42

At a Glance

Why invest in International Small-Cap?

  • Uses a fundamentally based, risk-aware approach to invest primarily in non-U.S. small-caps (generally market caps up to $3 billion), a large, diverse, and typically inefficient universe of more than 24,000 companies (Source: FactSet)
  • Employs a bottom-up approach to invest in companies with strong niche businesses, stable management, and sustainable growth patterns trading for less than Royce's estimate of their intrinsic value
  • Seeks companies with strong balance sheets, high returns on invested capital, high insider ownership, and a history of paying dividends

As of 06/30/16

  • Small-Cap
    Core Approach
    $845.2M
    Avg. Market Cap
  • Average
    Volatility
    98%
    Active Share
  • Fund
    Longevity
    8+
    Years of History

Portfolio Management

"We're looking for fundamentally sound non-U.S. companies with strong niche businesses and ample room for growth that also tend to have minimal analyst coverage and often low trading volumes."
Dilip Badlani

Performance

Average Annual Total Returns (%)

Outperformed Russell Global ex-U.S. Small Cap since inception (06/30/08) period as of 06/30/16.
QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Small-Cap -3.63 -1.46-7.290.78-0.973.43 06/30/08
Russell Glo x US SC 0.09 1.01-5.774.061.912.77 N/A

Annual Operating Expenses: Gross 3.98 Net 1.20

AUG YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Small-Cap -0.64 2.384.271.531.353.84 06/30/08
Russell Glo x US SC -0.25 6.388.845.004.703.37 N/A

Annual Operating Expenses: Gross 3.98 Net 1.20

SEP YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Small-Cap 2.20 4.648.690.424.884.09 06/30/08
Russell Glo x US SC 2.86 9.4214.373.338.243.70 N/A

Annual Operating Expenses: Gross 3.98 Net 1.20

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 gross total annual operating expenses and include management fees, and other expenses. Net operating expenses reflect contractual fee waives and/or expense reimbursements. All expense information is reported as of the Fund’s most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Fund's net annual operating expenses at or below 1.29% through April 30, 2016, and at or below 1.74% through April 30, 2025.

All performance and risk information presented in this material prior to the commencement date of Investment Class shares on 1/15/14 reflects Service Class results. Shares of the Fund's Service Class bear an annual distribution expense that is not borne by the Investment Class.

Cumulative Performance since Inception (06/30/08) and Market Cycle Peak

Inception-Current - 06/30/08 - 06/30/16
International Small-Cap31.0%
Russell Glo x US SC24.5%

Peak-Current - 07/03/14 - 06/30/16
International Small-Cap-15.9%
Russell Glo x US SC-9.8%

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 06/30/08 and 06/30/16

International Small-Cap$13,097.26
Russell Glo x US SC$12,445.69

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
21.75
0.80
0.31
Information Technology
16.79
-1.65
0.28
Health Care
4.28
-1.85
0.14
Industrials
18.53
0.63
0.07
Utilities
0.50
3.90
0.02
Telecommunication Services
0.71
-11.64
-0.10
Energy
0.68
-21.70
-0.16
Consumer Discretionary
23.24
-1.43
-0.19
Consumer Staples
5.08
-8.33
-0.27
Materials
4.22
-7.67
-0.28
Cash
4.22
0.06
0.00
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Consumer FinanceFinancials0.49
Real Estate Management & DevelopmentFinancials0.34
Auto ComponentsConsumer Discretionary0.32
Road & RailIndustrials0.26
Electronic Equipment, Instruments & ComponentsInformation Technology0.25

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-0.64
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.49
Food & Staples RetailingConsumer Staples-0.26
Specialty RetailConsumer Discretionary-0.20
IT ServicesInformation Technology-0.17

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Minth GroupAuto ComponentsConsumer Discretionary0.70
Manappuram FinanceConsumer FinanceFinancials0.46
MISUMI GroupTrading Companies & DistributorsIndustrials0.26
Leopalace21 CorporationReal Estate Management & DevelopmentFinancials0.23
Magellan AerospaceAerospace & DefenseIndustrials0.22

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Texwinca HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.35
GCA SavvianCapital MarketsFinancials-0.27
ConvivialityFood & Staples RetailingConsumer Staples-0.26
Hella KGaA Hueck & Co.Auto ComponentsConsumer Discretionary-0.23
KenedixReal Estate Management & DevelopmentFinancials-0.20
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
23.47
6.46
1.22
Consumer Discretionary
24.24
3.49
1.02
Industrials
17.80
6.05
0.97
Materials
4.49
-0.21
0.22
Health Care
3.75
-7.85
0.10
Energy
1.19
-20.92
0.06
Utilities
0.50
-11.95
-0.07
Telecommunication Services
0.35
-11.64
-0.10
Consumer Staples
4.16
-4.32
-0.26
Information Technology
15.73
-8.48
-0.73
Cash
4.31
0.13
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Real Estate Management & DevelopmentFinancials1.49
Auto ComponentsConsumer Discretionary0.74
MediaConsumer Discretionary0.70
Aerospace & DefenseIndustrials0.49
Professional ServicesIndustrials0.46

Top Detractors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology-0.55
Specialty RetailConsumer Discretionary-0.52
Electronic Equipment, Instruments & ComponentsInformation Technology-0.46
Capital MarketsFinancials-0.37
Commercial Services & SuppliesIndustrials-0.24

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Minth GroupAuto ComponentsConsumer Discretionary0.97
T4F EntretenimentoMediaConsumer Discretionary0.85
Morneau ShepellProfessional ServicesIndustrials0.58
Manappuram FinanceConsumer FinanceFinancials0.53
Magellan AerospaceAerospace & DefenseIndustrials0.48

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Banca SistemaBanksFinancials-0.62
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.50
Texwinca HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.47
SPARX GroupCapital MarketsFinancials-0.34
Net 1 UEPS TechnologiesIT ServicesInformation Technology-0.34
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
23.79
9.01
1.67
Health Care
3.86
8.38
0.62
Materials
4.15
-2.49
0.09
Utilities
0.37
2.14
0.02
Consumer Staples
3.60
3.30
-0.02
Energy
1.10
-29.26
-0.10
Telecommunication Services
0.18
-11.64
-0.10
Consumer Discretionary
24.35
-0.03
-0.16
Industrials
19.76
-3.23
-1.58
Information Technology
13.46
-20.17
-2.51
Cash
5.38
0.17
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Real Estate Management & DevelopmentFinancials1.72
Health Care Equipment & SuppliesHealth Care0.67
Household DurablesConsumer Discretionary0.56
Auto ComponentsConsumer Discretionary0.48
Textiles, Apparel & Luxury GoodsConsumer Discretionary0.45

Top Detractors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology-1.66
Specialty RetailConsumer Discretionary-1.24
IT ServicesInformation Technology-0.82
MachineryIndustrials-0.67
Multiline RetailConsumer Discretionary-0.51

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Minth GroupAuto ComponentsConsumer Discretionary0.84
Xtep International HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary0.70
T4F EntretenimentoMediaConsumer Discretionary0.69
Man Wah HoldingsHousehold DurablesConsumer Discretionary0.60
Relo HoldingsReal Estate Management & DevelopmentFinancials0.57

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.85
Banca SistemaBanksFinancials-0.73
Television BroadcastsMediaConsumer Discretionary-0.67
AtentoCommercial Services & SuppliesIndustrials-0.66
Pasona GroupProfessional ServicesIndustrials-0.64
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
17.70
46.12
5.85
Health Care
10.42
38.52
4.61
Industrials
19.12
23.81
2.67
Consumer Discretionary
23.11
8.23
1.69
Consumer Staples
4.32
26.59
1.23
Telecommunication Services
0.11
97.85
0.35
Utilities
0.13
2.14
0.02
Materials
7.23
-11.27
-0.57
Energy
2.87
-44.14
-1.10
Information Technology
10.44
-12.88
-1.29
Cash
4.55
0.22
0.01
Unclassified
0.00
-6.17
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials3.28
PharmaceuticalsHealth Care1.94
Health Care Equipment & SuppliesHealth Care1.82
Real Estate Management & DevelopmentFinancials1.65
MachineryIndustrials1.28

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-1.14
Multiline RetailConsumer Discretionary-1.13
Communications EquipmentInformation Technology-0.99
MediaConsumer Discretionary-0.94
Electronic Equipment, Instruments & ComponentsInformation Technology-0.63

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Value Partners GroupCapital MarketsFinancials1.61
VZ HoldingCapital MarketsFinancials1.38
Relo HoldingsReal Estate Management & DevelopmentFinancials1.09
AIA EngineeringMachineryIndustrials0.98
Magellan AerospaceAerospace & DefenseIndustrials0.94

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
New World Department Store ChinaMultiline RetailConsumer Discretionary-1.12
Globaltrans Investment GDRRoad & RailIndustrials-0.87
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.85
Brasil Brokers ParticipacoesReal Estate Management & DevelopmentFinancials-0.80
Banca SistemaBanksFinancials-0.73
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
12.44
53.41
7.54
Financials
15.71
38.44
4.76
Industrials
16.96
33.56
4.31
Consumer Staples
5.09
59.38
3.29
Consumer Discretionary
21.88
8.23
1.59
Telecommunication Services
0.10
139.95
0.40
Utilities
0.08
2.14
0.02
Information Technology
8.92
-12.09
-2.03
Energy
3.52
-59.60
-2.57
Materials
9.64
-43.34
-6.37
Cash
5.63
0.34
0.02
Unclassified
0.04
-21.66
-0.13

Top Contributors

INDUSTRYSECTORGAIN (%)
PharmaceuticalsHealth Care3.45
MachineryIndustrials2.67
Capital MarketsFinancials2.53
Health Care Equipment & SuppliesHealth Care2.52
Food ProductsConsumer Staples2.38

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-6.00
Energy Equipment & ServicesEnergy-1.69
Diversified Consumer ServicesConsumer Discretionary-1.59
Semiconductors & Semiconductor EquipmentInformation Technology-1.49
Multiline RetailConsumer Discretionary-1.38

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
VZ HoldingCapital MarketsFinancials1.67
Value Partners GroupCapital MarketsFinancials1.63
Relo HoldingsReal Estate Management & DevelopmentFinancials1.09
Pacific Textiles HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary1.09
RecordatiPharmaceuticalsHealth Care1.06

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
LamprellEnergy Equipment & ServicesEnergy-1.43
New World Department Store ChinaMultiline RetailConsumer Discretionary-1.37
SMA Solar TechnologySemiconductors & Semiconductor EquipmentInformation Technology-0.98
E-House (China) Holdings ADRReal Estate Management & DevelopmentFinancials-0.91
Hochschild MiningMetals & MiningMaterials-0.89

Risk

Average Volatility vs. Peer Group as of 06/30/16

The Fund has a average volatility within its peer group of 67 International Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 06/30/16

Market Downturns (%)

DownMarketImg

Russell Glo x US SC Down Quarters

QUARTER ENDRUSSELL GLO X US SC (%)INTERNATIONAL SMALL-CAP (%)SPREAD (%)
09/30/15-11.2-9.3+1.9
12/31/14-4.5-6.4-1.9
09/30/14-6.2-7.0-0.8
06/30/13-4.5-3.8+0.7
06/30/12-8.5-8.2+0.3
09/30/11-19.4-21.4-2.0
06/30/11-0.2-0.6-0.4
06/30/10-8.5-7.6+0.9
03/31/09-6.6-10.3-3.7
12/31/08-24.8-19.2+5.6
09/30/08-25.5-13.5+12.0

Capture Ratios Fund's First Full Quarter (06/30/08) to 06/30/16

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 06/30/16

Over the past 5 years, the Fund produced lower volatility than the Russell Global ex-U.S. Small Cap Index.
Over the past 3 years, the Fund produced lower volatility than the Russell Global ex-U.S. Small Cap Index.
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 06/30/16

The Fund produced lower volatility than the Russell Glo x US SC and 50% of international small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
International Small-Cap0.0115.19
Russell Glo x US SC0.2015.15
Category Median0.3214.98
Best Quartile Breakpoint0.4414.00

Category Median and Best Quartile Breakpoint based on 67 international small-cap objective funds (oldest class only) with at least five years of history.
Sharpe Ratio Standard Deviation
International Small-Cap
Russell Glo x US SC
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-RISNX

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

  RISNX Russell Glo x US SC
Average Market Cap
845.2M
985.8M
98%
-
2015 Portfolio Turnover
116%
-
Weighted Average P/E,
14.9x
14.0x
Weighted Average P/B
2.0x
1.5x
Non-U.S. Investments (% of Net Assets)
85.2%
-
U.S. Investments (% of Net Assets)
0.0%
-

Portfolio Allocation

  • Total
    Holdings
    99


SECTORS
RISNX (%) RUSSELL
GLO X US SC (%)
Consumer Discretionary
21.6
16.6
Financials
17.3
20.7
Industrials
16.5
18.4
Information Technology
13.6
11.7
Consumer Staples
7.1
7.5
Materials
3.5
10.6
Health Care
3.4
7.5
Telecommunication Services
1.1
0.9
Energy
0.6
3.7
Utilities
0.5
2.4
Cash and Cash Equivalents
14.8
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Minth Group
2.1
Magellan Aerospace
2.1
T4F Entretenimento
1.9
McBride
1.5
Leopalace21 Corporation
1.4
AURELIUS SE & Co. KGaA
1.4
Industrias Bachoco ADR
1.3
Koh Young Technology
1.3
Computacenter
1.3
MISUMI Group
1.3
SPARX Group
1.2
kabu.com Securities
1.2
Skyworth Digital Holdings
1.2
Texwinca Holdings
1.2
Hanssem
1.2
Hilton Food Group
1.2
Modetour Network
1.1
CJ Korea Express
1.1
Sun Frontier Fudousan
1.1
Selamat Sempurna
1.1
Top 20 as % of Net Assets
27.2

SECTORS
RISNX (%) RUSSELL
GLO X US SC (%)
Consumer Discretionary
19.7
-
Financials
19.6
-
Industrials
18.1
-
Information Technology
14.5
-
Materials
8.8
-
Consumer Staples
8.0
-
Health Care
3.3
-
Telecommunication Services
1.2
-
Energy
0.6
-
Utilities
0.5
-
Cash and Cash Equivalents
5.8
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Magellan Aerospace
2.0
Minth Group
1.9
T4F Entretenimento
1.5
Industrias Bachoco ADR
1.5
Canfor Corporation
1.5
Koh Young Technology
1.5
McBride
1.5
Leopalace21 Corporation
1.4
Conviviality
1.4
Computacenter
1.4
AURELIUS
1.4
MISUMI Group
1.3
Hanssem
1.3
Sandstorm Gold
1.2
Krungthai Card PCL
1.2
Micro Focus International
1.2
SPARX Group
1.2
kabu.com Securities
1.2
Texwinca Holdings
1.2
Hilton Food Group
1.2
Top 20 as % of Net Assets
28.0

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)
Japan14.3
United Kingdom12.0
Hong Kong10.0
China6.9
Canada6.0
Germany5.5
South Korea5.4
India3.5
Taiwan3.0
Italy2.3
Mexico2.1
Brazil1.9
Sweden1.7
France1.6
Austria1.5
Spain1.3
New Zealand1.2
Indonesia1.1
Australia1.1
Ireland1.0
United Arab Emirates (U.A.E.)0.8
Malaysia0.6
Finland0.4

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 ($) REINVEST
PRICE ($)
12/16/15 12/17/15 12/17/15 0.2271 - 0.0001 - 0.2272 7.44
12/16/14 12/17/14 12/17/14 0.2533 0.5013 0.5734 - 1.3280 7.73

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 2.97
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 3.98
Fee waivers and/or expense reimbursements (2.78)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.20
Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

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, currency 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.) In addition, as of 06/30/16 the Fund invested 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 of these stocks would cause the Fund’s overall value to decline to a greater degree. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (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.

Co-managed by Jim Harvey and Dilip Badlani (assistant portfolio manager 2013-2015) since 2015

1/21/2014 12:00:00 AM

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