article 06-23-2015

May Diagnostics for Royce Closed-End Funds

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

Download a PDF of the press release

  • Oldest and largest small-cap closed-end fund
  • Average weekly trading volume of approximately 822,000 shares
  • Fund’s adviser has more than 35 years of small- and micro-cap investment experience

Closing Prices – May 31, 2015

NAV         $16.20
Market     $14.10

Total Return Performance
Periods ended May 31, 2015

NAV Market
One Month* 1.25% -0.56%
Year to Date* 1.84 0.45
One Year 4.01 2.68
Three-Year Average Annual 16.09 15.25
Five-Year Average Annual 12.26 13.12
10-Year Average Annual 7.78 5.37

*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 $1371 million
Wtd. Average P/E Ratio 20.3x*
Wtd. Average P/B Ratio 2.5x
Net Assets $1239 million
Net Leverage 0.0%

*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. Nautilus 1.1%
2. Ritchie Bros. Auctioneers 1.1
3. On Assignment 1.0
4. Hackett Group 1.0
5. Reliance Steel & Aluminum 0.9
6. SEI Investments 0.9
7. Forward Air 0.9
8. Value Partners Group 0.9
9. Woodward 0.9
10. Ash Grove Cement 0.8

Top Five Sectors

Sector % of Net Assets
1. Industrials 28%
2. Information Technology 19
3. Financials 17
4. Consumer Discretionary 13
5. Materials 7

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 May 31, 2015

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  • Only micro-cap closed-end fund
  • Average weekly trading volume of approximately 323,000 shares
  • Fund’s adviser has more than 35 years of small- and micro-cap investment experience

Closing Prices – May 31, 2015

NAV         $10.90
Market     $9.50

Total Return Performance
Periods ended May 31, 2015

NAV Market
One Month* 0.00% -1.25%
Year to Date* -1.61 -3.53
One Year 4.64 0.34
Three-Year Average Annual 19.32 19.00
Five-Year Average Annual 14.20 15.04
10-Year Average Annual 8.42 6.64

*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 $338 million
Wtd. Average P/E Ratio 18.5x*
Wtd. Average P/B Ratio 2.1x
Net Assets $377 million
Net Leverage 3.5%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 5/31/15.

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. Diamond Hill Investment Group 1.4%
2. Integrated Electrical Services 1.2
3. MVC Capital 1.0
4. Atrion Corp. 1.0
5. Newport Corp. 1.0
6. Frontier Services Group 1.0
7. Nautilus 1.0
8. NN 1.0
9. Drew Industries 0.9
10. Mesa Laboratories 0.9

Top Five Sectors

Sector % of Net Assets
1. Information Technology 22%
2. Industrials 21
3. Financials 20
4. Consumer Discretionary 17
5. Health Care 10

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 $1 billion 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 Global Value Trust (NYSE: RGT) as of May 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 158,000 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience

Closing Prices – May 31, 2015

NAV         $9.93
Market     $8.41

Cumulative Total Returns
Periods ended May 31, 2015

NAV Market
One Month* 0.91% 0.00%
Year to Date* 7.35 4.60
One Year -2.06 -6.36
Since Inception (10/17/13)* 2.11 -2.82

*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 $1278 million
Wtd. Average P/E Ratio 18.2x*
Wtd. Average P/B Ratio 2.6x
Net Assets $102 million
Net Leverage 8.4%

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

Portfolio Composition

Top 10 Positions % of Net Assets
1. Value Partners Group Ltd. 2.6%
2. Genworth MI Canada 2.0
3. Clarkson 1.8
4. Lazard Ltd. Cl. A 1.5
5. New World Department Store China 1.4
6. TGS-NOPEC Geophysical Co. 1.4
7. Consort Medical 1.3
8. Ashmore Group 1.3
9. Manutan International 1.3
10. Shimano 1.2

Portfolio Sector Breakdown

Sector % of Net Assets
Financials 25%
Industrials 23
Consumer Discretionary 19
Information Technology 15
Materials 13

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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