Compare Funds | Royce
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At a Glance
As of 03/31/26

Capital Micro-CapRemove

Capital Small-CapRemove

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Style

Core

Value

Market Cap

Micro-Cap

Small-Cap

Volatility

High

Above Average

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?
  • One of the only variable annuity products dedicated to investing in micro-cap stocks, which Royce defines as companies with market caps no higher than 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 10.1% since inception (12/27/96) through 3/31/26.
  • 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.
  • Average annual total return of 9.6% since inception (12/27/96) through 3/31/26.

Inception Date
12/27/96
12/27/96

Portfolio Managers

Jim Stoeffel, Andrew Palen

Jay Kaplan

Portfolio Diagnostics As of 03/31/26

 

Capital Micro-Cap

Capital Small-Cap

Total Net Assets

103.4M

170.8M

Holdings

158

79

Average Market Cap

754.7M

2.00B

Active Share

87%

95%
2025
Portfolio Turnover

42%

79%

Weighted Average P/E,

-

10.9x

Weighted Average P/B,

1.9x

1.5x

Weighted Average P/S

-

-

Composition As of 03/31/26

 

Capital Micro-Cap

Capital 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

Capital Micro-Cap

Capital Small-Cap

Industrials

24.8

16.6

Information Technology

21.4

12.4

Financials

13.7

26.6

Health Care

11.6

10.0

Consumer Discretionary

11.2

23.7

Energy

5.6

7.8

Materials

4.8

-

Communication Services

2.1

-

Real Estate

0.3

-

Consumer Staples

0.1

2.0

Cash and Cash Equivalents

4.2

0.8

Portfolio Overlap

Capital Micro-Cap

Capital Small-Cap

Capital Micro-Cap

-

3%

Capital Small-Cap

3%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Micro-CapSmall-Cap OpportunitySmaller-Companies Growth Small-Cap ValueSmall-CapSmall-Cap Opportunity

Least Portfolio Overlap - U.S. Equity Funds

 Capital Small-CapSmall-Cap ValueSmall-Cap Special Equity Small-Cap Special EquitySmaller-Companies GrowthSMid-Cap Total Return

Risk As of 03/31/26

 

Capital Micro-Cap

Capital Small-Cap

Five-Year Up/Down Capture Ratio

↑ 104   ↓ 75

↑ 109   ↓ 97

Beta

N/A

N/A

Standard Deviation

21.66

19.24

Sharpe Ratio

0.64

0.46

Volatility

Performance As of 03/31/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/26

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
Capital Micro-Cap RCMCX 8.83 8.83 45.78 17.82 7.48 11.12 10.09 12/27/96 1.18 1.18
Russell Microcap Index - 1.49 1.49 45.78 16.88 3.13 10.36 - - - -
Russell 2000 Index - 0.89 0.89 25.72 13.05 3.77 9.88 - - - -
Capital Small-Cap RCPFX 4.03 4.03 26.79 12.65 7.38 7.37 9.64 12/27/96 1.14 1.14
Russell 2000 Value Index - 4.96 4.96 28.09 13.80 5.79 9.61 - - - -
Russell 2000 Index - 0.89 0.89 25.72 13.05 3.77 9.88 - - - -
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
Capital Micro-Cap RCMCX -5.57 8.83 45.78 17.82 7.48 11.12 10.09 12/27/96 1.18 1.18
Russell Microcap Index - -4.91 1.49 45.78 16.88 3.13 10.36 - - - -
Russell 2000 Index - -5.00 0.89 25.72 13.05 3.77 9.88 - - - -
Capital Small-Cap RCPFX -2.78 4.03 26.79 12.65 7.38 7.37 9.64 12/27/96 1.14 1.14
Russell 2000 Value Index - -3.64 4.96 28.09 13.80 5.79 9.61 - - - -
Russell 2000 Index - -5.00 0.89 25.72 13.05 3.77 9.88 - - - -
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
Capital Micro-Cap RCMCX 11.21 11.21 74.77 23.01 9.22 12.22 10.48 12/27/96 1.18 1.18
Russell Microcap Index - 10.41 10.41 73.10 21.47 5.36 11.18 - - - -
Russell 2000 Index - 8.97 8.97 47.86 16.78 5.17 10.66 - - - -
Capital Small-Cap RCPFX 5.61 5.61 45.66 14.94 7.91 8.04 9.83 12/27/96 1.14 1.14
Russell 2000 Value Index - 6.70 6.70 48.89 16.95 6.75 10.19 - - - -
Russell 2000 Index - 8.97 8.97 47.86 16.78 5.17 10.66 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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