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At a Glance
As of 03/31/24

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Style	Value	Value
Market Cap	Small-Cap	Small-Cap
Volatility	High	Above Average
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	Small-cap value fund that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Takes a contrarian value approach, looking for stocks with solid fundamentals in industries where pessimism runs high. Outperformed its benchmark for the 1-, 3-, 5-, 20-, 25-year, and since inception (12/27/96) periods ended 3/31/24.	Small-cap value fund that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Takes a contrarian value approach, looking for stocks with solid fundamentals in industries where pessimism runs high. Has a long-term history of low volatility.
Inception Date	12/27/96	06/14/01
Portfolio Managers	Jay Kaplan	Jay Kaplan

Portfolio Diagnostics As of 03/31/24

Small-Cap Value

Total Net Assets	311.9M	126.5M
Holdings	84	84
Average Market Cap	1.70B	1.70B
Active Share	93%	93%
2023 Portfolio Turnover	69%	48%
Weighted Average P/E,	10.5x	10.4x
Weighted Average P/B,	1.6x	1.6x
Weighted Average P/S	-	-

Composition As of 03/31/24

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

Capital Small-Cap

Small-Cap Value

Consumer Discretionary	21.4	21.8
Industrials	17.6	18.3
Financials	17.3	17.7
Information Technology	15.4	15.4
Energy	11.4	11.3
Health Care	6.4	6.2
Consumer Staples	2.7	2.7
Communication Services	2.4	2.7
Real Estate	1.1	1.1
Materials	1.1	1.3
Utilities	-	-
Cash and Cash Equivalents	3.2	1.6

Portfolio Overlap

Capital Small-Cap

Small-Cap Value

Capital Small-Cap	-	96%
Small-Cap Value	96%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Small-Cap ValueSmall-CapSmall-Cap Opportunity

Capital Small-CapSmall-CapSmall-Cap Special Equity

Least Portfolio Overlap - U.S. Equity Funds

Smaller-Companies GrowthPremierSmall-Cap Total Return

Smaller-Companies GrowthPremierDividend Value

Risk As of 03/31/24

Capital Small-Cap

Small-Cap Value

Five-Year Up/Down Capture Ratio	↑ 99 ↓ 94	↑ 100 ↓ 95
Beta	N/A	N/A
Standard Deviation	20.64	20.63
Sharpe Ratio	0.34	0.33

Volatility

Performance As of 03/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/24

Show Indexes		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
Capital Small-Cap58	RCPFX	3.75	3.75	26.57	8.12	9.01	5.93	9.89	12/27/96	1.15	1.15
Russell 2000 Value Index	-	2.90	2.90	18.75	2.22	8.17	6.87	-	-	-	-
Russell 2000 Index	-	5.18	5.18	19.71	-0.10	8.10	7.58	-	-	-	-
Small-Cap Value188	RVVHX	3.59	3.59	27.04	7.91	8.97	5.85	9.14	06/14/01	1.35	1.24
Russell 2000 Value Index	-	2.90	2.90	18.75	2.22	8.17	6.87	-	-	-	-
Russell 2000 Index	-	5.18	5.18	19.71	-0.10	8.10	7.58	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	APR	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Capital Small-Cap58	RCPFX	-6.43	-2.92	23.88	4.41	6.48	5.43	9.59	12/27/96	1.15	1.15
Russell 2000 Value Index	-	-6.37	-3.66	14.03	-0.67	5.96	6.45	-	-	-	-
Russell 2000 Index	-	-7.04	-2.22	13.32	-3.18	5.83	7.22	-	-	-	-
Small-Cap Value188	RVVHX	-6.46	-3.10	24.27	4.24	6.41	5.31	8.78	06/14/01	1.35	1.24
Russell 2000 Value Index	-	-6.37	-3.66	14.03	-0.67	5.96	6.45	-	-	-	-
Russell 2000 Index	-	-7.04	-2.22	13.32	-3.18	5.83	7.22	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	MAY	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Capital Small-Cap58	RCPFX	4.40	-2.31	29.96	5.39	8.96	5.99	9.75	12/27/96	1.15	1.15
Russell 2000 Value Index	-	6.55	-0.24	21.75	0.66	8.01	7.33	-	-	-	-
Russell 2000 Index	-	6.26	-1.22	19.92	-0.64	7.87	8.10	-	-	-	-
Small-Cap Value188	RVVHX	4.40	-2.34	30.34	5.23	8.89	5.88	8.97	06/14/01	1.35	1.24
Russell 2000 Value Index	-	6.55	-0.24	21.75	0.66	8.01	7.33	-	-	-	-
Russell 2000 Index	-	6.26	-1.22	19.92	-0.64	7.87	8.10	-	-	-	-

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Compare Funds

At a GlanceAs of 03/31/24

Add Another Fund

Portfolio Diagnostics As of 03/31/24

Composition As of 03/31/24

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 03/31/24

Volatility

Performance As of 03/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/24

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