Compare Funds | Royce
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At a Glance
As of 03/31/25

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 7.9% since inception (5/1/98) through 3/31/25.
  • 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.
  • Has historically produced strong results, particularly during up market periods, outperforming its benchmark, the Russell 2000 Value Index, during six out of seven trough-to-peak periods since inception (11/19/96).

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

Portfolio Managers

Charlie Dreifus, Tim Hipskind, Steven McBoyle

Kavitha Venkatraman, Jim Harvey, Brendan Hartman, Jim Stoeffel

Portfolio Diagnostics As of 03/31/25

 

Small-Cap Special Equity

Small-Cap Opportunity

Total Net Assets

516.8M

977.2M

Holdings

32

225

Average Market Cap

1.25B

1.20B

Active Share

98%

91%
2024
Portfolio Turnover

5%

35%

Weighted Average P/E,

11.5x

-

Weighted Average P/B,

1.4x

1.5x

Weighted Average P/S

-

0.9x

Composition As of 03/31/25

 

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

23.6

26.3

Consumer Discretionary

15.1

10.6

Consumer Staples

10.0

0.4

Materials

8.6

5.3

Information Technology

8.6

19.8

Financials

6.7

10.2

Communication Services

6.6

4.6

Real Estate

2.7

0.4

Energy

0.7

9.9

Health Care

-

9.7

Utilities

-

-

Cash and Cash Equivalents

17.5

2.9

Portfolio Overlap

Small-Cap Special Equity

Small-Cap Opportunity

Small-Cap Special Equity

-

5%

Small-Cap Opportunity

5%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Capital Small-CapPremierSmall-Cap Total Return Micro-CapCapital Micro-CapSmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

 Capital Micro-CapMicro-CapSmall-Cap Opportunity Small-Cap ValueSmall-Cap Special EquityPremier

Risk As of 03/31/25

 

Small-Cap Special Equity

Small-Cap Opportunity

Five-Year Up/Down Capture Ratio

↑   ↓

↑   ↓

Beta

N/A

N/A

Standard Deviation

16.73

26.23

Sharpe Ratio

-0.09

-0.05

Volatility

Performance As of 03/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/25

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 Special Equity RYSEX -8.95 -8.95 -8.17 1.69 11.60 4.92 7.95 05/01/98 1.22 1.22
Russell 2000 Value Index - -7.74 -7.74 -3.12 0.05 15.31 6.07 - - - -
Russell 2000 Index - -9.48 -9.48 -4.01 0.52 13.27 6.30 - - - -
Small-Cap Opportunity RYPNX -12.85 -12.85 -8.59 0.01 20.21 8.16 11.19 11/19/96 1.23 1.23
Russell 2000 Value Index - -7.74 -7.74 -3.12 0.05 15.31 6.07 - - - -
Russell 2000 Index - -9.48 -9.48 -4.01 0.52 13.27 6.30 - - - -
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
Small-Cap Special Equity RYSEX -3.76 -8.95 -8.17 1.69 11.60 4.92 7.95 05/01/98 1.22 1.22
Russell 2000 Value Index - -6.00 -7.74 -3.12 0.05 15.31 6.07 - - - -
Russell 2000 Index - -6.81 -9.48 -4.01 0.52 13.27 6.30 - - - -
Small-Cap Opportunity RYPNX -9.03 -12.85 -8.59 0.01 20.21 8.16 11.19 11/19/96 1.23 1.23
Russell 2000 Value Index - -6.00 -7.74 -3.12 0.05 15.31 6.07 - - - -
Russell 2000 Index - -6.81 -9.48 -4.01 0.52 13.27 6.30 - - - -
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
Small-Cap Special Equity RYSEX -4.48 -4.48 -9.64 0.56 9.48 4.56 7.74 05/01/98 1.22 1.22
Russell 2000 Value Index - -4.18 -4.18 -1.69 0.05 13.53 5.56 - - - -
Russell 2000 Index - -2.65 -2.65 0.17 1.55 11.15 5.88 - - - -
Small-Cap Opportunity RYPNX -3.78 -3.78 -5.76 0.71 17.71 7.62 11.01 11/19/96 1.23 1.23
Russell 2000 Value Index - -4.18 -4.18 -1.69 0.05 13.53 5.56 - - - -
Russell 2000 Index - -2.65 -2.65 0.17 1.55 11.15 5.88 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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