Royce Global Trust, Inc (RGT)
227

At a Glance

Why invest in Global Trust?

  • A closed-end fund dedicated to investing in both U.S. and non-U.S. small-cap stocks.
  • Core approach that offers wide exposure to both U.S. and non-U.S. small/mid-cap stocks (generally market caps up to $10 billion).
  • Average annual total return of 6.6% since inception (10/17/13) through 9/30/24.

As of 09/30/24

  • Small/Mid-Cap
    Core Approach
    $2.40B
    Avg. Market Cap
  • Active Share
    98%
  • Fund
    Longevity
    10+
    Years of History
  • Global
    14%
    2023 Annual
    Turnover Rate
  • Daily Price 13.41$0.00 (+0.00%) MKT $11.48+$0.05 (+0.00%)
    $85.4M
    Net Assets
  • Invest With Us

Portfolio Management

"We look to the global markets to find small-cap companies with high returns on invested capital that we think can compound value by reinvesting their earnings into the business at high rates of return over the long run."
—Steven McBoyle

Manager Tenure

Manager Tenure

Performance

Average Annual Total Returns (%)

Outperformed MSCI ACWI Small Cap for the Year To Date and 1-Year periods as of 09/30/24.
QTR YTD 1YR 3YR 5YR 10YR SINCE INCEPT.
(10/17/13)
RGT 4.32 18.9735.28-1.909.556.946.02
XRGTX (NAV) 6.93 14.5128.600.788.957.176.61
MSCI ACWI SC 8.80 11.2924.622.609.407.817.50
OCT YTD 1YR 3YR 5YR 10YR SINCE INCEPT.
(10/17/13)
RGT -0.86 17.9545.07-2.958.806.985.89
XRGTX (NAV) -1.34 12.9736.12-0.797.857.206.42
MSCI ACWI SC -2.90 8.0628.660.538.157.357.16
NOV YTD 1YR 3YR 5YR 10YR SINCE INCEPT.
(10/17/13)
RGT -0.19 17.7329.99-3.757.767.165.85
XRGTX (NAV) 1.28 14.4225.55-0.967.587.466.51
MSCI ACWI SC N/A N/AN/AN/AN/AN/AN/A

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.royceinvest.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

The Fund invests primarily in securities of small-cap and mid-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments.

Rolling Returns

For 83% of the periods, 10-year average annual total returns were greater than 5%.

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 0 0
> 5% and ≤ 10% 10 83
> 0% and ≤ 5% 2 17
≤ 0% 0 0

The Fund averaged a 5.8% return over all 12 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the MSCI ACWI SC in each of the two previous full market cycle periods.
Peak-Peak - 01/26/18 - 01/17/20
Global Trust4.3%
MSCI ACWI SC2.3%

Peak-Peak - 01/17/20 - 11/08/21
Global Trust40.6%
MSCI ACWI SC39.5%

Peak-Current - 11/08/21 - 09/30/24
Global Trust-5.0%
MSCI ACWI SC1.1%

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 10/17/13 and 09/30/24

Global Trust$20,149.94
MSCI ACWI SC$22,088.24

Market Price Performance History

Risk

Down Market Performance Comparisonas of 09/30/24

The Fund outperformed the MSCI ACWI SC during one out of four downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

MSCI ACWI SC Down Quarters

QUARTER ENDMSCI ACWI SC (%)GLOBAL TRUST (%)SPREAD (%)
06/30/24-1.6-0.6+1.0
09/30/23-3.4-3.0+0.4
09/30/22-5.3-8.7-3.4
06/30/22-17.1-19.3-2.2
03/31/22-6.2-11.9-5.7
09/30/21-1.5+0.7+2.2
03/31/20-30.2-27.9+2.3
09/30/19-1.2-3.1-1.9
12/31/18-16.8-16.80.0
03/31/18-0.5+0.7+1.2
09/30/15-10.5-12.4-1.9
09/30/14-6.1-7.1-1.0

Long Term Risk Measurementas of 09/30/24

Morningstar Statistical Measures as of 09/30/24

Sharpe RatioStandard Deviation
Global Trust0.3818.23
MSCI ACWI SC0.4217.31
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Global Trust
MSCI ACWI SC
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/24

mstar-XRGTX

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.

Portfolio Diagnosticsas of 09/30/24

  XRGTX MSCI ACWI SC
Average Market Cap
2.40B
3.41B
Net Leverage
3.9%
-
Market Price
$11.60
-
Net Asset Value
$13.42
-
Active Share
98%
-
2023 Portfolio Turnover
14%
-
Weighted Average P/E,
22.9x
16.5x
Weighted Average P/B,
2.8x
1.9x
Non-U.S. Investments (% of Net Assets)
62.2%
-
U.S. Investments (% of Net Assets)
41.8%
-

Portfolio Allocation

  • Total
    Holdings
    120


SECTORS		XRGTX (%) MSCI
ACWI SC (%)
Industrials
35.7
19.6
Financials
23.8
14.8
Information Technology
15.2
11.7
Materials
7.7
8.2
Consumer Discretionary
6.7
13.3
Health Care
5.8
9.6
Communication Services
4.1
3.2
Energy
2.5
3.8
Real Estate
1.3
8.2
Consumer Staples
1.1
5.0
Utilities
-
2.7
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-3.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Vistry Group
3.5
FTAI Aviation
3.3
Tel Aviv Stock Exchange
2.5
Transcat
2.3
Sprott
2.3
Alamos Gold Cl. A
2.2
SEI Investments
2.0
ESAB Corporation
1.9
Protector Forsikring
1.9
Morningstar
1.8
EVI Industries
1.8
APi Group
1.8
TMX Group
1.7
AIA Engineering
1.7
Viper Energy Cl. A
1.7
Artisan Partners Asset Management Cl. A
1.7
Cellebrite DI
1.6
Stadio Holdings
1.5
PAR Technology
1.5
OEM International Cl. B
1.5
Top 20 as % of Net Assets
40.2

SECTORS		XRGTX (%) MSCI
ACWI SC (%)
Industrials
34.4
-
Financials
25.2
-
Information Technology
15.2
-
Materials
7.8
-
Health Care
5.5
-
Consumer Discretionary
5.4
-
Communication Services
4.2
-
Energy
2.8
-
Real Estate
1.2
-
Consumer Staples
1.0
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-2.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
FTAI Aviation
3.4
Tel Aviv Stock Exchange
2.6
SEI Investments
2.5
Sprott
2.4
Alamos Gold Cl. A
2.3
ESAB Corporation
2.2
Protector Forsikring
2.2
Vistry Group
2.0
Viper Energy Cl. A
2.0
Morningstar
1.9
EVI Industries
1.9
APi Group
1.9
TMX Group
1.8
Cellebrite DI
1.7
Artisan Partners Asset Management Cl. A
1.7
PAR Technology
1.7
Stadio Holdings
1.6
Transcat
1.6
AIA Engineering
1.6
Onex Corporation
1.5
Top 20 as % of Net Assets
40.5

Portfolio Holdings

Unaudited schedules of portfolio holdings are presented for informational purposes only.

View the complete list of holdings (unaudited) for this fund as of the previous quarter-end: 09/30/24.

Geographical Breakdown

Portfolio Country Breakdownas of 09/30/24

Countries% of net assets
(subject to change)
United States41.8
Canada16.6
United Kingdom11.1
Israel6.3
Sweden5.5
Australia3.2
India2.8
South Africa2.6
Norway1.9
Japan1.8
Switzerland1.8
Netherlands1.1
Brazil1.0
France0.9
Italy0.9
Greece0.9
Bermuda0.9
Germany0.6
Ireland0.5
Panama0.5
New Zealand0.4
Indonesia0.3
Iceland0.3
Mexico0.1
Singapore0.0

Distributions

NAV & Distributions


Start DateEnd Date
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Distributions

RECORD
DATE		 EX-DATE PAYABLE
DATE		 INCOME ($) SHORT
TERM
GAINS ($)		 LONG
TERM
GAINS ($)		 RETURN OF
CAPITAL ($)		 TOTAL ($) REINVEST
PRICE ($)
12/11/23 12/08/23 12/22/23 0.0000 0.0731 0.0769 0.0000 0.1500 9.50
12/12/22 12/09/22 12/23/22 0.0965 0.0000 0.0335 0.0000 0.1300 8.63
12/13/21 12/10/21 12/23/21 0.0908 0.3446 2.3146 0.0000 2.7500 12.52
12/18/20 12/17/20 12/31/20 0.0000 0.0000 1.1900 0.0000 1.1900 13.42
12/12/19 12/11/19 12/27/19 0.0554 0.0000 0.0000 0.0046 0.0600 11.51
12/13/18 12/12/18 12/27/18 0.0400 0.0000 0.0000 0.0000 0.0400 8.50
12/13/17 12/12/17 12/27/17 0.1100 0.0000 0.0000 0.0000 0.1100 10.61
12/13/16 12/09/16 12/27/16 0.1400 0.0000 0.0000 0.0000 0.1400 7.94
12/14/15 12/10/15 12/28/15 0.1000 0.0000 0.0000 0.0000 0.1000 7.23
12/15/14 12/11/14 12/26/14 0.1500 0.0000 0.0000 0.0000 0.1500 7.97

NAV History for

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Fees & Expenses

Annual Fund Operating Expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

Management fees 1.00
Other expenses 0.54
Total annual Fund operating expenses 1.54

Important Disclosure Information

The Fund is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Portfolio's P/E ratio calculation excludes cash holdings and companies with zero or negative earnings. The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Standard deviation is a statistical measure within which a client account’s total returns have varied over time. The greater the standard deviation, the greater a portfolio’s volatility.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. Source: MSCI.  MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein.  The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products.  This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

10/17/2013 12:00:00 AM

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