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At a Glance

Why invest in Global Value Trust?

  • A closed-end fund dedicated to investing in both U.S. and non-U.S. small-cap stocks
  • Core approach that offers wide exposure to both U.S. and non-U.S. small/mid-cap stocks (generally market caps up to $10 billion)
  • Invests in companies with high returns on invested capital or those with strong fundamentals and/or prospects trading at what Royce believes are attractive valuations

As of 06/30/16

  • Small/Mid-Cap
    Core Approach
    $1.43B
    Avg. Market Cap
  • Active Share
    98%
  • Fund
    Longevity
    2+
    Years of History
  • Global
    65%
    2015 Annual
    Turnover Rate
  • Daily Price 9.64-$0.09 (-0.92%) MKT $8.07-$0.06 (-0.01%)
    $94.7M
    Net Assets

Portfolio Management

"We think the global markets offer terrific potential in a number of sectors and regions to find the kind of underappreciated, fundamentally solid company that have long been our focus here at Royce."
Chuck Royce

Performance

Average Annual Total Returns (%)

Outperformed Russell Global Small Cap for the Year To Date and 1-Year periods as of 06/30/16.
QTR YTD 1YR SINCE INCEPT. DATE
RGT 3.12 2.01-7.28-4.84 10/17/13
XRGTX 1.55 3.86-5.05-1.26 10/17/13
Russell Global SC 1.56 1.40-6.370.95 N/A
AUG YTD 1YR SINCE INCEPT. DATE
RGT 1.64 8.1910.13-2.58 10/17/13
XRGTX 0.21 8.068.570.19 10/17/13
Russell Global SC 0.58 7.848.493.08 N/A
SEP YTD 1YR SINCE INCEPT. DATE
RGT 0.12 8.3214.75-2.48 10/17/13
XRGTX 1.26 9.4214.040.61 10/17/13
Russell Global SC 1.39 9.3412.983.48 N/A

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. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The Fund invests primarily in securities of small-cap and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its assets in securities of companies headquartered in foreign countries, which may be subject to different risks than investments in securities of U.S. companies, including adverse political, economic, currency and other risks not encountered in U.S. investments.

The Fund invests primarily in securities of small-cap and mid-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments.

Cumulative Performance since Inception (10/17/13) and Market Cycle Peak

The Fund outperformed the Russell Global SC from the 6/23/15 index peak through current (6/30/16).
Inception-Current - 10/17/13 - 06/30/16
Global Value Trust-3.4%
Russell Global SC2.6%

Peak-Current - 06/23/15 - 06/30/16
Global Value Trust-7.3%
Russell Global SC-8.8%

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 10/17/13 and 06/30/16

Global Value Trust$9,663.75
Russell Global SC$10,257.60

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
19.66
3.45
0.83
Materials
9.98
4.77
0.51
Health Care
11.64
3.95
0.48
Information Technology
16.15
0.92
0.14
Consumer Staples
2.32
4.88
0.11
Consumer Discretionary
11.94
-0.50
0.00
Energy
1.43
-0.53
0.00
Telecommunication Services
0.10
-11.64
-0.02
Industrials
21.60
-1.64
-0.26
Cash
5.16
0.06
0.00
Unclassified
0.01
-0.29
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials0.75
Health Care Equipment & SuppliesHealth Care0.39
Capital MarketsFinancials0.29
Consumer FinanceFinancials0.23
Health Care Providers & ServicesHealth Care0.21

Top Detractors

INDUSTRYSECTORGAIN (%)
Technology Hardware, Storage & PeripheralsInformation Technology-0.28
Construction & EngineeringIndustrials-0.15
Professional ServicesIndustrials-0.10
ChemicalsMaterials-0.10
MarineIndustrials-0.09

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Pan American SilverMetals & MiningMaterials0.27
Relo HoldingsReal Estate Management & DevelopmentFinancials0.24
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology0.21
OdontoPrevHealth Care Providers & ServicesHealth Care0.20
MISUMI GroupTrading Companies & DistributorsIndustrials0.19

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Azimut HoldingCapital MarketsFinancials-0.16
XaarTechnology Hardware, Storage & PeripheralsInformation Technology-0.15
BertrandtProfessional ServicesIndustrials-0.14
Consort MedicalHealth Care Equipment & SuppliesHealth Care-0.13
FDM Group HoldingsIT ServicesInformation Technology-0.13
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
10.27
18.39
2.07
Financials
20.63
8.54
1.83
Information Technology
15.78
4.81
0.79
Consumer Staples
2.11
15.68
0.30
Industrials
22.07
0.79
0.28
Telecommunication Services
0.05
-11.64
-0.02
Energy
1.65
-10.19
-0.23
Consumer Discretionary
12.60
-1.52
-0.25
Health Care
11.45
-2.89
-0.40
Cash
3.39
0.13
0.00
Unclassified
0.01
-0.29
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials2.21
Thrifts & Mortgage FinanceFinancials0.60
Electronic Equipment, Instruments & ComponentsInformation Technology0.49
MachineryIndustrials0.43
Consumer FinanceFinancials0.37

Top Detractors

INDUSTRYSECTORGAIN (%)
PharmaceuticalsHealth Care-0.83
Oil, Gas & Consumable FuelsEnergy-0.33
Technology Hardware, Storage & PeripheralsInformation Technology-0.22
Building ProductsIndustrials-0.17
Construction & EngineeringIndustrials-0.13

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Pan American SilverMetals & MiningMaterials0.61
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.60
CETIP - Mercados OrganizadosCapital MarketsFinancials0.46
Agnico Eagle MinesMetals & MiningMaterials0.42
Major Drilling Group InternationalMetals & MiningMaterials0.38

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
VirbacPharmaceuticalsHealth Care-0.49
Consort MedicalHealth Care Equipment & SuppliesHealth Care-0.29
Value Partners GroupCapital MarketsFinancials-0.29
Midland HoldingsReal Estate Management & DevelopmentFinancials-0.26
Gaztransport Et TechnigazOil, Gas & Consumable FuelsEnergy-0.21
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
10.12
9.97
1.29
Health Care
10.74
6.53
0.59
Consumer Staples
2.02
11.49
0.22
Telecommunication Services
0.02
-11.64
-0.02
Information Technology
14.58
-3.07
-0.26
Financials
21.27
-3.41
-0.70
Energy
2.27
-32.21
-1.01
Consumer Discretionary
14.03
-7.81
-1.32
Industrials
22.16
-6.19
-1.45
Cash
2.78
0.17
0.01
Unclassified
0.00
-0.29
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials1.43
Health Care Equipment & SuppliesHealth Care1.02
Consumer FinanceFinancials0.46
Real Estate Management & DevelopmentFinancials0.44
Health Care Providers & ServicesHealth Care0.31

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-1.43
Oil, Gas & Consumable FuelsEnergy-0.71
Multiline RetailConsumer Discretionary-0.65
PharmaceuticalsHealth Care-0.64
Specialty RetailConsumer Discretionary-0.54

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Relo HoldingsReal Estate Management & DevelopmentFinancials0.63
Pan American SilverMetals & MiningMaterials0.49
Agnico Eagle MinesMetals & MiningMaterials0.39
Bajaj FinanceConsumer FinanceFinancials0.38
OdontoPrevHealth Care Providers & ServicesHealth Care0.33

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ClarksonMarineIndustrials-0.64
Value Partners GroupCapital MarketsFinancials-0.63
New World Department Store ChinaMultiline RetailConsumer Discretionary-0.58
Stallergenes GreerPharmaceuticalsHealth Care-0.55
Gaztransport Et TechnigazOil, Gas & Consumable FuelsEnergy-0.51
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)

Top Contributors

INDUSTRYSECTORGAIN (%)

Top Detractors

INDUSTRYSECTORGAIN (%)

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)

Top Contributors

INDUSTRYSECTORGAIN (%)

Top Detractors

INDUSTRYSECTORGAIN (%)

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)

Market Price Performance History

Risk

Down Market Performance Comparisonas of 06/30/16

The Fund outperformed the Russell Global SC during one out of two downturns of 10% or more from the index’s prior historical high since the index’s inception.

Market Downturns (%)

DownMarketImg

Russell Global SC Down Quarters

QUARTER ENDRUSSELL GLOBAL SC (%)GLOBAL VALUE TRUST (%)SPREAD (%)
03/31/16-0.2+2.3+2.5
09/30/15-11.6-12.4-0.8
09/30/14-6.7-7.1-0.4

Composition

Morningstar Style Map™as of 06/30/16

mstar-XRGTX

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 06/30/16

  XRGTX Russell Global SC
Average Market Cap
1.43B
1.13B
Net Leverage
2.5%
-
Market Price
$7.60
-
Net Asset Value
$9.15
-
98%
-
2015 Portfolio Turnover
65%
-
Weighted Average P/E,
18.0x
15.7x
Weighted Average P/B
2.4x
1.7x
Non-U.S. Investments (% of Net Assets)
76.4%
-
U.S. Investments (% of Net Assets)
26.1%
-

Portfolio Allocation

  • Total
    Holdings
    271


SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
26.5
16.5
Financials
20.6
22.9
Information Technology
17.7
14.1
Health Care
13.0
10.0
Consumer Discretionary
10.6
15.3
Materials
9.8
8.0
Consumer Staples
2.9
5.7
Energy
1.4
3.4
Telecommunication Services
0.1
0.9
Utilities
-
3.2
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-2.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
SEI Investments
2.1
Kirby Corporation
1.9
VZ Holding
1.6
Clarkson
1.3
Santen Pharmaceutical
1.3
Spirax-Sarco Engineering
1.2
Vetoquinol
1.2
Bajaj Finance
1.1
USS
1.1
Meitec Corporation
1.1
Value Partners Group
1.1
KBR
1.0
Lazard Cl. A
1.0
IDEXX Laboratories
1.0
Relo Holdings
1.0
Shimano
1.0
Raven Industries
1.0
Lindsay Corporation
1.0
Nanometrics
1.0
Copart
1.0
Top 20 as % of Net Assets
24.0

SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
26.3
-
Financials
20.7
-
Information Technology
18.3
-
Health Care
12.2
-
Materials
9.9
-
Consumer Discretionary
9.7
-
Consumer Staples
2.3
-
Energy
1.2
-
Telecommunication Services
0.2
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-0.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
SEI Investments
1.9
VZ Holding
1.6
Kirby Corporation
1.6
Bajaj Finance
1.4
Santen Pharmaceutical
1.3
Spirax-Sarco Engineering
1.3
Lazard Cl. A
1.2
USS
1.1
Raven Industries
1.1
KBR
1.0
Meitec Corporation
1.0
Clarkson
1.0
Shimano
1.0
IDEXX Laboratories
1.0
Thermador Groupe
1.0
Lindsay Corporation
1.0
Horiba
1.0
Copart
1.0
ARA Asset Management
1.0
Bertrandt
0.9
Top 20 as % of Net Assets
23.4

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/16. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Geographical Breakdown

Portfolio Country Breakdownas of 06/30/16

Countries% of net assets
(subject to change)
United States26.1
United Kingdom13.0
Japan12.2
Canada7.5
Germany5.6
France5.5
Switzerland4.8
Hong Kong3.3
Denmark2.7
Brazil2.1
India1.6
Norway1.4
Italy1.4
Austria1.3
China1.3
Singapore1.2
Australia1.1
Sweden1.1
Bermuda1.0
Finland1.0
Taiwan1.0
Indonesia0.9
New Zealand0.7
Ireland0.6
South Korea0.6
South Africa0.6
Mexico0.6
Turkey0.4
Belgium0.4
Philippines0.3
Poland0.3
Greece0.2
Israel0.2
Cyprus0.2
Malaysia0.2
Spain0.1
Thailand0.1
Netherlands0.0

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 ($) REINVEST
PRICE ($)
12/14/15 12/10/15 12/28/15 EST 0.1000 EST 0.0000 EST 0.0000 EST 0.0000 0.1000 7.23
12/15/14 12/11/14 12/26/14 0.1500 0.0000 0.0000 0.0000 0.1500 7.97

NAV History for

Fees & Expenses

Annual Fund Operating Expenses (%)

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

Management fees 1.25
Other expenses 0.23
Total annual Fund operating expenses 1.48

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 is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

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. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

10/17/2013 12:00:00 AM

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