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

Small-Cap OpportunityRemove

Micro-CapRemove

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Style

Value

Core

Market Cap

Small-Cap

Micro-Cap

Volatility

High

High

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?
  • Small-cap value fund that uses an opportunistic approach to invest in companies are categorized into themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.
  • Identifies a catalyst for future earnings growth in the form of new management, more favorable business cycle, product innovation, and/or margin improvement.
  • Has historically produced strong results, particularly during up market periods, outperforming its benchmark, the Russell 2000 Value Index, during six out of seven trough-to-peak periods since inception (11/19/96).
  • 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.

Inception Date
11/19/96
12/31/91

Portfolio Managers

Kavitha Venkatraman, Jim Harvey, Brendan Hartman, Jim Stoeffel

Jim Stoeffel, Andrew Palen

Portfolio Diagnostics As of 03/31/25

 

Small-Cap Opportunity

Micro-Cap

Total Net Assets

977.2M

253.1M

Holdings

225

146

Average Market Cap

1.20B

542.5M

Active Share

91%

89%
2024
Portfolio Turnover

35%

18%

Weighted Average P/E,

-

-

Weighted Average P/B,

1.5x

1.5x

Weighted Average P/S

0.9x

-

Composition As of 03/31/25

 

Small-Cap Opportunity

Micro-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

Small-Cap Opportunity

Micro-Cap

Industrials

26.3

24.1

Information Technology

19.8

21.3

Consumer Discretionary

10.6

11.1

Financials

10.2

17.0

Energy

9.9

3.6

Health Care

9.7

10.6

Materials

5.3

2.9

Communication Services

4.6

4.2

Consumer Staples

0.4

1.1

Real Estate

0.4

0.8

Utilities

-

-

Cash and Cash Equivalents

2.9

3.3

Portfolio Overlap

Small-Cap Opportunity

Micro-Cap

Small-Cap Opportunity

-

27%

Micro-Cap

27%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Micro-CapCapital Micro-CapSmall-Cap Capital Micro-CapSmall-Cap OpportunitySmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

 Small-Cap ValueSmall-Cap Special EquityPremier Dividend ValueSmall-Cap ValuePremier

Risk As of 03/31/25

 

Small-Cap Opportunity

Micro-Cap

Five-Year Up/Down Capture Ratio

↑   ↓

↑   ↓

Beta

N/A

N/A

Standard Deviation

26.23

25.15

Sharpe Ratio

-0.05

-0.04

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
Small-Cap Opportunity RYPNX -12.85 -12.85 -8.59 0.01 20.21 8.16 11.19 11/19/96 1.23 1.23
Russell 2000 Value Index - -7.74 -7.74 -3.12 0.05 15.31 6.07 - - - -
Russell 2000 Index - -9.48 -9.48 -4.01 0.52 13.27 6.30 - - - -
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 - - - -
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
Small-Cap Opportunity RYPNX -9.03 -12.85 -8.59 0.01 20.21 8.16 11.19 11/19/96 1.23 1.23
Russell 2000 Value Index - -6.00 -7.74 -3.12 0.05 15.31 6.07 - - - -
Russell 2000 Index - -6.81 -9.48 -4.01 0.52 13.27 6.30 - - - -
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 - - - -
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
Small-Cap Opportunity RYPNX -3.78 -3.78 -5.76 0.71 17.71 7.62 11.01 11/19/96 1.23 1.23
Russell 2000 Value Index - -4.18 -4.18 -1.69 0.05 13.53 5.56 - - - -
Russell 2000 Index - -2.65 -2.65 0.17 1.55 11.15 5.88 - - - -
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 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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