Royce SMid-Cap Select Fund (RMISX)
Investment Class
Open to New Investors
- NAV as of 7/3/2008 $9.58
- Daily NAV change
Management Team
Portfolio Managers
- Charles M. Royce
- 45 Years of Experience;
- 35 Years at Royce
- Steven G. McBoyle
- 18 Years of Experience;
- 1 Year at Royce
Top 10 Positions
| Share of Net Assets | |
|---|---|
| Quanex Corporation | 3.1% |
| UGI Corporation | 2.3% |
| Alliant Techsystems | 2.3% |
| WABCO Holdings | 2.0% |
| Wisconsin Energy | 2.0% |
| Desarrolladora Homex ADR | 1.9% |
| Avery Dennison | 1.9% |
| Sherwin-Williams | 1.9% |
| Hormel Foods | 1.9% |
| Alleghany Corporation | 1.8% |
| Top 10 as % of Total | 21.2% |
Objective and Strategy
Designed for qualified investors. Seeks long-term growth of capital by investing in both long and short positions in equity securities. The long portion of the Fund’s portfolio is invested primarily in a limited number (generally less than 100) of equity securities issued by mid-cap companies that Royce believes are trading below its estimate of their current worth. 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 | |
|---|---|---|---|
| RMISX | 3.37% | -2.19% | N/A |
| Russell 2000 | 0.58% | -9.37% | -16.19% |
| Since Incept | |
|---|---|
| RMISX | -3.61% |
| Russell 2000 | n/a |
Annual Operating Expenses
| 0.75% |
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 three years 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 for Royce SMid-Cap Select fund reflect the Fund's total annual operating expenses as of the most current prospectus and includes the Fund's management fee based on 12.5% of the Fund's pre-fee, high-watermark total return of 5% in 2007. Royce has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expenses relating to any short selling activity of the Fund.
Only persons who are "qualified investors" may invest. The Fund's initial minimum investment is $50,000.
Fund Statistics
| Ticker Symbol | RMISX |
|---|---|
| Fund Net Assets (All Classes) | $1 million |
| Number of Holdings | 70 |
| Minimum Investment | $50,000 |
| Cusip Number | 780905147 |
| Fund Number | 354 |
| Inception Date | 9/28/2007 |
| Benchmark Index | Russell 2000 |
Growth of Hypothetical $10,000
Invested 9/28/2007
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 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 (see "Primary Risks for Fund Investors" in the prospectus). The Fund invests primarily in mid-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its assets in foreign securities that may involve political, economic, currency and other risks not encountered in U.S. investments (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. 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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