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At a Glance
As of 03/31/17

Total ReturnRemove

OpportunityRemove

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Style

Value

Value

Market Cap

Small-Cap

Small-Cap

Volatility

Low

High

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?

  • 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
  • Small-cap value fund (generally market caps up to $3 billion) that uses an opportunistic approach to invest in companies with low P/B and P/S ratios; companies are categorized into one of four themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings
  • Identifies a catalyst for future earnings growth in the form of new management, more favorable business cycle, product innovation, and/or margin improvement
  • Has historically produced strong results, particularly during up market periods, outperforming its benchmark, the Russell 2000 Index, during all five trough-to-peak periods since inception (11/19/96)

Inception Date

12/15/93
11/19/96

Portfolio Managers

Jay Kaplan, Chuck Royce

Buzz Zaino, Bill Hench

Portfolio Diagnostics As of 03/31/17

 

Total Return

Opportunity

Total Net Assets

2.85B

1.49B

Holdings

291

258

Average Market Cap

2.17B

804.8M

Active Share

90%

90%

2016
Portfolio Turnover

16%

26%

Weighted Average P/E,

19.7x

-

Weighted Average P/B

2.2x

1.7x

Weighted Average P/S

-

0.9x

Composition As of 03/31/17

 

Total Return

Opportunity

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

Total Return

Opportunity

Industrials

26.4

23.3

Financials

26.0

6.1

Materials

12.8

8.6

Consumer Discretionary

11.2

14.5

Information Technology

5.9

28.2

Health Care

4.5

5.2

Consumer Staples

3.5

1.2

Energy

3.2

3.9

Utilities

2.0

0.2

Telecommunication Services

1.0

1.0

Real Estate

0.4

0.3

Bonds & Preferreds

0.1

-

Cash and Cash Equivalents

3.0

7.5

Portfolio Overlap

Total Return

Opportunity

Total Return

-

7%

Opportunity

7%

-

Greatest Portfolio Overlap - U.S. Equity Funds

Pennsylvania MutualDividend ValueCapital Small-Cap Micro-Cap OpportunityLow-Priced StockMicro-Cap

Least Portfolio Overlap - U.S. Equity Funds

Micro-Cap OpportunitySpecial Equity Multi-CapOpportunity Dividend ValueTotal ReturnPremier

Risk As of 03/31/17

 

Total Return

Opportunity

Five-Year Up/Down Capture Ratio

81   64

103   116

Beta

N/A

N/A

Standard Deviation

12.01

15.99

Sharpe Ratio

0.92

0.78

Volatility

Performance As of 03/31/17

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/17

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
Total Return RYTRX 2.23 2.23 22.33 6.37 11.04 6.76 10.91 12/15/93 1.27 1.27
Russell 2000 Index - 2.47 2.47 26.22 7.22 12.35 7.12 - - - -
Opportunity RYPNX 5.21 5.21 33.85 4.31 11.98 7.10 12.40 11/19/96 1.19 1.19
Russell 2000 Index - 2.47 2.47 26.22 7.22 12.35 7.12 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER APR YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.
DATE GROSS NET
Total Return RYTRX 1.00 3.25 21.61 7.29 11.46 6.60 10.92 12/15/93 1.27 1.27
Russell 2000 Index - 1.10 3.59 25.63 9.03 12.95 7.05 - - - -
Opportunity RYPNX 0.81 6.07 31.64 5.77 12.53 6.93 12.39 11/19/96 1.19 1.19
Russell 2000 Index - 1.10 3.59 25.63 9.03 12.95 7.05 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER MAY QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.
DATE GROSS NET
Total Return RYTRX -2.56 -1.58 20.60 6.61 12.27 6.02 10.77 12/15/93 1.27 1.27
Russell 2000 Index - -1.58 -0.50 25.59 8.85 14.22 6.54 - - - -
Opportunity RYPNX -0.88 -0.07 36.53 6.40 14.15 6.42 12.30 11/19/96 1.19 1.19
Russell 2000 Index - -1.58 -0.50 25.59 8.85 14.22 6.54 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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