article 07-29-2016

June Diagnostics for Royce Closed-End Funds

Royce Value Trust (NYSE: RVT) as of June 30, 2016

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  • Oldest and largest small-cap closed-end fund
  • Average weekly trading volume of approximately 1,397,500 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience

Closing Prices – June 30, 2016

NAV         $14.05
Market     $11.77

Total Return Performance
Periods ended June 30, 2016

NAV Market
One Month* 0.10% -0.03%
Year to Date* 8.17 4.39
One Year -2.24 -5.87
Three-Year Average Annual 6.13 3.70
Five-Year Average Annual 5.77 5.02
10-Year Average Annual 5.05 3.44

*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 $1348 million
Wtd. Average P/E Ratio 19.8x*
Wtd. Average P/B Ratio 2.0x
Net Assets $1130 million
Net Leverage 2.3%

*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. 1.2%
2. Coherent 1.1
3. MarketAxess Holdings 1.1
4. Copart 1.1
5. Ritchie Bros. Auctioneers 1.0
6. Ash Grove Cement Cl. B 1.0
7. E-L Financial 1.0
8. CORE-MARK Holding Co. 1.0
9. Reliance Steel & Aluminum 0.9
10. IDEXX Laboratories
0.9

Top Five Sectors

Sector % of Net Assets
1. Industrials 29%
2. Financials  20
3. Information Technology 19
4. Consumer Discretionary 12
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 June 30, 2016

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  • Average weekly trading volume of approximately 627,500 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience

Closing Prices – June 30, 2016

NAV        $8.65
Market     $7.34

Total Return Performance
Periods ended June 30, 2016

NAV Market
One Month* 1.24% 1.07%
Year to Date* 5.39 5.82
One Year -6.47 -7.30
Three-Year Average Annual 7.07 5.25
Five-Year Average Annual 7.90 7.47
10-Year Average Annual 5.51 3.64

*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 $329 million
Wtd. Average P/E Ratio 19.6x*
Wtd. Average P/B Ratio 1.7x
Net Assets $321 million
Net Leverage 4.9%

*Excludes 21% of portfolio holdings with zero or negative earnings as of 6/30/16.

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. SurModics 1.8%
2. Seneca Foods Corp. 1.5
3. Major Drilling Group International 1.4
4. IES Holdings
1.1
5. Care.com
1.1
6. Exactech  1.0
7. Orbotech 1.0
8. Atrion Corp. 1.0
9. Heritage-Crystal Clean 0.9
10. MVC Capital 0.9

Top Five Sectors

Sector % of Net Assets
1. Information Technology 23%
2. Financials 18
3. Consumer Discretionary 16
4. Industrials 16
5. Health Care 16

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 June 30, 2016

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  • A closed-end fund that invests in global equities using a disciplined value approach
  • Average weekly trading volume of approximately 277,500 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience

Closing Prices – June 30, 2016

NAV         $9.15
Market     $7.60

Cumulative Total Returns
Periods ended June 30, 2016

NAV Market
One Month* -1.29% -0.65%
Year to Date* 3.86 2.01
One Year -5.05 -7.28
Since Inception (10/17/13)* -1.26 -4.84

*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 $1431 million
Wtd. Average P/E Ratio 18.0x*
Wtd. Average P/B Ratio 2.4x
Net Assets $95 million
Net Leverage 2.5%

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

Portfolio Composition

Top 10 Positions % of Net Assets
1. SEI Investments 2.1%
2. Kirby Corp. 1.9
3. VZ Holding 1.6
4. Clarkson 1.3
5. Santan Pharmaceutical 1.3
6. Spirax-Sarco Engineering 1.2
7. Vetquinol 1.2
8. Bajaj Finance 1.1
9. USS 1.1
10. Meitec Corp.  1.1

Portfolio Sector Breakdown

Sector % of Net Assets
Industrials 27%
Financials 21
Information Technology 18
Health Care 13
Consumer Discretionary 11

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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