Compare Funds | Royce
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At a Glance
As of 12/31/25

Micro-CapRemove

Small-Cap ValueRemove

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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 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 10.6% since inception (12/31/91) through 12/31/25.
  • 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 8.7% since inception (6/14/01) through 12/31/25.

Inception Date
12/31/91
06/14/01

Portfolio Managers

Jim Stoeffel, Andrew Palen

Jay Kaplan

Portfolio Diagnostics As of 12/31/25

 

Micro-Cap

Small-Cap Value

Total Net Assets

304.8M

97.8M

Holdings

154

79

Average Market Cap

725.9M

1.99B

Active Share

88%

95%
2024
Portfolio Turnover

18%

43%

Weighted Average P/E,

-

11.3x

Weighted Average P/B,

1.9x

1.5x

Weighted Average P/S

-

-

Composition As of 12/31/25

 

Micro-Cap

Small-Cap Value

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 Value

Industrials

25.2

14.3

Information Technology

21.3

13.7

Financials

15.7

28.3

Health Care

12.8

11.1

Consumer Discretionary

10.3

22.4

Energy

4.8

6.7

Materials

4.2

1.4

Communication Services

2.5

-

Consumer Staples

0.8

1.7

Real Estate

0.4

-

Utilities

-

-

Cash and Cash Equivalents

2.0

0.3

Portfolio Overlap

Micro-Cap

Small-Cap Value

Micro-Cap

-

2%

Small-Cap Value

2%

-

Greatest Portfolio Overlap - U.S. Equity Funds

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

Least Portfolio Overlap - U.S. Equity Funds

 Small-Cap ValuePremierSMid-Cap Total Return Smaller-Companies GrowthSmall-Cap Special EquitySMid-Cap Total Return

Risk As of 12/31/25

 

Micro-Cap

Small-Cap Value

Five-Year Up/Down Capture Ratio

↑ 90   ↓ 74

↑ 106   ↓ 99

Beta

N/A

N/A

Standard Deviation

22.03

19.85

Sharpe Ratio

0.53

0.42

Volatility

Performance As of 12/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/25

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 1.83 13.33 13.33 15.30 9.24 10.43 10.62 12/31/91 1.23 1.23
Russell Microcap Index - 6.25 22.98 22.98 15.20 7.32 9.58 - - - -
Russell 2000 Index - 2.19 12.81 12.81 13.73 6.09 9.62 - - - -
Small-Cap Value RVVHX 0.91 7.03 7.03 11.88 10.16 7.94 8.75 06/14/01 1.34 1.24
Russell 2000 Value Index - 3.26 12.59 12.59 11.73 8.88 9.27 - - - -
Russell 2000 Index - 2.19 12.81 12.81 13.73 6.09 9.62 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER DEC YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Micro-Cap RYOTX 1.75 13.33 13.33 15.30 9.24 10.43 10.62 12/31/91 1.23 1.23
Russell Microcap Index - 0.59 22.98 22.98 15.20 7.32 9.58 - - - -
Russell 2000 Index - -0.58 12.81 12.81 13.73 6.09 9.62 - - - -
Small-Cap Value RVVHX 0.44 7.03 7.03 11.88 10.16 7.94 8.75 06/14/01 1.34 1.24
Russell 2000 Value Index - 0.18 12.59 12.59 11.73 8.88 9.27 - - - -
Russell 2000 Index - -0.58 12.81 12.81 13.73 6.09 9.62 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER JAN QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Micro-Cap RYOTX 6.06 6.06 21.07 15.85 9.50 12.04 10.81 12/31/91 1.23 1.23
Russell Microcap Index - 5.18 5.18 30.58 16.40 7.01 11.08 - - - -
Russell 2000 Index - 5.75 5.75 18.81 15.12 6.06 11.14 - - - -
Small-Cap Value RVVHX 3.37 3.37 10.41 12.12 9.57 9.13 8.89 06/14/01 1.34 1.24
Russell 2000 Value Index - 5.42 5.42 19.14 12.95 8.77 10.64 - - - -
Russell 2000 Index - 5.75 5.75 18.81 15.12 6.06 11.14 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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