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 06/30/17

  • Small/Mid-Cap
    Core Approach
    $1.86B
    Avg. Market Cap
  • Active Share
    97%
  • Fund
    Longevity
    3+
    Years of History
  • Global
    59%
    2016 Annual
    Turnover Rate
  • Daily Price 11.84+$0.02 (+0.17%) MKT $10.19+$0.04 (+0.00%)
    $116.3M
    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, Year To Date and 1-Year periods as of 06/30/17.
QTR YTD 1YR 3YR SINCE INCEPT. DATE
RGT 9.33 19.5828.682.393.25 10/17/13
XRGTX 7.61 16.1124.233.435.06 10/17/13
Russell Global SC 4.18 10.4721.474.506.12 N/A
AUG YTD 1YR 3YR SINCE INCEPT. DATE
RGT -1.81 21.7023.483.513.57 10/17/13
XRGTX -0.09 19.1322.504.625.53 10/17/13
Russell Global SC 0.08 13.0816.925.626.49 N/A
SEP YTD 1YR 3YR SINCE INCEPT. DATE
RGT 4.19 26.8026.776.254.60 10/17/13
XRGTX 3.32 23.0823.077.176.32 10/17/13
Russell Global SC 2.26 15.6316.497.756.99 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 (6/30/17).
Inception-Current - 10/17/13 - 06/30/17
Global Value Trust20.1%
Russell Global SC24.6%

Peak-Current - 06/23/15 - 06/30/17
Global Value Trust15.1%
Russell Global SC10.8%

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 06/30/17

Global Value Trust$12,005.18
Russell Global SC$12,459.96

Portfolio Impactas of 06/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.83
7.69
2.03
Information Technology
17.01
8.67
1.46
Financials
15.59
8.64
1.31
Health Care
9.79
10.54
1.00
Materials
10.01
8.11
0.81
Consumer Staples
3.06
17.19
0.50
Consumer Discretionary
7.24
6.47
0.47
Real Estate
2.71
8.94
0.24
Telecommunication Services
0.19
-2.52
0.00
Energy
2.68
-8.78
-0.26
Cash
5.88
0.22
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials0.97
Electronic Equipment, Instruments & ComponentsInformation Technology0.80
IT ServicesInformation Technology0.63
Health Care Equipment & SuppliesHealth Care0.63
MachineryIndustrials0.46

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.22
Semiconductors & Semiconductor EquipmentInformation Technology-0.15
Oil, Gas & Consumable FuelsEnergy-0.04
MarineIndustrials-0.02
Technology Hardware, Storage & PeripheralsInformation Technology-0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
BerendsenCommercial Services & SuppliesIndustrials0.24
Rothschild & CoCapital MarketsFinancials0.21
VZ HoldingCapital MarketsFinancials0.20
Raven IndustriesIndustrial ConglomeratesIndustrials0.19
MISUMI GroupTrading Companies & DistributorsIndustrials0.19

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
SEACOR HoldingsEnergy Equipment & ServicesEnergy-0.21
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology-0.19
Kirby CorporationMarineIndustrials-0.10
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.07
Santen PharmaceuticalPharmaceuticalsHealth Care-0.06
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.94
15.91
4.17
Information Technology
16.51
24.64
3.88
Financials
16.31
17.48
2.81
Health Care
9.67
20.70
1.93
Materials
10.22
11.24
1.17
Consumer Discretionary
7.05
12.56
0.89
Consumer Staples
2.83
23.22
0.64
Real Estate
2.53
24.67
0.60
Telecommunication Services
0.19
-0.42
0.01
Energy
2.88
-13.32
-0.41
Cash
5.87
0.37
0.02
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials2.10
Electronic Equipment, Instruments & ComponentsInformation Technology1.86
Health Care Equipment & SuppliesHealth Care1.24
IT ServicesInformation Technology1.12
Trading Companies & DistributorsIndustrials0.80

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.28
Oil, Gas & Consumable FuelsEnergy-0.13
Construction & EngineeringIndustrials-0.11
Health Care Providers & ServicesHealth Care-0.06
DistributorsConsumer Discretionary-0.02

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials0.59
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.43
Raven IndustriesIndustrial ConglomeratesIndustrials0.38
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.36
Relo GroupReal Estate Management & DevelopmentReal Estate0.33

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
SEACOR HoldingsEnergy Equipment & ServicesEnergy-0.25
Dundee Corporation Cl. ACapital MarketsFinancials-0.17
MBIAInsuranceFinancials-0.11
Signet JewelersSpecialty RetailConsumer Discretionary-0.10
KBRConstruction & EngineeringIndustrials-0.09
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.78
26.59
6.96
Information Technology
16.54
41.05
6.30
Financials
16.94
26.99
4.38
Materials
9.97
25.48
2.62
Consumer Discretionary
7.64
19.33
1.48
Health Care
9.88
15.17
1.40
Consumer Staples
2.50
24.40
0.68
Energy
2.35
11.64
0.42
Real Estate
2.40
14.35
0.33
Telecommunication Services
0.19
8.72
0.03
Cash
5.74
0.55
0.03
Unclassified
0.08
9.77
0.06

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.32
Capital MarketsFinancials2.90
IT ServicesInformation Technology1.58
Professional ServicesIndustrials1.48
MachineryIndustrials1.43

Top Detractors

INDUSTRYSECTORGAIN (%)
Health Care Providers & ServicesHealth Care-0.11
Oil, Gas & Consumable FuelsEnergy-0.04
DistributorsConsumer Discretionary-0.03
Communications EquipmentInformation Technology-0.02
Diversified Consumer ServicesConsumer Discretionary-0.02

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.75
Raven IndustriesIndustrial ConglomeratesIndustrials0.75
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.69
Lazard Cl. ACapital MarketsFinancials0.68
Bajaj FinanceConsumer FinanceFinancials0.68

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Dundee Corporation Cl. ACapital MarketsFinancials-0.37
Santen PharmaceuticalPharmaceuticalsHealth Care-0.14
Nihon KohdenHealth Care Equipment & SuppliesHealth Care-0.13
OdontoPrevHealth Care Providers & ServicesHealth Care-0.12
SeniorAerospace & DefenseIndustrials-0.10
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
14.48
23.13
4.34
Financials
15.72
23.72
4.05
Industrials
23.08
13.46
3.94
Health Care
9.19
21.00
2.05
Consumer Staples
2.31
35.26
0.93
Materials
11.39
15.14
0.89
Real Estate
4.00
34.21
0.64
Telecommunication Services
0.07
-3.94
0.01
Consumer Discretionary
13.25
8.35
-0.58
Energy
2.50
-38.85
-1.41
Cash
3.46
0.73
0.04
Unclassified
0.55
34.08
0.44

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology2.43
Health Care Equipment & SuppliesHealth Care2.32
IT ServicesInformation Technology1.85
ChemicalsMaterials1.67
Capital MarketsFinancials1.67

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-1.43
PharmaceuticalsHealth Care-1.07
Oil, Gas & Consumable FuelsEnergy-1.06
Technology Hardware, Storage & PeripheralsInformation Technology-0.63
Metals & MiningMaterials-0.60

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Relo GroupReal Estate Management & DevelopmentReal Estate1.66
Bajaj FinanceConsumer FinanceFinancials1.22
MISUMI GroupTrading Companies & DistributorsIndustrials0.81
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.78
Raven IndustriesIndustrial ConglomeratesIndustrials0.77

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
New World Department Store ChinaMultiline RetailConsumer Discretionary-1.24
Stallergenes GreerPharmaceuticalsHealth Care-0.87
LPKF Laser & ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology-0.73
Dundee Corporation Cl. ACapital MarketsFinancials-0.69
TOTVSSoftwareInformation Technology-0.67
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 06/30/17

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 (%)
03/31/16-0.2+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 03/31/15

Morningstar Statistical Measures as of 06/30/17

Sharpe RatioStandard Deviation
Global Value Trust0.3112.61
Russell Global SC0.4111.62
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 03/31/17

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 06/30/17

  XRGTX Russell Global SC
Average Market Cap
1.86B
1.38B
Net Leverage
0.4%
-
Market Price
$9.61
-
Net Asset Value
$11.17
-
97%
-
2016 Portfolio Turnover
59%
-
Weighted Average P/E,
22.9x
17.5x
Weighted Average P/B
2.8x
1.8x
Non-U.S. Investments (% of Net Assets)
69.1%
-
U.S. Investments (% of Net Assets)
31.3%
-

Portfolio Allocation

  • Total
    Holdings
    265


SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
26.8
17.3
Information Technology
17.9
14.2
Financials
17.3
13.3
Materials
11.1
8.3
Health Care
10.7
10.2
Consumer Discretionary
7.8
14.7
Consumer Staples
3.4
5.2
Real Estate
2.7
9.3
Energy
2.7
3.6
Telecommunication Services
0.2
0.9
Utilities
-
3.0
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
1.9
Raven Industries
1.4
Lazard Cl. A
1.3
VZ Holding
1.3
Cognex Corporation
1.2
Virtu Financial Cl. A
1.1
Ashmore Group
1.1
Spirax-Sarco Engineering
1.1
Clarkson
1.1
USS
1.1
ManpowerGroup
1.1
Lindsay Corporation
1.1
Quaker Chemical
1.0
Rothschild & Co
1.0
Copart
1.0
Value Partners Group
1.0
Air Lease Cl. A
1.0
Bajaj Finance
1.0
TGS-NOPEC Geophysical
1.0
Top 20 as % of Net Assets
23.7

SECTORS
XRGTX (%) RUSSELL
GLOBAL SC (%)
Industrials
26.9
-
Information Technology
19.8
-
Financials
17.6
-
Materials
11.4
-
Health Care
11.2
-
Consumer Discretionary
7.5
-
Consumer Staples
3.4
-
Energy
3.1
-
Real Estate
3.0
-
Telecommunication Services
0.1
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-3.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
SEI Investments
2.0
Kirby Corporation
1.7
Cognex Corporation
1.6
TGS-NOPEC Geophysical
1.5
FLIR Systems
1.4
Bajaj Finance
1.2
Raven Industries
1.2
Lazard Cl. A
1.2
VZ Holding
1.2
Clarkson
1.2
Virtu Financial Cl. A
1.1
Ashmore Group
1.1
Spirax-Sarco Engineering
1.1
Relo Group
1.1
Air Lease Cl. A
1.0
Santen Pharmaceutical
1.0
USS
1.0
ManpowerGroup
1.0
Meitec Corporation
1.0
Copart
1.0
Top 20 as % of Net Assets
24.6

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/17. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Geographical Breakdown

Portfolio Country Breakdownas of 06/30/17

Countries% of net assets
(subject to change)
United States31.3
United Kingdom11.6
Japan9.9
Canada8.6
France4.4
Germany4.3
Switzerland4.0
Australia2.6
Sweden2.2
India2.1
Hong Kong1.9
Denmark1.9
Brazil1.8
Bermuda1.3
Norway1.2
Taiwan1.0
Austria0.9
Italy0.9
China0.9
Singapore0.9
New Zealand0.8
Mexico0.8
Indonesia0.6
Ireland0.6
South Africa0.5
Puerto Rico0.5
South Korea0.5
Israel0.4
Poland0.4
Uruguay0.3
Cyprus0.3
Philippines0.2
Greece0.2
Spain0.2
Belgium0.1
Turkey0.1
Netherlands0.1
Thailand0.1
Georgia0.1

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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