Royce Small-Cap Trust (NYSE: RVT) as of Aug 31, 2024

Rhea-AI Summary

Royce Small-Cap Trust (NYSE: RVT), the oldest and largest small-cap closed-end fund, reported its performance as of August 31, 2024. The fund's Net Asset Value (NAV) stood at $17.62, while its market price was $15.55. The fund showed positive year-to-date returns of 11.51% (NAV) and 10.98% (market price), and one-year returns of 19.48% (NAV) and 20.91% (market price).

The fund's portfolio diagnostics revealed an average market cap of $3165.8M and net assets of $2.03B. The top three sectors in the portfolio were Industrials (24.3%), Financials (20.0%), and Information Technology (16.9%). The fund's primary investment goal is long-term capital growth, focusing on small- and micro-cap companies.

Positive

• Year-to-date returns of 11.51% (NAV) and 10.98% (market price)
• One-year returns of 19.48% (NAV) and 20.91% (market price)
• Net assets of $2.03 billion
• Diversified portfolio across various sectors

Negative

• One-month returns were negative: -0.96% (NAV) and -2.87% (market price)
• Market price ($15.55) trading at a discount to NAV ($17.62)

Insights

Financial Analyst

This report provides a comprehensive overview of Royce Small-Cap Trust's (RVT) performance and portfolio composition as of August 31, 2024. The fund, with $2.03 billion in net assets, focuses on small- and micro-cap companies, offering investors exposure to this potentially high-growth segment.

Key performance metrics show mixed results. While the one-year return is impressive at 19.48% (NAV) and 20.91% (market price), longer-term performance is more modest, with 10-year returns around 9%. The fund's year-to-date performance of 11.51% (NAV) and 10.98% (market price) suggests a solid start to 2024.

The portfolio is well-diversified across sectors, with Industrials (24.3%), Financials (20%) and Information Technology (16.9%) being the top holdings. This diversification may help mitigate risk in the volatile small-cap space. The fund's average market cap of $3.17 billion and weighted average P/E of 18.4x indicate a focus on established small-caps rather than micro-caps.

Investors should note the 11.75% discount to NAV, which could present an opportunity but also reflects market sentiment towards small-cap stocks or closed-end funds in general. The fund's expense ratio and turnover rate, important for long-term performance, are not provided and should be considered by potential investors.

NEW YORK, Sept. 27, 2024 /PRNewswire/ -- 

• Oldest and largest small-cap closed-end fund
• Average weekly trading volume of approximately 1,281,616 shares
• Fund's adviser has more than 50 years of small- and micro-cap investment experience

CLOSING PRICES AS OF 08/31/24
NAV	17.62
MKT	15.55

 

AVERAGE ANNUAL TOTAL RETURN AS OF 08/31/24	NAV (%)	MKT (%)
One-Month*	-0.96	-2.87
Year to Date*	11.51	10.98
One-Year	19.48	20.91
Three-Year	3.23	2.37
Five-Year	11.95	12.03
10-Year	9.20	9.08

*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 U.S. investments.

PORTFOLIO DIAGNOSTICS
Average Market Cap1	$3165.8M
Weighted Average P/E2	18.4x
Weighted Average P/B2	2.2x
Net Assets	$2.03B

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 (16% of portfolio holdings as of 08/31/24). The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.

The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.

Portfolio Composition

TOP 10 POSITIONS	% OF NET ASSETS (SUBJECT TO CHANGE)
Alamos Gold Cl. A	1.9
IES Holdings	1.7
Enovis Corporation	1.3
Assured Guaranty	1.3
TransMedics Group	1.2
Impinj	1.2
E-L Financial	1.1
SEI Investments	1.1
VanEck Junior Gold Miners ETF	1.1
Air Lease Cl. A	1.0

 

TOP FIVE SECTORS	% OF NET ASSETS (SUBJECT TO CHANGE)
Industrials	24.3
Financials	20.0
Information Technology	16.9
Health Care	11.1
Materials	8.9

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 65% of its assets in equity securities primarily of small- and micro-cap companies.

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.

View original content:https://www.prnewswire.com/news-releases/royce-small-cap-trust-nyse-rvt-as-of-aug-31-2024-302261373.html

SOURCE Royce Value Trust, Inc.

FAQ

What was Royce Small-Cap Trust's (RVT) NAV as of August 31, 2024?

Royce Small-Cap Trust's (RVT) Net Asset Value (NAV) was $17.62 as of August 31, 2024.

What were RVT's year-to-date returns as of August 31, 2024?

RVT's year-to-date returns as of August 31, 2024, were 11.51% based on NAV and 10.98% based on market price.

What is the primary investment goal of Royce Small-Cap Trust (RVT)?

The primary investment goal of Royce Small-Cap Trust (RVT) is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

What were the top three sectors in RVT's portfolio as of August 31, 2024?

The top three sectors in RVT's portfolio as of August 31, 2024, were Industrials (24.3%), Financials (20.0%), and Information Technology (16.9%).