article 02-23-2015

January Diagnostics for Royce Closed-End Funds

Royce Value Trust (NYSE: RVT) as of January 31, 2015

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  • Oldest and largest small-cap closed-end fund
  • Average weekly trading volume of approximately 861,100 shares
  • Fund’s adviser has more than 35 years of small- and micro-cap investment experience

Closing Prices – January 31, 2015

NAV         $15.47
Market     $13.83

Total Return Performance
Periods ended January 31, 2015

NAV Market
One Month* -4.74% -3.49%
One Year -1.06 1.66
Three-Year Average Annual 10.90 12.08
Five-Year Average Annual 12.67 14.39
10-Year Average Annual 6.80 4.94

*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained here. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small-cap and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments.

Portfolio Diagnostics

Wtd. Average Geometric Mkt. Cap $1220 million
Wtd. Average P/E Ratio 19.2x*
Wtd. Average P/B Ratio 1.8x
Net Assets $1174 million
Net Leverage 3.5%

*The Fund’s P/E ratio calculation excludes companies with zero or negative earnings.

Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.

Portfolio Composition

Top 10 Positions % of Net Assets
1. HEICO Corp. 1.6%
2. On Assignment  1.0
3. Ritchie Bros. Auctioneers 1.0
4.Newport Corp. 0.9
5. SEACOR Holdings 0.9
6. Coherent 0.9
7. PAREXEL International Corp. 0.9
8. MAXIMUS 0.9
9. Ash Grove Cement Co. 0.8
10. Federated Investors 0.8

Top Five Sectors

Sector % of Net Assets
1. Industrials 30%
2. Information Technology 21
3. Financials 17
4. Consumer Discretionary 13
5. Materials 8

Recent Developments

Royce Value Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

Daily net asset values (NAVs) for Royce Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at (800) 221-4268 or click here.

An investor in Royce Value Trust should consider the Fund's investment goals, risks, fees, charges, and expenses carefully before purchasing share's of the Fund's common stock.

Royce Micro-Cap Trust (NYSE: RMT) as of January 31, 2015

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  • Only micro-cap closed-end fund
  • Average weekly trading volume of approximately 588,000 shares
  • Fund’s adviser has more than 35 years of small- and micro-cap investment experience

Closing Prices – January 31, 2015

NAV         $10.83
Market     $9.52

Total Return Performance
Periods ended January 31, 2015

NAV Market
One Month* -6.26% -5.56%
One Year -0.83 1.86
Three-Year Average Annual 15.51 16.72
Five-Year Average Annual 15.19 16.96
10-Year Average Annual 7.67 6.34

*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained here. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. 

Portfolio Diagnostics

Wtd. Average Geometric Mkt. Cap $324 million
Wtd. Average P/E Ratio 18.3x*
Wtd. Average P/B Ratio 1.5x
Net Assets $364 million
Net Leverage 8.8%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 1/31/15.

Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.

Portfolio Composition

Top 10 Positions % of Net Assets
1. Integrated Electrical Svcs. 1.2%
2. Newport Corp. 1.1
3. Atrion Corp. 1.1
4. Permian Basin Royalty Trust 1.1
5. MN 1.0
6. MVC Capital 1.0
7. Diamond Hill Investment Group 1.0
8. Silvercrest Asset Management Group Cl. A 0.9
9. FRP Holdings 0.9
10. Universal Truckload 0.9

Top Five Sectors

Sector % of Net Assets
1. Information Technology 24%
2. Industrials 23
3. Consumer Discretionary 19
4. Financials 19
5. Health Care 11

Recent Developments

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $750 million or less.

Daily net asset values (NAVs) for Royce Micro-Cap Trust, Inc. are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XOTCX. For more information, please call The Royce Funds at (800) 221-4268 or click here.

An investor in Royce Micro-Cap Trust should consider the Fund's investment goals, risks, fees, charges, and expenses carefully before purchasing share's of the Fund's common stock.

Royce Focus Trust (NASDAQ: FUND) as of January 31, 2015

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  • Invests in a limited number of companies using a value approach
  • Average weekly trading volume of approximately 228,000 shares
  • Fund’s adviser has more than 35 years of investment experience

Closing Prices – January 31, 2015

NAV         $8.10
Market     $7.15

Total Return Performance
Periods ended January 31, 2015

NAV Market
One Month* -1.94% -1.65%
One Year 2.02 2.22
Three-Year Average Annual 6.22 6.39
Five-Year Average Annual 8.70 8.51
10-Year Average Annual 6.76 4.65

*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained here. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments.

Portfolio Diagnostics

Wtd. Average Geometric Mkt. Cap $5552 million
Wtd. Average P/E Ratio 15.8x*
Wtd. Average P/B Ratio 2.1x
Net Assets $184 million

*The Fund’s P/E ratio calculation excludes companies with zero or negative earnings.

Portfolio Composition

Top 10 Positions % of Net Assets
1. Apple 4.8%
2. Myriad Genetics 4.6
3. Cirrus Logic 4.3
4. Western Digital Corp. 4.2
5. Franklin Resources 3.8
6. Kennedy-Wilson Holdings 3.8
7. TGS-NOPEC Geophysical 3.0
8. Exxon Mobile Corp. 2.9
9. Buckle (The) 2.8
10. Westlake Chemical Corp. 2.7

Top Five Sectors

Sector % of Net Assets
1. Information Technology 19%
2. Financials 18
3. Materials 18
4. Energy 12
5. Consumer Discretionary 10

Recent Developments

Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock (FUND) are listed and traded on the Nasdaq National Market. The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities.

Daily net asset values (NAVs) for Royce Focus Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XFUNX. For more information, please call The Royce Funds at (800) 221-4268 or click here.

An investor in Royce Focus Trust should consider the Fund's investment goals, risks, fees, charges, and expenses carefully before purchasing share's of the Fund's common stock.

Royce Global Value Trust (NYSE: RGT) as of January 31, 2015

Download a PDF of the press release

  • A closed-end fund that invests in global equities using a disciplined value approach
  • Average weekly trading volume of approximately 182,500 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience

Closing Prices – January 31, 2015

NAV         $9.05
Market     $7.86

Cumulative Total Returns
Periods ended January 31, 2015

NAV Market
One Month* -2.16% -2.24%
One Year -5.14 -8.59
Since Inception (10/17/13)* -4.46 -8.46

*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained here. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small-cap and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments.

Portfolio Diagnostics

Wtd. Average Geometric Mkt. Cap $966 million
Wtd. Average P/E Ratio 16.4x*
Wtd. Average P/B Ratio 1.7x
Net Assets $93 million

*The Fund’s P/E ratio calculation excludes companies with zero or negative earnings.

Portfolio Composition

Top 10 Positions % of Net Assets
1. Relo Holdings 1.6%
2. Pico Far East Holdings 1.5
3. Ritchie Bros. Auctioneers 1.5
4. Lazard 1.4
5. Silverlake Axis 1.4
6. CETIP S.A. Mercados 1.4
7. Manutan International 1.4
8. TGS-NOPEC Geophysical 1.4
9. Universal Robina Corp. 1.4
10. Clarkson 1.3

Portfolio Sector Breakdown

Sector % of Net Assets
Industrials 23%
Financials 20
Consumer Discretionary 19
Materials 15
Information Technology 13
Treasuries, Cash & Cash Equivalents (3)

Recent Developments

The investment goal of Royce Global Value Trust is long-term growth of capital. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States. Royce & Associates, LLC manages the Fund.

Daily net asset values (NAVs) for Royce Global Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRGTX. For more information, please call The Royce Funds at (800) 221-4268 or click here.

An investor in Royce Global Value Trust should consider the Fund's investment goals, risks, fees, charges, and expenses carefully before purchasing share's of the Fund's common stock.

Important Disclosure Information

Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portoflio securities held by the Fund. Royce Fund Services, Inc. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds.

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