Royce Global Value Trust (RGT)
227

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 06/30/18

  • Small/Mid-Cap
    Core Approach
    $1.86B
    Avg. Market Cap
  • Active Share
    97%
  • Fund
    Longevity
    4+
    Years of History
  • Global
    34%
    2017 Annual
    Turnover Rate
  • Daily Price 12.63+$0.05 (+0.40%) MKT $10.62$0.00 (+0.00%)
    $129.1M
    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

Manager Tenure

Manager Tenure

Performance

Average Annual Total Returns (%)

Outperformed Russell Global Small Cap for the 3-Year period as of 06/30/18.
QTR YTD 1YR 3YR SINCE INCEPT. DATE
RGT -4.19 -2.8110.509.654.75 10/17/13
XRGTX -1.59 -0.8811.899.696.48 10/17/13
Russell Global SC 0.95 0.6712.388.527.42 N/A
AUG YTD 1YR 3YR SINCE INCEPT. DATE
RGT -0.47 -1.3310.2314.454.90 10/17/13
XRGTX 0.55 1.7611.9714.196.82 10/17/13
Russell Global SC 1.23 2.9512.2912.517.65 N/A
SEP YTD 1YR 3YR SINCE INCEPT. DATE
RGT -0.48 -1.805.3915.794.73 10/17/13
XRGTX -0.55 1.208.1415.396.60 10/17/13
Russell Global SC N/A N/AN/AN/AN/A 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 market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

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 (6/30/18).
Inception-Current - 10/17/13 - 06/30/18
Global Value Trust34.3%
Russell Global SC40.0%

Peak-Current - 06/23/15 - 06/30/18
Global Value Trust28.8%
Russell Global SC24.5%

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 06/30/18

Global Value Trust$13,432.74
Russell Global SC$14,002.81

Market Price Performance History

Risk

Down Market Performance Comparisonas of 06/30/18

The Fund outperformed the Russell Global SC during all one downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell Global SC Down Quarters

QUARTER ENDRUSSELL GLOBAL SC (%)GLOBAL VALUE TRUST (%)SPREAD (%)
03/31/18-0.3+0.7+1.0
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

Long Term Risk Measurementas of 06/30/18

Over the past 3 years, the Fund outperformed the Russell Global Small Cap Index.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/18

Sharpe RatioStandard Deviation
Global Value Trust0.7911.73
Russell Global SC0.7311.01
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Global Value Trust
Russell Global SC
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 03/31/18

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 06/30/18

  XRGTX Russell Global SC
Average Market Cap
1.86B
1.60B
Market Price
$10.51
-
Net Asset Value
$12.37
-
97%
-
2017 Portfolio Turnover
34%
-
Weighted Average P/E,
20.0x
16.8x
Weighted Average P/B
2.6x
1.9x
Non-U.S. Investments (% of Net Assets)
68.7%
-
U.S. Investments (% of Net Assets)
27.5%
-

Portfolio Allocation

  • Total
    Holdings
    260


SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
28.2
17.1
Information Technology
17.6
14.0
Financials
15.4
13.0
Health Care
8.8
10.7
Materials
8.8
8.2
Consumer Discretionary
6.7
14.6
Energy
5.3
4.5
Real Estate
2.6
9.1
Consumer Staples
2.4
5.3
Telecommunication Services
0.3
0.8
Utilities
0.1
2.7
Cash and Cash Equivalents, Net of Outstanding Line of Credit
3.8
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Kirby Corporation
2.1
FLIR Systems
2.1
TGS-NOPEC Geophysical
1.6
Virtu Financial Cl. A
1.5
Computer Modelling Group
1.4
VZ Holding
1.4
SEI Investments
1.3
Spirax-Sarco Engineering
1.3
Lazard Cl. A
1.2
Raven Industries
1.2
Air Lease Cl. A
1.2
Ashmore Group
1.1
Lindsay Corporation
1.0
Partners Group Holding
1.0
USS
1.0
Thermador Groupe
1.0
Nanometrics
1.0
Meitec Corporation
1.0
Clarkson
1.0
Sprott
0.9
Top 20 as % of Net Assets
25.3

SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
28.9
-
Information Technology
18.2
-
Financials
17.3
-
Health Care
8.7
-
Materials
8.1
-
Consumer Discretionary
6.4
-
Energy
4.8
-
Real Estate
3.1
-
Consumer Staples
2.7
-
Telecommunication Services
0.7
-
Cash and Cash Equivalents, Net of Outstanding Line of Credit
1.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
FLIR Systems
2.4
Kirby Corporation
2.2
TGS-NOPEC Geophysical
1.6
Raven Industries
1.5
Spirax-Sarco Engineering
1.3
SEI Investments
1.3
VZ Holding
1.3
Ashmore Group
1.3
Air Lease Cl. A
1.3
Virtu Financial Cl. A
1.2
Lazard Cl. A
1.2
Computer Modelling Group
1.2
Nanometrics
1.2
Clarkson
1.1
IPH
1.1
CIRCOR International
1.1
Bravura Solutions
1.1
Partners Group Holding
1.1
Lindsay Corporation
1.0
KKR & Co. Cl. A
1.0
Top 20 as % of Net Assets
26.5

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/18. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Geographical Breakdown

Portfolio Country Breakdownas of 06/30/18

Countries% of net assets
(subject to change)
United States27.5
United Kingdom10.1
Canada9.9
Japan7.4
Australia4.9
Switzerland4.2
France3.7
Sweden2.7
Germany2.7
Brazil2.2
India2.0
Norway1.8
New Zealand1.5
China1.4
Hong Kong1.3
Singapore1.3
Denmark1.2
South Korea1.1
Netherlands1.0
Italy0.8
Austria0.8
South Africa0.7
Ireland0.6
Mexico0.5
Russia0.5
Belgium0.4
Indonesia0.4
Egypt0.4
Spain0.3
Ukraine0.3
Taiwan0.3
Portugal0.3
Uruguay0.3
Poland0.2
Sri Lanka0.2
Greece0.2
Malaysia0.2
Thailand0.2
Israel0.1
Philippines0.1
Cyprus0.1
United Arab Emirates (U.A.E.)0.1
Chile0.1
Georgia0.1
Turkey0.1
Peru0.1
Finland0.0

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 ($) REINVEST
PRICE ($)
12/13/17 12/12/17 12/27/17 0.1100 0.0000 0.0000 0.0000 0.1100 10.61
12/13/16 12/09/16 12/27/16 0.1400 0.0000 0.0000 0.0000 0.1400 7.94
12/14/15 12/10/15 12/28/15 0.1000 0.0000 0.0000 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 0.42
Total annual Fund operating expenses 1.67

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully 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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 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

Share:

Subscribe:

Sign Up

Follow: