555

At a Glance

Why invest in Smaller-Companies Growth?

  • Small/mid-cap growth fund (generally market caps up to $7.5 billion) that invests in companies with superior revenue and/or earnings growth selling at prices that Royce believes do not fully reflect their prospects
  • Seeks companies that look poised for multi-year periods of robust growth driven by sustainable competitive advantages and/or benefiting from secular growth themes that create favorable conditions for the business
  • Average annual total return of 11.0% since inception (6/14/01) through 12/31/16

As of 12/31/16

  • Small/Mid-Cap
    Growth Approach
    $1.41B
    Avg. Market Cap
  • High
    Volatility
    95%
    Active Share
  • Lead Manager
    Tenure
    13+
    Years on Fund

Portfolio Management

"We’re looking for recurring revenues and sustainable business models as opposed to very high-growth, shot-in-the-dark, one-time winners. We want companies that have established themselves as industry leaders in an emerging growth area with a distinct niche."
Chip Skinner

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 15-Year and since inception (06/14/01) periods as of 12/31/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 7.39 9.339.333.5911.094.549.9410.95 06/14/01
Russell 2000 8.83 21.3121.316.7414.467.078.498.13 N/A

Annual Operating Expenses: Gross 5.45 Net 1.60

DEC YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 0.59 9.339.333.5911.094.549.9410.95 06/14/01
Russell 2000 2.80 21.3121.316.7414.467.078.498.13 N/A

Annual Operating Expenses: Gross 5.45 Net 1.60

JAN YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 1.10 1.1025.103.729.574.6410.0310.98 06/14/01
Russell 2000 -0.65 -0.6534.076.2413.057.028.608.06 N/A

Annual Operating Expenses: Gross 5.45 Net 1.60

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. 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 for the K Class and include management fees, 12b-1 distribution and service fees, other expenses, and acquired fund fees and 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 to waive fees and/or reimburse expenses to the extent necessary to maintain the K Class's net annual operating expense (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expnses, and other expenses not borne in the ordinary course of business) at or below 1.59% through April 30, 2016, and at or below 1.99% through April 30, 2025. 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.

All performance and risk information presented in this material prior to prior to the commencement date of K Class shares on 5/15/08 reflects Service Class results. K Class shares have higher annual expenses than Service Class shares. If K Class's annual expenses had been reflected, total returns prior to 5/15/08 would have been lower.

Rolling Returns

For 82% of the periods, 10-year average annual total returns were greater than 5%.

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% 25 37
> 5% and ≤ 10% 30 45
> 0% and ≤ 5% 12 18
≤ 0% 0 0

The Fund averaged a 8.7% return over all 67 10-year monthly rolling return periods.

Market Cycle Performance

Peak-Peak - 07/13/07 - 04/29/11
Smaller-Companies Growth-3.4%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Smaller-Companies Growth44.8%
Russell 200058.5%

Peak-Current - 06/23/15 - 12/31/16
Smaller-Companies Growth-4.2%
Russell 20007.2%

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 06/14/01 and 12/31/16

Smaller-Companies Growth$50,311.23
Russell 2000$33,732.75

Portfolio Impactas of 12/31/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
9.35
24.02
2.15
Consumer Discretionary
11.71
14.13
1.82
Energy
7.72
18.97
1.32
Health Care
13.97
10.44
1.28
Industrials
11.57
7.61
0.90
Consumer Staples
2.40
15.80
0.36
Materials
5.27
5.10
0.25
Information Technology
31.07
0.46
-0.10
Real Estate
2.17
-2.56
-0.17
Telecommunication Services
0.91
-19.32
-0.24
Cash
3.85
0.11
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
BanksFinancials1.52
Energy Equipment & ServicesEnergy0.89
Electronic Equipment, Instruments & ComponentsInformation Technology0.75
Capital MarketsFinancials0.70
Hotels, Restaurants & LeisureConsumer Discretionary0.70

Top Detractors

INDUSTRYSECTORGAIN (%)
SoftwareInformation Technology-1.46
ChemicalsMaterials-0.31
Internet Software & ServicesInformation Technology-0.26
Diversified Telecommunication ServicesTelecommunication Services-0.24
Equity Real Estate Investment Trusts (REITs)Real Estate-0.17

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Enterprise Financial ServicesBanksFinancials0.64
Unit CorporationEnergy Equipment & ServicesEnergy0.56
iRobot CorporationHousehold DurablesConsumer Discretionary0.55
Unisys CorporationIT ServicesInformation Technology0.54
ServisFirst BancsharesBanksFinancials0.47

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Paylocity Holding CorporationSoftwareInformation Technology-0.76
ImpervaSoftwareInformation Technology-0.41
2UInternet Software & ServicesInformation Technology-0.34
Kraton CorporationChemicalsMaterials-0.31
ORBCOMMDiversified Telecommunication ServicesTelecommunication Services-0.24
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Energy
6.19
40.84
2.67
Industrials
12.42
24.05
2.62
Consumer Discretionary
13.77
13.57
1.77
Materials
3.38
72.98
1.48
Information Technology
27.26
0.19
1.31
Financials
9.60
16.22
1.02
Telecommunication Services
1.36
14.23
0.57
Real Estate
2.35
12.87
0.19
Health Care
15.00
9.46
-0.27
Consumer Staples
2.86
-18.45
-1.04
Cash
5.82
0.31
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.91
Health Care Providers & ServicesHealth Care1.84
Energy Equipment & ServicesEnergy1.63
BanksFinancials1.31
Oil, Gas & Consumable FuelsEnergy1.04

Top Detractors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care-1.76
SoftwareInformation Technology-1.25
PharmaceuticalsHealth Care-1.01
Food ProductsConsumer Staples-0.78
Communications EquipmentInformation Technology-0.73

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy1.24
BioTelemetryHealth Care Providers & ServicesHealth Care1.22
Mercury SystemsAerospace & DefenseIndustrials1.02
iRobot CorporationHousehold DurablesConsumer Discretionary0.91
InogenHealth Care Equipment & SuppliesHealth Care0.89

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-1.07
Zealand PharmaBiotechnologyHealth Care-0.89
LipocinePharmaceuticalsHealth Care-0.85
Rubicon ProjectSoftwareInformation Technology-0.78
SPS CommerceInternet Software & ServicesInformation Technology-0.77
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Energy
6.19
40.84
2.67
Industrials
12.42
24.05
2.62
Consumer Discretionary
13.77
13.57
1.77
Materials
3.38
72.98
1.48
Information Technology
27.26
0.19
1.31
Financials
9.60
16.22
1.02
Telecommunication Services
1.36
14.23
0.57
Real Estate
2.35
12.87
0.19
Health Care
15.00
9.46
-0.27
Consumer Staples
2.86
-18.45
-1.04
Cash
5.82
0.31
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.91
Health Care Providers & ServicesHealth Care1.84
Energy Equipment & ServicesEnergy1.63
BanksFinancials1.31
Oil, Gas & Consumable FuelsEnergy1.04

Top Detractors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care-1.76
SoftwareInformation Technology-1.25
PharmaceuticalsHealth Care-1.01
Food ProductsConsumer Staples-0.78
Communications EquipmentInformation Technology-0.73

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy1.24
BioTelemetryHealth Care Providers & ServicesHealth Care1.22
Mercury SystemsAerospace & DefenseIndustrials1.02
iRobot CorporationHousehold DurablesConsumer Discretionary0.91
InogenHealth Care Equipment & SuppliesHealth Care0.89

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-1.07
Zealand PharmaBiotechnologyHealth Care-0.89
LipocinePharmaceuticalsHealth Care-0.85
Rubicon ProjectSoftwareInformation Technology-0.78
SPS CommerceInternet Software & ServicesInformation Technology-0.77
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
16.01
108.41
10.14
Industrials
14.50
31.42
3.55
Information Technology
24.74
1.57
2.79
Real Estate
1.83
97.91
1.01
Financials
9.31
15.64
0.90
Telecommunication Services
0.91
31.06
0.82
Materials
3.80
5.56
0.20
Energy
5.40
-39.41
-0.59
Consumer Discretionary
15.58
-1.87
-1.00
Consumer Staples
3.24
-44.57
-2.49
Cash
4.68
0.38
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care5.47
Life Sciences Tools & ServicesHealth Care3.25
Electronic Equipment, Instruments & ComponentsInformation Technology2.35
Semiconductors & Semiconductor EquipmentInformation Technology2.22
BanksFinancials2.18

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.73
Internet Software & ServicesInformation Technology-2.62
Food & Staples RetailingConsumer Staples-1.24
Metals & MiningMaterials-1.23
Oil, Gas & Consumable FuelsEnergy-1.08

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Anacor PharmaceuticalsBiotechnologyHealth Care2.14
Mercury SystemsAerospace & DefenseIndustrials2.07
InterMuneBiotechnologyHealth Care1.81
InogenHealth Care Equipment & SuppliesHealth Care1.60
Furiex PharmaceuticalsLife Sciences Tools & ServicesHealth Care1.57

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-3.84
E2open, Inc.Internet Software & ServicesInformation Technology-1.43
LipocinePharmaceuticalsHealth Care-1.09
SunOptaFood ProductsConsumer Staples-1.05
Triangle PetroleumOil, Gas & Consumable FuelsEnergy-1.05
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
25.34
63.74
21.14
Industrials
16.48
112.62
17.07
Health Care
13.93
231.29
16.86
Financials
10.81
87.23
10.20
Materials
6.51
70.72
8.92
Consumer Discretionary
13.16
83.81
7.57
Real Estate
1.25
135.59
1.13
Telecommunication Services
0.57
69.31
1.12
Energy
4.82
-19.19
0.64
Consumer Staples
2.82
-24.17
-1.31
Cash
4.28
0.51
0.03
Unclassified
0.02
-50.74
-0.13

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology8.36
BiotechnologyHealth Care8.15
BanksFinancials5.52
Semiconductors & Semiconductor EquipmentInformation Technology5.45
Textiles, Apparel & Luxury GoodsConsumer Discretionary4.41

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.46
Food & Staples RetailingConsumer Staples-0.85
Internet Software & ServicesInformation Technology-0.73
MarineIndustrials-0.49
Oil, Gas & Consumable FuelsEnergy-0.43

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology3.14
Acuity BrandsElectrical EquipmentIndustrials2.49
Gildan ActivewearTextiles, Apparel & Luxury GoodsConsumer Discretionary2.46
Eagle MaterialsConstruction MaterialsMaterials2.21
Anacor PharmaceuticalsBiotechnologyHealth Care2.14

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-3.84
E2open, Inc.Internet Software & ServicesInformation Technology-1.43
LipocinePharmaceuticalsHealth Care-1.09
Triangle PetroleumOil, Gas & Consumable FuelsEnergy-1.05
Navigator HoldingsOil, Gas & Consumable FuelsEnergy-1.02

Risk

High Volatility vs. Peer Group as of 12/31/16

The Fund has a high volatility within its peer group of 525 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 12/31/16

The Fund outperformed the Russell 2000 during three out of eight downturns of 10% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)SMALLER-COMPANIES GROWTH (%)SPREAD (%)
03/31/16-1.5-4.3-2.8
09/30/15-11.9-11.1+0.8
09/30/14-7.4-6.5+0.9
06/30/12-3.5-7.9-4.4
09/30/11-21.9-22.4-0.5
06/30/11-1.6-2.6-1.0
06/30/10-9.9-8.0+1.9
03/31/09-15.0-6.4+8.6
12/31/08-26.1-29.1-3.0
09/30/08-1.1-10.0-8.9
03/31/08-9.9-9.7+0.2
12/31/07-4.6-6.7-2.1
09/30/07-3.1-1.9+1.2
06/30/06-5.0-5.8-0.8
03/31/05-5.3-5.4-0.1
09/30/04-2.9-0.2+2.7
03/31/03-4.5-3.6+0.9
09/30/02-21.4-22.3-0.9
06/30/02-8.4-9.7-1.3

Capture Ratios Fund's First Full Quarter (06/30/01) to 12/31/16

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 12/31/16

From the Fund's inception, the Fund outperformed the Russell 2000 Index.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 12/31/16

Sharpe RatioStandard Deviation
Smaller-Companies Growth0.2920.39
Russell 20000.4120.14
Category Median0.4119.83
Best Quartile Breakpoint0.4718.97

Category Median and Best Quartile Breakpoint based on 419 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Smaller-Companies Growth
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 09/30/16

mstar-RVPKX

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 12/31/16

  RVPKX Russell 2000
Average Market Cap
1.41B
1.66B
95%
-
2016 Portfolio Turnover
59%
-
Weighted Average P/B
3.2x
2.2x
3-5 Year EPS Growth (est.)
17.6%
13.8%
U.S. Investments (% of Net Assets)
86.6%
-
Non-U.S. Investments (% of Net Assets)
11.1%
-

Portfolio Allocation

  • Total
    Holdings
    110


SECTORS
RVPKX (%) RUSSELL
2000 (%)
Information Technology
30.3
17.0
Health Care
14.4
12.1
Industrials
11.4
14.6
Consumer Discretionary
11.3
12.6
Financials
10.5
19.9
Energy
8.2
3.8
Materials
6.6
4.9
Consumer Staples
2.7
3.0
Real Estate
1.5
7.9
Telecommunication Services
0.8
0.7
Utilities
-
3.5
Cash and Cash Equivalents
2.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Enterprise Financial Services
1.9
LCI Industries
1.9
Eagle Materials
1.8
ePlus
1.8
Paylocity Holding Corporation
1.7
DIRTT Environmental Solutions
1.7
Zealand Pharma
1.6
Coherent
1.6
QAD Cl. A
1.6
Texas Roadhouse
1.6
Orocobre
1.6
Unisys Corporation
1.5
Northern Trust
1.5
BioTelemetry
1.4
United Natural Foods
1.4
Albemarle Corporation
1.4
FLIR Systems
1.4
Financial Engines
1.4
Boot Barn Holdings
1.4
Pason Systems
1.3
Top 20 as % of Net Assets
31.5

SECTORS
RVPKX (%) RUSSELL
2000 (%)
Information Technology
30.3
17.0
Health Care
14.4
12.1
Industrials
11.4
14.6
Consumer Discretionary
11.3
12.6
Financials
10.5
19.9
Energy
8.2
3.8
Materials
6.6
4.9
Consumer Staples
2.7
3.0
Real Estate
1.5
7.9
Telecommunication Services
0.8
0.7
Utilities
-
3.5
Cash and Cash Equivalents
2.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Enterprise Financial Services
1.9
LCI Industries
1.9
Eagle Materials
1.8
ePlus
1.8
Paylocity Holding Corporation
1.7
DIRTT Environmental Solutions
1.7
Zealand Pharma
1.6
Coherent
1.6
QAD Cl. A
1.6
Texas Roadhouse
1.6
Orocobre
1.6
Unisys Corporation
1.5
Northern Trust
1.5
BioTelemetry
1.4
United Natural Foods
1.4
Albemarle Corporation
1.4
FLIR Systems
1.4
Financial Engines
1.4
Boot Barn Holdings
1.4
Pason Systems
1.3
Top 20 as % of Net Assets
31.5

Portfolio Holdings

View the complete list of holdings for this fund as of 12/31/16. 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 0.0000 0.0046 1.2506 - 1.2552 5.50
12/16/15 12/17/15 12/17/15 0.0000 0.3185 2.4330 - 2.7515 6.06
12/16/14 12/17/14 12/17/14 0.0000 0.2879 2.9932 - 3.2811 8.84
12/04/13 12/05/13 12/05/13 0.0069 - 1.3450 - 1.3519 11.52
12/08/10 12/09/10 12/09/10 0.0562 - - - 0.0562 9.59

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 180 days) 0.00

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 0.25
Other expenses 4.19
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 5.45
Fee waivers and/or expense reimbursements (3.85)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.60
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 invests primarily in small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) In addition, as of 6/30/15 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 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. 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. 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. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Chip Skinner since 2007 (co-manager 2003-2007)

5/15/2008 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: