October Diagnostics for Royce Closed-End Funds
article 11-29-2018

October Diagnostics for Royce Closed-End Funds

Royce Value Trust

Royce Value Trust (NYSE: RVT) as of October 31, 2018

Download a PDF of the press release

  • Oldest and largest small-cap closed-end fund
  • Average weekly trading volume of approximately 1,868,555 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience
Closing Prices as of 10/31/18
NAV
$15.79
Market
$13.96
Average Annual Total Return as of 10/31/18NAV (%)MARKET (%)
One-Month*
-10.28
-14.62
Year to Date*
-4.72
-8.83
One-Year
-2.90
-5.61
Three-Year
11.89
14.05
Five-Year
6.97
7.33
10-Year
12.58
12.21
*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, 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 at www.roycefunds.com. 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
Average Market Cap1
$1883.3M
Weighted Average P/E2
18.3x
Weighted Average P/B2
2.1x
Net Assets
$1.48B
1 Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
2 Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks.
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 (15% of portfolio holdings as of 10/31/18). The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.
The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.
Portfolio Composition
TOP 10 POSITIONS% OF NET ASSETS(Subject to Change)
HEICO Corporation
2.2
FLIR Systems
2.0
Quaker Chemical
1.6
Minerals Technologies
1.2
Sun Hydraulics
1.1
RBC Bearings
1.1
Reliance Steel & Aluminum
1.0
Cognex Corporation
1.0
CIRCOR International
1.0
Clarkson
1.0

Top Five Sectors% OF NET ASSETS(Subject to Change)
Industrials
28.9
Information Technology
17.0
Financials
16.1
Consumer Discretionary
9.5
Materials
9.0

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, and expenses carefully before investing.



Royce Micro-Cap Trust

Royce Micro-Cap Trust (NYSE: RMT) as of October 31, 2018

Download a PDF of the press release

  • Average weekly trading volume of approximately 976,500 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience
Closing Prices as of 10/31/18
NAV
$9.81
Market
$8.67
Average Annual Total Return as of 10/31/18NAV (%)MARKET (%)
One-Month*
-10.41
-15.08
Year to Date*
-1.25
-3.11
One-Year
0.96
-0.29
Three-Year
11.76
13.45
Five-Year
6.99
7.07
10-Year
12.81
12.82
*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, 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 at www.roycefunds.com. 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
Average Market Cap1
$458.2M
Weighted Average P/B2
1.8x
Net Assets
$392.3M
1 Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
2 Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks.
The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.
Portfolio Composition
TOP 10 POSITIONS% OF NET ASSETS(Subject to Change)
Mesa Laboratories
2.3
Surmodics
1.5
CIRCOR International
1.3
Kadant
1.2
Heritage-Crystal Clean
1.2
Quaker Chemical
1.1
Social Capital Hedosophia Holdings Cl. A
1.1
Atrion Corporation
1.1
Ameresco Cl. A
1.0
Era Group
1.0

Top Five Sectors% OF NET ASSETS(Subject to Change)
Industrials
20.5
Information Technology
16.2
Health Care
13.0
Financials
12.5
Consumer Discretionary
11.3

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, and expenses carefully before investing.



Royce Global Value Trust

Royce Global Value Trust (NYSE: RGT) as of October 31, 2018

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 102,776 shares
  • Fund’s adviser has more than 40 years of small- and micro-cap investment experience
Closing Prices as of 10/31/18
NAV
$11.36
Market
$9.38
Average Annual Total Return as of 10/31/18NAV (%)MARKET (%)
One-Month*
-9.77
-10.75
Year to Date*
-8.97
-13.26
One-Year
-5.84
-10.08
Three-Year
9.30
9.10
Five-Year
4.20
2.84
Since Inception(10/17/13)*
4.25
2.09
*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 most recent month-end may be obtained at www.roycefunds.com. 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 mid-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
Average Market Cap1
$1823.6M
Weighted Average P/E2
17.8x
Weighted Average P/B2
2.6x
Net Assets
$118.6M
1 Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
2 Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks.
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 (5% of portfolio holdings as of 10/31/18). The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.
The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.
Portfolio Composition
TOP 10 POSITIONS% OF NET ASSETS(Subject to Change)
FLIR Systems
2.0
Kirby Corporation
2.0
Ashmore Group
1.6
TGS-NOPEC Geophysical
1.6
Virtu Financial Cl. A
1.5
Raven Industries
1.5
Computer Modelling Group
1.3
SEI Investments
1.2
Bravura Solutions
1.2
IPH
1.2

Top Five Sectors% OF NET ASSETS(Subject to Change)
Industrials
28.3
Financials
18.3
Information Technology
17.4
Health Care
8.4
Materials
7.4

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, LP 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, LLC. ("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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