Royce Small-Cap Value Fund (RYVFX, RVVHX, RVFCX, RVFIX, RVFKX, RVVRX)
188

At a Glance

Why invest in Small-Cap Value?

  • Small-cap value fund (generally market caps up to $3 billion) that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors
  • Pursues opportunities when expectations are low and focuses on industries where Royce sees the greatest number of compelling bargains
  • Outperformed its benchmark, the Russell 2000 Index, in 61% of all monthly rolling 10-year periods since inception through 9/30/17

Fund Materials

PDF Factsheet
Link Summary Prospectus
Link Prospectus
Link Semiannual Report
Link Annual Report
Prospectuses & Reports
Manager Commentary

See All

As of 09/30/17

  • Small-Cap
    Value Approach
    $1.25B
    Avg. Market Cap
  • Average
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    14+
    Years on Fund

Portfolio Management

"My goal is to find companies where expectations built into the current valuation are too low relative to what I believe is far more likely to happen."
Jay Kaplan

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 15-Year and since inception (06/14/01) periods as of 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value 5.20 0.8013.383.627.555.0212.319.62 06/14/01
Russell 2000 5.67 10.9420.7412.1813.797.8511.378.44 N/A

Annual Operating Expenses: 1.24

OCT YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value 0.40 1.2018.352.617.844.8511.579.60 06/14/01
Russell 2000 0.85 11.8927.8510.1214.497.6311.198.45 N/A

Annual Operating Expenses: 1.24

NOV YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value 1.97 3.198.813.108.315.9511.269.69 06/14/01
Russell 2000 0.12 12.0215.8110.2315.208.7210.908.42 N/A

Annual Operating Expenses: 1.24

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 and other expenses.

All performance and risk information presented in this material prior to the date of commencement of Investment Class shares on 3/15/07 reflects Service Class results. Shares of the Fund's Service Class bear an annual distribution expense that is not borne by the Investment Class.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 61% of all 10-Year periods; 57% of all 5-Year periods; and 54% of all 1-Year periods.

For 88% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 09/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
46/76
61 9.0 7.8
5-year
77/136
57 9.8 8.8
1-year
100/184
54 11.6 10.6

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 37 49
> 5% and ≤ 10% 30 39
> 0% and ≤ 5% 9 12
≤ 0% 0 0

The Fund averaged a 9.0% return over all 76 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Small-Cap Value18.4%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Small-Cap Value22.6%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Small-Cap Value3.7%
Russell 200018.9%

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 06/14/01 and 09/30/17

Small-Cap Value$44,680.24
Russell 2000$37,423.66

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
22.88
7.72
1.76
Information Technology
20.48
6.06
1.33
Industrials
24.10
3.08
1.16
Consumer Discretionary
13.05
7.69
0.90
Health Care
2.47
13.96
0.30
Energy
2.45
4.28
0.13
Utilities
1.16
5.77
0.07
Real Estate
2.06
2.39
0.04
Consumer Staples
1.89
-3.63
-0.08
Cash
9.46
0.26
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials1.05
Electronic Equipment, Instruments & ComponentsInformation Technology0.86
BanksFinancials0.73
Thrifts & Mortgage FinanceFinancials0.63
Commercial Services & SuppliesIndustrials0.58

Top Detractors

INDUSTRYSECTORGAIN (%)
AirlinesIndustrials-0.85
Building ProductsIndustrials-0.23
Technology Hardware, Storage & PeripheralsInformation Technology-0.18
Household DurablesConsumer Discretionary-0.11
Food & Staples RetailingConsumer Staples-0.08

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Supreme Industries Cl. AMachineryIndustrials0.48
StoneridgeAuto ComponentsConsumer Discretionary0.40
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.36
OrbotechElectronic Equipment, Instruments & ComponentsInformation Technology0.36
Kimball International Cl. BCommercial Services & SuppliesIndustrials0.33

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Spirit AirlinesAirlinesIndustrials-0.84
Greenhill & Co.Capital MarketsFinancials-0.32
Apogee EnterprisesBuilding ProductsIndustrials-0.27
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology-0.19
Super Micro ComputerTechnology Hardware, Storage & PeripheralsInformation Technology-0.18
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.31
10.10
2.64
Financials
22.44
10.70
2.40
Information Technology
17.16
10.60
2.08
Health Care
1.75
-5.66
0.22
Utilities
0.73
8.81
0.20
Real Estate
1.52
4.77
0.10
Consumer Staples
1.92
-17.71
-0.39
Energy
3.23
-39.05
-1.90
Consumer Discretionary
17.41
-12.17
-3.42
Cash
11.54
0.63
0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials1.52
Electronic Equipment, Instruments & ComponentsInformation Technology1.06
Capital MarketsFinancials0.87
Thrifts & Mortgage FinanceFinancials0.83
Professional ServicesIndustrials0.73

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.77
Energy Equipment & ServicesEnergy-1.90
AirlinesIndustrials-1.14
Food & Staples RetailingConsumer Staples-0.39
Technology Hardware, Storage & PeripheralsInformation Technology-0.24

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Wabash NationalMachineryIndustrials0.67
Korn/Ferry InternationalProfessional ServicesIndustrials0.66
Moelis & Company Cl. ACapital MarketsFinancials0.63
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.63
American WoodmarkBuilding ProductsIndustrials0.61

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Matrix ServiceEnergy Equipment & ServicesEnergy-1.16
Spirit AirlinesAirlinesIndustrials-1.13
Hibbett SportsSpecialty RetailConsumer Discretionary-0.90
GenescoSpecialty RetailConsumer Discretionary-0.63
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.53
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
21.79
35.73
7.54
Financials
22.30
34.65
7.13
Information Technology
16.25
22.32
3.37
Health Care
1.82
7.48
0.48
Utilities
0.54
18.26
0.20
Real Estate
1.13
4.77
0.10
Consumer Staples
1.86
-19.99
-0.44
Energy
3.59
-24.12
-0.80
Consumer Discretionary
19.03
-9.58
-2.40
Cash
11.68
0.74
0.09

Top Contributors

INDUSTRYSECTORGAIN (%)
BanksFinancials2.71
MachineryIndustrials2.17
Professional ServicesIndustrials2.02
Capital MarketsFinancials1.88
Thrifts & Mortgage FinanceFinancials1.72

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.57
Energy Equipment & ServicesEnergy-0.80
Food & Staples RetailingConsumer Staples-0.44
AirlinesIndustrials-0.08
Personal ProductsConsumer Staples0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Korn/Ferry InternationalProfessional ServicesIndustrials1.76
Moelis & Company Cl. ACapital MarketsFinancials1.53
SaiaRoad & RailIndustrials0.92
Vishay IntertechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.84
TrustCo Bank Corp. NYThrifts & Mortgage FinanceFinancials0.75

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Hibbett SportsSpecialty RetailConsumer Discretionary-1.07
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.98
American Eagle OutfittersSpecialty RetailConsumer Discretionary-0.68
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.67
Matrix ServiceEnergy Equipment & ServicesEnergy-0.66
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
16.84
63.79
10.78
Information Technology
19.88
63.93
10.44
Industrials
17.98
38.65
7.21
Health Care
1.99
38.77
1.33
Consumer Staples
2.36
20.28
1.31
Materials
2.70
13.89
0.22
Utilities
0.18
18.26
0.20
Real Estate
0.38
4.77
0.10
Consumer Discretionary
25.34
-21.18
-6.85
Energy
5.57
-63.05
-8.12
Cash
6.78
0.99
0.11

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology5.13
BanksFinancials3.96
InsuranceFinancials2.68
MachineryIndustrials2.48
Capital MarketsFinancials2.17

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-9.17
Energy Equipment & ServicesEnergy-8.07
Multiline RetailConsumer Discretionary-1.09
Paper & Forest ProductsMaterials-0.24
Metals & MiningMaterials-0.20

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology2.62
Gentex CorporationAuto ComponentsConsumer Discretionary1.70
Reinsurance Group of AmericaInsuranceFinancials1.68
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.66
Moelis & Company Cl. ACapital MarketsFinancials1.60

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-3.23
Atwood OceanicsEnergy Equipment & ServicesEnergy-2.11
Buckle (The)Specialty RetailConsumer Discretionary-1.89
Matrix ServiceEnergy Equipment & ServicesEnergy-1.25
GenescoSpecialty RetailConsumer Discretionary-1.21
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
15.43
158.41
18.91
Information Technology
19.25
113.15
16.54
Industrials
14.19
90.56
11.50
Health Care
3.45
102.02
3.91
Consumer Staples
2.26
47.25
3.64
Consumer Discretionary
26.02
3.72
3.56
Utilities
0.11
18.26
0.20
Real Estate
0.23
4.77
0.10
Energy
7.68
-44.85
-1.59
Materials
5.97
3.12
-3.47
Cash
5.10
1.09
0.11
Unclassified
0.30
81.54
2.10

Top Contributors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials6.42
Electronic Equipment, Instruments & ComponentsInformation Technology6.35
Textiles, Apparel & Luxury GoodsConsumer Discretionary5.18
Semiconductors & Semiconductor EquipmentInformation Technology5.07
Capital MarketsFinancials4.95

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-6.05
Metals & MiningMaterials-5.16
Energy Equipment & ServicesEnergy-1.95
Multiline RetailConsumer Discretionary-1.09
Electrical EquipmentIndustrials-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
GameStop Corporation Cl. ASpecialty RetailConsumer Discretionary3.53
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples3.18
Reinsurance Group of AmericaInsuranceFinancials3.15
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary2.61
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology2.51

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Atwood OceanicsEnergy Equipment & ServicesEnergy-2.63
Allied Nevada GoldMetals & MiningMaterials-2.09
Ascena Retail GroupSpecialty RetailConsumer Discretionary-1.99
Unit CorporationEnergy Equipment & ServicesEnergy-1.68
Matrix ServiceEnergy Equipment & ServicesEnergy-1.25

Risk

Average Volatility vs. Peer Group as of 09/30/17

The Fund has a average volatility within its peer group of 523 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 09/30/17

The Fund outperformed the Russell 2000 during all three downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)SMALL-CAP VALUE (%)SPREAD (%)
03/31/16-1.5+9.4+10.9
09/30/15-11.9-10.9+1.0
09/30/14-7.4-5.5+1.9
06/30/12-3.5-11.1-7.6
09/30/11-21.9-21.90.0
06/30/11-1.6-3.4-1.8
06/30/10-9.9-8.1+1.8
03/31/09-15.0-6.0+9.0
12/31/08-26.1-27.2-1.1
09/30/08-1.1-16.2-15.1
03/31/08-9.9+0.3+10.2
12/31/07-4.6-4.4+0.2
09/30/07-3.1-4.5-1.4
06/30/06-5.0-5.9-0.9
03/31/05-5.3-0.6+4.7
09/30/04-2.9+2.4+5.3
03/31/03-4.5+2.1+6.6

Capture Ratios Fund's First Full Quarter (06/30/01) to 09/30/17

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 09/30/17

Over the past 5 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 3 years, the Fund produced lower volatility than the Russell 2000 Index.
From the Fund's inception, the Fund outperformed the Russell 2000 Index.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/17

The Fund produced lower volatility than the Russell 2000, 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.
Sharpe RatioStandard Deviation
Small-Cap Value0.3320.16
Russell 20000.4620.06
Category Median0.4519.74
Best Quartile Breakpoint0.5018.82

Category Median and Best Quartile Breakpoint based on 421 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Small-Cap Value
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/17

mstar-RVVHX

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 09/30/17

  RVVHX Russell 2000
Average Market Cap
1.25B
1.76B
97%
-
2016 Portfolio Turnover
56%
-
Weighted Average P/E,
16.6x
22.6x
Weighted Average P/B
2.0x
2.3x
U.S. Investments (% of Net Assets)
82.7%
-
Non-U.S. Investments (% of Net Assets)
9.4%
-

Portfolio Allocation

  • Total
    Holdings
    72


SECTORS
RVVHX (%) RUSSELL
2000 (%)
Industrials
25.0
15.1
Information Technology
22.3
16.8
Financials
21.4
18.1
Consumer Discretionary
13.4
11.9
Energy
2.7
3.7
Health Care
2.1
15.5
Real Estate
2.1
7.2
Consumer Staples
1.9
2.7
Utilities
1.3
3.6
Materials
-
4.4
Telecommunication Services
-
0.8
Cash and Cash Equivalents
7.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
2.4
Vishay Intertechnology
2.3
PC Connection
2.2
Insight Enterprises
2.2
Gentex Corporation
2.2
Wabash National
2.2
Federated Investors Cl. B
2.2
Celestica
2.1
Marcus & Millichap
2.1
Fabrinet
2.1
Miller Industries
2.0
Spirit Airlines
2.0
Village Super Market Cl. A
1.9
Kimball International Cl. B
1.9
Saga Communications Cl. A
1.8
Moelis & Company Cl. A
1.8
Heidrick & Struggles International
1.7
Stoneridge
1.7
Allegiant Travel
1.6
Unit Corporation
1.6
Top 20 as % of Net Assets
40.0

SECTORS
RVVHX (%) RUSSELL
2000 (%)
Industrials
26.5
-
Information Technology
22.8
-
Financials
21.0
-
Consumer Discretionary
14.0
-
Energy
2.6
-
Real Estate
2.2
-
Health Care
2.2
-
Consumer Staples
1.9
-
Utilities
1.3
-
Cash and Cash Equivalents
5.6
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Vishay Intertechnology
2.8
Genworth MI Canada
2.5
Federated Investors Cl. B
2.3
Spirit Airlines
2.3
Marcus & Millichap
2.2
Insight Enterprises
2.2
Gentex Corporation
2.2
PC Connection
2.2
Wabash National
2.2
Fabrinet
2.1
Heidrick & Struggles International
2.1
Celestica
2.1
Miller Industries
2.0
Village Super Market Cl. A
1.9
Saga Communications Cl. A
1.8
Allegiant Travel
1.7
Super Micro Computer
1.6
Kulicke & Soffa Industries
1.6
AMN Healthcare Services
1.5
EnerSys
1.5
Top 20 as % of Net Assets
40.8

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/17. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap - U.S. Equity Funds

Greatest Portfolio Overlap - U.S. Equity Funds

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 ($) REINVEST
PRICE ($)
12/14/16 12/15/16 12/15/16 0.0815 - 0.5011 - 0.5826 10.12
12/16/15 12/17/15 12/17/15 0.0899 0.0600 1.5940 - 1.7439 8.75
12/16/14 12/17/14 12/17/14 0.0302 0.4014 1.2648 - 1.6964 11.47
12/04/13 12/05/13 12/05/13 0.0312 0.5294 0.4425 - 1.0031 13.04
12/05/12 12/06/12 12/06/12 0.1436 0.0070 0.5186 - 0.6692 11.12
12/07/11 12/08/11 12/08/11 0.0692 - 0.7472 - 0.8164 10.93
12/08/10 12/09/10 12/09/10 0.0413 - - - 0.0413 12.40

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 1.00
Distribution (12b-1) fees 0.00
Other expenses 0.24
Total annual Fund operating expenses 1.24

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 invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. In addition, as of 09/30/17 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.(Please see "Primary Risks for Fund Investors" in the prospectus.) 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 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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 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. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Jay Kaplan since 2013 (co-manager 2003-2013)

3/15/2007 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: