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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 03/31/17

  • Small/Mid-Cap
    Core Approach
    $1.74B
    Avg. Market Cap
  • Active Share
    97%
  • Fund
    Longevity
    3+
    Years of History
  • Global
    59%
    2016 Annual
    Turnover Rate
  • Daily Price 11.09-$0.04 (-0.36%) MKT $9.48-$0.01 (0.00%)
    $108.1M
    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

Performance

Average Annual Total Returns (%)

Outperformed Russell Global Small Cap for the Quarter and Year To Date periods as of 03/31/17.
QTR YTD 1YR 3YR SINCE INCEPT. DATE
RGT 9.38 9.3821.370.950.84 10/17/13
XRGTX 7.90 7.9017.242.303.22 10/17/13
Russell Global SC 6.03 6.0318.414.215.32 N/A
MAY YTD 1YR 3YR SINCE INCEPT. DATE
RGT 1.84 17.2225.312.672.75 10/17/13
XRGTX 2.71 14.4520.863.864.76 10/17/13
Russell Global SC 0.46 8.3818.015.065.71 N/A
JUN YTD 1YR 3YR SINCE INCEPT. DATE
RGT 0.64 17.9634.741.642.87 10/17/13
XRGTX 0.73 15.2829.573.454.87 10/17/13
Russell Global SC 1.48 9.9826.814.566.01 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 (3/31/17).
Inception-Current - 10/17/13 - 03/31/17
Global Value Trust11.6%
Russell Global SC19.6%

Peak-Current - 06/23/15 - 03/31/17
Global Value Trust7.0%
Russell Global SC6.3%

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 03/31/17

Global Value Trust$11,156.11
Russell Global SC$11,959.80

Portfolio Impactas of 03/31/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
16.06
14.71
2.25
Industrials
26.05
7.61
1.98
Financials
17.05
8.14
1.40
Health Care
9.49
9.14
0.85
Consumer Discretionary
6.85
5.72
0.39
Materials
10.42
2.90
0.34
Real Estate
2.35
14.43
0.33
Consumer Staples
2.61
5.14
0.13
Telecommunication Services
0.19
2.15
0.01
Energy
3.08
-4.98
-0.14
Cash
5.85
0.15
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials1.05
Electronic Equipment Instruments & ComponentsInformation Technology1.00
Health Care Equipment & SuppliesHealth Care0.57
IT ServicesInformation Technology0.46
Professional ServicesIndustrials0.45

Top Detractors

INDUSTRYSECTORGAIN (%)
Construction & EngineeringIndustrials-0.10
InsuranceFinancials-0.08
Oil Gas & Consumable FuelsEnergy-0.08
Energy Equipment & ServicesEnergy-0.06
Health Care Providers & ServicesHealth Care-0.06

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials0.40
CoherentElectronic Equipment Instruments & ComponentsInformation Technology0.31
Cognex CorporationElectronic Equipment Instruments & ComponentsInformation Technology0.31
Ashmore GroupCapital MarketsFinancials0.25
ClarksonMarineIndustrials0.22

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
MBIAInsuranceFinancials-0.16
World Fuel ServicesOil Gas & Consumable FuelsEnergy-0.10
VZ HoldingCapital MarketsFinancials-0.10
Dundee Corporation Cl. ACapital MarketsFinancials-0.10
KBRConstruction & EngineeringIndustrials-0.10
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
16.06
14.71
2.25
Industrials
26.05
7.61
1.98
Financials
17.05
8.14
1.40
Health Care
9.49
9.14
0.85
Consumer Discretionary
6.85
5.72
0.39
Materials
10.42
2.90
0.34
Real Estate
2.35
14.43
0.33
Consumer Staples
2.61
5.14
0.13
Telecommunication Services
0.19
2.15
0.01
Energy
3.08
-4.98
-0.14
Cash
5.85
0.15
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials1.05
Electronic Equipment Instruments & ComponentsInformation Technology1.00
Health Care Equipment & SuppliesHealth Care0.57
IT ServicesInformation Technology0.46
Professional ServicesIndustrials0.45

Top Detractors

INDUSTRYSECTORGAIN (%)
Construction & EngineeringIndustrials-0.10
InsuranceFinancials-0.08
Oil Gas & Consumable FuelsEnergy-0.08
Energy Equipment & ServicesEnergy-0.06
Health Care Providers & ServicesHealth Care-0.06

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials0.40
CoherentElectronic Equipment Instruments & ComponentsInformation Technology0.31
Cognex CorporationElectronic Equipment Instruments & ComponentsInformation Technology0.31
Ashmore GroupCapital MarketsFinancials0.25
ClarksonMarineIndustrials0.22

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
MBIAInsuranceFinancials-0.16
World Fuel ServicesOil Gas & Consumable FuelsEnergy-0.10
VZ HoldingCapital MarketsFinancials-0.10
Dundee Corporation Cl. ACapital MarketsFinancials-0.10
KBRConstruction & EngineeringIndustrials-0.10
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
16.32
30.94
4.66
Industrials
24.75
15.62
4.27
Financials
17.25
20.34
3.61
Materials
9.93
21.91
2.30
Consumer Discretionary
8.81
11.51
0.94
Health Care
10.30
8.14
0.91
Energy
2.04
21.75
0.63
Real Estate
2.45
16.67
0.30
Consumer Staples
2.31
11.32
0.29
Telecommunication Services
0.17
-1.46
0.01
Cash
5.56
0.39
0.02
Unclassified
0.10
-5.78
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment Instruments & ComponentsInformation Technology2.63
Capital MarketsFinancials2.10
Metals & MiningMaterials1.16
Semiconductors & Semiconductor EquipmentInformation Technology1.05
ChemicalsMaterials0.96

Top Detractors

INDUSTRYSECTORGAIN (%)
Technology Hardware Storage & PeripheralsInformation Technology-0.27
Food ProductsConsumer Staples-0.12
BiotechnologyHealth Care-0.07
Aerospace & DefenseIndustrials-0.07
Electronic Equipment, Instruments & CompInformation Technology-0.06

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment Instruments & ComponentsInformation Technology0.71
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology0.66
Bajaj FinanceConsumer FinanceFinancials0.65
CoherentElectronic Equipment Instruments & ComponentsInformation Technology0.57
Lazard Cl. ACapital MarketsFinancials0.55

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
BerendsenCommercial Services & SuppliesIndustrials-0.30
XaarTechnology Hardware Storage & PeripheralsInformation Technology-0.29
Consort MedicalHealth Care Equipment & SuppliesHealth Care-0.20
Azimut HoldingCapital MarketsFinancials-0.19
SeniorAerospace & DefenseIndustrials-0.16
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
15.72
21.70
3.49
Information Technology
13.64
12.96
2.77
Industrials
22.42
9.20
2.56
Health Care
8.96
15.86
1.41
Materials
11.76
11.18
0.81
Consumer Staples
2.27
14.08
0.36
Real Estate
3.92
21.79
0.36
Telecommunication Services
0.06
-1.46
0.01
Consumer Discretionary
14.26
3.41
-0.63
Energy
2.51
-30.07
-0.93
Cash
3.08
0.52
0.03
Unclassified
1.40
82.74
1.76

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment Instruments & ComponentsInformation Technology1.71
Health Care Equipment & SuppliesHealth Care1.64
ChemicalsMaterials1.37
Capital MarketsFinancials1.27
Consumer FinanceFinancials1.14

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-1.46
PharmaceuticalsHealth Care-0.90
Oil Gas & Consumable FuelsEnergy-0.85
Technology Hardware Storage & PeripheralsInformation Technology-0.55
Textiles Apparel & Luxury GoodsConsumer Discretionary-0.53

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Relo GroupReal Estate Management & DevelopmentReal Estate1.64
Bajaj FinanceConsumer FinanceFinancials0.99
Lazard Cl. ACapital MarketsFinancials0.79
Cognex CorporationElectronic Equipment Instruments & ComponentsInformation Technology0.71
BBVA Banco Frances ADRBanksFinancials0.64

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
New World Department Store ChinaMultiline RetailConsumer Discretionary-1.28
Stallergenes GreerPharmaceuticalsHealth Care-0.95
LPKF Laser & ElectronicsElectronic Equipment Instruments & ComponentsInformation Technology-0.80
LPS Brasil Consultoria de ImoveisReal Estate Management & DevelopmentReal Estate-0.77
Midland HoldingsReal Estate Management & DevelopmentReal Estate-0.59
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 03/31/17

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 Fund’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

Long Term Risk Measurementas of 03/31/17

Morningstar Statistical Measures as of 03/31/17

Sharpe RatioStandard Deviation
Global Value Trust0.2312.47
Russell Global SC0.3911.79
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 12/31/16

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 03/31/17

  XRGTX Russell Global SC
Average Market Cap
1.74B
1.38B
Net Leverage
1.7%
-
Market Price
$8.79
-
Net Asset Value
$10.38
-
97%
-
2016 Portfolio Turnover
59%
-
Weighted Average P/E,
21.2x
17.7x
Weighted Average P/B
2.8x
1.8x
Non-U.S. Investments (% of Net Assets)
69.1%
-
U.S. Investments (% of Net Assets)
32.7%
-

Portfolio Allocation

  • Total
    Holdings
    268


SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
28.3
17.0
Information Technology
18.1
14.4
Financials
17.7
13.9
Materials
10.8
8.6
Health Care
10.4
9.4
Consumer Discretionary
7.5
14.5
Energy
3.1
3.7
Consumer Staples
2.9
5.2
Real Estate
2.8
9.5
Telecommunication Services
0.2
0.8
Utilities
-
3.0
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-1.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Kirby Corporation
2.1
SEI Investments
1.9
Lazard Cl. A
1.4
Raven Industries
1.3
Cognex Corporation
1.3
SEACOR Holdings
1.3
Nanometrics
1.3
Clarkson
1.2
Virtu Financial Cl. A
1.2
VZ Holding
1.2
Value Partners Group
1.2
Ashmore Group
1.1
Relo Group
1.1
Lindsay Corporation
1.1
Air Lease Cl. A
1.1
Santen Pharmaceutical
1.1
Copart
1.1
Meitec Corporation
1.1
ManpowerGroup
1.0
Quaker Chemical
1.0
Top 20 as % of Net Assets
25.1

SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
27.0
-
Information Technology
18.5
-
Financials
16.3
-
Health Care
10.6
-
Materials
10.5
-
Consumer Discretionary
7.7
-
Consumer Staples
3.4
-
Real Estate
3.1
-
Energy
2.9
-
Telecommunication Services
0.2
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-0.4
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Kirby Corporation
1.9
SEI Investments
1.8
Raven Industries
1.5
Cognex Corporation
1.4
Lazard Cl. A
1.3
VZ Holding
1.2
Spirax-Sarco Engineering
1.1
Clarkson
1.1
Ashmore Group
1.1
USS
1.1
Coherent
1.1
Nanometrics
1.1
SEACOR Holdings
1.1
Virtu Financial Cl. A
1.1
Value Partners Group
1.0
Quaker Chemical
1.0
Lindsay Corporation
1.0
CIRCOR International
1.0
Copart
1.0
Relo Group
1.0
Top 20 as % of Net Assets
23.9

Portfolio Holdings

View the complete list of holdings for this fund as of 03/31/17. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Geographical Breakdown

Portfolio Country Breakdownas of 03/31/17

Countries% of net assets
(subject to change)
United States32.7
United Kingdom12.4
Japan10.3
Canada8.2
Germany4.4
France4.2
Switzerland3.9
Denmark2.2
India2.2
Hong Kong2.2
Sweden2.1
Australia1.8
Brazil1.7
Singapore1.5
Bermuda1.4
Taiwan1.2
Norway1.0
Austria0.9
Italy0.8
Ireland0.8
New Zealand0.7
South Africa0.7
China0.7
Indonesia0.6
South Korea0.5
Mexico0.5
Uruguay0.3
Poland0.3
Cyprus0.3
Israel0.2
Greece0.2
Philippines0.2
Turkey0.1
Spain0.1
Belgium0.1
Georgia0.1
Finland0.1
Netherlands0.1

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 ($) REINVEST
PRICE ($)
12/13/16 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 0.23
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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