At a Glance

Why invest in
Micro-Cap Trust?

  • Long-term growth of capital
  • Broadly diversified portfolio, disciplined value approach
  • Micro-cap stocks, up to $750 million
  • Chuck Royce since 1993, assistants Chris Flynn and James Harvey since 2009

As of 9/30/2014

  • 12/14/1993Inception Date
    20+
    Years of History
  • $335.2M
    Avg. Market Cap ,
    94%
    Active Share 
  • 412
    Holdings
    159
    Holdings ≥ 75% of
    Total Investments
  • Domestic
    94.3%
    U.S. (10.2% Non-US)
  • Daily Price 12.68+$0.07 (+0.56%) MKT $11.27+$-0.03 (+0.00%)
    $401.6M
    Net Assets

Portfolio Management

  • Chris Flynn
    Assistant Portfolio Manager
    5+ Years on Fund



Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 1-Year, 3-Year, 5-Year, 10-Year, 15-Year, 20-Year and since inception (12/14/1993) periods as of 9/30/2014
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RMT -4.82 -1.1414.8625.2416.717.7011.9311.4510.62 12/14/1993
XOTCX -7.13 -4.287.0622.4214.868.6111.3411.3611.23 12/14/1993
Russell 2000 -7.36 -4.413.9321.2614.298.197.939.038.85 N/A
SEP YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RMT -4.07 -1.1414.8625.2416.717.7011.9311.4510.62 12/14/1993
XOTCX -5.85 -4.287.0622.4214.868.6111.3411.3611.23 12/14/1993
Russell 2000 -6.05 -4.413.9321.2614.298.197.939.038.85 N/A
OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RMT -4.25 -5.345.1421.1615.086.7711.8911.3010.36 12/14/1993
XOTCX -0.63 -4.882.1219.9514.098.6011.5311.3411.16 12/14/1993
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/AN/A N/A

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 100% of all 10-Year periods; 64% of all 5-Year periods; 63% of all 3-Year periods; and 70% of all 1-Year periods.

For 99% of the periods, 10-year average annual total returns were greater than 5%; For 52% of the periods, 10-year average annual total returns were greater than 10%.

Relative Returns: Monthly Rolling Average Annual Return Periods 15 Years Through 9/30/2014

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
61/61
100 9.0 7.1
5-year
78/121
64 9.4 7.4
3-year
92/145
63 10.2 7.7
1-year
118/169
70 14.0 9.7

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 67 52
> 5% and ≤ 10% 62 48
> 0% and ≤ 5% 1 1
≤ 0% 0 0

The Fund averaged a 11.0% return over all 130 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 3/9/00 and 4/29/11 index peaks through 6/30/14 and in one of the two previous full market cycle periods.
Peak-Peak - 03/09/2000 - 07/13/2007
Micro-Cap Trust175.9%
Russell 200054.8%

Peak-Peak - 07/13/2007 - 04/29/2011
Micro-Cap Trust-0.5%
Russell 20006.6%

Peak-Current - 04/29/2011 - 06/30/2014
Micro-Cap Trust50.1%
Russell 200044.2%

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/14/1993 and 9/30/2014

Micro-Cap Trust$91,426.94
Russell 2000$58,310.97

Portfolio Impactas of 9/30/2014

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Staples
1.7
2.6
0.0
Telecommunication Services
0.1
18.0
0.0
Utilities
0.2
-12.0
0.0
Energy
2.3
-20.5
-0.5
Health Care
7.7
-8.9
-0.7
Materials
6.8
-10.6
-0.7
Consumer Discretionary
15.4
-5.7
-0.9
Financials
15.0
-6.2
-0.9
Industrials
23.0
-4.7
-1.0
Information Technology
19.5
-7.8
-1.5
Cash
8.2
0.0
0.0
Unclassified
0.1
-1.1
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
Construction & EngineeringIndustrials0.1
Trading Companies & DistributorsIndustrials0.1
Food ProductsConsumer Staples0.1
MediaConsumer Discretionary0.0
Air Freight & LogisticsIndustrials0.0

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-0.6
Capital MarketsFinancials-0.6
Electronic Equipment, Instruments & ComponentsInformation Technology-0.5
Health Care Equipment & SuppliesHealth Care-0.5
Energy Equipment & ServicesEnergy-0.4

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.3
Cross Country HealthcareHealth Care Providers & ServicesHealth Care0.2
Frontier Services GroupInternet Software & ServicesInformation Technology0.1
Rentrak CorporationMediaConsumer Discretionary0.1
Hurco CompaniesMachineryIndustrials0.1

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Mesa LaboratoriesElectronic Equipment, Instruments & ComponentsInformation Technology-0.3
Heritage-Crystal CleanCommercial Services & SuppliesIndustrials-0.2
Powell IndustriesElectrical EquipmentIndustrials-0.2
Invacare CorporationHealth Care Equipment & SuppliesHealth Care-0.2
Silvercrest Asset Management Group Cl. ACapital MarketsFinancials-0.2
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
8.1
12.3
1.1
Consumer Staples
1.9
8.3
0.1
Telecommunication Services
0.0
19.6
0.0
Utilities
0.1
19.3
0.0
Energy
2.8
-8.8
-0.1
Materials
6.1
-5.5
-0.4
Financials
14.8
-3.1
-0.5
Consumer Discretionary
14.0
-4.2
-0.6
Industrials
24.5
-5.3
-1.3
Information Technology
19.4
-7.9
-1.6
Cash
8.4
0.0
0.0
Unclassified
0.1
153.0
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care1.0
MediaConsumer Discretionary0.6
MachineryIndustrials0.5
Life Sciences Tools & ServicesHealth Care0.3
Construction & EngineeringIndustrials0.3

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.0
Electrical EquipmentIndustrials-0.7
IT ServicesInformation Technology-0.5
SoftwareInformation Technology-0.4
Semiconductors & Semiconductor EquipmentInformation Technology-0.4

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Idenix PharmaceuticalsBiotechnologyHealth Care0.6
Rentrak CorporationMediaConsumer Discretionary0.5
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.5
Medical Action IndustriesHealth Care Equipment & SuppliesHealth Care0.5
Achillion PharmaceuticalsBiotechnologyHealth Care0.3

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Raven IndustriesIndustrial ConglomeratesIndustrials-0.3
Computer Task GroupIT ServicesInformation Technology-0.3
Invacare CorporationHealth Care Equipment & SuppliesHealth Care-0.3
CacheSpecialty RetailConsumer Discretionary-0.2
Heritage-Crystal CleanCommercial Services & SuppliesIndustrials-0.2
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
8.1
38.4
2.9
Industrials
25.0
8.2
2.2
Financials
15.1
6.6
1.1
Information Technology
19.6
1.7
0.5
Consumer Staples
2.0
17.3
0.3
Consumer Discretionary
13.4
2.6
0.2
Utilities
0.1
21.3
0.0
Telecommunication Services
0.0
39.2
0.0
Energy
3.0
-5.6
0.0
Materials
5.9
-2.4
-0.2
Cash
7.8
0.0
0.0
Unclassified
0.0
2668.2
0.3

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care1.7
MachineryIndustrials1.4
MediaConsumer Discretionary0.8
Building ProductsIndustrials0.7
Electronic Equipment, Instruments & ComponentsInformation Technology0.7

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.0
Electrical EquipmentIndustrials-0.4
Metals & MiningMaterials-0.3
SoftwareInformation Technology-0.2
Consumer FinanceFinancials-0.2

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.8
Rentrak CorporationMediaConsumer Discretionary0.7
Idenix PharmaceuticalsBiotechnologyHealth Care0.6
Medical Action IndustriesHealth Care Equipment & SuppliesHealth Care0.6
NNMachineryIndustrials0.4

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Support.comInternet Software & ServicesInformation Technology-0.4
CacheSpecialty RetailConsumer Discretionary-0.2
Destination MaternitySpecialty RetailConsumer Discretionary-0.2
Exar CorporationSemiconductors & Semiconductor EquipmentInformation Technology-0.2
SeaChange InternationalSoftwareInformation Technology-0.2
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
24.0
93.2
21.3
Financials
16.7
97.4
16.2
Information Technology
19.8
54.2
12.2
Consumer Discretionary
11.7
99.3
10.4
Health Care
7.0
163.5
8.9
Consumer Staples
2.4
113.3
2.5
Materials
6.7
11.7
1.7
Energy
3.4
31.5
1.7
Utilities
0.1
-10.7
0.0
Telecommunication Services
0.0
17.3
0.0
Cash
8.2
0.2
0.0
Unclassified
0.0
2658.6
0.3

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials6.2
MachineryIndustrials5.5
Building ProductsIndustrials4.7
Real Estate Management & DevelopmentFinancials4.2
Electronic Equipment, Instruments & ComponentsInformation Technology4.2

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-1.6
Internet & Catalog RetailConsumer Discretionary-0.3
Technology Hardware Storage & PeripheralsInformation Technology-0.2
Diversified Consumer ServicesConsumer Discretionary-0.1
Transportation InfrastructureIndustrials-0.1

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Virtus Investment PartnersCapital MarketsFinancials1.9
Integrated Electrical ServicesConstruction & EngineeringIndustrials1.9
Kennedy-Wilson HoldingsReal Estate Management & DevelopmentFinancials1.7
Charming ShoppesSpecialty RetailConsumer Discretionary1.7
Epoch Holding CorporationCapital MarketsFinancials1.6

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Vista GoldMetals & MiningMaterials-0.6
PMFGMachineryIndustrials-0.4
ASA Gold and Precious MetalsCapital MarketsFinancials-0.3
Richardson ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology-0.3
Pulse ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology-0.3
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.8
130.9
28.0
Information Technology
18.6
93.7
19.1
Financials
16.6
101.0
17.1
Consumer Discretionary
11.5
118.1
13.4
Health Care
6.9
185.6
9.8
Materials
7.0
46.6
5.6
Energy
3.8
34.0
2.1
Consumer Staples
2.7
77.7
1.9
Diversified Investment Companies
0.1
25.4
0.3
Telecommunication Services
0.2
-23.6
-0.2
Utilities
0.1
-83.2
-0.2
Cash
9.7
0.3
0.1
Unclassified
0.0
2827.9
0.3

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials7.5
MachineryIndustrials7.0
Electronic Equipment, Instruments & ComponentsInformation Technology6.8
Professional ServicesIndustrials5.8
IT ServicesInformation Technology5.5

Top Detractors

INDUSTRYSECTORGAIN (%)
Independent Power and Renewable Electricity ProducersUtilities-0.2
Diversified Telecommunication ServicesTelecommunication Services-0.2
Diversified Consumer ServicesConsumer Discretionary-0.2
Diversified Financial ServicesFinancials-0.1
Technology Hardware Storage & PeripheralsInformation Technology-0.1

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Epoch Holding CorporationCapital MarketsFinancials2.3
Virtus Investment PartnersCapital MarketsFinancials2.1
BofI HoldingThrifts & Mortgage FinanceFinancials1.9
Kennedy-Wilson HoldingsReal Estate Management & DevelopmentFinancials1.8
Geeknet, Inc.Internet & Catalog RetailConsumer Discretionary1.7

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Pulse ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology-0.8
BCB HoldingsBanksFinancials-0.7
Willbros GroupEnergy Equipment & ServicesEnergy-0.7
Vista GoldMetals & MiningMaterials-0.6
Cowen GroupCapital MarketsFinancials-0.5

Market Price Performance History

Risk

Down Market Performance Comparisonas of 9/30/2014

The Fund outperformed the Russell 2000 during nine out of 11 downturns of 7.5% or more from the index’s prior historical high over the last 15 years.

Market Downturns (%)

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)MICRO-CAP TRUST (%)SPREAD (%)
9/30/2014-7.4-7.1+0.3
6/30/2012-3.5-4.4-0.9
9/30/2011-21.9-20.8+1.1
6/30/2011-1.6-3.2-1.6
6/30/2010-9.9-8.9+1.0
3/31/2009-15.0-11.8+3.2
12/31/2008-26.1-33.7-7.6
9/30/2008-1.1-6.9-5.8
3/31/2008-9.9-10.6-0.7
12/31/2007-4.6-4.5+0.1
9/30/2007-3.1-3.5-0.4
6/30/2006-5.0-3.2+1.8
3/31/2005-5.3-1.8+3.5
9/30/2004-2.9-3.0-0.1
3/31/2003-4.5-6.4-1.9
9/30/2002-21.4-24.6-3.2
6/30/2002-8.4-5.8+2.6
9/30/2001-20.8-17.5+3.3
3/31/2001-6.5-0.2+6.3
12/31/2000-6.9-4.2+2.7
6/30/2000-3.8+2.1+5.9

Long Term Risk Measurementas of

Over the past 10 years, the Fund outperformed the Russell 2000.
Over the past 5 years, the Fund outperformed the Russell 2000.
Over the past 3 years, the Fund outperformed the Russell 2000.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 9/30/2014

Sharpe RatioStandard Deviation
Micro-Cap Trust0.4021.13
Russell 20000.4219.83
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Micro-Cap Trust
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™ as of 6/30/2014

mstar-XOTCX

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. The shaded area represents the center 75% of the Fund's assets while the plot point in the middle represents the weighted average of its holdings. Over time, the shape and location of a fund's ownership zone may vary.

Market Cap Exposureas of 9/30/2014

  • Avg.
    Market Cap
    $335.2M

Diagnosticsas of 9/30/2014

Weighted Avg. P/E,
19.6x
Weighted Avg. P/B
1.5x
2013 Portfolio Turnover
29%
94%

Portfolio Allocation as of 9/30/2014

  • Broadly
    Diversified
     
  • Total
    Holdings
    412
  • Holdings ≥ 75%
    of Total Investments
    159


SECTORS
XOTCX (%) RUSSELL
2000 (%)
Industrials
25.1
13.8
Information Technology
22.5
18.0
Consumer Discretionary
18.3
13.3
Financials
17.6
23.8
Health Care
8.8
13.4
Materials
7.5
5.0
Energy
2.4
5.5
Consumer Staples
1.7
3.3
Utilities
0.2
3.2
Telecommunication Services
0.2
0.8
Bonds & Preferreds
0.3
-
Cash and Cash Equivalents
-4.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Integrated Electrical Services
1.8
Flexsteel Industries
1.3
NN
1.1
MVC Capital
1.0
Quaker Chemical
1.0
Atrion Corporation
1.0
Rentrak Corporation
1.0
Seneca Foods Cl. B
1.0
Tennant Company
1.0
Diamond Hill Investment Group
1.0
Top 10 as % of Net Assets
11.2

Portfolio Holdings

View the complete list of holdings for this fund as of 9/30/2014. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap

Greatest Portfolio Overlap

Geographical Breakdown

Distributions

NAV & Distributions


Start DateEnd Date
to

Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
9/15/2014 9/11/2014 9/26/2014 EST 0.000012 EST 0.043312 EST 0.196712 EST 0.000012 0.2400 11.75
6/16/2014 6/12/2014 6/27/2014 EST 0.000012 EST 0.043312 EST 0.196712 EST 0.000012 0.2400 12.45
3/13/2014 3/11/2014 3/25/2014 EST 0.000012 EST 0.041512 EST 0.188512 EST 0.000012 0.2300 12.53
12/13/2013 12/11/2013 12/27/2013 0.0222 0.1774 0.7704 0.0000 0.9700 12.29
9/16/2013 9/12/2013 9/27/2013 0.0032 0.0256 0.1112 0.0000 0.1400 11.66
6/14/2013 6/12/2013 6/27/2013 0.0032 0.0256 0.1112 0.0000 0.1400 10.68
3/6/2013 3/4/2013 3/25/2013 0.0030 0.0238 0.1032 0.0000 0.1300 10.60
12/6/2012 12/4/2012 12/24/2012 0.0212 0.0324 0.0764 0.0000 0.1300 9.09
9/6/2012 9/4/2012 9/24/2012 0.0196 0.0299 0.0705 0.0000 0.1200 9.25
6/6/2012 6/4/2012 6/25/2012 0.0212 0.0324 0.0764 0.0000 0.1300 8.61
3/6/2012 3/2/2012 3/23/2012 0.0212 0.0324 0.0764 0.0000 0.1300 9.31
12/6/2011 12/2/2011 12/23/2011 0.0143 0.0000 0.0637 0.0620 0.1400 8.38
9/6/2011 9/1/2011 9/23/2011 0.0143 0.0000 0.0637 0.0620 0.1400 8.19
6/6/2011 6/2/2011 6/23/2011 0.0133 0.0000 0.0592 0.0575 0.1300 9.24
3/7/2011 3/3/2011 3/23/2011 0.0123 0.0000 0.0546 0.0531 0.1200 9.67
12/6/2010 12/2/2010 12/23/2010 0.0630 - 0.0170 - 0.0800 9.40
3/6/2009 3/4/2009 3/23/2009 0.0000 0.0000 0.0000 0.2200 0.2200 4.26

NAV History for

Fees & Expenses

Annual Fund Operating Expenses (%)

As of 6/29/2014

Management fees 0.93
Other expenses 0.24
Total annual Fund operating expenses 1.17

Important Disclosure Information

The Fund is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

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 Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS).The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. 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 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.The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

This Fund is a closed-end fund whose shares of common stock trade on the NYSE. Royce Fund Services, Inc. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of the Fund. RFS does not serve as a distributor or as an underwriter to the Fund.

12/14/1993 12:00:00 AM
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