Compare the Royce Funds
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At a Glance
As of 12/31/18

Pennsylvania MutualRemove

Total ReturnRemove

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Style

Core

Value

Market Cap

Small-Cap

Small-Cap

Volatility

Below Average

Low

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?

  • One of the first open-end small-cap funds, managed for more than 40 years by the same portfolio manager—a recognized pioneer of small-cap investing
  • Multi-discipline approach that offers exposure to strategies that have tended to perform well in different market environments, including High Quality, Traditional Value, and Special Situations, among other approaches.
  • Provided average annual total returns of 10% or higher in 76% of all monthly rolling 10-year periods ended 12/31/18 since Chuck Royce began to manage the Fund in November 1972
  • Small-cap value fund (generally market caps up to $3 billion) that invests primarily in dividend-paying companies with high returns on invested capital and strong fundamentals
  • Focuses on quality businesses with the ability to generate excess cash flow and attractive prospects that are selling at prices Royce believes do not fully reflect these attributes
  • Has a long-term history of low volatility and better risk-adjusted returns than its benchmark, the Russell 2000 Index

Inception Date

N/A
12/15/93

Portfolio Managers

Jay Kaplan, Chuck Royce, Lauren Romeo

Jay Kaplan, Chuck Royce

Portfolio Diagnostics As of 12/31/18

 

Pennsylvania Mutual

Total Return

Total Net Assets

1.58B

1.54B

Holdings

269

251

Average Market Cap

1.72B

1.83B

Active Share

88%

91%

2018
Portfolio Turnover

35%

22%

Weighted Average P/E,

14.8x

14.1x

Weighted Average P/B

2.0x

1.8x

Weighted Average P/S

-

-

Composition As of 12/31/18

 

Pennsylvania Mutual

Total Return

Morningstar Style Map

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.

Geographic Breakdown

Sector Breakdowns

Pennsylvania Mutual

Total Return

Industrials

26.9

25.9

Information Technology

21.0

5.9

Financials

16.8

33.8

Materials

9.4

10.0

Consumer Discretionary

7.7

6.7

Health Care

7.2

1.4

Energy

3.8

3.3

Real Estate

3.3

1.7

Communication Services

1.4

2.6

Consumer Staples

1.4

4.6

Bonds & Preferreds

-

0.3

Utilities

-

3.1

Cash and Cash Equivalents

0.9

0.7

Portfolio Overlap

Pennsylvania Mutual

Total Return

Pennsylvania Mutual

-

38%

Total Return

38%

-

Greatest Portfolio Overlap - U.S. Equity Funds

Total ReturnSmall-Cap LeadersPremier Pennsylvania MutualDividend ValueCapital Small-Cap

Least Portfolio Overlap - U.S. Equity Funds

Micro-Cap OpportunitySpecial Equity Multi-CapSpecial Equity Micro-Cap OpportunitySpecial Equity Multi-CapSmaller-Companies Growth

Risk As of 12/31/18

 

Pennsylvania Mutual

Total Return

Five-Year Up/Down Capture Ratio

77   80

71   70

Beta

N/A

N/A

Standard Deviation

14.95

13.53

Sharpe Ratio

0.63

0.54

Volatility

Performance As of 12/31/18

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/18

Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER QTR YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.
DATE GROSS NET
Pennsylvania Mutual PENNX -18.35 -9.66 -9.66 9.92 3.15 11.34 13.20 N/A 0.92 0.92
Russell 2000 Index - -20.20 -11.01 -11.01 7.36 4.41 11.97 - - - -
Total Return RYTRX -15.34 -12.46 -12.46 7.78 3.32 10.61 9.99 12/15/93 1.21 1.21
Russell 2000 Index - -20.20 -11.01 -11.01 7.36 4.41 11.97 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER DEC YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.
DATE GROSS NET
Pennsylvania Mutual PENNX -11.35 -9.66 -9.66 9.92 3.15 11.34 13.20 N/A 0.92 0.92
Russell 2000 Index - -11.88 -11.01 -11.01 7.36 4.41 11.97 - - - -
Total Return RYTRX -10.24 -12.46 -12.46 7.78 3.32 10.61 9.99 12/15/93 1.21 1.21
Russell 2000 Index - -11.88 -11.01 -11.01 7.36 4.41 11.97 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER JAN QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.
DATE GROSS NET
Pennsylvania Mutual PENNX 6.45 6.45 -6.93 16.23 4.51 12.64 13.36 N/A 0.92 0.92
Russell 2000 Index - 7.91 7.91 -6.29 14.59 5.83 13.60 - - - -
Total Return RYTRX 6.08 6.08 -9.02 13.22 4.69 11.83 10.23 12/15/93 1.21 1.21
Russell 2000 Index - 7.91 7.91 -6.29 14.59 5.83 13.60 - - - -

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