Royce Small-Cap Trust, Inc (RVT)
19

At a Glance

Why invest in Small-Cap Trust?

  • The first small-cap closed-end fund, managed since its inception in 1986 using the same approach developed by our founder, Chuck Royce.
  • Core approach that combines multiple investment themes and offers wide exposure to small-cap stocks by investing in companies with high returns on invested capital or those with strong fundamentals and/or prospects trading at what Royce believes are attractive valuations.
  • Outperformed its benchmark for the 1-, 3-, 5-, 10-, 15-, 20-, 25-, 30-, 35-year, and since inception (11/26/86) periods ended 9/30/24.

As of 09/30/24

  • Small-Cap
    Core Approach
    $3.21B
    Avg. Market Cap
  • Active Share
    81%
  • Fund
    Longevity
    37+
    Years of History
  • Domestic
    67%
    2023 Annual
    Turnover Rate
  • Daily Price 18.04-$0.03 (-0.17%) MKT $15.93-$0.03 (0.00%)
    $2.02B
    Net Assets
  • Invest With Us

Portfolio Management

"The Fund uses multiple approaches to long-term small-cap investing that have worked well in the past, such as companies with attractive profit margins, strong free cash flows, and lower leverage that also trade at what Royce believes are attractive valuations."
—Francis Gannon

Manager Tenure

Manager Tenure

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Year To Date, 1-Year, 3-Year, 5-Year, 10-Year, 15-Year, 20-Year, 30-Year and since inception (11/26/86) periods as of 09/30/24.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR 25YR 35YR SINCE INCEPT.
(11/26/86)
RVT 10.47 14.0831.724.4111.6810.0911.347.9910.0310.489.92
XRVTX (NAV) 6.98 11.9826.974.3211.489.9210.918.799.7910.3310.43
Russell 2000 9.27 11.1726.761.849.398.7810.598.498.279.029.20
OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR 25YR 35YR SINCE INCEPT.
(11/26/86)
RVT -3.50 10.0836.321.4410.539.1611.567.609.9610.419.79
XRVTX (NAV) -2.01 9.7332.772.0210.509.2611.068.589.7810.3910.35
Russell 2000 -1.44 9.5634.07-0.058.507.9411.008.308.199.179.14
NOV YTD 1YR 3YR 5YR 10YR 15YR 20YR 25YR 35YR SINCE INCEPT.
(11/26/86)
RVT 5.15 15.7532.112.4711.049.7311.637.5910.0510.619.93
XRVTX (NAV) 5.93 16.2329.603.2211.349.9011.148.639.7110.5810.50
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, 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 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 micro-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

On a monthly basis, the Fund outperformed the Russell 2000 in 60% of all 5-Year periods; and 62% of all 1-Year periods.

For 97% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 25 Years Through 09/30/24

periods beating
the index(%)		 fund
avg(%)		 index
avg(%)
10-year
69/181
 38 8.6 8.6
5-year
145/241
 60 9.2 8.6
1-year
179/289
 62 11.4 9.4

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% 181 54
> 5% and ≤ 10% 143 43
> 0% and ≤ 5% 11 3
≤ 0% 0 0

The Fund averaged a 10.5% return over all 335 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 11/8/21 index peak through current (9/30/24) and in each of the two previous full market cycle periods.
Peak-Peak - 06/23/15 - 08/31/18
Small-Cap Trust44.3%
Russell 200040.4%

Peak-Peak - 08/31/18 - 11/08/21
Small-Cap Trust56.9%
Russell 200046.2%

Peak-Current - 11/08/21 - 09/30/24
Small-Cap Trust3.2%
Russell 2000-4.7%

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 11/26/86 and 09/30/24

Small-Cap Trust$427,844.02
Russell 2000$279,870.25

Market Price Performance History

Risk

Down Market Performance Comparisonas of 09/30/24

The Fund outperformed the Russell 2000 during eight out of 10 downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)SMALL-CAP TRUST (%)SPREAD (%)
06/30/24-3.3-1.4+1.9
09/30/23-5.1-4.0+1.1
09/30/22-2.2-5.4-3.2
06/30/22-17.2-16.3+0.9
03/31/22-7.5-9.7-2.2
09/30/21-4.4-2.9+1.5
03/31/20-30.6-30.0+0.6
09/30/19-2.4-0.6+1.8
12/31/18-20.2-19.4+0.8
03/31/18-0.1-0.4-0.3
03/31/16-1.5+4.4+5.9
09/30/15-11.9-12.4-0.5
09/30/14-7.4-7.5-0.1
06/30/12-3.5-8.6-5.1
09/30/11-21.9-25.2-3.3
06/30/11-1.6-2.6-1.0
06/30/10-9.9-10.4-0.5

Long Term Risk Measurementas of 09/30/24

Over the past 10 years, the Fund outperformed the Russell 2000 Index with lower volatility.
Over the past 5 years, the Fund outperformed the Russell 2000 Index with lower volatility.
Over the past 3 years, the Fund outperformed the Russell 2000 Index with lower volatility.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/24

Sharpe RatioStandard Deviation
Small-Cap Trust0.4919.64
Russell 20000.4320.35
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Small-Cap Trust
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/24

mstar-XRVTX

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

  XRVTX Russell 2000
Average Market Cap
3.21B
2.63B
Market Price
$15.70
-
Net Asset Value
$17.38
-
Active Share
81%
-
2023 Portfolio Turnover
67%
-
Weighted Average P/E,
18.2x
-
Weighted Average P/B,
2.2x
2.1x
U.S. Investments (% of Net Assets)
84.2%
-
Non-U.S. Investments (% of Net Assets)
15.2%
-

Portfolio Allocation

  • Total
    Holdings
    466

Top 200 holdings represented 85% of the Fund's equity investments as of 09/30/24.

SECTORS		XRVTX (%) RUSSELL
2000 (%)
Industrials
25.4
17.0
Financials
19.6
18.1
Information Technology
16.4
12.8
Health Care
10.7
17.5
Consumer Discretionary
8.7
10.0
Materials
8.5
4.5
Real Estate
3.5
6.4
Communication Services
2.5
2.7
Consumer Staples
2.0
2.8
Energy
2.0
5.3
Utilities
0.2
2.8
Diversified Investment Companies
0.0
-
Cash and Cash Equivalents, Net of Outstanding Line of Credit
0.6
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
IES Holdings
1.9
Impinj
1.5
Alamos Gold Cl. A
1.4
Assured Guaranty
1.3
Enovis Corporation
1.2
TransMedics Group
1.2
SEI Investments
1.1
Haemonetics Corporation
1.0
Air Lease Cl. A
1.0
Brady Corporation Cl. A
1.0
PAR Technology
1.0
VanEck Junior Gold Miners ETF
1.0
E-L Financial
1.0
Arcosa
0.9
Transcat
0.9
FTAI Aviation
0.9
Ziff Davis
0.9
FirstService Corporation
0.9
John Bean Technologies
0.8
CSW Industrials
0.8
Top 20 as % of Net Assets
21.7

SECTORS		XRVTX (%) RUSSELL
2000 (%)
Industrials
24.4
-
Financials
20.5
-
Information Technology
16.2
-
Health Care
9.9
-
Consumer Discretionary
8.5
-
Materials
7.8
-
Real Estate
3.5
-
Communication Services
2.7
-
Energy
2.1
-
Consumer Staples
2.1
-
Utilities
0.2
-
Diversified Investment Companies
0.0
-
Cash and Cash Equivalents, Net of Outstanding Line of Credit
2.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
IES Holdings
2.1
Assured Guaranty
1.4
Impinj
1.4
SEI Investments
1.2
PAR Technology
1.2
Enovis Corporation
1.1
E-L Financial
1.1
Air Lease Cl. A
1.0
Arcosa
1.0
Brady Corporation Cl. A
1.0
Alamos Gold Cl. A
1.0
Haemonetics Corporation
1.0
FirstService Corporation
0.9
ESAB Corporation
0.9
APi Group
0.8
Ziff Davis
0.8
Powell Industries
0.8
CSW Industrials
0.8
VanEck Junior Gold Miners ETF
0.8
Kennedy-Wilson Holdings
0.8
Top 20 as % of Net Assets
21.1

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

Distributions

NAV & Distributions


Start DateEnd Date
to
DOWNLOAD

Learn more about distributions

Distributions

RECORD
DATE		 EX-DATE PAYABLE
DATE		 INCOME ($) SHORT
TERM
GAINS ($)		 LONG
TERM
GAINS ($)		 RETURN OF
CAPITAL ($)		 TOTAL ($) REINVEST
PRICE ($)
09/13/24 09/13/24 09/23/24 EST 0.0000 EST 0.0365 EST 0.2430 EST 0.0006 0.2800 15.44
06/13/24 06/13/24 06/24/24 EST 0.0000 EST 0.0365 EST 0.2430 EST 0.0006 0.2800 14.19
03/11/24 03/08/24 03/22/24 EST 0.0000 EST 0.0352 EST 0.2343 EST 0.0005 0.2700 14.20
12/11/23 12/08/23 12/22/23 0.0009 0.0376 0.2515 0.0000 0.2900 14.06
09/11/23 09/08/23 09/22/23 0.0008 0.0337 0.2255 0.0000 0.2600 13.12
06/12/23 06/09/23 06/23/23 0.0008 0.0324 0.2168 0.0000 0.2500 13.61
03/13/23 03/10/23 03/24/23 0.0008 0.0350 0.2341 0.0000 0.2700 12.90
12/12/22 12/09/22 12/23/22 0.0272 0.0267 0.1950 0.0411 0.2900 13.41
09/12/22 09/09/22 09/23/22 0.0300 0.0295 0.2152 0.0454 0.3200 14.27
06/13/22 06/10/22 06/24/22 0.0328 0.0322 0.2354 0.0496 0.3500 13.60
03/11/22 03/10/22 03/24/22 0.0337 0.0332 0.2421 0.0510 0.3600 17.21
12/13/21 12/10/21 12/23/21 0.0103 0.2126 0.5572 0.0000 0.7800 18.07
09/13/21 09/10/21 09/24/21 0.0043 0.0899 0.2357 0.0000 0.3300 17.97
06/11/21 06/10/21 06/25/21 0.0040 0.0818 0.2143 0.0000 0.3000 18.38
03/11/21 03/10/21 03/24/21 0.0034 0.0709 0.1857 0.0000 0.2600 18.22
12/11/20 12/10/20 12/24/20 0.0216 0.0039 0.2245 0.0000 0.2500 16.23
09/11/20 09/10/20 09/25/20 0.0216 0.0039 0.2245 0.0000 0.2500 12.87
06/11/20 06/10/20 06/25/20 0.0225 0.0041 0.2335 0.0000 0.2600 12.39
03/12/20 03/11/20 03/24/20 0.0242 0.0044 0.2514 0.0000 0.2800 8.70
12/12/19 12/11/19 12/27/19 0.0265 0.0117 0.2218 0.0000 0.2600 14.69
09/13/19 09/12/19 09/26/19 0.0276 0.0122 0.2303 0.0000 0.2700 14.01
06/13/19 06/12/19 06/24/19 0.0286 0.0126 0.2388 0.0000 0.2800 13.83
03/11/19 03/08/19 03/22/19 0.0296 0.0131 0.2473 0.0000 0.2900 13.91
12/13/18 12/12/18 12/27/18 0.0569 0.0463 0.2668 0.0000 0.3700 11.36
09/14/18 09/13/18 09/26/18 0.0461 0.0376 0.2163 0.0000 0.3000 16.65
06/11/18 06/08/18 06/27/18 0.0461 0.0376 0.2163 0.0000 0.3000 16.20
03/12/18 03/09/18 03/23/18 0.0446 0.0363 0.2091 0.0000 0.2900 15.70
12/13/17 12/12/17 12/27/17 0.0391 0.0314 0.2796 0.0000 0.3500 15.96
09/13/17 09/12/17 09/26/17 0.0313 0.0251 0.2236 0.0000 0.2800 15.12
06/13/17 06/09/17 06/27/17 0.0301 0.0242 0.2157 0.0000 0.2700 14.39
03/14/17 03/10/17 03/24/17 0.0290 0.0233 0.2077 0.0000 0.2600 13.66
12/13/16 12/09/16 12/27/16 0.0356 0.0048 0.2295 0.0000 0.2700 13.62
09/13/16 09/09/16 09/26/16 0.0317 0.0043 0.2040 0.0000 0.2400 12.32
06/13/16 06/09/16 06/27/16 0.0330 0.0045 0.2125 0.0000 0.2500 11.93
03/14/16 03/10/16 03/24/16 0.0343 0.0046 0.2210 0.0000 0.2600 11.55
12/14/15 12/10/15 12/28/15 0.0471 0.0163 0.3066 0.0000 0.3700 11.54
09/14/15 09/10/15 09/25/15 0.0357 0.0123 0.2320 0.0000 0.2800 11.86
06/15/15 06/11/15 06/26/15 0.0369 0.0128 0.2403 0.0000 0.2900 14.07
03/13/15 03/11/15 03/25/15 0.0382 0.0132 0.2486 0.0000 0.3000 14.34
12/15/14 12/11/14 12/26/14 0.0661 0.1304 0.6835 0.0000 0.8800 14.26
09/15/14 09/11/14 09/26/14 0.0240 0.0474 0.2485 0.0000 0.3200 14.88
06/16/14 06/12/14 06/27/14 0.0233 0.0459 0.2408 0.0000 0.3100 15.95
03/13/14 03/11/14 03/25/14 0.0233 0.0459 0.2408 0.0000 0.3100 15.61
12/13/13 12/11/13 12/27/13 0.0104 0.0327 0.1669 0.0000 0.2100 15.74
09/16/13 09/12/13 09/27/13 0.0099 0.0312 0.1589 0.0000 0.2000 16.12
06/14/13 06/12/13 06/27/13 0.0094 0.0296 0.1510 0.0000 0.1900 15.05
03/06/13 03/04/13 03/25/13 0.0094 0.0296 0.1510 0.0000 0.1900 14.81
12/06/12 12/04/12 12/24/12 0.0498 0.0255 0.1647 0.0000 0.2400 12.98
09/06/12 09/04/12 09/24/12 0.0373 0.0191 0.1235 0.0000 0.1800 13.18
06/06/12 06/04/12 06/25/12 0.0394 0.0202 0.1304 0.0000 0.1900 12.18
03/06/12 03/02/12 03/23/12 0.0394 0.0202 0.1304 0.0000 0.1900 14.09
12/06/11 12/02/11 12/23/11 0.0202 0.0039 0.1057 0.0702 0.2000 11.94
09/06/11 09/01/11 09/23/11 0.0213 0.0041 0.1110 0.0737 0.2100 12.03
06/06/11 06/02/11 06/23/11 0.0192 0.0037 0.1004 0.0667 0.1900 14.21
03/07/11 03/03/11 03/23/11 0.0182 0.0035 0.0951 0.0632 0.1800 14.77
12/06/10 12/02/10 12/23/10 0.0300 - - - 0.0300 13.85
03/06/09 03/04/09 03/23/09 0.0000 0.0000 0.0000 0.3200 0.3200 6.07

NAV History for

← Previous Month
Next Month →

Fees & Expenses

Annual Fund Operating Expenses (%)

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

Management fees 0.74
Other expenses 0.23
Total annual Fund operating expenses 0.97

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 Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.  The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

† Francis Gannon since 2024, Lauren Romeo (assistant portfolio manager 2009-2021), Steven McBoyle (assistant portfolio manager 2018-2021), George Necakov since 2023, and Andrew Palen since 2021 (assistant portfolio manager 2018-2021)

11/26/1986 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: