1
03/31/15
04/30/15
05/29/15
10/31/1972

At a Glance

Why invest in Pennsylvania Mutual?

  • Investment goal of long-term growth of capital
  • Broadly diversified portfolio, disciplined value approach
  • Invests primarily in small-cap stocks, up to $3 billion
  • Managed by Chuck Royce since 1972, assistants Jay Kaplan since 2003 and Lauren Romeo since 2006

As of 03/31/15

Portfolio Management



Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 15-Year, 20-Year and 30-Year periods as of 03/31/15.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR 40YR
Pennsylvania Mutual 1.15 1.15 0.11 11.57 11.64 8.17 10.63 11.16 11.21 14.95
Russell 2000 4.32 4.32 8.21 16.27 14.57 8.82 7.19 9.62 9.95 N/A

Annual Operating Expenses: 0.92

APR YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR 40YR
Pennsylvania Mutual -1.14 0.00 1.29 11.83 10.28 8.65 10.48 10.96 11.19 14.58
Russell 2000 -2.55 1.65 9.71 15.87 12.73 9.18 7.45 9.36 9.90 N/A

Annual Operating Expenses: 0.92

MAY YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR 40YR
Pennsylvania Mutual 0.38 0.38 1.40 14.00 11.91 8.16 10.72 10.92 11.11 13.94
Russell 2000 2.28 3.98 10.78 18.66 15.04 8.73 8.34 9.38 9.86 N/A

Annual Operating Expenses: 0.92

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 1% 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. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees, other expenses, and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investment in mutual funds, hedge funds, private equity funds, and other investment companies.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 95% of all 10-Year periods; 78% of all 5-Year periods; 73% of all 3-Year periods; and 59% of all 1-Year periods.

For 100% of the periods, 10-year average annual total returns were greater than 5%; For 84% of the periods, 10-year average annual total returns were greater than 10%.

Relative Returns: Monthly Rolling Average Annual Return Periods 15 Years Through 03/31/15

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
58/61
95 9.5 7.6
5-year
94/121
78 9.7 7.8
3-year
106/145
73 10.6 8.7
1-year
99/169
59 12.4 9.8

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since 11/30/72

Return Range Periods % in Range
> 10% 325 84
> 5% and ≤ 10% 64 16
> 0% and ≤ 5% 0 0
≤ 0% 0 0

The Fund averaged a 14.1% return over all 389 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 3/9/00 index peak through 3/31/15 and in each of the two previous full market cycle periods.
Peak-Peak - 03/09/2000 - 07/13/2007
Pennsylvania Mutual207.1%
Russell 200054.8%

Peak-Peak - 07/13/2007 - 04/29/2011
Pennsylvania Mutual11.6%
Russell 20006.6%

Peak-Current - 04/29/2011 - 03/31/2015
Pennsylvania Mutual33.7%
Russell 200052.9%

Royce defines market cycles as peak-to-peak periods in which a peak is the market high prior to a decline of at least 15%. 

Royce defines market cycles as peak-to-peak periods in which a peak is the market high prior to a decline of at least 15%. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/31/78 and 03/31/15

Pennsylvania Mutual$889,976.94
Russell 2000$592,771.72

The since inception performance above dates to the inception of the Russell 2000 on 12/31/1978.

Portfolio Impactas of 03/31/15

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
22.20
3.14
0.76
Health Care
5.47
11.21
0.58
Consumer Discretionary
15.69
3.57
0.56
Consumer Staples
2.15
10.13
0.22
Industrials
24.85
0.78
0.18
Financials
11.95
0.07
0.01
Utilities
0.01
-13.61
0.00
Telecommunication Services
0.18
-6.41
-0.01
Materials
9.85
-1.55
-0.20
Energy
5.35
-11.15
-0.66
Cash
2.29
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
SoftwareInformation Technology0.34
Electronic Equipment, Instruments & ComponentsInformation Technology0.29
Specialty RetailConsumer Discretionary0.28
Personal ProductsConsumer Staples0.25
Capital MarketsFinancials0.25

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.63
Electrical EquipmentIndustrials-0.29
Thrifts & Mortgage FinanceFinancials-0.21
Metals & MiningMaterials-0.17
Communications EquipmentInformation Technology-0.13

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples0.21
Drew IndustriesAuto ComponentsConsumer Discretionary0.16
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology0.14
AllianceBernstein Holding L.P.Capital MarketsFinancials0.12
RBC BearingsMachineryIndustrials0.11

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Genworth MI CanadaThrifts & Mortgage FinanceFinancials-0.19
TidewaterEnergy Equipment & ServicesEnergy-0.13
Balchem CorporationChemicalsMaterials-0.13
Pason SystemsEnergy Equipment & ServicesEnergy-0.11
GrafTech InternationalElectrical EquipmentIndustrials-0.11
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
22.20
3.14
0.76
Health Care
5.47
11.21
0.58
Consumer Discretionary
15.69
3.57
0.56
Consumer Staples
2.15
10.13
0.22
Industrials
24.85
0.78
0.18
Financials
11.95
0.07
0.01
Utilities
0.01
-13.61
0.00
Telecommunication Services
0.18
-6.41
-0.01
Materials
9.85
-1.55
-0.20
Energy
5.35
-11.15
-0.66
Cash
2.29
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
SoftwareInformation Technology0.34
Electronic Equipment, Instruments & ComponentsInformation Technology0.29
Specialty RetailConsumer Discretionary0.28
Personal ProductsConsumer Staples0.25
Capital MarketsFinancials0.25

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.63
Electrical EquipmentIndustrials-0.29
Thrifts & Mortgage FinanceFinancials-0.21
Metals & MiningMaterials-0.17
Communications EquipmentInformation Technology-0.13

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples0.21
Drew IndustriesAuto ComponentsConsumer Discretionary0.16
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology0.14
AllianceBernstein Holding L.P.Capital MarketsFinancials0.12
RBC BearingsMachineryIndustrials0.11

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Genworth MI CanadaThrifts & Mortgage FinanceFinancials-0.19
TidewaterEnergy Equipment & ServicesEnergy-0.13
Balchem CorporationChemicalsMaterials-0.13
Pason SystemsEnergy Equipment & ServicesEnergy-0.11
GrafTech InternationalElectrical EquipmentIndustrials-0.11
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.91
12.03
2.64
Consumer Discretionary
15.29
9.44
1.53
Health Care
6.28
19.46
1.07
Financials
11.71
1.21
0.18
Utilities
0.01
9.86
0.00
Telecommunication Services
0.17
-14.04
-0.03
Consumer Staples
2.01
-3.58
-0.05
Industrials
24.21
-0.88
-0.07
Materials
10.47
-6.52
-0.84
Energy
6.67
-40.42
-3.33
Cash
2.25
0.02
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology0.99
SoftwareInformation Technology0.75
Specialty RetailConsumer Discretionary0.64
Semiconductors & Semiconductor EquipmentInformation Technology0.63
Health Care Equipment & SuppliesHealth Care0.39

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-3.28
Metals & MiningMaterials-0.85
Electrical EquipmentIndustrials-0.77
Diversified Financial ServicesFinancials-0.30
Thrifts & Mortgage FinanceFinancials-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Core-Mark Holding CompanyDistributorsConsumer Discretionary0.32
DTSElectronic Equipment, Instruments & ComponentsInformation Technology0.27
Sapient CorporationIT ServicesInformation Technology0.26
SEI InvestmentsCapital MarketsFinancials0.21
Fair IsaacSoftwareInformation Technology0.19

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-0.66
Pason SystemsEnergy Equipment & ServicesEnergy-0.31
TidewaterEnergy Equipment & ServicesEnergy-0.28
KBRConstruction & EngineeringIndustrials-0.26
CARBO CeramicsEnergy Equipment & ServicesEnergy-0.24
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.26
39.35
10.83
Consumer Discretionary
15.20
65.02
9.40
Information Technology
20.83
46.28
8.99
Financials
11.13
59.88
5.92
Health Care
6.97
72.78
4.57
Consumer Staples
1.76
88.31
1.40
Materials
9.24
7.17
1.02
Energy
7.25
-7.78
0.77
Utilities
0.00
8.55
0.00
Telecommunication Services
0.13
5.99
-0.01
Cash
2.21
0.15
0.00
Unclassified
0.00
0.07
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials3.96
Capital MarketsFinancials3.80
Electronic Equipment, Instruments & ComponentsInformation Technology3.20
SoftwareInformation Technology2.22
Textiles, Apparel & Luxury GoodsConsumer Discretionary1.90

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-0.91
Diversified Financial ServicesFinancials-0.30
Containers & PackagingMaterials-0.10
Industrial ConglomeratesIndustrials-0.07
Communications EquipmentInformation Technology-0.04

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SEI InvestmentsCapital MarketsFinancials0.71
Helmerich & PayneEnergy Equipment & ServicesEnergy0.69
Manhattan AssociatesSoftwareInformation Technology0.68
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology0.67
AllianceBernstein Holding L.P.Capital MarketsFinancials0.63

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
KBRConstruction & EngineeringIndustrials-0.42
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.37
GrafTech InternationalElectrical EquipmentIndustrials-0.36
ADTRANCommunications EquipmentInformation Technology-0.29
TidewaterEnergy Equipment & ServicesEnergy-0.28
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
24.30
98.80
24.76
Information Technology
19.75
84.17
16.53
Consumer Discretionary
14.92
97.61
13.92
Financials
12.16
75.96
8.31
Health Care
7.49
105.68
6.66
Energy
7.76
27.22
5.48
Materials
8.51
22.18
3.19
Consumer Staples
1.96
163.21
2.51
Government Bonds
0.00
-10.23
0.00
Utilities
0.01
-6.68
-0.01
Telecommunication Services
0.12
11.90
-0.03
Cash
3.02
0.32
0.01
Unclassified
0.00
53.77
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials9.17
Electronic Equipment, Instruments & ComponentsInformation Technology5.94
InsuranceFinancials4.73
Specialty RetailConsumer Discretionary4.52
Energy Equipment & ServicesEnergy4.23

Top Detractors

INDUSTRYSECTORGAIN (%)
Diversified Consumer ServicesConsumer Discretionary-0.25
Diversified Financial ServicesFinancials-0.09
Real Estate Investment Trusts (REITs)Financials-0.03
Diversified Telecommunication ServicesTelecommunication Services-0.02
Independent Power and Renewable Electricity ProducersUtilities-0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Advisory Board (The)Professional ServicesIndustrials1.30
Helmerich & PayneEnergy Equipment & ServicesEnergy1.23
HEICO CorporationAerospace & DefenseIndustrials1.08
Dorman ProductsAuto ComponentsConsumer Discretionary1.05
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.05

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Artio Global Investors Cl. ACapital MarketsFinancials-0.61
MoneyGram InternationalIT ServicesInformation Technology-0.55
Corinthian CollegesDiversified Consumer ServicesConsumer Discretionary-0.41
ManTech International Cl. AIT ServicesInformation Technology-0.37
TidewaterEnergy Equipment & ServicesEnergy-0.34

Risk

Down Market Performance Comparisonas of 03/31/15

The Fund outperformed the Russell 2000 during nine out of 10 downturns of 7.5% or more from the index’s prior historical high over the last 15 years.

Market Downturns (%)

Outperformed in 14 out of 21 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)PENNSYLVANIA MUTUAL (%)SPREAD (%)
09/30/14-7.4-7.6-0.2
06/30/12-3.5-7.2-3.7
09/30/11-21.9-21.1+0.8
06/30/11-1.6-1.8-0.2
06/30/10-9.9-8.5+1.4
03/31/09-15.0-12.0+3.0
12/31/08-26.1-26.10.0
09/30/08-1.1-7.2-6.1
03/31/08-9.9-6.3+3.6
12/31/07-4.6-3.8+0.8
09/30/07-3.1-2.9+0.2
06/30/06-5.0-5.2-0.2
03/31/05-5.3-0.7+4.6
09/30/04-2.9+0.9+3.8
03/31/03-4.5-5.5-1.0
09/30/02-21.4-17.4+4.0
06/30/02-8.4-4.9+3.5
09/30/01-20.8-14.9+5.9
03/31/01-6.5-0.1+6.4
12/31/00-6.9+3.3+10.2
06/30/00-3.8+3.7+7.5

Capture Ratios From 12/31/78 (Russell 2000 Inception) to 03/31/15

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 03/31/15

Over the past 10 years, the Fund produced lower volatility than the Russell 2000.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000.
Over the past 3 years, the Fund produced lower volatility than the Russell 2000.

Go to Relative Risk Spectrum Tool

The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.

Morningstar Statistical Measures as of 03/31/15

Sharpe RatioStandard Deviation
Pennsylvania Mutual0.4418.98
Russell 20000.4619.76
Category Median0.4519.37
Best Quartile Breakpoint0.5118.53

Category Median and Best Quartile Breakpoint based on 302 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Pennsylvania Mutual
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™ as of 12/31/14

mstar-PENNX

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.

Market Cap Exposureas of 03/31/15

  • Avg.
    Market Cap
    $1.69B

Diagnosticsas of 03/31/15

Weighted Avg. P/E,
19.0x
Weighted Avg. P/B
2.5x
2014 Portfolio Turnover
21%
85%

Portfolio Allocation

  • Broadly
    Diversified
     
  • Total
    Holdings
    398
  • Holdings ≥ 75%
    of Total Investments
    157

Top 200 holdings represented 85% of the Fund's equity investments as of 03/31/15.

SECTORS
PENNX (%) RUSSELL
2000 (%)
Industrials
24.7
13.6
Information Technology
21.8
17.9
Consumer Discretionary
15.2
14.0
Financials
12.1
23.7
Materials
9.6
4.4
Health Care
6.2
15.6
Energy
4.9
3.4
Consumer Staples
2.3
3.2
Telecommunication Services
0.2
0.7
Utilities
0.0
3.5
Bonds & Preferreds
0.0
-
Cash and Cash Equivalents
3.0
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Reliance Steel & Aluminum
1.0
HEICO Corporation
0.9
Ritchie Bros. Auctioneers
0.9
Thor Industries
0.8
Genesco
0.8
Buckle (The)
0.8
Applied Industrial Technologies
0.7
Forward Air
0.7
SEACOR Holdings
0.7
RBC Bearings
0.7
SEI Investments
0.7
Copart
0.7
Drew Industries
0.7
Federated Investors Cl. B
0.7
Core-Mark Holding Company
0.7
MTS Systems
0.7
Coherent
0.7
DTS
0.7
National Instruments
0.7
Genworth MI Canada
0.6
Top 20 as % of Net Assets
14.9

SECTORS
PENNX (%) RUSSELL
2000 (%)
Industrials
24.7
-
Information Technology
21.6
-
Consumer Discretionary
15.1
-
Financials
12.8
-
Materials
10.0
-
Health Care
6.1
-
Energy
5.7
-
Consumer Staples
2.4
-
Telecommunication Services
0.2
-
Utilities
0.0
-
Cash and Cash Equivalents
1.4
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Reliance Steel & Aluminum
1.1
Ritchie Bros. Auctioneers
0.9
Thor Industries
0.8
Genworth MI Canada
0.8
HEICO Corporation
0.8
Genesco
0.8
SEACOR Holdings
0.7
DTS
0.7
Buckle (The)
0.7
Stella-Jones
0.7
Applied Industrial Technologies
0.7
SEI Investments
0.7
Forward Air
0.7
RBC Bearings
0.7
Quaker Chemical
0.7
Drew Industries
0.7
Federated Investors Cl. B
0.7
Copart
0.7
MTS Systems
0.6
Tennant Company
0.6
Top 20 as % of Net Assets
14.8

Portfolio Holdings

View the complete list of holdings for this fund as of 03/31/15. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap

Greatest Portfolio Overlap

Geographical Breakdown

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 ($) REINVEST
PRICE ($)
12/16/14 12/17/14 12/17/14 0.0468 0.0660 1.4702 - 1.5830 12.65
12/04/13 12/05/13 12/05/13 0.0013 0.1391 0.6517 - 0.7921 14.16
12/27/12 12/28/12 12/28/12 0.0387 - - - 0.0387 11.27
12/05/12 12/06/12 12/06/12 0.1145 0.0344 0.6141 - 0.7630 11.16
12/07/11 12/08/11 12/08/11 0.0194 - 0.3797 - 0.3991 10.62
12/08/10 12/09/10 12/09/10 0.0538 - - - 0.0538 11.41
12/08/09 12/09/09 12/09/09 0.0076 - - - 0.0076 9.09

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) 1.00

Annual Fund Operating Expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

Management fees 0.75
Distribution (12b-1) fees 0.00
Other expenses 0.16
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 0.92
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 carefully before investing or sending money. 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.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" 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 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. Please read the prospectus for a more complete discussion of risk. 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 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

10/31/1972 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: