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

Small-Cap OpportunityRemove

Small-CapRemove

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Style

Value

Core

Market Cap

Small-Cap

Small-Cap

Volatility

High

Below Average

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.
  • Outperformed its benchmark for the 3-, 5-, 10-, 15-, 20-, 25-year, and since inception (11/19/96) periods ended 12/31/25.
  • 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-, 40-year and 45-year periods ended 12/31/25.

Inception Date
11/19/96
N/A

Portfolio Managers

Kavitha Venkatraman, Jim Harvey, Brendan Hartman, Jim Stoeffel

Andrew Palen, Steven McBoyle, Lauren Romeo, Miles Lewis, Francis Gannon, Jay Kaplan

Portfolio Diagnostics As of 12/31/25

 

Small-Cap Opportunity

Small-Cap

Total Net Assets

1.08B

1.77B

Holdings

209

263

Average Market Cap

1.56B

3.62B

Active Share

91%

87%
2025
Portfolio Turnover

51%

43%

Weighted Average P/E,

-

17.9x

Weighted Average P/B,

1.9x

2.2x

Weighted Average P/S

1.2x

-

Composition As of 12/31/25

 

Small-Cap Opportunity

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

Small-Cap Opportunity

Small-Cap

Industrials

25.2

29.1

Information Technology

20.7

16.5

Financials

13.2

20.2

Health Care

9.6

9.2

Energy

9.2

1.8

Consumer Discretionary

9.1

9.0

Materials

6.9

7.8

Communication Services

3.2

0.9

Consumer Staples

0.3

1.6

Real Estate

-

1.1

Utilities

-

-

Cash and Cash Equivalents

2.7

2.7

Portfolio Overlap

Small-Cap Opportunity

Small-Cap

Small-Cap Opportunity

-

15%

Small-Cap

15%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Capital Micro-CapMicro-CapSmall-Cap PremierSmall-Cap Total ReturnSMid-Cap Total Return

Least Portfolio Overlap - U.S. Equity Funds

 Small-Cap ValueSmall-Cap Special EquityPremier Small-Cap Special EquitySmaller-Companies GrowthSmall-Cap Value

Risk As of 12/31/25

 

Small-Cap Opportunity

Small-Cap

Five-Year Up/Down Capture Ratio

↑ 110   ↓ 108

↑ 105   ↓ 87

Beta

N/A

N/A

Standard Deviation

22.44

17.74

Sharpe Ratio

0.47

0.55

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
Small-Cap Opportunity RYPNX 1.75 11.86 11.86 13.84 9.87 12.64 11.84 11/19/96 1.22 1.22
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 - - - -
Small-Cap PENNX 1.95 8.95 8.95 13.90 8.38 11.11 13.14 10/31/72 0.93 0.93
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
Small-Cap Opportunity RYPNX 1.63 11.86 11.86 13.84 9.87 12.64 11.84 11/19/96 1.22 1.22
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 - - - -
Small-Cap PENNX 0.09 8.95 8.95 13.90 8.38 11.11 13.14 10/31/72 0.93 0.93
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
Small-Cap Opportunity RYPNX 10.28 10.28 20.40 13.45 10.71 14.70 12.18 11/19/96 1.22 1.22
Russell 2000 - N/A N/A N/A N/A N/A N/A - - - -
Russell 2000 Value - N/A N/A N/A N/A N/A N/A - - - -
Small-Cap PENNX 8.12 8.12 15.87 13.52 9.75 12.61 12.91 10/31/72 0.93 0.93
Russell 2000 - N/A N/A N/A N/A N/A N/A - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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