Royce Total Return Fund (RYTRX, RYTFX, RYTCX, RTRIX, RTRRX)
15

At a Glance

Why invest in Small-Cap Total Return?

  • Small-cap value fund that invests primarily in dividend-paying stocks with solid fundamentals. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index.
  • Focuses on quality companies that that pay regular dividends and/or return capital to shareholders. Companies typically fall into one of three investment themes: Compounder, Quality Value, or Special Situations.
  • Outperformed its benchmark, the Russell 2000 Value Index, for the 1-, 3-, 5-, 10-, 15-, 20-, 25-year, and since inception (12/15/93) periods ended 6/30/22

Morningstar Overall Rating TM

Based on risk-adjusted returns out of 439 Small Value Funds as of 6/30/22

As of 06/30/22

  • Small-Cap
    Value Approach
    $2.28B
    Avg. Market Cap
  • Low
    Volatility
    96%
    Active Share
  • Fund
    Longevity
    28+
    Years of History

Portfolio Management

"We seek to buy high-quality businesses trading at a discount to our estimate of their intrinsic value. Our rigorous and repeatable process marries the risk aversion of a credit investor with the growth orientation of a long-term business owner."
Miles Lewis

Manager Tenure

Manager Tenure

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 Value for the Quarter, Year To Date, 1-Year, 3-Year, 5-Year, 10-Year, 15-Year, 20-Year and since inception (12/15/93) periods as of 06/30/22. Outpaced Russell 2000 for the Quarter, Year To Date, 1-Year, 3-Year, 5-Year and since inception (12/15/93) periods as of 06/30/22.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Small-Cap Total Return -11.41 -13.63-9.326.496.159.116.218.109.99 12/15/93
Russell 2000 Value -15.28 -17.31-16.286.184.899.055.587.779.28 N/A
Russell 2000 -17.20 -23.43-25.204.215.179.356.338.178.41 N/A

Annual Operating Expenses: 1.25

JUL YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Small-Cap Total Return 6.89 -7.68-1.308.557.419.837.028.8910.21 12/15/93
Russell 2000 Value 9.68 -9.30-4.779.446.7110.186.869.149.61 N/A
Russell 2000 10.44 -15.43-14.297.517.1210.607.549.608.76 N/A

Annual Operating Expenses: 1.25

AUG YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Small-Cap Total Return -0.50 -8.14-4.249.597.899.556.988.8810.18 12/15/93
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/AN/A N/A
Russell 2000 Value N/A N/AN/AN/AN/AN/AN/AN/AN/A N/A

Annual Operating Expenses: 1.25

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees, other expenses, and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

Rolling Returns

For 99% of the periods, 10-year average annual total returns were greater than 5%.

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 80 36
> 5% and ≤ 10% 140 63
> 0% and ≤ 5% 3 1
≤ 0% 0 0

The Fund averaged a 9.6% return over all 223 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 Value from the 11/8/21 index peak through current (6/30/22).
Peak-Peak - 06/23/15 - 08/22/18
Small-Cap Total Return34.7%
Russell 2000 Value39.0%

Peak-Peak - 08/22/18 - 11/08/21
Small-Cap Total Return36.8%
Russell 2000 Value37.6%

Peak-Current - 11/08/21 - 06/30/22
Small-Cap Total Return-15.5%
Russell 2000 Value-21.8%

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/15/93 and 06/30/22

Small-Cap Total Return$151,269.64
Russell 2000 Value$125,988.05

Risk

Low Volatility vs. Peer Group as of 06/30/22

The Fund has a low volatility within its peer group of 509 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 06/30/22

The Fund outperformed the Russell 2000 Value during all seven downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg
Outperformed in 19 out of 21 down quarters.

Russell 2000 Value Down Quarters

QUARTER ENDRUSSELL 2000 VALUE (%)SMALL-CAP TOTAL RETURN (%)SPREAD (%)
06/30/22-15.3-11.4+3.9
03/31/22-2.4-2.5-0.1
09/30/21-3.0-1.8+1.2
03/31/20-35.7-30.3+5.4
09/30/19-0.6+0.2+0.8
12/31/18-18.7-15.3+3.4
03/31/18-2.6-2.3+0.3
03/31/17-0.1+2.2+2.3
09/30/15-10.7-9.6+1.1
06/30/15-1.2-1.0+0.2
09/30/14-8.6-6.5+2.1
06/30/12-3.0-4.3-1.3
09/30/11-21.5-17.0+4.5
06/30/11-2.6-0.9+1.7
06/30/10-10.6-7.7+2.9
03/31/09-19.6-12.0+7.6
12/31/08-24.9-23.2+1.7
06/30/08-3.5-0.3+3.2
03/31/08-6.5-5.6+0.9
12/31/07-7.3-3.5+3.8
09/30/07-6.3-2.5+3.8

Capture Ratios Fund's First Full Quarter (12/31/93) to 06/30/22

Upside Capture Ratio measures a manager's performance in up markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes up and dividing it by the benchmark's return in those quarters.

Downside Capture Ratio measures a manager's performance in down markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes down and dividing it by the benchmark's return in those quarters.

Long Term Risk Measurementas of 06/30/22

Over the past 10 years, the Fund had a similar return to the Russell 2000 Value Index with lower volatility.
Over the past 5 years, the Fund outperformed the Russell 2000 Value Index with lower volatility.
Over the past 3 years, the Fund outperformed the Russell 2000 Value Index with lower volatility.
From the Fund's inception, the Fund outperformed the Russell 2000 Value Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/22

The Fund beat the Russell 2000 Value and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 Value and 90% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 Value and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 Value and 90% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 Value and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 Value and 90% of small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Small-Cap Total Return0.5915.99
Russell 2000 Value0.5318.67
Category Median0.5618.37
Best Decile Breakpoint0.6616.66

Category Median and Best Decile Breakpoint based on 413 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Small-Cap Total Return
Russell 2000 Value
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 03/31/22

mstar-RYTRX

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. The shaded area represents the center 75% of the Fund's assets while the plot point in the middle represents the weighted average of its holdings. Over time, the shape and location of a fund's ownership zone may vary.

Portfolio Diagnosticsas of 06/30/22

  RYTRX Russell 2000 Value
Average Market Cap
2.28B
1.71B
96%
-
2021 Portfolio Turnover
64%
-
Weighted Average P/E,
10.4x
9.5x
Weighted Average P/B,
1.8x
1.3x
U.S. Investments (% of Net Assets)
85.7%
-
Non-U.S. Investments (% of Net Assets)
13.7%
-

Portfolio Allocation

  • Total
    Holdings
    87


SECTORS
RYTRX (%) RUSSELL
2000 VALUE (%)
Financials
36.4
28.4
Industrials
24.7
12.7
Information Technology
10.1
6.1
Materials
8.1
3.9
Consumer Discretionary
7.4
9.6
Energy
3.6
5.0
Real Estate
2.7
11.9
Communication Services
2.2
3.3
Consumer Staples
2.1
2.9
Health Care
0.5
11.0
Utilities
-
5.3
Bonds & Preferreds
1.8
-
Cash and Cash Equivalents
0.6
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Franchise Group Cl. A
2.7
Vontier Corporation
2.4
Compass Diversified Holdings
2.0
Axis Capital Holdings
2.0
Teradata Corporation
1.9
Home BancShares
1.9
RenaissanceRe Holdings
1.9
Ziff Davis
1.9
Spectrum Brands Holdings
1.8
Element Solutions
1.8
II-VI Series A Conv.
1.8
Trean Insurance Group
1.7
Independent Bank Group
1.7
Pason Systems
1.7
Minerals Technologies
1.7
GrafTech International
1.6
Timken Company (The)
1.6
Healthcare Services Group
1.6
Douglas Dynamics
1.6
ProAssurance Corporation
1.6
Top 20 as % of Net Assets
36.9

SECTORS
RYTRX (%) RUSSELL
2000 VALUE (%)
Financials
35.3
-
Industrials
25.2
-
Information Technology
10.7
-
Consumer Discretionary
7.9
-
Materials
7.6
-
Energy
3.5
-
Real Estate
3.0
-
Communication Services
1.8
-
Consumer Staples
1.7
-
Health Care
0.2
-
Bonds & Preferreds
1.9
-
Cash and Cash Equivalents
1.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Vontier Corporation
2.7
Home BancShares
2.2
Compass Diversified Holdings
2.0
Timken Company (The)
1.9
Element Solutions
1.9
Franchise Group Cl. A
1.9
II-VI Series A Conv.
1.9
Air Lease Cl. A
1.9
Teradata Corporation
1.8
Kennedy-Wilson Holdings
1.8
Douglas Dynamics
1.8
RenaissanceRe Holdings
1.8
Minerals Technologies
1.7
Independent Bank Group
1.7
Axis Capital Holdings
1.7
Ziff Davis
1.6
GrafTech International
1.6
Pason Systems
1.6
UFP Industries
1.5
First Citizens BancShares Cl. A
1.5
Top 20 as % of Net Assets
36.5

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/22. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap - U.S. Equity Funds

Greatest Portfolio Overlap - U.S. Equity Funds

Geographical Breakdown

Distributions

NAV & Distributions


Start DateEnd Date
to

Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
06/15/22 06/16/22 06/16/22 0.0150 - - - 0.0150 7.32
03/16/22 03/17/22 03/17/22 0.0200 - - - 0.0200 8.58
12/15/21 12/16/21 12/16/21 0.0299 0.5162 2.2441 - 2.7902 8.54
09/14/21 09/15/21 09/15/21 0.0350 - - - 0.0350 10.91
06/15/21 06/16/21 06/16/21 0.0200 - - - 0.0200 11.40
03/16/21 03/17/21 03/17/21 0.0400 - - - 0.0400 11.20
12/09/20 12/10/20 12/10/20 0.1020 - 1.7460 - 1.8480 9.17
09/02/20 09/03/20 09/03/20 0.0250 - - - 0.0250 9.44
06/03/20 06/04/20 06/04/20 0.0400 - - - 0.0400 9.28
03/04/20 03/05/20 03/05/20 0.0400 - - - 0.0400 9.54
12/11/19 12/12/19 12/12/19 0.0463 - 0.8864 - 0.9327 10.89
09/04/19 09/05/19 09/05/19 0.0350 - - - 0.0350 10.87
06/05/19 06/06/19 06/06/19 0.0450 - - - 0.0450 10.72
03/06/19 03/07/19 03/07/19 0.0300 - - - 0.0300 10.84
12/12/18 12/13/18 12/13/18 0.0572 0.0411 2.0577 - 2.1560 10.13
09/05/18 09/06/18 09/06/18 0.0500 - - - 0.0500 14.06
06/06/18 06/07/18 06/07/18 0.0450 - - - 0.0450 13.88
03/07/18 03/08/18 03/08/18 0.0350 - - - 0.0350 13.46
12/13/17 12/14/17 12/14/17 0.0251 0.0145 1.7732 - 1.8128 13.22
09/06/17 09/07/17 09/07/17 0.0250 - - - 0.0250 13.78
06/07/17 06/08/17 06/08/17 0.0350 - - - 0.0350 13.90
03/01/17 03/02/17 03/02/17 0.0350 - - - 0.0350 14.04
12/14/16 12/15/16 12/15/16 0.1273 - 1.0906 - 1.2179 13.83
09/07/16 09/08/16 09/08/16 0.0250 - - - 0.0250 13.67
06/01/16 06/02/16 06/02/16 0.0400 - - - 0.0400 12.89
03/02/16 03/03/16 03/03/16 0.0250 - - - 0.0250 11.92
12/16/15 12/17/15 12/17/15 0.0000 - 1.6504 - 1.6504 11.86
09/02/15 09/03/15 09/03/15 0.0300 - - - 0.0300 13.68
06/03/15 06/04/15 06/04/15 0.0400 - - - 0.0400 14.93
03/04/15 03/05/15 03/05/15 0.0500 - - - 0.0500 14.77
12/16/14 12/17/14 12/17/14 0.1983 0.0456 1.5698 - 1.8137 14.37
09/03/14 09/04/14 09/04/14 0.0300 - - - 0.0300 16.62
06/04/14 06/05/14 06/05/14 0.0300 - - - 0.0300 16.51
03/05/14 03/06/14 03/06/14 0.0300 - - - 0.0300 16.54
12/04/13 12/05/13 12/05/13 0.0418 0.1382 1.2786 - 1.4586 15.93
09/04/13 09/05/13 09/05/13 0.0300 - - - 0.0300 15.84
06/05/13 06/06/13 06/06/13 0.0400 - - - 0.0400 15.41
03/06/13 03/07/13 03/07/13 0.0300 - - - 0.0300 14.80
12/27/12 12/28/12 12/28/12 0.0217 - - - 0.0217 13.40
12/05/12 12/06/12 12/06/12 0.1000 0.0273 0.5909 - 0.7182 13.39
09/05/12 09/06/12 09/06/12 0.0350 - - - 0.0350 13.85
06/06/12 06/07/12 06/07/12 0.0450 - - - 0.0450 12.78
03/07/12 03/08/12 03/08/12 0.0350 - - - 0.0350 13.53
12/07/11 12/08/11 12/08/11 0.0236 - 0.1465 - 0.1701 12.42
09/07/11 09/08/11 09/08/11 0.0350 - - - 0.0350 12.12
06/08/11 06/09/11 06/09/11 0.0350 - - - 0.0350 13.39
03/09/11 03/10/11 03/10/11 0.0250 - - - 0.0250 13.40
12/08/10 12/09/10 12/09/10 0.0346 - - - 0.0346 12.98
09/08/10 09/09/10 09/09/10 0.0350 - - - 0.0350 11.24
06/09/10 06/10/10 06/10/10 0.0500 - - - 0.0500 11.04
03/10/10 03/11/10 03/11/10 0.0350 - - - 0.0350 11.46
12/08/09 12/09/09 12/09/09 0.0313 - - - 0.0313 10.45
09/08/09 09/09/09 09/09/09 0.0300 - - - 0.0300 10.09
06/09/09 06/10/09 06/10/09 0.0350 - - - 0.0350 9.22
03/10/09 03/11/09 03/11/09 0.0400 - - - 0.0400 6.67

NAV History for

Fees & Expenses

Shareholder Fees (%)

(fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases 0.00
Maximum deferred sales charge 0.00
Maximum sales charge (load) imposed on reinvested dividends 0.00
Redemption fee (as a percentage of amount redeemed on shares held for less than 30 days) 1.00

Annual Fund Operating Expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

Management fees 1.00
Distribution (12b-1) fees 0.00
Other expenses 0.20
Acquired fund fees and expenses 0.05
Total annual Fund operating expenses 1.25
Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries, which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing Foreign Securities" in the prospectus.)

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

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 Portfolio's P/E ratio calculation excludes cash holdings and 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. Standard deviation is a statistical measure within which a client account’s total returns have varied over time. The greater the standard deviation, the greater a portfolio’s volatility.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
Source: MSCI.  MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein.  The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products.  This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The Russell 2000 Value and Growth indices consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.  The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Miles Lewis lead manager since 2021 (manager 2020-2021), Chuck Royce manager since 2021 (lead portfolio manager 2013-2021, co-manager 2011-2013, and manager 1993-2011), assistant Joseph Hintz since 2022

12/15/1993 12:00:00 AM

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