Investment objective & strategy
As of April 29, 2025 · prospectusObjective. Royce Small-Cap Opportunity Funds investment goal is long-term growth of capital.
Strategy. Royce Investment Partners (Royce), the Funds investment adviser, invests the Funds assets primarily in equity securities of small-cap companies in an attempt to take advantage of what it believes are opportunistic situations for undervalued securities. Small-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000 Index at the time of its most recent reconstitution. Such opportunistic situations may include turnarounds, emerging growth companies with interrupted earnings patterns, companies with unrecognized asset values, or undervalued growth companies. Although the Fund focuses on securities of U.S. companies, it may invest up to 10% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. … Royce Investment Partners (Royce), the Funds investment adviser, invests the Funds assets primarily in equity securities of small-cap companies in an attempt to take advantage of what it believes are opportunistic situations for undervalued securities. Small-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000 Index at the time of its most recent reconstitution. Such opportunistic situations may include turnarounds, emerging growth companies with interrupted earnings patterns, companies with unrecognized asset values, or undervalued growth companies. Although the Fund focuses on securities of U.S. companies, it may invest up to 10% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. The Fund invests at least 80% of its net assets in securities of small-cap companies, under normal circumstances. The Fund may invest in other investment companies that invest primarily in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Funds portfolio.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| FIXED INC CLEARING CORP.REPO | — | $54.45M | 4.84% |
| SELECT WATER SOLUTIONS INC CL A | — | $11.58M | 1.03% |
| KODIAK GAS SERVICES INC | — | $10.13M | 0.90% |
| ADVANCE AUTO PARTS INC | — | $9.89M | 0.88% |
| LIBERTY ENERGY INC CL A | — | $9.74M | 0.87% |
| ADTRAN HOLDINGS INC | — | $9.67M | 0.86% |
| A10 NETWORKS INC | — | $9.67M | 0.86% |
| AMERICAN PUBLIC EDUCATION INC | — | $9.53M | 0.85% |
| MISTRAS GROUP INC | — | $9.40M | 0.84% |
| COHU INC | — | $9.29M | 0.83% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Venerable US Small Cap Fund | 34% | 0.85% |
| Royce Capital Fund - Micro-Cap Portfolio · RCMCX, RCMSX | 30% | 1.18% |
| Royce Micro-Cap Fund · RYOTX, RYMCX, RMCFX | 29% | 1.23% |
Advisers
| Firm | Role |
|---|---|
| Royce Investment Partners | Adviser |
Footnotes
- Expense ratio as of April 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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