Compare Funds | Royce
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At a Glance
As of 09/30/24

Small-Cap Special EquityRemove

Capital Micro-CapRemove

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Style

Value

Core

Market Cap

Small-Cap

Micro-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 8.5% since inception (5/1/98) through 9/30/24.
  • 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 9.6% since inception (12/27/96) through 9/30/24.

Inception Date
05/01/98
12/27/96

Portfolio Managers

Charlie Dreifus, Steven McBoyle, Tim Hipskind

Jim Stoeffel, Andrew Palen

Portfolio Diagnostics As of 09/30/24

 

Small-Cap Special Equity

Capital Micro-Cap

Total Net Assets

711.1M

134.4M

Holdings

32

127

Average Market Cap

1.44B

619.7M

Active Share

98%

89%
2023
Portfolio Turnover

14%

24%

Weighted Average P/E,

13.6x

-

Weighted Average P/B,

1.7x

1.7x

Weighted Average P/S

-

-

Composition As of 09/30/24

 

Small-Cap Special Equity

Capital Micro-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 Special Equity

Capital Micro-Cap

Industrials

22.0

25.9

Consumer Discretionary

13.8

12.5

Materials

9.6

3.5

Consumer Staples

8.6

0.7

Information Technology

8.0

23.8

Financials

5.1

12.8

Communication Services

4.2

5.0

Real Estate

3.6

0.5

Energy

0.8

3.8

Health Care

-

9.7

Utilities

-

-

Cash and Cash Equivalents

24.3

1.6

Portfolio Overlap

Small-Cap Special Equity

Capital Micro-Cap

Small-Cap Special Equity

-

3%

Capital Micro-Cap

3%

-

Greatest Portfolio Overlap - U.S. Equity Funds

 Small-CapDividend ValueSmall-Cap Total Return Micro-CapSmall-Cap OpportunitySmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

 Micro-CapCapital Micro-CapSmaller-Companies Growth PremierSmall-Cap Special EquitySmall-Cap Total Return

Risk As of 09/30/24

 

Small-Cap Special Equity

Capital Micro-Cap

Five-Year Up/Down Capture Ratio

↑ 76   ↓ 66

↑ 99   ↓ 81

Beta

N/A

N/A

Standard Deviation

16.12

23.62

Sharpe Ratio

0.19

0.04

Volatility

Performance As of 09/30/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/24

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 4.82 3.34 12.57 5.82 9.12 7.07 8.50 05/01/98 1.22 1.22
Russell 2000 Value Index - 10.15 9.22 25.88 3.77 9.29 8.22 - - - -
Russell 2000 Index - 9.27 11.17 26.76 1.84 9.39 8.78 - - - -
Capital Micro-Cap RCMCX 5.19 8.29 21.69 2.08 12.13 7.32 9.62 12/27/96 1.18 1.18
Russell Microcap Index - 8.29 7.38 24.63 -3.74 8.45 7.29 - - - -
Russell 2000 Index - 9.27 11.17 26.76 1.84 9.39 8.78 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER OCT YTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Small-Cap Special Equity RYSEX -1.82 1.47 13.91 3.67 8.06 6.14 8.40 05/01/98 1.22 1.22
Russell 2000 Value Index - -1.56 7.51 31.77 1.95 8.42 7.33 - - - -
Russell 2000 Index - -1.44 9.56 34.07 -0.05 8.50 7.94 - - - -
Capital Micro-Cap RCMCX -2.82 5.23 27.81 -0.64 10.82 6.52 9.48 12/27/96 1.18 1.18
Russell Microcap Index - 0.68 8.11 35.24 -4.22 8.05 6.72 - - - -
Russell 2000 Index - -1.44 9.56 34.07 -0.05 8.50 7.94 - - - -
Average Annual Total Returns (%) , Annual Operating
Expenses (%)
FUND NAME TICKER NOV QTD 1 YR 3 YR 5 YR 10 YR SINCE
INCEPT.		 DATE GROSS NET
Small-Cap Special Equity RYSEX 3.58 1.70 13.39 3.45 8.91 6.52 8.52 05/01/98 1.22 1.22
Russell 2000 Value Index - 5.20 3.55 27.30 2.83 9.34 7.90 - - - -
Russell 2000 Index - 5.96 4.43 30.51 1.20 9.34 8.58 - - - -
Capital Micro-Cap RCMCX 7.77 4.73 26.98 0.26 12.09 7.44 9.75 12/27/96 1.18 1.18
Russell Microcap Index - 4.86 5.58 30.88 -2.99 8.69 7.32 - - - -
Russell 2000 Index - 5.96 4.43 30.51 1.20 9.34 8.58 - - - -

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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