Royce Small-Cap Trust (NYSE: RVT) as of Dec 31, 2024
Royce Small-Cap Trust (NYSE: RVT), the oldest and largest small-cap closed-end fund, reported its performance as of December 31, 2024. The fund showed a one-year total return of 12.64% (NAV) and 18.13% (Market), while maintaining a net asset value of $16.99 and market price of $15.80.
The fund manages $2.00B in net assets, with a portfolio focused on small- and micro-cap companies. The portfolio's average market cap is $3052.5M, with weighted average P/E of 17.1x and P/B of 2.1x. Top sectors include Industrials (23.7%), Financials (21.8%), and Information Technology (16.9%). The fund's investment strategy requires at least 65% of assets in small- and micro-cap equity securities.
Royce Small-Cap Trust (NYSE: RVT), il più antico e grande fondo chiuso per small-cap, ha riportato le sue performance al 31 dicembre 2024. Il fondo ha mostrato un ritorno totale annuale del 12,64% (NAV) e del 18,13% (Mercato), mantenendo un valore netto degli attivi di $16,99 e un prezzo di mercato di $15,80.
Il fondo gestisce $2,00 miliardi in attivi netti, con un portafoglio focalizzato su aziende small- e micro-cap. La capitalizzazione media di mercato del portafoglio è di $3052,5 milioni, con un rapporto P/E medio ponderato di 17,1x e P/B di 2,1x. I principali settori includono Industrials (23,7%), Financials (21,8%) e Information Technology (16,9%). La strategia di investimento del fondo richiede almeno il 65% degli attivi in titoli azionari small- e micro-cap.
Royce Small-Cap Trust (NYSE: RVT), el fondo cerrado más antiguo y grande de small-cap, informó su rendimiento al 31 de diciembre de 2024. El fondo mostró un retorno total anual del 12.64% (NAV) y del 18.13% (Mercado), manteniendo un valor neto de activos de $16.99 y un precio de mercado de $15.80.
El fondo gestiona $2.00 mil millones en activos netos, con un portafolio centrado en empresas small- y micro-cap. La capitalización de mercado promedio del portafolio es de $3052.5 millones, con un P/E promedio ponderado de 17.1x y un P/B de 2.1x. Los principales sectores incluyen Industriales (23.7%), Financieros (21.8%) y Tecnología de la Información (16.9%). La estrategia de inversión del fondo requiere al menos el 65% de los activos en valores de capital small- y micro-cap.
로이스 스몰캡 트러스트 (NYSE: RVT), 가장 오래되고 가장 큰 스몰캡 폐쇄형 펀드가 2024년 12월 31일 기준 성과를 발표하였습니다. 이 펀드는 연간 총 수익률이 12.64% (NAV) 및 18.13% (시장)을 기록했으며, 순자산 가치는 $16.99, 시장 가격은 $15.80을 유지했습니다.
이 펀드는 $20억 달러의 순자산을 관리하며, 스몰 및 마이크로캡 기업에 중점을 둔 포트폴리오를 가지고 있습니다. 포트폴리오의 평균 시장 가치는 $3052.5백만이며, 가중 평균 P/E는 17.1배, P/B는 2.1배입니다. 주요 섹터로는 산업(23.7%), 금융(21.8%) 및 정보 기술(16.9%)이 포함됩니다. 이 펀드의 투자 전략은 자산의 최소 65%가 스몰 및 마이크로캡 주식에 있어야 합니다.
Royce Small-Cap Trust (NYSE: RVT), le plus ancien et le plus grand fonds fermé de small-cap, a rapporté ses performances au 31 décembre 2024. Le fonds a affiché un rendement total d'une année de 12,64% (NAV) et de 18,13% (Marché), tout en maintenant une valeur nette d'actifs de 16,99 $ et un prix de marché de 15,80 $.
Le fonds gère 2,00 milliards de dollars d'actifs nets, avec un portefeuille axé sur les entreprises small- et micro-cap. La capitalisation boursière moyenne du portefeuille est de 3052,5 millions de dollars, avec un ratio P/E moyen pondéré de 17,1x et un P/B de 2,1x. Les principaux secteurs comprennent l'industrie (23,7%), les finances (21,8%) et la technologie de l'information (16,9%). La stratégie d'investissement du fonds exige qu'au moins 65% des actifs soient investis dans des titres de capitaux propres small- et micro-cap.
Royce Small-Cap Trust (NYSE: RVT), der älteste und größte geschlossene Fonds für Small-Caps, berichtete über seine Leistung zum 31. Dezember 2024. Der Fonds zeigte eine Jahresgesamtverzinsung von 12,64% (NAV) und 18,13% (Markt) und hielt einen Nettowert von Vermögenswerten von $16,99 und einen Marktpreis von $15,80.
Der Fonds verwaltet $2,00 Mrd. an Nettovermögen, mit einem Portfolio, das auf Small- und Micro-Cap-Unternehmen fokussiert ist. Die durchschnittliche Marktgröße des Portfolios beträgt $3052,5 Millionen, mit einem gewichteten durchschnittlichen KGV von 17,1x und einem KB von 2,1x. Die wichtigsten Sektoren sind Industrie (23,7%), Finanzen (21,8%) und Informationstechnologie (16,9%). Die Anlagestrategie des Fonds erfordert, dass mindestens 65% der Vermögenswerte in Small- und Micro-Cap-Aktien angelegt werden.
- One-year market return of 18.13% outperformed NAV return of 12.64%
- Strong five-year performance with 9.54% NAV return and 10.49% market return
- Substantial assets under management of $2.00B
- Well-diversified portfolio across key sectors
- Negative one-month return of -7.06% (NAV) and -2.36% (market)
- Three-year returns relatively low at 2.57% (NAV) and 1.29% (market)
- Shares trading at discount to NAV ($15.80 vs $16.99)
Insights
The latest financial report from Royce Small-Cap Trust presents a compelling narrative of small-cap investment management. The fund's 18.13% market return significantly outperformed its NAV return of 12.64% over the past year, indicating strong investor demand and potential value realization. This performance becomes particularly noteworthy when considering the fund's substantial $2.0B asset base and high weekly trading volume of 1.5M shares, which provides ample liquidity for institutional investors.
The portfolio's construction reveals sophisticated risk management through sector diversification. The strategic overweight in Industrials (23.7%) and Financials (21.8%) positions the fund to capitalize on economic recovery cycles and rising rate environments. The Information Technology allocation of 16.9% balances traditional value sectors with growth potential.
The fund's valuation metrics warrant attention. A weighted average P/E of 17.1x and P/B of 2.1x suggest a balanced approach between growth and value. The 17% of holdings with zero or negative earnings indicates a measured approach to early-stage growth companies, while maintaining a core of established businesses.
The NAV discount to market price presents an interesting dynamic. Trading at
The concentration risk appears well-managed, with no single position exceeding 1.5% of the portfolio. The top holdings list, featuring companies like Assured Guaranty and PAR Technology, demonstrates a preference for market leaders within their respective niches, potentially offering better liquidity and stability compared to smaller competitors.
- Oldest and largest small-cap closed-end fund
- Average weekly trading volume of approximately 1,524,979 shares
- Fund's adviser has more than 50 years of small- and micro-cap investment experience
CLOSING PRICES AS OF 12/31/24 | |
NAV | 16.99 |
MKT | 15.80 |
AVERAGE ANNUAL TOTAL RETURN AS OF 12/31/24 | NAV (%) | MKT (%) |
One-Month* | -7.06 | -2.36 |
One-Year | 12.64 | 18.13 |
Three-Year | 2.57 | 1.29 |
Five-Year | 9.54 | 10.49 |
10-Year | 9.37 | 9.95 |
*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 | 17.1x |
Weighted Average P/B2 | 2.1x |
Net Assets | |
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. | |
Portfolio Composition
TOP 10 POSITIONS | % OF NET ASSETS (SUBJECT TO |
Assured Guaranty | 1.5 |
PAR Technology | 1.4 |
IES Holdings | 1.4 |
SEI Investments | 1.3 |
Enovis Corporation | 1.1 |
Air Lease Cl. A | 1.1 |
Impinj | 1.0 |
Brady Corporation Cl. A | 1.0 |
E-L Financial | 1.0 |
Haemonetics Corporation | 1.0 |
TOP FIVE SECTORS | % OF NET ASSETS (SUBJECT TO |
Industrials | 23.7 |
Financials | 21.8 |
Information Technology | 16.9 |
Health Care | 9.4 |
Consumer Discretionary | 9.3 |
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.
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