- Small-cap value fund (generally market caps up to $3 billion) that looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value
- Seeks companies with superior balance sheets, sustainable returns on invested capital, and strong levels of free cash flow from operations, among other attributes
meet your managers
Royce is a small-cap specialist with unparalleled knowledge and experience, offering distinct investment approaches to meet a variety of investors’ goals.
Meet Your Managers
Charles R. Dreifus, Principal and Portfolio Manager of Royce, manages the Fund. Mr. Dreifus has managed the Fund since its inception. Steven McBoyle has served as assistant portfolio manager since October 2014.
Charles R. Dreifus, CFA
Portfolio Manager, Principal
Steven McBoyle, CPA, CA
What I Should Know
The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund may invest a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any of these stocks would cause the Fund’s overall value to decline to a greater degree.
Net Asset Value (NAV): An investment option’s net asset value (“NAV”) per unit or unit price is calculated by dividing the value of its net assets by the total number of units outstanding.
Morningstar proprietary ratings are based on risk-adjusted returns and are subject to change every month. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with a fund's 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Share classes have a common portfolio and different expense structures.
**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) Service reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2018 without Board consent.
IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.
Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Legg Mason Sales Desk 1-800-822-5544 or your Legg Mason Sales contact for more information.
IMPORTANT HOLDINGS INFORMATION: Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.
Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.
The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated payable dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Account Services. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.
An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.