Compare Funds | Royce
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At a Glance
As of 12/31/24

Small-Cap Special EquityRemove

Small-Cap OpportunityRemove

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Style

Value

Value

Market Cap

Small-Cap

Small-Cap

Volatility

Low

High

Status

Open to new investors
Invest With Us

Open to new investors
Invest With Us

Why invest?
  • Small-cap value fund that looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.
  • Seeks companies with superior balance sheets, sustainable returns on invested capital, and strong levels of free cash flow from operations, among other attributes.
  • Average annual total return of 8.4% since inception (5/1/98) through 12/31/24.
  • 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 1-, 3-, 5-, 10-, 15-, 20-, 25-year, and since inception (11/19/96) periods ended 12/31/24.

Inception Date
05/01/98
11/19/96

Portfolio Managers

Charlie Dreifus, Steven McBoyle, Tim Hipskind

Jim Harvey, Kavitha Venkatraman, Jim Stoeffel, Brendan Hartman

Portfolio Diagnostics As of 12/31/24

 

Small-Cap Special Equity

Small-Cap Opportunity

Total Net Assets

615.2M

1.17B

Holdings

32

226

Average Market Cap

1.40B

1.32B

Active Share

98%

90%
2024
Portfolio Turnover

5%

35%

Weighted Average P/E,

13.5x

-

Weighted Average P/B,

1.6x

1.7x

Weighted Average P/S

-

1.0x

Composition As of 12/31/24

 

Small-Cap Special Equity

Small-Cap Opportunity

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 Special Equity

Small-Cap Opportunity

Industrials

24.2

26.0

Consumer Discretionary

15.6

10.0

Materials

10.4

5.3

Consumer Staples

9.5

1.2

Information Technology

8.8

21.0

Financials

6.0

8.8

Communication Services

5.7

5.2

Real Estate

3.6

0.4

Energy

0.6

9.8

Health Care

-

9.7

Utilities

-

-

Cash and Cash Equivalents

15.5

2.5

Portfolio Overlap

Small-Cap Special Equity

Small-Cap Opportunity

Small-Cap Special Equity

-

4%

Small-Cap Opportunity

4%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Dividend ValueSmall-CapSmall-Cap Total Return Capital Micro-CapMicro-CapSmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

 Micro-CapCapital Micro-CapSmall-Cap Opportunity Capital Small-CapSmall-Cap Special EquitySmall-Cap Value

Risk As of 12/31/24

 

Small-Cap Special Equity

Small-Cap Opportunity

Five-Year Up/Down Capture Ratio

↑ 75   ↓ 66

↑ 123   ↓ 100

Beta

N/A

N/A

Standard Deviation

16.76

25.72

Sharpe Ratio

0.00

0.08

Volatility

Performance As of 12/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/24

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 Special Equity RYSEX -0.29 3.05 3.05 2.88 7.46 6.16 8.40 05/01/98 1.22 1.22
Russell 2000 Value Index - -1.06 8.05 8.05 1.94 7.29 7.14 - - - -
Russell 2000 Index - 0.33 11.54 11.54 1.24 7.40 7.82 - - - -
Small-Cap Opportunity RYPNX 3.65 10.30 10.30 3.03 12.61 9.78 11.84 11/19/96 1.23 1.23
Russell 2000 Value Index - -1.06 8.05 8.05 1.94 7.29 7.14 - - - -
Russell 2000 Index - 0.33 11.54 11.54 1.24 7.40 7.82 - - - -
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 Special Equity RYSEX -5.29 3.05 3.05 2.88 7.46 6.16 8.40 05/01/98 1.22 1.22
Russell 2000 Value Index - -8.33 8.05 8.05 1.94 7.29 7.14 - - - -
Russell 2000 Index - -8.26 11.54 11.54 1.24 7.40 7.82 - - - -
Small-Cap Opportunity RYPNX -5.63 10.30 10.30 3.03 12.61 9.78 11.84 11/19/96 1.23 1.23
Russell 2000 Value Index - -8.33 8.05 8.05 1.94 7.29 7.14 - - - -
Russell 2000 Index - -8.26 11.54 11.54 1.24 7.40 7.82 - - - -
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 Special Equity RYSEX -1.25 -1.25 6.44 2.69 7.05 6.40 8.34 05/01/98 1.22 1.22
Russell 2000 Value Index - 1.71 1.71 17.09 2.40 7.60 7.61 - - - -
Russell 2000 Index - 2.08 2.08 20.60 3.21 7.44 8.29 - - - -
Small-Cap Opportunity RYPNX 3.29 3.29 21.83 4.15 12.87 10.63 11.95 11/19/96 1.23 1.23
Russell 2000 Value Index - 1.71 1.71 17.09 2.40 7.60 7.61 - - - -
Russell 2000 Index - 2.08 2.08 20.60 3.21 7.44 8.29 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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