Compare Funds | Royce
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At a Glance
As of 03/31/25

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, which Royce defines as companies with market caps no higher than that of the largest company 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.
  • Average annual total return of 9.9% since inception (12/31/91) through 3/31/25.
  • 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-, and 40-year periods ended 3/31/25.

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 03/31/25

 

Micro-Cap

Small-Cap

Total Net Assets

253.1M

1.62B

Holdings

146

272

Average Market Cap

542.5M

3.02B

Active Share

89%

86%
2024
Portfolio Turnover

18%

37%

Weighted Average P/E,

-

15.4x

Weighted Average P/B,

1.5x

1.9x

Weighted Average P/S

-

-

Composition As of 03/31/25

 

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

24.1

27.2

Information Technology

21.3

17.2

Financials

17.0

21.7

Consumer Discretionary

11.1

8.8

Health Care

10.6

8.5

Communication Services

4.2

1.8

Energy

3.6

2.3

Materials

2.9

7.0

Consumer Staples

1.1

0.6

Real Estate

0.8

1.8

Utilities

-

-

Cash and Cash Equivalents

3.3

3.2

Portfolio Overlap

Micro-Cap

Small-Cap

Micro-Cap

-

14%

Small-Cap

14%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Capital Micro-CapSmall-Cap OpportunitySmall-Cap PremierSmall-Cap Total ReturnDividend Value

Least Portfolio Overlap - U.S. Equity Funds

 Dividend ValueSmall-Cap ValuePremier Small-Cap Special EquitySmaller-Companies GrowthCapital Micro-Cap

Risk As of 03/31/25

 

Micro-Cap

Small-Cap

Five-Year Up/Down Capture Ratio

↑   ↓

↑   ↓

Beta

N/A

N/A

Standard Deviation

25.15

21.40

Sharpe Ratio

-0.04

0.07

Volatility

Performance As of 03/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/25

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
Micro-Cap RYOTX -14.87 -14.87 -7.61 0.56 16.34 5.82 9.92 12/31/91 1.25 1.24
Russell Microcap Index - -14.39 -14.39 -7.01 -3.49 12.01 4.80 - - - -
Russell 2000 Index - -9.48 -9.48 -4.01 0.52 13.27 6.30 - - - -
Small-Cap PENNX -9.30 -9.30 -8.76 3.93 15.30 7.65 13.45 10/31/72 0.94 0.94
Russell 2000 Index - -9.48 -9.48 -4.01 0.52 13.27 6.30 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER MAR YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Micro-Cap RYOTX -9.78 -14.87 -7.61 0.56 16.34 5.82 9.92 12/31/91 1.25 1.24
Russell Microcap Index - -9.56 -14.39 -7.01 -3.49 12.01 4.80 - - - -
Russell 2000 Index - -6.81 -9.48 -4.01 0.52 13.27 6.30 - - - -
Small-Cap PENNX -6.29 -9.30 -8.76 3.93 15.30 7.65 13.45 10/31/72 0.94 0.94
Russell 2000 Index - -6.81 -9.48 -4.01 0.52 13.27 6.30 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER APR QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Micro-Cap RYOTX -1.37 -1.37 -2.05 2.48 13.78 5.45 9.86 12/31/91 1.25 1.24
Russell Microcap Index - -0.74 -0.74 0.41 -1.58 10.14 4.45 - - - -
Russell 2000 Index - -2.65 -2.65 0.17 1.55 11.15 5.88 - - - -
Small-Cap PENNX -1.83 -1.83 -5.19 4.87 13.43 7.36 13.19 10/31/72 0.94 0.94
Russell 2000 Index - -2.65 -2.65 0.17 1.55 11.15 5.88 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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