44

At a Glance

Why invest in International Premier?

  • Focuses on a limited number of “premier” non-U.S. small-cap companies (generally market caps up to $3 billion) with discernible competitive advantages, high returns on invested capital, and sustainable, moat-like franchises
  • Seeks to identify companies with notable strengths in industry structure, competitive positioning, operational efficiency, financial track record, and corporate governance
  • Outperformed its benchmark, the Russell Global ex-U.S. Small Cap Index, for the 3-, 5-year, and since inception (12/31/10) periods ended 3/31/17

As of 03/31/17

  • Small-Cap
    Core Approach
    $2.01B
    Avg. Market Cap
  • Below Average
    Volatility
    99%
    Active Share
  • Fund
    Longevity
    6+
    Years of History

Portfolio Management

"We're seeking to build a portfolio of very high-quality, world-class businesses–those that are a-cyclical growers, can generate plentiful free cash, and have a genuine and defensible moat."
David Nadel

Performance

Average Annual Total Returns (%)

Outperformed Russell Global ex-U.S. Small Cap for the Quarter, Year To Date, 3-Year, 5-Year and since inception (12/31/10) periods as of 03/31/17.
QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Premier 9.43 9.439.794.888.185.72 12/31/10
Russell Glo x US SC 8.98 8.9813.422.416.183.71 N/A

Annual Operating Expenses: Gross 1.59 Net 1.19

APR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Premier 5.61 15.5713.846.569.056.56 12/31/10
Russell Glo x US SC 2.26 11.4312.963.276.884.03 N/A

Annual Operating Expenses: Gross 1.59 Net 1.19

MAY YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Premier 3.85 20.0217.408.0612.007.12 12/31/10
Russell Glo x US SC 2.17 13.8517.113.589.744.33 N/A

Annual Operating Expenses: Gross 1.59 Net 1.19

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. Shares redeemed within 30 days of purchase may be subject to a 2% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. Gross operating expenses reflect the Fund's total gross annual operating expenses for the Investment Class and include management fees and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Investment Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.19% through April 30, 2018.

All performance and risk information presented in this material prior to the commencement date of Investment Class shares on 1/22/14 reflects Service Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell Glo x US SC in 100% of all 5-Year periods; 88% of all 3-Year periods; and 66% of all 1-Year periods.

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 03/31/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
5-year
16/16
100 6.5 4.0
3-year
35/40
88 7.3 5.4
1-year
42/64
66 6.6 4.5

Cumulative Performance since Inception (12/31/10) and Market Cycle Peak

The Fund outperformed the Russell Glo x US SC from the 7/3/14 index peak through current (3/31/17).
Inception-Current - 12/31/10 - 03/31/17
International Premier41.6%
Russell Glo x US SC25.6%

Peak-Current - 07/03/14 - 03/31/17
International Premier11.8%
Russell Glo x US SC2.2%

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 12/31/10 and 03/31/17

International Premier$14,155.39
Russell Glo x US SC$12,558.23

Portfolio Impactas of 03/31/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
30.37
8.65
2.66
Financials
11.08
17.16
1.84
Health Care
20.27
8.15
1.64
Information Technology
12.65
13.03
1.61
Materials
9.75
7.43
0.74
Consumer Discretionary
6.63
8.91
0.63
Real Estate
2.49
17.14
0.41
Consumer Staples
3.42
1.57
0.06
Cash
3.34
0.15
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Health Care Equipment & SuppliesHealth Care1.57
Consumer FinanceFinancials1.03
Professional ServicesIndustrials0.92
Capital MarketsFinancials0.81
SoftwareInformation Technology0.61

Top Detractors

INDUSTRYSECTORGAIN (%)
Health Care Providers & ServicesHealth Care-0.18
Commercial Services & SuppliesIndustrials-0.13
Food & Staples RetailingConsumer Staples-0.04
Food ProductsConsumer Staples0.10
MediaConsumer Discretionary0.10

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials1.03
SimCorpSoftwareInformation Technology0.50
STRATEC BiomedicalHealth Care Equipment & SuppliesHealth Care0.50
Santen PharmaceuticalPharmaceuticalsHealth Care0.47
Exova GroupProfessional ServicesIndustrials0.45

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
BerendsenCommercial Services & SuppliesIndustrials-0.26
VZ HoldingCapital MarketsFinancials-0.25
VirbacPharmaceuticalsHealth Care-0.21
OdontoPrevHealth Care Providers & ServicesHealth Care-0.18
Sugi HoldingsFood & Staples RetailingConsumer Staples-0.04
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
30.37
8.65
2.66
Financials
11.08
17.16
1.84
Health Care
20.27
8.15
1.64
Information Technology
12.65
13.03
1.61
Materials
9.75
7.43
0.74
Consumer Discretionary
6.63
8.91
0.63
Real Estate
2.49
17.14
0.41
Consumer Staples
3.42
1.57
0.06
Cash
3.34
0.15
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Health Care Equipment & SuppliesHealth Care1.57
Consumer FinanceFinancials1.03
Professional ServicesIndustrials0.92
Capital MarketsFinancials0.81
SoftwareInformation Technology0.61

Top Detractors

INDUSTRYSECTORGAIN (%)
Health Care Providers & ServicesHealth Care-0.18
Commercial Services & SuppliesIndustrials-0.13
Food & Staples RetailingConsumer Staples-0.04
Food ProductsConsumer Staples0.10
MediaConsumer Discretionary0.10

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials1.03
SimCorpSoftwareInformation Technology0.50
STRATEC BiomedicalHealth Care Equipment & SuppliesHealth Care0.50
Santen PharmaceuticalPharmaceuticalsHealth Care0.47
Exova GroupProfessional ServicesIndustrials0.45

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
BerendsenCommercial Services & SuppliesIndustrials-0.26
VZ HoldingCapital MarketsFinancials-0.25
VirbacPharmaceuticalsHealth Care-0.21
OdontoPrevHealth Care Providers & ServicesHealth Care-0.18
Sugi HoldingsFood & Staples RetailingConsumer Staples-0.04
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
12.99
24.27
3.24
Financials
11.28
29.51
2.96
Health Care
20.16
9.39
2.39
Industrials
31.92
6.35
1.96
Materials
8.71
-0.22
0.43
Consumer Discretionary
6.52
4.61
0.41
Real Estate
2.01
22.49
0.29
Consumer Staples
2.64
-5.96
-0.13
Cash
3.76
0.39
0.02
Unclassified
0.02
-0.88
-0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Health Care Equipment & SuppliesHealth Care1.94
Consumer FinanceFinancials1.73
Electronic Equipment Instruments & ComponentsInformation Technology1.70
Trading Companies & DistributorsIndustrials1.41
Capital MarketsFinancials1.23

Top Detractors

INDUSTRYSECTORGAIN (%)
Commercial Services & SuppliesIndustrials-1.00
Aerospace & DefenseIndustrials-0.62
Electronic Equipment, Instruments & CompInformation Technology-0.20
PharmaceuticalsHealth Care-0.14
Construction & EngineeringIndustrials-0.08

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials1.73
Partners Group HoldingCapital MarketsFinancials0.90
Carl Zeiss MeditecHealth Care Equipment & SuppliesHealth Care0.81
HoribaElectronic Equipment Instruments & ComponentsInformation Technology0.81
TravelSky TechnologyIT ServicesInformation Technology0.70

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
BerendsenCommercial Services & SuppliesIndustrials-0.89
SeniorAerospace & DefenseIndustrials-0.62
Consort MedicalHealth Care Equipment & SuppliesHealth Care-0.42
Burckhardt Compression HoldingMachineryIndustrials-0.40
Azimut HoldingCapital MarketsFinancials-0.39
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
12.69
85.12
8.51
Health Care
16.13
43.03
6.96
Industrials
24.90
20.48
5.80
Information Technology
15.07
15.82
1.95
Consumer Discretionary
12.60
5.35
0.70
Consumer Staples
3.35
6.28
0.43
Materials
6.85
-14.56
-0.24
Energy
1.11
-66.91
-1.83
Real Estate
1.17
-62.92
-1.93
Cash
3.95
0.52
0.02
Unclassified
2.19
56.67
2.20

Top Contributors

INDUSTRYSECTORGAIN (%)
Consumer FinanceFinancials5.46
Health Care Equipment & SuppliesHealth Care4.69
Trading Companies & DistributorsIndustrials3.22
Capital MarketsFinancials3.16
Building ProductsIndustrials2.57

Top Detractors

INDUSTRYSECTORGAIN (%)
Real Estate Management & DevelopmentReal Estate-1.93
MediaConsumer Discretionary-1.35
Aerospace & DefenseIndustrials-1.17
Oil Gas & Consumable FuelsEnergy-1.17
Energy Equipment & ServicesEnergy-0.66

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials5.46
Partners Group HoldingCapital MarketsFinancials2.18
VZ HoldingCapital MarketsFinancials2.06
MISUMI GroupTrading Companies & DistributorsIndustrials2.00
dormakaba HoldingBuilding ProductsIndustrials1.65

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
LPS Brasil Consultoria de ImoveisReal Estate Management & DevelopmentReal Estate-2.21
TOTVSSoftwareInformation Technology-1.59
SeniorAerospace & DefenseIndustrials-1.17
Gaztransport Et TechnigazOil Gas & Consumable FuelsEnergy-1.17
LPKF Laser & ElectronicsElectronic Equipment Instruments & ComponentsInformation Technology-1.14
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
18.29
120.77
21.88
Industrials
21.61
81.26
15.80
Financials
10.73
179.31
13.21
Information Technology
12.85
70.95
7.04
Materials
6.87
37.30
4.83
Consumer Staples
3.85
34.74
2.60
Telecommunication Services
0.00
14.03
0.12
Energy
0.75
-52.83
-1.17
Consumer Discretionary
16.33
-0.07
-1.28
Real Estate
0.84
-73.86
-2.39
Cash
4.84
0.64
0.04
Unclassified
3.04
131.99
5.10

Top Contributors

INDUSTRYSECTORGAIN (%)
Health Care Equipment & SuppliesHealth Care9.24
PharmaceuticalsHealth Care7.54
Capital MarketsFinancials7.33
Consumer FinanceFinancials5.96
MachineryIndustrials5.83

Top Detractors

INDUSTRYSECTORGAIN (%)
Textiles Apparel & Luxury GoodsConsumer Discretionary-3.58
Real Estate Management & DevelopmentReal Estate-2.39
MediaConsumer Discretionary-1.47
Diversified Consumer ServicesConsumer Discretionary-1.41
Aerospace & DefenseIndustrials-1.17

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bajaj FinanceConsumer FinanceFinancials5.91
RecordatiPharmaceuticalsHealth Care4.35
VZ HoldingCapital MarketsFinancials3.74
DiaSorinHealth Care Equipment & SuppliesHealth Care3.46
Partners Group HoldingCapital MarketsFinancials2.78

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Daphne International HoldingsTextiles Apparel & Luxury GoodsConsumer Discretionary-2.75
LPS Brasil Consultoria de ImoveisReal Estate Management & DevelopmentReal Estate-2.67
TOTVSSoftwareInformation Technology-1.55
MegaStudyDiversified Consumer ServicesConsumer Discretionary-1.41
SeniorAerospace & DefenseIndustrials-1.17

Risk

Below Average Volatility vs. Peer Group as of 03/31/17

The Fund has a below average volatility within its peer group of 81 International Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 03/31/17

The Fund outperformed the Russell Glo x US SC during all one downturns of 10% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg
Outperformed in 5 out of 7 down quarters.

Russell Glo x US SC Down Quarters

QUARTER ENDRUSSELL GLO X US SC (%)INTERNATIONAL PREMIER (%)SPREAD (%)
09/30/15-11.2-5.8+5.4
12/31/14-4.5-5.3-0.8
09/30/14-6.2-5.9+0.3
06/30/13-4.5+0.5+5.0
06/30/12-8.5-5.4+3.1
09/30/11-19.4-20.4-1.0
06/30/11-0.2+1.4+1.6

Capture Ratios Fund's First Full Quarter (12/31/10) to 03/31/17

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 03/31/17

Over the past 5 years, the Fund outperformed the Russell Global ex-U.S. Small Cap Index with lower volatility.
Over the past 3 years, the Fund outperformed the Russell Global ex-U.S. Small Cap Index with lower volatility.
From the Fund's inception, the Fund outperformed the Russell Global ex-U.S. Small Cap Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 03/31/17

The Fund beat the Russell Glo x US SC and performed within the top 50% of international small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell Glo x US SC and 75% of international small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
International Premier0.7411.37
Russell Glo x US SC0.5412.30
Category Median0.6612.53
Best Quartile Breakpoint0.7411.65

Category Median and Best Quartile Breakpoint based on 81 international small-cap objective funds (oldest class only) with at least five years of history.
Sharpe Ratio Standard Deviation
International Premier
Russell Glo x US SC
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 12/31/16

mstar-RIPNX

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

  RIPNX Russell Glo x US SC
Average Market Cap
2.01B
1.16B
99%
-
2016 Portfolio Turnover
67%
-
Weighted Average P/E,
23.1x
15.3x
Weighted Average P/B
3.6x
1.6x
Non-U.S. Investments (% of Net Assets)
95.5%
-
U.S. Investments (% of Net Assets)
0.0%
-

Portfolio Allocation

  • Total
    Holdings
    51


SECTORS
RIPNX (%) RUSSELL
GLO X US SC (%)
Industrials
28.7
19.0
Health Care
19.9
6.7
Information Technology
13.5
12.0
Financials
11.4
9.9
Materials
9.8
11.2
Consumer Discretionary
6.0
16.1
Consumer Staples
3.5
6.9
Real Estate
2.6
10.8
Energy
-
3.9
Utilities
-
2.4
Telecommunication Services
-
0.9
Cash and Cash Equivalents
4.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
VZ Holding
3.0
Mayr-Melnhof Karton
2.9
Partners Group Holding
2.9
Meitec Corporation
2.7
Relo Group
2.6
Bajaj Finance
2.6
USS
2.6
Santen Pharmaceutical
2.5
STRATEC Biomedical
2.3
Thermador Groupe
2.3
Victrex
2.1
Clarkson
2.1
Nihon Kohden
2.1
Carl Zeiss Meditec
2.1
Fisher & Paykel Healthcare
2.0
OdontoPrev
2.0
Consort Medical
2.0
ALS
1.9
KWS Saat
1.9
MISUMI Group
1.9
Top 20 as % of Net Assets
46.5

SECTORS
RIPNX (%) RUSSELL
GLO X US SC (%)
Industrials
29.0
-
Health Care
17.9
-
Information Technology
14.2
-
Financials
10.8
-
Materials
9.3
-
Consumer Discretionary
5.8
-
Consumer Staples
3.5
-
Real Estate
2.3
-
Cash and Cash Equivalents
7.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
VZ Holding
3.0
Partners Group Holding
2.9
Mayr-Melnhof Karton
2.7
Meitec Corporation
2.5
Bajaj Finance
2.4
USS
2.4
Relo Group
2.3
Equiniti Group
2.3
Thermador Groupe
2.1
Santen Pharmaceutical
2.1
Berendsen
2.0
dormakaba Holding
2.0
Victrex
2.0
ITE Group
2.0
Carl Zeiss Meditec
1.9
Nihon Kohden
1.9
Clarkson
1.9
STRATEC Biomedical
1.8
MISUMI Group
1.8
Sugi Holdings
1.8
Top 20 as % of Net Assets
43.8

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 Kingdom20.7
Japan19.2
Switzerland10.4
Germany8.0
India5.2
Australia5.2
France4.0
Canada3.5
Brazil3.3
Sweden3.0
Austria2.9
New Zealand2.0
Italy1.7
Denmark1.7
Singapore1.6
Hong Kong1.6
China1.5

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 0.2825 0.0110 - - 0.2935 9.17
12/16/15 12/17/15 12/17/15 0.3165 - - - 0.3165 9.70
12/16/14 12/17/14 12/17/14 0.1584 0.1706 0.1391 - 0.4681 8.61

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 30 days) 2.00

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 0.00
Other expenses 0.38
Total annual Fund operating expenses 1.38
Fee waivers and/or expense reimbursements (0.19)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.19
Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Investment Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.19% through April 30, 2018.

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 may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular
country or region. These risk factors may affect the prices of foreign securities issued by companies headquartered in developing countries more than those headquartered in developed countries. (Please see "Investing in Foreign Securities" in the prospectus.) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see “Primary Risks for Fund Investors” in the prospectus.) The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a 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.)

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 ex-U.S. Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. 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.

Managed by David Nadel since 2010, assistant Mark Rayner since 2014

1/21/2014 12:00:00 AM

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