Royce Small-Cap Trust (NYSE: RVT) as of Apr 30, 2024
The Royce Small-Cap Trust (NYSE: RVT), the oldest and largest small-cap closed-end fund, reported its performance as of April 30, 2024. The fund, managed by an adviser with over 50 years of small- and micro-cap investment experience, revealed a net asset value (NAV) of $16.20 and a market price of $14.11. The one-month total return was -5.26% on NAV and -6.99% on market price. Year-to-date returns were 0.54% on NAV and -1.25% on market price. Over a one-year period, the returns were 17.52% on NAV and 17.51% on market price. The fund invests mainly in small- and micro-cap securities, which are riskier than larger-cap investments. It holds a diversified portfolio with significant exposure to foreign securities, which can involve additional risks. The portfolio's average market cap is $2.94 billion, with net assets totaling $1.86 billion. Top sectors include Industrials, Financials, and Information Technology.
- Oldest and largest small-cap closed-end fund, signaling stability and experience.
- Managed by an adviser with over 50 years of small- and micro-cap investment experience.
- One-year total return of 17.52% on NAV and 17.51% on market price indicates strong recent performance.
- Net assets of $1.86 billion reflect a substantial investment base.
- The fund's diversified portfolio reduces risk exposure.
- One-month total return of -5.26% on NAV and -6.99% on market price shows recent poor performance.
- Year-to-date return of -1.25% on market price reflects early 2024 underperformance.
- Three-year average annual return of -0.19% on NAV and -0.92% on market price indicates longer-term struggles.
- Investing in small- and micro-cap stocks involves considerable risk.
- Significant portion of investments in foreign securities introduces additional risks such as political and currency risks.
Insights
Royce Small-Cap Trust (RVT) presents an interesting portfolio for retail investors interested in small- and micro-cap stocks. The recent performance data shows a mix of short-term volatility and long-term gains. For instance, the year-to-date NAV return is positive at
From a financial analysis perspective, these figures indicate that while there is potential for significant short-term volatility, the fund has demonstrated resilience and growth over the long term. The historical performance, combined with the diversified portfolio across sectors like Industrials, Financials and Information Technology, suggests a balanced approach to risk and growth opportunities.
Retail investors should also consider the fund's net leverage of
The market positioning and sector allocation of Royce Small-Cap Trust indicate a strategic approach aimed at capturing growth in various industries. Notably, Industrials make up the largest sector at
The top holdings, including companies like Alamos Gold and Haemonetics Corporation, reflect a diverse investment strategy aimed at minimizing sector-specific risks. It's also worth noting the fund's exposure to foreign securities, which introduces additional risks but also offers potential high returns from emerging markets and international growth opportunities.
For retail investors, this diversified sector exposure can provide a cushion against market downturns in any single industry, while the foreign investments add a layer of geographic diversification.
Investing in the Royce Small-Cap Trust comes with substantial risks, especially given its focus on small-cap and micro-cap companies. These companies often have less predictable earnings and higher volatility compared to larger, more established firms. The fund's one-month return figures reflect this volatility, with NAV dropping
Additionally, the fund's strategy to invest a significant portion of assets in foreign securities introduces political, economic and currency risks that are not present with domestic investments. Investors should consider these risks when evaluating the fund's potential for future performance.
Given the fund's historical performance and diversified portfolio, it offers potential for long-term growth but requires a higher risk tolerance and a willingness to weather short-term fluctuations.
- Oldest and largest small-cap closed-end fund
- Average weekly trading volume of approximately 1,040,305 shares
- Fund's adviser has more than 50 years of small- and micro-cap investment experience
CLOSING PRICES AS OF 04/30/24 | |
NAV | 16.20 |
MKT | 14.11 |
AVERAGE ANNUAL TOTAL RETURN AS OF 04/30/24 | NAV (%) | MKT (%) |
One-Month* | -5.26 | -6.99 |
Year to Date* | 0.54 | -1.25 |
One-Year | 17.52 | 17.51 |
Three-Year | -0.19 | -0.92 |
Five-Year | 8.83 | 8.45 |
10-Year | 8.43 | 8.18 |
*Not Annualized | ||
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
PORTFOLIO DIAGNOSTICS | |
Average Market Cap1 | |
Weighted Average P/E2 | 16.7x |
Weighted Average P/B2 | 2.0x |
Net Assets | |
Net Leverage | 0.9 % |
1Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
2Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks.
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 Fund's P/E ratio calculation excludes 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.
Net leverage is the percentage, in excess of 100 %, of the total value of equity type investments, divided by net assets.
Portfolio Composition
TOP 10 POSITIONS | % OF NET ASSETS (SUBJECT TO |
Alamos Gold Cl. A | 1.6 |
Haemonetics Corporation | 1.5 |
IES Holdings | 1.4 |
Enovis | 1.4 |
Air Lease Cl. A | 1.3 |
Impinj | 1.3 |
SEI Investments | 1.2 |
Assured Guaranty | 1.1 |
VanEck Junior Gold Miners ETF | 1.0 |
APi Group | 1.0 |
TOP FIVE SECTORS | % OF NET ASSETS (SUBJECT TO |
Industrials | 25.8 |
Financials | 19.0 |
Information Technology | 16.7 |
Health Care | 11.1 |
Consumer Discretionary | 9.1 |
Recent Developments
Royce Small-Cap Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least
Daily net asset values (NAVs) for Royce Small-Cap Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.royceinvest.com.
An investor in Royce Small-Cap Trust should consider the Fund's investment goals, risks, fees, and expenses carefully before investing.
Important Disclosure Information
Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Royce Fund Services, LLC. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds.
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SOURCE Royce Value Trust, Inc.
FAQ
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