Royce European Smaller-Companies Fund (RISCX)
Service Class
Open to New Investors
- NAV as of 7/3/2008 $9.25
- Daily NAV change
Management Team
Portfolio Managers
- Charles M. Royce
- 45 Years of Experience;
- 35 Years at Royce
Assistant Portfolio Managers
- David A. Nadel
- 16 Years of Experience;
- 1 Year at Royce
Top 10 Positions
| Share of Net Assets | |
|---|---|
| Beneteau | 2.8% |
| Rational | 2.6% |
| Pfeiffer Vacuum Technology | 2.5% |
| Vaisala Cl. A | 2.4% |
| Takkt | 2.1% |
| Bulgari | 2.0% |
| CapMan Cl. B | 2.0% |
| Mayr-Melnhof Karton | 2.0% |
| Manutan International | 1.9% |
| Landi Renzo | 1.8% |
| Top 10 as % of Total | 22.1% |
Objective and Strategy
Seeks long-term growth of capital by investing primarily in equity securities issued by non-U.S. (International) companies, i.e., companies domiciled outside of the U.S., that we believe are trading significantly below our estimate of their current worth. The Fund focuses on companies with market caps less than $5 billion. We believe investors in the Fund should have a long-term investment horizon of at least three years.
Performance
Average Annual Total Returns
| 2Q* | YTD* | 1YR | |
|---|---|---|---|
| RISCX | -1.53% | -5.03% | -12.66% |
| Russell 2000 | 0.58% | -9.37% | -16.19% |
| Since Incept | |
|---|---|
| RISCX | -2.45% |
| Russell 2000 | n/a |
Annual Operating Expenses
| Gross | Net | 2.79% | 1.88% |
|---|
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. 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 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.
Operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce and Associates has contractually agreed to waive fees and reimburse expenses, other than Acquired Fund fees and expenses, to the extent necessary to maintain the net annual operating expense ratio at or below 1.69% through December 31, 2010 and at or below 1.99% through December 31, 2017.
Fund Statistics
| Ticker Symbol | RISCX |
|---|---|
| Fund Net Assets (All Classes) | $9 million |
| Number of Holdings | 78 |
| Minimum Investment | $2,000 |
| Cusip Number | 780905311 |
| Fund Number | 678 |
| Inception Date | 12/29/2006 |
| Benchmark Index | Russell 2000 |
Growth of Hypothetical $10,000
Invested 12/29/2006
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. Royce European Smaller Companies Fund invests primarily in international companies domiciled in at least three difference countries. Securities of international companies may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. Therefore, the prices of the securities of international companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies (see "Investing in International Securities" in the prospectus). The Fund invests primarily in small- and micro-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" in the prospectus). The MSCl European Small Cap Index represents the small-cap segment in the world’s developed equity markets. Distributor: Royce Fund Services, Inc.
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Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned
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