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 2500 Index is an unmanaged, capitalization-weighted index of the 2,500 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 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, 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 invests primarily in small- 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).
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 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 expenses, other than acquired
fund fees and expenses, at or below 1.49% through April 30, 2012 and at or
below 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.
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 Managers
| Lincoln Electric Holdings |
4.5% |
| Reliance Steel & Aluminum |
4.2% |
| Analog Devices |
4.1% |
| Affiliated Managers Group |
4.1% |
| Western Digital |
3.7% |
| Autoliv |
3.7% |
| Allied Nevada Gold |
3.7% |
| Westlake Chemical |
3.5% |
| International Rectifier |
3.4% |
| Semperit AG Holding |
3.1% |
| Top 10 as % of Total |
37.9% |
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.
| |
1-Month* |
YTD* |
1YR |
3YR |
Since Inception |
Inception Date |
| RMVSX |
12.18% |
12.18% |
-2.09% |
20.33% |
3.06% |
9/28/2007 |
| Russell 2500 |
6.65% |
6.65% |
2.60% |
24.84% |
1.59% |
N/A |
| Annual Operating Expenses: Gross 2.40% Net 1.49% |
| |
4Q* |
YTD* |
1YR |
3YR |
Since Inception |
Inception Date |
| RMVSX |
9.01% |
-11.57% |
-11.57% |
12.78% |
0.38% |
9/28/2007 |
| Russell 2500 |
14.52% |
-2.51% |
-2.51% |
18.41% |
0.10% |
N/A |
| Annual Operating Expenses: Gross 2.40% Net 1.49% |
-
Fund Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$10 million |
| Ticker Symbol |
RMVSX |
| Number of Holdings |
47 |
| Average Market Capitalization* |
$2.84 billion |
| Weighted Average P/E Ratio** |
11.2x |
| Weighted Average P/B Ratio |
1.8x |
U.S. Investments
(% of Net Assets) |
69.3% |
Non-U.S. Investments
(% of Net Assets) |
28.7% |
| Portfolio Turnover as of 6/30/2011 |
27% |
| Minimum Investment |
$2,000 |
| Cusip Number |
780905154 |
| Fund Number |
602 |
| Fund Inception Date |
9/28/2007 |
| Benchmark Index |
Russell 2500 |
-
Value of $10,000 Invested on 9/28/07
As of Quarter-End 12/31/2011
-
Value of $10,000 Invested on 9/28/07
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 |
$0.32 |
| 2 |
Information Technology |
$0.29 |
| 3 |
Energy |
$0.14 |
| 4 |
Financials |
$0.14 |
| 5 |
Consumer Discretionary |
$0.11 |
| 6 |
Health Care |
$0.03 |
| 7 |
Consumer Staples |
$0.00 |
| 8 |
Materials |
-$0.04 |
Top 5 Winners*
for Quarter Ended 12/31/2011
| Company |
Gain*
(in millions) |
| Reliance Steel & Aluminum |
$0.13 |
| Lincoln Electric Holdings |
$0.12 |
| Affiliated Managers Group |
$0.08 |
| Teradyne |
$0.07 |
| Hubbell Cl. B |
$0.07 |
Top 5 Losers*
for Quarter Ended 12/31/2011
| Company |
Loss*
(in millions) |
| Allied Nevada Gold |
-$0.07 |
| Seabridge Gold |
-$0.06 |
| Pan American Silver |
-$0.05 |
| Globe Specialty Metals |
-$0.03 |
| Silver Standard Resources |
-$0.03 |
| |
1-Month* |
YTD* |
1YR |
3YR |
Since Inception |
Inception Date |
| RMVSX |
12.18% |
12.18% |
-2.09% |
20.33% |
3.06% |
9/28/2007 |
| Russell 2500 |
6.65% |
6.65% |
2.60% |
24.84% |
1.59% |
N/A |
| Annual Operating Expenses: Gross 2.40% Net 1.49% |
| |
4Q* |
YTD* |
1YR |
3YR |
Since Inception |
Inception Date |
| RMVSX |
9.01% |
-11.57% |
-11.57% |
12.78% |
0.38% |
9/28/2007 |
| Russell 2500 |
14.52% |
-2.51% |
-2.51% |
18.41% |
0.10% |
N/A |
| Annual Operating Expenses: Gross 2.40% Net 1.49% |
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 |
$0.0163 |
$— |
$— |
$0.02 |
$10.23 |
| 12/8/09 |
12/9/09 |
$0.0092 |
$— |
$— |
$0.01 |
$8.72 |
| 12/8/08 |
12/9/08 |
$0.0056 |
$— |
$— |
$0.01 |
$6.69 |
| 12/6/07 |
12/7/07 |
$0.0164 |
$0.0097 |
$— |
$0.03 |
$10.09 |
NAV History
| Previous 12 Months Ending 1/31/2012 |
| High |
$12.75 |
4/27/11 |
| Low |
$8.93 |
10/3/11 |
| Previous Month Ending 1/31/2012 |
| High |
$11.44 |
1/27/12 |
| Low |
$10.10 |
1/1/12 |
-
Year-End NAVs
| Year |
NAV |
| 2011 |
$10.10 |
| 2010 |
$11.44 |
| 2009 |
$9.08 |
| 2008 |
$7.06 |
| 2007 |
$9.99 |
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
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
- 22 Years of Experience
- 4 Years at Royce
-
Portfolio Statistics
as of Quarter-End 12/31/2011
| Fund Net Assets (All Classes) |
$10 million |
| Number of Holdings |
47 |
| Average Market Capitalization* |
$2.84 billion |
| Weighted Average P/E Ratio** |
11.2x |
| Weighted Average P/B Ratio |
1.8x |
| Portfolio Turnover as of 6/30/2011 |
27% |
Market Cap Exposure (In Millions)
as of Quarter-End 12/31/2011
-
| Lincoln Electric Holdings |
4.5% |
| Reliance Steel & Aluminum |
4.2% |
| Analog Devices |
4.1% |
| Affiliated Managers Group |
4.1% |
| Western Digital |
3.7% |
| Autoliv |
3.7% |
| Allied Nevada Gold |
3.7% |
| Westlake Chemical |
3.5% |
| International Rectifier |
3.4% |
| Semperit AG Holding |
3.1% |
| Top 10 as % of Total |
37.9% |
Portfolio Holdings
as of Quarter-End 12/31/2011
View the complete list of holdings for Royce SMid-Cap 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 |
23.2% |
| Information Technology |
22.0% |
| Industrials |
17.7% |
| Financials |
11.9% |
| Consumer Discretionary |
9.6% |
| Energy |
9.1% |
| Health Care |
3.8% |
| Consumer Staples |
0.8% |
| Treasuries, Cash & Cash Equivalents |
2.0% |
Asset Allocation
as of 12/31/2011
% of Net Assets (Subject to Change)
-
Three-Year Morningstar Statistical Measures as of 12/31/2011*
| |
RSV |
Category Median |
Best Breakpoint |
| Sharpe Ratio |
0.64 |
0.87 |
0.96 |
| Standard Deviation |
22.53 |
21.65 |
20.00 |
Risk/Return Comparison
Three-Year Period Ended 12/31/2011
| |
Average Annual Total Return |
Standard Deviation |
Return Efficiency* |
| RSV |
12.78 |
22.53 |
0.57 |
| Russell 2500 |
18.41 |
23.73 |
0.78 |
|
|
Russell 2500 Down Quarters
Performance Comparison Since RSV's Inception Through 12/31/11
| Quarter |
Russell 2500 |
RSV |
Spread |
| 9/30/11 |
-21.2% |
-22.6% |
-1.4% |
| 6/30/11 |
-0.6 |
-3.5 |
-2.9 |
| 6/30/10 |
-10.0 |
-8.3 |
+1.7 |
| 3/31/09 |
-11.4 |
-12.7 |
-1.3 |
| 12/31/08 |
-26.3 |
-23.4 |
+2.9 |
| 9/30/08 |
-6.7 |
-7.4 |
-0.7 |
| 3/31/08 |
-9.4 |
-1.9 |
+7.5 |
| 12/31/07 |
-4.3 |
+0.2 |
+4.5 |
Royce SMid-Cap Value Fund outperformed the Russell 2500 in four out of eight down quarters.
| |
1-Month* |
YTD* |
1YR |
3YR |
Since Inception |
Inception Date |
| RMVSX |
12.18% |
12.18% |
-2.09% |
20.33% |
3.06% |
9/28/2007 |
| Russell 2500 |
6.65% |
6.65% |
2.60% |
24.84% |
1.59% |
N/A |
| Annual Operating Expenses: Gross 2.40% Net 1.49% |
| |
4Q* |
YTD* |
1YR |
3YR |
Since Inception |
Inception Date |
| RMVSX |
9.01% |
-11.57% |
-11.57% |
12.78% |
0.38% |
9/28/2007 |
| Russell 2500 |
14.52% |
-2.51% |
-2.51% |
18.41% |
0.10% |
N/A |
| Annual Operating Expenses: Gross 2.40% 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 |
1.15% |
| Total annual Fund operating expenses |
2.40% |
| Fee waivers and/or expense reimbursements |
(0.91)% |
| 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, other than acquired fund fees and expenses, at or below 1.49% through April 30, 2012 and at or below 1.99% through April 30, 2021.
-
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 SMid-Cap 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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