Compare Funds | Royce
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At a Glance
As of 06/30/25

Small-CapRemove

SMid-Cap Total ReturnRemove

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Style

Core

Value

Market Cap

Small-Cap

SMid-Cap

Volatility

Low

Below Average

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?
  • One of the first open-end small-cap funds.
  • Multi-discipline approach that offers exposure to strategies that have tended to perform well in different market environments, including High Quality, Emerging Quality, Traditional Value, and Quality Value.
  • Outperformed its benchmark for the 3-, 5-, 10-, 20-, 25-, 30-, 35-, 40-year and 45-year periods ended 6/30/25.
  • SMid-Cap fund that invests primarily in capital-returning stocks with solid fundamentals. SMid-cap stocks' market caps are less than the largest stock in the Russell 2500® Index.
  • Focuses on quality businesses, both U.S. and foreign, with below-average debt and above-average profitability selling at prices that Royce believes do not fully reflect underlying quality.
  • Average annual total return of 8.9% since inception (5/3/04) through 6/30/25.

Inception Date
N/A
05/03/04

Portfolio Managers

Andrew Palen, Steven McBoyle, Lauren Romeo, Miles Lewis, Francis Gannon, Jay Kaplan

Miles Lewis, Joseph Hintz, Jag Sriram

Portfolio Diagnostics As of 06/30/25

 

Small-Cap

SMid-Cap Total Return

Total Net Assets

1.72B

66.9M

Holdings

279

46

Average Market Cap

3.39B

5.05B

Active Share

86%

96%
2024
Portfolio Turnover

37%

62%

Weighted Average P/E,

16.9x

15.6x

Weighted Average P/B,

2.1x

2.0x

Weighted Average P/S

-

-

Composition As of 06/30/25

 

Small-Cap

SMid-Cap Total Return

Morningstar Style Map

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.

Geographic Breakdown

Sector Breakdowns

Small-Cap

SMid-Cap Total Return

Industrials

29.1

20.5

Financials

21.4

28.8

Information Technology

16.7

14.1

Health Care

9.1

2.5

Consumer Discretionary

9.0

11.5

Materials

7.2

13.5

Energy

1.9

3.2

Real Estate

1.4

-

Communication Services

1.0

-

Consumer Staples

0.9

1.2

Utilities

-

-

Cash and Cash Equivalents

2.3

4.7

Portfolio Overlap

Small-Cap

SMid-Cap Total Return

Small-Cap

-

19%

SMid-Cap Total Return

19%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 PremierSmall-Cap Total ReturnSMid-Cap Total Return Small-Cap Total ReturnSmall-CapPremier

Least Portfolio Overlap - U.S. Equity Funds

 Small-Cap Special EquitySmaller-Companies GrowthMicro-Cap Micro-CapCapital Micro-CapSmall-Cap Value

Risk As of 06/30/25

 

Small-Cap

SMid-Cap Total Return

Five-Year Up/Down Capture Ratio

↑ 104   ↓ 87

↑ 107   ↓ 94

Beta

N/A

N/A

Standard Deviation

20.64

19.56

Sharpe Ratio

0.43

0.67

Volatility

Performance As of 06/30/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 06/30/25

Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER QTR YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Small-Cap PENNX 9.40 -0.78 1.70 12.32 12.44 8.74 12.79 10/31/72 0.93 0.93
Russell 2000 Index - 8.50 -1.79 7.68 10.00 10.04 7.12 - - - -
SMid-Cap Total Return RDVIX 4.52 -0.58 11.93 17.23 13.70 8.66 8.94 05/03/04 1.24 1.09
Russell 2500 Index - 8.59 0.44 9.91 11.31 11.44 8.39 - - - -
Russell 2500 Value Index - 7.29 1.03 10.47 10.69 13.96 7.73 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER JUN YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Small-Cap PENNX 4.80 -0.78 1.70 12.32 12.44 8.74 12.79 10/31/72 0.93 0.93
Russell 2000 Index - 5.44 -1.79 7.68 10.00 10.04 7.12 - - - -
SMid-Cap Total Return RDVIX 2.70 -0.58 11.93 17.23 13.70 8.66 8.94 05/03/04 1.24 1.09
Russell 2500 Index - 4.61 0.44 9.91 11.31 11.44 8.39 - - - -
Russell 2500 Value Index - 4.52 1.03 10.47 10.69 13.96 7.73 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER JUL QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Small-Cap PENNX 3.01 3.01 -1.89 10.38 12.35 9.61 13.03 10/31/72 0.93 0.93
Russell 2000 Index - 3.80 3.80 1.22 7.98 10.42 7.77 - - - -
SMid-Cap Total Return RDVIX 4.25 4.25 7.42 15.81 13.70 9.56 9.12 05/03/04 1.24 1.09
Russell 2500 Index - 3.79 3.79 6.62 9.38 11.64 8.97 - - - -
Russell 2500 Value Index - 3.92 3.92 6.87 9.06 14.23 8.45 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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