Investment objective & strategy
As of April 29, 2025 · prospectusObjective. Royce Micro-Cap 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 micro-cap companies. Micro-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell Microcap Index at the time of its most recent reconstitution. Royce uses multiple investment themes and offers wide exposure to micro-cap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes. Royce considers companies with strong balance sheets, attractive growth prospects, and/or the potential for improvement in cash flow levels and internal rates of return, among other factors. The Fund invests at least 80% of its net assets in … Royce Investment Partners (Royce), the Funds investment adviser, invests the Funds assets primarily in equity securities of micro-cap companies. Micro-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell Microcap Index at the time of its most recent reconstitution. Royce uses multiple investment themes and offers wide exposure to micro-cap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes. Royce considers companies with strong balance sheets, attractive growth prospects, and/or the potential for improvement in cash flow levels and internal rates of return, among other factors. The Fund invests at least 80% of its net assets in equity securities of micro-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. 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 | — | $9.41M | 2.92% |
| LINCOLN EDUCATIONAL SERVICES | — | $5.35M | 1.66% |
| ULTRA CLEAN HOLDINGS INC | — | $4.89M | 1.52% |
| 5N PLUS INC COMMON STOCK | VNP CN | $4.83M | 1.50% |
| ICHOR HOLDINGS LTD | — | $4.48M | 1.39% |
| SPROTT INC | — | $4.41M | 1.37% |
| EZCORP INC CL A NON VTG | — | $4.37M | 1.36% |
| COHU INC | — | $4.35M | 1.35% |
| NWPX INFRASTRUCTURE INC | — | $4.30M | 1.34% |
| NATURAL GAS SERVICES GROUP | — | $4.30M | 1.34% |
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. |
|---|---|---|
| Royce Capital Fund - Micro-Cap Portfolio · RCMCX, RCMSX | 98% | 1.18% |
| ROYCE MICRO-CAP TRUST, INC. | 87% | — |
| Royce Small-Cap Opportunity Fund · ROFCX, RYPNX, RYOFX, ROFIX, ROFRX | 29% | 1.12% |
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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