84

At a Glance

Why invest in Special Equity Multi-Cap?

  • Employs a classic value approach with accounting skepticism to identify fundamentally strong, attractively undervalued mid- and large-cap companies (generally market caps of $5 billion or higher)
  • Seeks conservatively managed companies with long histories of stable earnings, cash flows, and raising dividends consecutively over time—aka “Dividend Aristocrats”
  • Looks for high-quality companies that have a viable niche or franchise that can be bought below their economic value

As of 03/31/17

  • Mid/Large-Cap
    Value Approach
    $33.80B
    Avg. Market Cap
  • Above Average
    Volatility
    92%
    Active Share
  • Fund
    Longevity
    6+
    Years of History

Portfolio Management

"A deep understanding of accounting principles gives me a chance to get at the veracity of a company’s finances by scrutinizing the financial reports… I spend a lot of time going over the numbers. Frankly, I benefit, because I don’t believe everyone does this kind of work."
Charlie Dreifus

Performance

Average Annual Total Returns (%)

Outperformed Russell 1000 for the Quarter and Year To Date periods as of 03/31/17.
QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
Special Equity Multi-Cap 7.06 7.0615.004.859.6210.84 12/31/10
Russell 1000 6.03 6.0317.439.9913.2612.92 N/A

Annual Operating Expenses: Gross 0.99 Net 0.89

MAY YTD 1YR 3YR 5YR SINCE INCEPT. DATE
Special Equity Multi-Cap -1.41 5.7617.193.5111.0010.34 12/31/10
Russell 1000 1.28 8.5117.489.8315.3712.97 N/A

Annual Operating Expenses: Gross 0.99 Net 0.89

JUN YTD 1YR 3YR 5YR SINCE INCEPT. DATE
Special Equity Multi-Cap -0.34 5.4027.102.7810.9610.16 12/31/10
Russell 1000 0.48 9.0323.689.1915.1512.89 N/A

Annual Operating Expenses: Gross 0.99 Net 0.89

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 total gross annual operating expenses for the Institutional 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 to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Fund'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 0.89% through April 30, 2018.

All performance and risk information presented in this material prior to the commencement date of Institutional Class shares on 4/18/12 reflects Service Class results. Shares of the Fund’s Service Class bear an annual distribution expense that is not borne by the Institutional Class.

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/31/10 and 03/31/17

Special Equity Multi-Cap$19,023.74
Russell 1000$21,356.07

Portfolio Impactas of 03/31/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
40.38
8.97
3.83
Information Technology
14.43
20.83
2.73
Consumer Staples
6.26
8.25
0.51
Materials
2.29
7.36
0.17
Consumer Discretionary
24.59
0.42
0.13
Financials
0.85
-6.70
-0.04
Cash
11.20
0.15
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials2.32
Technology Hardware Storage & PeripheralsInformation Technology2.23
Professional ServicesIndustrials0.71
Household ProductsConsumer Staples0.51
Communications EquipmentInformation Technology0.50

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.20
DistributorsConsumer Discretionary-0.17
InsuranceFinancials-0.04
Food ProductsConsumer Staples0.01
Electronic Equipment Instruments & ComponentsInformation Technology0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
AppleTechnology Hardware Storage & PeripheralsInformation Technology2.23
Parker HannifinMachineryIndustrials0.96
Illinois Tool WorksMachineryIndustrials0.64
ManpowerGroupProfessional ServicesIndustrials0.64
Cisco SystemsCommunications EquipmentInformation Technology0.50

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Dicks Sporting GoodsSpecialty RetailConsumer Discretionary-0.57
Genuine PartsDistributorsConsumer Discretionary-0.17
Carlisle CompaniesIndustrial ConglomeratesIndustrials-0.05
Poe & BrownInsuranceFinancials-0.04
Hormel FoodsFood ProductsConsumer Staples0.01
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
40.38
8.97
3.83
Information Technology
14.43
20.83
2.73
Consumer Staples
6.26
8.25
0.51
Materials
2.29
7.36
0.17
Consumer Discretionary
24.59
0.42
0.13
Financials
0.85
-6.70
-0.04
Cash
11.20
0.15
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials2.32
Technology Hardware Storage & PeripheralsInformation Technology2.23
Professional ServicesIndustrials0.71
Household ProductsConsumer Staples0.51
Communications EquipmentInformation Technology0.50

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.20
DistributorsConsumer Discretionary-0.17
InsuranceFinancials-0.04
Food ProductsConsumer Staples0.01
Electronic Equipment Instruments & ComponentsInformation Technology0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
AppleTechnology Hardware Storage & PeripheralsInformation Technology2.23
Parker HannifinMachineryIndustrials0.96
Illinois Tool WorksMachineryIndustrials0.64
ManpowerGroupProfessional ServicesIndustrials0.64
Cisco SystemsCommunications EquipmentInformation Technology0.50

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Dicks Sporting GoodsSpecialty RetailConsumer Discretionary-0.57
Genuine PartsDistributorsConsumer Discretionary-0.17
Carlisle CompaniesIndustrial ConglomeratesIndustrials-0.05
Poe & BrownInsuranceFinancials-0.04
Hormel FoodsFood ProductsConsumer Staples0.01
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
43.63
25.96
11.76
Information Technology
14.14
29.33
3.74
Consumer Discretionary
25.31
3.37
0.66
Consumer Staples
2.97
4.16
0.31
Materials
0.63
12.33
0.18
Health Care
0.02
1.83
0.01
Financials
2.73
-11.93
-0.44
Cash
10.57
0.39
0.05

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials7.01
Technology Hardware Storage & PeripheralsInformation Technology3.13
Professional ServicesIndustrials2.30
Electrical EquipmentIndustrials1.08
Communications EquipmentInformation Technology1.07

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-1.32
Capital MarketsFinancials-0.40
DistributorsConsumer Discretionary-0.31
Electronic Equipment Instruments & ComponentsInformation Technology-0.31
SoftwareInformation Technology-0.15

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
AppleTechnology Hardware Storage & PeripheralsInformation Technology3.13
Parker HannifinMachineryIndustrials2.46
Illinois Tool WorksMachineryIndustrials2.10
ManpowerGroupProfessional ServicesIndustrials1.58
Lincoln Electric HoldingsMachineryIndustrials1.36

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
NordstromMultiline RetailConsumer Discretionary-1.32
T. Rowe Price GroupCapital MarketsFinancials-0.40
Bed Bath & BeyondSpecialty RetailConsumer Discretionary-0.35
Genuine PartsDistributorsConsumer Discretionary-0.31
AvnetElectronic Equipment Instruments & ComponentsInformation Technology-0.31
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
30.68
30.35
13.84
Information Technology
18.95
65.70
8.90
Health Care
2.48
48.16
2.09
Consumer Staples
0.99
4.16
0.31
Materials
0.72
9.95
-0.02
Financials
5.92
-24.41
-2.01
Energy
2.62
-23.80
-2.39
Consumer Discretionary
28.58
-3.75
-3.18
Cash
8.40
0.52
0.06
Unclassified
0.66
27.86
0.93

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials8.43
Technology Hardware Storage & PeripheralsInformation Technology3.47
Communications EquipmentInformation Technology2.56
Professional ServicesIndustrials2.50
SoftwareInformation Technology2.02

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.52
MediaConsumer Discretionary-2.18
Capital MarketsFinancials-1.96
Energy Equipment & ServicesEnergy-1.73
Multiline RetailConsumer Discretionary-1.16

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
AppleTechnology Hardware Storage & PeripheralsInformation Technology3.47
Illinois Tool WorksMachineryIndustrials3.44
Cisco SystemsCommunications EquipmentInformation Technology2.56
Parker HannifinMachineryIndustrials2.44
Microsoft CorporationSoftwareInformation Technology2.07

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Bed Bath & BeyondSpecialty RetailConsumer Discretionary-2.89
Viacom Cl. BMediaConsumer Discretionary-1.95
Helmerich & PayneEnergy Equipment & ServicesEnergy-1.72
Franklin ResourcesCapital MarketsFinancials-1.42
Gap (The)Specialty RetailConsumer Discretionary-1.25
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
27.25
97.55
27.22
Information Technology
19.23
108.98
15.10
Health Care
7.23
110.98
9.34
Consumer Discretionary
27.36
24.57
6.27
Consumer Staples
2.16
89.69
4.74
Materials
0.43
9.95
-0.02
Energy
3.38
-5.81
-0.26
Financials
4.03
-10.01
-1.47
Cash
7.17
0.64
0.07
Unclassified
1.76
150.52
5.34

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials15.17
Health Care Equipment & SuppliesHealth Care6.25
Aerospace & DefenseIndustrials4.32
Semiconductors & Semiconductor EquipmentInformation Technology4.00
SoftwareInformation Technology3.89

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-1.43
Multiline RetailConsumer Discretionary-0.83
Construction & EngineeringIndustrials-0.64
MediaConsumer Discretionary-0.25
Metals & MiningMaterials-0.21

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Illinois Tool WorksMachineryIndustrials4.98
Parker HannifinMachineryIndustrials4.39
Microsoft CorporationSoftwareInformation Technology3.95
AppleTechnology Hardware Storage & PeripheralsInformation Technology3.47
Raytheon CompanyAerospace & DefenseIndustrials3.31

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Viacom Cl. BMediaConsumer Discretionary-1.95
Bed Bath & BeyondSpecialty RetailConsumer Discretionary-1.93
Franklin ResourcesCapital MarketsFinancials-0.94
Texas InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology-0.67
Kohl's CorporationMultiline RetailConsumer Discretionary-0.66

Risk

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

The Fund has a above average volatility within its peer group of 1123 Large-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 03/31/17

Market Downturns (%)

DownMarketImg

Russell 1000 Down Quarters

QUARTER ENDRUSSELL 1000 (%)SPECIAL EQUITY MULTI-CAP (%)SPREAD (%)
09/30/15-6.8-11.1-4.3
06/30/12-3.1-4.9-1.8
09/30/11-14.7-9.9+4.8

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

Morningstar Statistical Measures as of 03/31/17

Sharpe RatioStandard Deviation
Special Equity Multi-Cap0.7912.39
Russell 10001.2510.29
Category Median1.0910.86
Best Quartile Breakpoint1.1910.29

Category Median and Best Quartile Breakpoint based on 1123 large-cap objective funds (oldest class only) with at least five years of history.
Sharpe Ratio Standard Deviation
Special Equity Multi-Cap
Russell 1000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 12/31/16

mstar-RMUIX

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

  RMUIX Russell 1000
Average Market Cap
33.80B
66.26B
92%
-
2016 Portfolio Turnover
50%
-
Weighted Average P/E,
20.4x
21.2x
Weighted Average P/B
4.1x
2.9x
U.S. Investments (% of Net Assets)
91.6%
-
Non-U.S. Investments (% of Net Assets)
0.0%
-

Portfolio Allocation

  • Total
    Holdings
    28


SECTORS
RMUIX (%) RUSSELL
1000 (%)
Industrials
38.9
10.4
Consumer Discretionary
25.6
12.8
Information Technology
17.3
21.4
Consumer Staples
6.4
8.8
Materials
2.6
3.2
Financials
1.0
14.6
Health Care
-
13.4
Energy
-
6.3
Real Estate
-
3.7
Utilities
-
3.1
Telecommunication Services
-
2.3
Cash and Cash Equivalents
8.4
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Apple
10.8
Illinois Tool Works
7.6
Parker Hannifin
7.1
Genuine Parts
7.0
Dicks Sporting Goods
6.5
Cisco Systems
4.2
Grainger (W.W.)
3.9
Snap-on
3.9
VF Corporation
3.6
General Dynamics
2.7
Top 10 as % of Net Assets
57.3

SECTORS
RMUIX (%) RUSSELL
1000 (%)
Industrials
39.4
-
Consumer Discretionary
25.3
-
Information Technology
16.9
-
Consumer Staples
6.8
-
Materials
2.7
-
Financials
1.0
-
Cash and Cash Equivalents
7.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Apple
10.9
Illinois Tool Works
8.3
Genuine Parts
7.1
Parker Hannifin
6.7
Dicks Sporting Goods
5.7
Cisco Systems
4.0
Snap-on
3.8
VF Corporation
3.6
General Dynamics
3.0
Grainger (W.W.)
3.0
Top 10 as % of Net Assets
56.1

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.

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 0.1738 - - - 0.1738 14.11
12/16/15 12/17/15 12/17/15 0.3760 0.1796 0.6034 - 1.1590 12.34
12/16/14 12/17/14 12/17/14 0.1182 0.1235 0.5362 - 0.7779 15.15
12/04/13 12/05/13 12/05/13 0.1352 0.1413 0.6890 - 0.9655 14.48
12/27/12 12/28/12 12/28/12 0.0360 - - - 0.0360 11.47
12/05/12 12/06/12 12/06/12 0.1177 0.0057 0.0995 - 0.2229 11.55

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 0.85
Distribution (12b-1) fees 0.00
Other expenses 0.14
Total annual Fund operating expenses 0.99
Fee waivers and/or expense reimbursements (0.10)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements0.89
Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Institutional 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 0.89% 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 invests primarily in mid-cap and larger-cap stocks. The Fund's investments in mid-cap stocks may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund 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 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. The Russell 1000 index is an unmanaged, capitalization-weighted index of domestic large-cap stocks.It measures the performance of the 1,000 largest 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.

4/17/2012 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: