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

Pennsylvania MutualRemove

Special EquityRemove

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Style

Core

Value

Market Cap

Small-Cap

Small-Cap

Volatility

Below Average

Below Average

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 looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value
  • Seeks companies with superior balance sheets, sustainable returns on invested capital, and strong levels of free cash flow from operations, among other attributes
  • Outperformed its benchmark, the Russell 2000 Index, for the 1-, 3-, 20-year, and since inception (5/1/98) periods ended 12/31/18

Inception Date

N/A
05/01/98

Portfolio Managers

Jay Kaplan, Chuck Royce, Lauren Romeo

Charlie Dreifus, Steven McBoyle

Portfolio Diagnostics As of 12/31/18

 

Pennsylvania Mutual

Special Equity

Total Net Assets

1.58B

1.20B

Holdings

269

39

Average Market Cap

1.72B

1.28B

Active Share

88%

98%

2018
Portfolio Turnover

35%

21%

Weighted Average P/E,

14.8x

18.2x

Weighted Average P/B

2.0x

1.7x

Weighted Average P/S

-

-

Composition As of 12/31/18

 

Pennsylvania Mutual

Special Equity

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

Special Equity

Industrials

26.9

20.4

Information Technology

21.0

17.4

Financials

16.8

-

Materials

9.4

3.1

Consumer Discretionary

7.7

24.5

Health Care

7.2

-

Energy

3.8

1.0

Real Estate

3.3

3.8

Communication Services

1.4

11.0

Consumer Staples

1.4

9.5

Utilities

-

-

Cash and Cash Equivalents

0.9

9.3

Portfolio Overlap

Pennsylvania Mutual

Special Equity

Pennsylvania Mutual

-

5%

Special Equity

5%

-

Greatest Portfolio Overlap - U.S. Equity Funds

Total ReturnSmall-Cap LeadersPremier Small/Mid-Cap PremierSmall-Cap LeadersCapital Small-Cap

Least Portfolio Overlap - U.S. Equity Funds

Micro-Cap OpportunitySpecial Equity Multi-CapSpecial Equity Special Equity Multi-CapPremierSmaller-Companies Growth

Risk As of 12/31/18

 

Pennsylvania Mutual

Special Equity

Five-Year Up/Down Capture Ratio

77   80

64   67

Beta

N/A

N/A

Standard Deviation

14.95

13.46

Sharpe Ratio

0.63

0.61

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 - - - -
Special Equity RYSEX -9.78 -9.86 -9.86 8.73 2.64 10.08 8.43 05/01/98 1.17 1.17
Russell 2000 Index - -20.20 -11.01 -11.01 7.36 4.41 11.97 - - - -
Russell 2000 Value Index - -18.67 -12.86 -12.86 7.37 3.61 10.40 - - - -
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 - - - -
Special Equity RYSEX -7.92 -9.86 -9.86 8.73 2.64 10.08 8.43 05/01/98 1.17 1.17
Russell 2000 Index - -11.88 -11.01 -11.01 7.36 4.41 11.97 - - - -
Russell 2000 Value Index - -12.09 -12.86 -12.86 7.37 3.61 10.40 - - - -
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 - - - -
Special Equity RYSEX 4.36 4.36 -7.96 12.60 3.78 11.04 8.64 05/01/98 1.17 1.17
Russell 2000 Index - 7.91 7.91 -6.29 14.59 5.83 13.60 - - - -
Russell 2000 Value Index - 7.88 7.88 -8.13 14.24 5.28 12.19 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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