings |
94 |
| Average Market Capitalization* |
$1.98 billion |
| Weighted Average P/E Ratio** |
15.9x |
| Weighted Average P/B Ratio |
1.9x |
| Portfolio Turnover as of 6/30/2011 |
7% |
Market Cap Exposure (In Millions)
as of Quarter-End 12/31/2011
-
| Helmerich & Payne |
1.9% |
| Verisk Analytics Cl. A |
1.7% |
| Reliance Steel & Aluminum |
1.7% |
| FARO Technologies |
1.7% |
| Oil States International |
1.6% |
| Valmont Industries |
1.6% |
| Warnaco Group (The) |
1.6% |
| Rofin-Sinar Technologies |
1.6% |
| Kennametal |
1.5% |
| Cymer |
1.5% |
| Top 10 as % of Total |
16.5% |
Portfolio Holdings
as of Quarter-End 12/31/2011
View the complete list of holdings for Royce 100 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 |
30.7% |
| Information Technology |
22.8% |
| Consumer Discretionary |
13.0% |
| Materials |
9.5% |
| Energy |
9.3% |
| Financials |
8.6% |
| Health Care |
2.8% |
| Consumer Staples |
1.9% |
| Treasuries, Cash & Cash Equivalents |
1.4% |
Asset Allocation
as of 12/31/2011
% of Net Assets (Subject to Change)
-
Five-Year Morningstar Statistical Measures as of 12/31/2011*
| |
ROH |
Category Median |
Best Breakpoint |
| Sharpe Ratio |
0.23 |
0.11 |
0.16 |
| Standard Deviation |
23.26 |
23.92 |
22.75 |
Royce 100 Fund's value approach produced below average volatility relative to small-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* |
| ROH |
4.13 |
23.26 |
0.18 |
| Russell 2000 |
0.15 |
24.47 |
0.01 |
|
|
Over the last five years, Royce 100 Fund outperformed the Russell 2000 on both an absolute and risk adjusted basis.
Russell 2000 Down Quarters
Performance Comparison Since ROH's Inception Through 12/31/11
| Quarter |
Russell 2000 |
ROH |
Spread |
| 9/30/11 |
-21.9% |
-23.5% |
-1.6% |
| 6/30/11 |
-1.6 |
-2.7 |
-1.1 |
| 6/30/10 |
-9.9 |
-9.4 |
+0.5 |
| 3/31/09 |
-15.0 |
-9.4 |
+5.6 |
| 12/31/08 |
-26.1 |
-21.8 |
+4.3 |
| 9/30/08 |
-1.1 |
-3.1 |
-2.0 |
| 3/31/08 |
-9.9 |
-8.2 |
+1.7 |
| 12/31/07 |
-4.6 |
-3.8 |
+0.8 |
| 9/30/07 |
-3.1 |
+1.3 |
+4.4 |
| 6/30/06 |
-5.0 |
-7.4 |
-2.4 |
| 3/31/05 |
-5.3 |
-2.9 |
+2.4 |
| 9/30/04 |
-2.9 |
-2.4 |
+0.5 |
Royce 100 Fund outperformed the Russell 2000 in eight out of 12 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 |
| RYOHX |
8.42% |
8.42% |
-0.59% |
24.61% |
5.40% |
10.95% |
6/30/2003 |
| Russell 2000 |
7.07% |
7.07% |
2.86% |
23.03% |
1.19% |
8.24% |
N/A |
| Annual Operating Expenses: Gross 1.50% Net 1.49% |
| |
4Q* |
YTD* |
1YR |
3YR |
5YR |
Since Inception |
Inception Date |
| RYOHX |
16.07% |
-6.52% |
-6.52% |
17.21% |
4.13% |
10.02% |
6/30/2003 |
| Russell 2000 |
15.47% |
-4.18% |
-4.18% |
15.63% |
0.15% |
7.45% |
N/A |
| Annual Operating Expenses: Gross 1.50% Net 1.49% |
-
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 |
1.00% |
| Distribution (12b-1) fees |
0.25% |
| Other expenses |
0.25% |
| Total annual Fund operating expenses |
1.50% |
| Fee waivers and/or expense reimbursements |
(0.01)% |
| 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 Class's net annual operating expense at or below 1.49% through April 30, 2012.
-
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 100 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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