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The Royce Funds

Small-cap value investing for more than 35 years

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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 SMid-Cap Value Fund (RMVSX)

    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 7/28/2010  $9.26
      Daily NAV change  -$0.07 (-0.01%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Managers

      W. Whitney George
      Steven G. McBoyle

      Top 10 Positions As of Quarter-End 6/30/10
      % of Net Assets (Subject to Change)

      ENSCO International ADR 3.7%
      American Italian Pasta Cl. A 3.3%
      Lubrizol Corporation (The) 3.1%
      GameStop Corporation Cl. A 3.0%
      Greif Cl. A 3.0%
      Centamin Egypt 2.8%
      Pan American Silver 2.8%
      GrafTech International 2.7%
      Family Dollar Stores 2.7%
      AVX Corporation 2.7%
      Top 10 as % of Total 29.7%

      Literature & Research

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    2. Royce SMid-Cap Value Fund (RSV) seeks long-term growth of capital. The Fund invests at least 80% of its assets in small-cap and mid-cap companies with market caps between $500 million and $10 billion that Royce believes are trading below its estimate of their current worth. The Fund generally seeks to invest in securities of companies that have excellent business strengths, high internal rates of return and exhibit above-average growth prospects.

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

        2Q* YTD* 1YR Since Incept
      RMVSX -8.33% -1.87% 19.40% -3.95%
      Russell 2500 -9.98% -1.69% 24.02% -7.82%
      Inception Date: 9/28/2007  Annual Operating Expenses: Gross 2.04% Net 1.50%

      * 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 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. Current performance may be higher or lower than performance quoted.

      Gross operating expenses reflect 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 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, 2011 and at or below 1.99% through April 30, 2020. 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 RMVSX
        Fund Net Assets (All Classes) $5 million
        Number of Holdings 52
        Average Market Capitalization* $2.34 billion
        Weighted Average P/E Ratio** 12.5x
        Weighted Average P/B Ratio 1.8x
        Portfolio Turnover 2009 216%
        Minimum Investment $2,000
        Cusip Number 780905154
        Fund Number 602
        Inception Date 9/28/2007
        Benchmark Index Russell 2500

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 9/28/2007 As of Quarter-End 6/30/2010

        RMVSX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 9/28/2007 As of Quarter-End 6/30/2010

      RMVSX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

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

        Sector Name Gain/Loss*
      (in millions)
      1 Natural Resources $0.02
      2 Consumer Products $0.02
      3 Health -$0.01
      4 Industrial Services -$0.01
      5 Consumer Services -$0.06
      6 Financial Intermediaries -$0.06
      7 Financial Services -$0.09
      8 Industrial Products -$0.10
      9 Technology -$0.13

      *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)
      American Italian Pasta Cl. A $0.04
      Seabridge Gold $0.02
      Hochschild Mining $0.01
      Pan American Silver $0.01
      O'Reilly Automotive $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)
      GameStop Corporation Cl. A -$0.04
      Reliance Steel & Aluminum -$0.03
      Artio Global Investors Cl. A -$0.03
      Federated Investors Cl. B -$0.03
      Schnitzer Steel Industries Cl. A -$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. Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR Since Incept
      RMVSX -8.33% -1.87% 19.40% -3.95%
      Russell 2500 -9.98% -1.69% 24.02% -7.82%
      Annual Operating Expenses: Gross 2.04% Net 1.50%
      Inception Date: 9/28/2007

      * 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 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. Current performance may be higher or lower than performance quoted.

      Gross operating expenses reflect 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 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, 2011 and at or below 1.99% through April 30, 2020. 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 (9/28/2007)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RMVSX

      View how RSV performed during down markets.

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/08/09 12/09/09 $0.0092 $— $— $0.01 $—
      12/08/08 12/09/08 $0.0056 $— $— $0.01 $6.69
      12/06/07 12/07/07 $0.0164 $0.0097 $— $0.03 $10.09
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      1. NAV History

        Previous 12 Months Ending 6/30/2010
        High $10.32 4/26/10
        Low $7.08 7/08/09
        Previous Month Ending 6/30/2010
        High $9.54 6/15/10
        Low $8.91 6/30/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $9.08
        2008 $7.06
        2007 $9.99

  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
    Steven G. McBoyle

    Steven G. McBoyle

    • Portfolio Manager
    • CPA, CA

    Steven G. McBoyle, CPA, CA  is a Portfolio Manager for Royce & Associates, LLC, investment adviser for The Royce Funds.

    View Full Bio

    Education

    • BA, University of Waterloo
    • MBA, Columbia University

    Experience

    • 20 Years of Experience
    • 3 Years at Royce

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

      Fund Net Assets (All Classes) $5 million
      Number of Holdings 52
      Average Market Capitalization* $2.34 billion
      Weighted Average P/E Ratio** 12.5x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 216%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 6/30/2010).

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

      Royce SMid-Cap Value Fund

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

      ENSCO International ADR 3.7%
      American Italian Pasta Cl. A 3.3%
      Lubrizol Corporation (The) 3.1%
      GameStop Corporation Cl. A 3.0%
      Greif Cl. A 3.0%
      Centamin Egypt 2.8%
      Pan American Silver 2.8%
      GrafTech International 2.7%
      Family Dollar Stores 2.7%
      AVX Corporation 2.7%
      Top 10 as % of Total 29.7%

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

      View the complete list of holdings for Royce SMid-Cap Value 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
      % of Net Assets (Subject to Change)

      Natural Resources 17.8%
      Industrial Products 17.6%
      Technology 15.8%
      Financial Services 10.0%
      Consumer Services 8.1%
      Financial Intermediaries 7.6%
      Consumer Products 6.8%
      Industrial Services 2.7%
      Health 1.7%
      Treasuries, Cash & Cash Equivalents 11.9%

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

      Royce SMid-Cap Value Fund Asset Allocation

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

      Quarter Russell 2000 RSV Spread
      6/30/10 -9.9% -8.3% +1.6% 
      3/31/09 -15.0 -12.7 +2.3 
      12/31/08 -26.1 -23.4 +2.7 
      9/30/08 -1.1 -7.4 -6.3 
      3/31/08 -9.9 -1.9 +8.0 
      12/31/07 -4.6 +0.2 +4.8 
      9/30/07 -3.1  

      Royce SMid-Cap Value Fund outperformed the Russell 2000 in five out of seven 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 0.78%
      Acquired fund fees and expenses 0.01%
      Total annual Fund operating expenses 2.04%
      Fee waivers and/or expense reimbursements (0.54)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.50%

      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 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.

      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.

    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 invests primarily in small-cap and 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 that 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 2500 is an unmanaged, capitalization-weighted index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 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.