143

At a Glance

Why invest in Capital Small-Cap?

  • Small-cap value fund (generally market caps up to $3 billion) that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors
  • Pursues opportunities when expectations are low and focuses on industries where Royce sees the greatest number of compelling bargains
  • Outperformed its benchmark, the Russell 2000 Index, in 82% of all monthly rolling 10-year periods for the 20 years ended 12/31/16

As of 12/31/16

  • Small-Cap
    Value Approach
    $1.17B
    Avg. Market Cap
  • Below Average
    Volatility
    98%
    Active Share
  • Lead Manager
    Tenure
    13+
    Years on Fund

Portfolio Management

"My goal is to find companies where expectations built into the current valuation are too low relative to what I believe is far more likely to happen."
Jay Kaplan

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, 15-Year, 20-Year and since inception (12/27/96) periods as of 12/31/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap 12.64 20.5320.532.9810.506.218.6710.7810.83 12/27/96
Russell 2000 8.83 21.3121.316.7414.467.078.498.258.29 N/A

Annual Operating Expenses: 1.31

JAN YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap -2.20 -2.2020.514.188.845.898.4010.6210.66 12/27/96
Russell 2000 0.39 0.3933.537.8913.006.938.598.168.28 N/A

Annual Operating Expenses: 1.31

FEB YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap 1.50 -0.7319.363.808.435.678.6710.7010.70 12/27/96
Russell 2000 3.16 3.5739.467.9313.026.879.098.378.42 N/A

Annual Operating Expenses: 1.31

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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. The Fund's total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. Operating expenses reflect the Fund's total annual operating expenses for the Service Class and include management fees, 12b-1 distribution and service fees, and other expenses. All expense information is reported as of the Fund’s most current prospectus.

All performance and risk information presented in this material prior to the commencement date of Service Class shares on 5/2/06 reflects Investment Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares. If Service Class's annual distribution expense had been reflected, total returns prior to 5/2/06 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 82% of all 10-Year periods; 74% of all 5-Year periods; and 53% of all 1-Year periods.

For 98% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 12/31/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
99/121
82 9.9 6.9
5-year
134/181
74 10.8 7.6
1-year
121/229
53 11.7 9.2

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 55 45
> 5% and ≤ 10% 64 53
> 0% and ≤ 5% 2 2
≤ 0% 0 0

The Fund averaged a 9.9% return over all 121 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Capital Small-Cap10.4%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Capital Small-Cap42.0%
Russell 200058.5%

Peak-Current - 06/23/15 - 12/31/16
Capital Small-Cap3.3%
Russell 20007.2%

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/27/96 and 12/31/16

Capital Small-Cap$78,231.49
Russell 2000$49,251.58

Portfolio Impactas of 12/31/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.85
23.34
5.38
Financials
20.00
21.23
4.12
Consumer Discretionary
28.60
3.84
1.79
Information Technology
14.12
10.53
1.16
Energy
3.78
23.25
0.80
Health Care
2.06
14.55
0.22
Consumer Staples
2.14
-2.60
0.02
Utilities
0.00
8.69
0.00
Cash
6.45
0.11
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
BanksFinancials2.05
Professional ServicesIndustrials1.73
AirlinesIndustrials1.00
Capital MarketsFinancials0.98
Road & RailIndustrials0.95

Top Detractors

INDUSTRYSECTORGAIN (%)
Personal ProductsConsumer Staples0.00
Gas UtilitiesUtilities0.00
Food & Staples RetailingConsumer Staples0.02
Multiline RetailConsumer Discretionary0.11
AutomobilesConsumer Discretionary0.11

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Korn/Ferry InternationalProfessional ServicesIndustrials1.08
Spirit AirlinesAirlinesIndustrials1.00
Moelis & Company Cl. ACapital MarketsFinancials0.88
SaiaRoad & RailIndustrials0.81
Camden NationalBanksFinancials0.72

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.90
American Eagle OutfittersSpecialty RetailConsumer Discretionary-0.36
Stein MartSpecialty RetailConsumer Discretionary-0.17
Hibbett SportsSpecialty RetailConsumer Discretionary-0.16
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.15
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
19.97
32.09
7.42
Financials
17.07
43.47
7.06
Information Technology
16.62
31.21
5.15
Consumer Staples
3.25
48.71
1.56
Consumer Discretionary
30.73
1.43
1.56
Energy
3.67
23.64
0.43
Materials
0.34
15.79
0.01
Utilities
0.00
8.69
0.00
Health Care
1.49
1.77
-0.20
Cash
6.87
0.31
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.72
BanksFinancials2.81
Thrifts & Mortgage FinanceFinancials2.29
Road & RailIndustrials2.11
MachineryIndustrials1.22

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.61
Health Care Providers & ServicesHealth Care-0.23
ChemicalsMaterials-0.11
Multiline RetailConsumer Discretionary-0.01
Gas UtilitiesUtilities0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SaiaRoad & RailIndustrials1.53
Spirit AirlinesAirlinesIndustrials1.19
TrustCo Bank Corp. NYThrifts & Mortgage FinanceFinancials1.14
Genworth MI CanadaThrifts & Mortgage FinanceFinancials1.08
Reinsurance Group of AmericaInsuranceFinancials1.06

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-1.37
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.65
Buckle (The)Specialty RetailConsumer Discretionary-0.45
TESSCO TechnologiesCommunications EquipmentInformation Technology-0.43
STRATTEC SECURITYAuto ComponentsConsumer Discretionary-0.34
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
19.97
32.09
7.42
Financials
17.07
43.47
7.06
Information Technology
16.62
31.21
5.15
Consumer Staples
3.25
48.71
1.56
Consumer Discretionary
30.73
1.43
1.56
Energy
3.67
23.64
0.43
Materials
0.34
15.79
0.01
Utilities
0.00
8.69
0.00
Health Care
1.49
1.77
-0.20
Cash
6.87
0.31
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.72
BanksFinancials2.81
Thrifts & Mortgage FinanceFinancials2.29
Road & RailIndustrials2.11
MachineryIndustrials1.22

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.61
Health Care Providers & ServicesHealth Care-0.23
ChemicalsMaterials-0.11
Multiline RetailConsumer Discretionary-0.01
Gas UtilitiesUtilities0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SaiaRoad & RailIndustrials1.53
Spirit AirlinesAirlinesIndustrials1.19
TrustCo Bank Corp. NYThrifts & Mortgage FinanceFinancials1.14
Genworth MI CanadaThrifts & Mortgage FinanceFinancials1.08
Reinsurance Group of AmericaInsuranceFinancials1.06

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-1.37
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.65
Buckle (The)Specialty RetailConsumer Discretionary-0.45
TESSCO TechnologiesCommunications EquipmentInformation Technology-0.43
STRATTEC SECURITYAuto ComponentsConsumer Discretionary-0.34
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
15.21
48.49
7.62
Industrials
14.39
21.93
6.19
Information Technology
22.37
32.64
5.99
Health Care
3.06
120.74
2.06
Consumer Staples
3.09
-6.25
0.69
Utilities
0.00
8.69
0.00
Materials
2.78
6.09
-0.18
Energy
5.45
-35.66
-3.48
Consumer Discretionary
28.41
-12.13
-3.57
Cash
5.24
0.38
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.98
BanksFinancials3.79
Health Care Providers & ServicesHealth Care2.02
Semiconductors & Semiconductor EquipmentInformation Technology1.97
InsuranceFinancials1.89

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.43
Energy Equipment & ServicesEnergy-3.54
Multiline RetailConsumer Discretionary-1.01
Communications EquipmentInformation Technology-0.81
Paper & Forest ProductsMaterials-0.52

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.78
Reinsurance Group of AmericaInsuranceFinancials1.37
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.26
Miller IndustriesMachineryIndustrials1.24
Spirit AirlinesAirlinesIndustrials1.19

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-2.53
Buckle (The)Specialty RetailConsumer Discretionary-1.71
TESSCO TechnologiesCommunications EquipmentInformation Technology-1.42
ExpressSpecialty RetailConsumer Discretionary-1.37
Atwood OceanicsEnergy Equipment & ServicesEnergy-1.28
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Discretionary
28.63
50.44
18.89
Financials
14.73
154.13
18.26
Information Technology
21.61
68.14
13.04
Industrials
11.43
97.83
11.32
Health Care
5.34
249.65
7.87
Consumer Staples
3.36
180.42
7.79
Materials
3.33
52.25
2.36
Energy
6.08
-0.79
0.48
Utilities
0.00
8.69
0.00
Cash
5.47
0.51
0.04
Unclassified
0.01
74.52
0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary9.58
Electronic Equipment, Instruments & ComponentsInformation Technology8.43
Personal ProductsConsumer Staples6.64
InsuranceFinancials6.07
Health Care Providers & ServicesHealth Care6.00

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-1.01
Health Care Equipment & SuppliesHealth Care-0.41
Technology Hardware, Storage & PeripheralsInformation Technology-0.23
Paper & Forest ProductsMaterials-0.18
BiotechnologyHealth Care-0.08

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples4.74
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary4.59
Dorman ProductsAuto ComponentsConsumer Discretionary3.25
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology3.04
Federated Investors Cl. BCapital MarketsFinancials2.86

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-2.18
ExpressSpecialty RetailConsumer Discretionary-1.37
TESSCO TechnologiesCommunications EquipmentInformation Technology-1.13
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.01
Meadowbrook Insurance GroupInsuranceFinancials-0.89

Risk

Below Average Volatility vs. Peer Group as of 12/31/16

The Fund has a below average volatility within its peer group of 111 Insurance Fund Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 12/31/16

The Fund outperformed the Russell 2000 during all 11 downturns of 10% or more from the index’s prior historical high over the last 20 years.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)CAPITAL SMALL-CAP (%)SPREAD (%)
03/31/16-1.5+9.1+10.6
09/30/15-11.9-10.3+1.6
09/30/14-7.4-6.4+1.0
06/30/12-3.5-6.2-2.7
09/30/11-21.9-16.9+5.0
06/30/11-1.6-2.2-0.6
06/30/10-9.9-5.9+4.0
03/31/09-15.0-12.5+2.5
12/31/08-26.1-24.5+1.6
09/30/08-1.1-5.6-4.5
03/31/08-9.9-0.5+9.4
12/31/07-4.6-5.0-0.4
09/30/07-3.1-7.0-3.9
06/30/06-5.0-6.3-1.3
03/31/05-5.3-0.2+5.1
09/30/04-2.9+1.7+4.6
03/31/03-4.5-6.8-2.3
09/30/02-21.4-23.5-2.1
06/30/02-8.4-5.9+2.5

Capture Ratios Fund's First Full Quarter (12/31/96) to 12/31/16

Upside Capture Ratio measures a manager's performance in up markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes up and dividing it by the benchmark's return in those quarters.

Downside Capture Ratio measures a manager's performance in down markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes down and dividing it by the benchmark's return in those quarters.

Long Term Risk Measurementas of 12/31/16

Over the past 10 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 3 years, the Fund produced lower volatility than the Russell 2000 Index.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 12/31/16

The Fund produced lower volatility than the Russell 2000 and 50% of insurance fund small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of insurance fund small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 90% of insurance fund small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Capital Small-Cap0.3818.19
Russell 20000.4120.14

Sharpe Ratio Standard Deviation
Capital Small-Cap
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 12/31/16

mstar-RCSSX

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.

Portfolio Diagnosticsas of 12/31/16

  RCSSX Russell 2000
Average Market Cap
1.17B
1.66B
98%
-
2016 Portfolio Turnover
78%
-
Weighted Average P/E,
16.6x
22.9x
Weighted Average P/B
1.9x
2.2x
U.S. Investments (% of Net Assets)
85.1%
-
Non-U.S. Investments (% of Net Assets)
3.0%
-

Portfolio Allocation

  • Total
    Holdings
    69


SECTORS
RCSSX (%) RUSSELL
2000 (%)
Consumer Discretionary
27.6
12.6
Industrials
21.5
14.6
Financials
20.1
19.9
Information Technology
12.0
17.0
Energy
3.5
3.8
Consumer Staples
1.8
3.0
Health Care
1.5
12.1
Utilities
0.0
3.5
Materials
-
4.9
Real Estate
-
7.9
Telecommunication Services
-
0.7
Cash and Cash Equivalents
11.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
American Eagle Outfitters
3.0
Moelis & Company Cl. A
3.0
Korn/Ferry International
3.0
PC Connection
3.0
Vishay Intertechnology
3.0
DSW Cl. A
3.0
TrustCo Bank Corp. NY
2.6
Spirit Airlines
2.6
Miller Industries
2.6
Gentex Corporation
2.6
Matrix Service
2.3
Shoe Carnival
2.3
Reinsurance Group of America
2.2
American Woodmark
2.0
Saga Communications Cl. A
2.0
Hibbett Sports
1.9
Apogee Enterprises
1.9
Buckle (The)
1.9
Cato Corporation (The) Cl. A
1.9
Top 20 as % of Net Assets
49.8

SECTORS
RCSSX (%) RUSSELL
2000 (%)
Consumer Discretionary
25.8
-
Industrials
22.2
-
Financials
19.5
-
Information Technology
12.0
-
Energy
3.3
-
Consumer Staples
1.9
-
Health Care
0.8
-
Real Estate
0.4
-
Utilities
0.1
-
Cash and Cash Equivalents
14.1
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
DSW Cl. A
3.1
Korn/Ferry International
3.0
PC Connection
3.0
Genworth MI Canada
3.0
American Eagle Outfitters
3.0
Vishay Intertechnology
3.0
Gentex Corporation
2.8
Miller Industries
2.7
Spirit Airlines
2.5
Moelis & Company Cl. A
2.4
TrustCo Bank Corp. NY
2.4
Shoe Carnival
2.4
American Woodmark
2.3
Reinsurance Group of America
2.3
Matrix Service
2.1
Saga Communications Cl. A
2.0
Apogee Enterprises
2.0
Village Super Market Cl. A
1.9
Hibbett Sports
1.8
Methode Electronics
1.8
Top 20 as % of Net Assets
49.5

Portfolio Holdings

View the complete list of holdings for this fund as of 12/31/16. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap - U.S. Equity Funds

Greatest Portfolio Overlap - U.S. Equity Funds

Geographical Breakdown

Distributions

NAV & Distributions


Start DateEnd Date
to

Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
12/14/16 12/15/16 12/15/16 0.1498 - 1.6400 - 1.7898 8.30
12/16/15 12/17/15 12/17/15 0.0453 0.1628 2.4727 - 2.6808 8.27
12/16/14 12/17/14 12/17/14 0.0000 0.4810 1.1784 - 1.6594 12.13
12/11/13 12/12/13 12/12/13 0.1288 0.0618 0.6872 - 0.8778 13.01
12/12/12 12/13/12 12/13/12 0.0031 - 0.2785 - 0.2816 10.62
12/14/11 12/15/11 12/15/11 0.0304 - - - 0.0304 9.70
12/15/10 12/16/10 12/16/10 0.0107 - - - 0.0107 10.40

NAV History for

Fees & Expenses

Shareholder Fees (%)

(fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases 0.00
Maximum deferred sales charge 0.00
Maximum sales charge (load) imposed on reinvested dividends 0.00
Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days) 0.00

Annual Fund Operating Expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

Management fees 1.00
Distribution (12b-1) fees 0.25
Other expenses 0.06
Total annual Fund operating expenses 1.31

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefuly before investing or sending money. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investments in securities of larger-cap companies. (Please see "Primary Risks for Fund Investors" in the prospectus.) As of 12/31/16 the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund may invest up to 25% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please the "Investing in Foreign Securities" in the prospectus.)

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Fund's P/E ratio calculation excludes companies with zero or negative earnings. The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Jay Kaplan since 2003

5/2/2006 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: