Compare Funds | Royce
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At a Glance
As of 09/30/26

Micro-CapRemove

Small-CapRemove

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Style

Core

Core

Market Cap

Micro-Cap

Small-Cap

Volatility

High

Below Average

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?
  • One of the oldest open-end funds dedicated to investing in micro-cap stocks. Micro-cap stocks' market caps are not greater than that of the largest stock in the Russell Microcap® Index.
  • Core approach that combines multiple investment themes and offers wide exposure to micro-cap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes.
  • Outperformed the Russell Microcap Index for the 1-, 3-, 5-, 10-, 20-, 25-year and since inception (6/30/00) periods ended 9/30/26.
  • 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 the Russell 2000 Index for the 5-, 10-, 20-, 25-, 30-, 35-, 40-, and 45-year periods ended 9/30/26.

Inception Date
12/31/91
N/A

Portfolio Managers

Jim Stoeffel, Andrew Palen

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

Portfolio Diagnostics As of 09/30/26

 

Micro-Cap

Small-Cap

Total Net Assets

392.4M

1.94B

Holdings

158

275

Average Market Cap

888.1M

4.15B

Active Share

89%

89%
2025
Portfolio Turnover

38%

43%

Weighted Average P/E,

-

16.8x

Weighted Average P/B,

2.1x

2.4x

Weighted Average P/S

-

-

Composition As of 09/30/26

 

Micro-Cap

Small-Cap

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

Micro-Cap

Small-Cap

Industrials

22.1

28.5

Information Technology

21.1

17.7

Health Care

15.3

6.0

Financials

12.4

17.1

Consumer Discretionary

12.2

11.4

Materials

4.5

8.1

Energy

3.6

1.8

Communication Services

2.7

1.2

Real Estate

1.0

0.9

Consumer Staples

-

3.6

Utilities

-

-

Cash and Cash Equivalents

5.1

3.7

Portfolio Overlap

Micro-Cap

Small-Cap

Micro-Cap

-

16%

Small-Cap

16%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Capital Micro-CapSmall-Cap OpportunitySmall-Cap PremierSmall-Cap Total ReturnSMid-Cap Total Return

Least Portfolio Overlap - U.S. Equity Funds

 Capital Small-CapSmall-Cap ValuePremier Small-Cap Special EquitySmall-Cap GrowthCapital Small-Cap

Risk As of 09/30/26

 

Micro-Cap

Small-Cap

Five-Year Up/Down Capture Ratio

↑ 107   ↓ 79

↑ 107   ↓ 93

Beta

N/A

N/A

Standard Deviation

22.99

17.78

Sharpe Ratio

0.89

0.59

Volatility

Performance As of 09/30/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/26

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
Micro-Cap RYOTX -7.28 34.84 37.31 24.98 11.41 12.89 11.33 12/31/91 1.26 1.24
Russell Microcap Index - -7.20 18.32 25.72 24.29 6.56 10.45 - - - -
Russell 2000 Index - -7.23 13.71 16.20 17.72 6.34 9.84 - - - -
Small-Cap PENNX -8.04 13.85 16.08 14.45 8.34 11.04 12.75 10/31/72 0.95 0.95
Russell 2000 Index - -7.23 13.71 16.20 17.72 6.34 9.84 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER SEP YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Micro-Cap RYOTX -0.40 34.84 37.31 24.98 11.41 12.89 11.33 12/31/91 1.26 1.24
Russell Microcap Index - -4.18 18.32 25.72 24.29 6.56 10.45 - - - -
Russell 2000 Index - -5.25 13.71 16.20 17.72 6.34 9.84 - - - -
Small-Cap PENNX -3.66 13.85 16.08 14.45 8.34 11.04 12.75 10/31/72 0.95 0.95
Russell 2000 Index - -5.25 13.71 16.20 17.72 6.34 9.84 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER OCT QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Micro-Cap RYOTX -2.68 -2.68 29.96 25.56 10.21 12.89 11.23 12/31/91 1.26 1.24
Russell 2000 - N/A N/A N/A N/A N/A N/A - - - -
Russell Microcap - N/A N/A N/A N/A N/A N/A - - - -
Small-Cap PENNX -0.76 -0.76 14.96 14.97 7.52 11.24 12.83 10/31/72 0.95 0.95
Russell 2000 - N/A N/A N/A N/A N/A N/A - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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