Investment objective & strategy
As of April 29, 2025 · prospectusObjective. Royce Small-Cap Special Equity 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. 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. The portfolio manager applies an intensive value approach in managing the Funds assets. This approach, which attempts to combine classic value analysis, the identification of good businesses, and accounting cynicism, has its roots in the teachings of Benjamin Graham and Abraham Briloff. The Fund invests at least 80% of its net assets in equity securities of small-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, … Royce Investment Partners (Royce), the Funds investment adviser, invests the Funds assets primarily in equity securities of small-cap companies. 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. The portfolio manager applies an intensive value approach in managing the Funds assets. This approach, which attempts to combine classic value analysis, the identification of good businesses, and accounting cynicism, has its roots in the teachings of Benjamin Graham and Abraham Briloff. The Fund invests at least 80% of its net assets in equity securities of small-cap companies, under normal circumstances. Although the Fund generally 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 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 | — | $91.53M | 21.38% |
| STANDARD MOTOR PRODUCTS INC | — | $35.96M | 8.40% |
| MOVADO GROUP INC | — | $24.30M | 5.68% |
| ENNIS INC | — | $21.21M | 4.95% |
| MACYS INC | — | $20.17M | 4.71% |
| VISHAY INTERTECHNOLOGY INC | — | $18.18M | 4.25% |
| FEDERATED HERMES INC | — | $17.07M | 3.99% |
| MUELLER INDUSTRIES INC | — | $16.51M | 3.86% |
| H&R BLOCK INC | — | $16.50M | 3.85% |
| SYLVAMO CORP | — | $16.43M | 3.84% |
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. |
|---|---|---|
| Transamerica Market Participation Strategy VP | 21% | 0.73% |
| Transamerica ProFund UltraBear VP | 19% | 0.98% |
| SPROTT FOCUS TRUST INC. | 14% | — |
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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