Royce Value Trust (RVT)
19

At a Glance

Why invest in Value Trust?

  • The first small-cap closed-end fund, managed since its inception in 1986 by the same portfolio manager—a recognized pioneer of small-cap investing
  • Core approach that combines multiple investment themes and offers wide exposure to small-cap stocks (generally market caps up to $3 billion) by investing in companies with high returns on invested capital or those with strong fundamentals and/or prospects trading at what Royce believes are attractive valuations
  • Outperformed its benchmark, the Russell 2000 Index, for the 3-, 5-, 20-, 25-, 30-year, and since inception (11/26/86) periods ended 9/30/21

As of 09/30/21

  • Small-Cap
    Core Approach
    $2.54B
    Avg. Market Cap
  • Active Share
    85%
  • Lead Manager
    Tenure
    34+
    Years on Fund
  • Domestic
    36%
    2020 Annual
    Turnover Rate
  • Daily Price 20.69-$0.01 (-0.05%) MKT $18.60-$0.10 (-0.01%)
    $2.08B
    Net Assets

Portfolio Management

"Our task is to scour the large and diverse universe of small-cap companies for businesses that look mispriced and underappreciated, with the caveat being that they must also have a discernible margin of safety. We are looking for stocks trading at a discount to our estimate of their worth as businesses."
Chuck Royce

Manager Tenure

Manager Tenure

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, Year To Date, 3-Year, 5-Year, 20-Year, 30-Year and since inception (11/26/86) periods as of 09/30/21.
QTR YTD 1YR 3YR 5YR 10YR 20YR 30YR SINCE INCEPT. DATE
RVT -3.26 17.2051.9612.0816.1714.6510.4911.4010.41 11/26/86
XRVTX -2.92 13.3642.9813.2314.9314.3410.4911.3310.98 11/26/86
Russell 2000 -4.36 12.4147.6810.5413.4514.6310.2910.209.86 N/A
SEP YTD 1YR 3YR 5YR 10YR 20YR 30YR SINCE INCEPT. DATE
RVT -3.11 17.2051.9612.0816.1714.6510.4911.4010.41 11/26/86
XRVTX -2.69 13.3642.9813.2314.9314.3410.4911.3310.98 11/26/86
Russell 2000 -2.95 12.4147.6810.5413.4514.6310.2910.209.86 N/A
OCT YTD 1YR 3YR 5YR 10YR 20YR 30YR SINCE INCEPT. DATE
RVT 3.22 20.9845.3517.7917.5114.0610.3611.5210.50 11/26/86
XRVTX 3.45 17.2837.5817.4616.3913.4310.3811.4411.07 11/26/86
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/AN/A N/A

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.royceinvest.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

The Fund invests primarily in securities of small-cap and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments.

Rolling Returns

For 96% of the periods, 10-year average annual total returns were greater than 5%; For 57% of the periods, 10-year average annual total returns were greater than 10%.

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% 171 57
> 5% and ≤ 10% 117 39
> 0% and ≤ 5% 11 4
≤ 0% 0 0

The Fund averaged a 10.6% return over all 299 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 8/31/18 index peak through current (9/30/21) and in one of the two previous full market cycle periods.
Peak-Peak - 04/29/11 - 06/23/15
Value Trust31.3%
Russell 200058.5%

Peak-Peak - 06/23/15 - 08/31/18
Value Trust44.3%
Russell 200040.4%

Peak-Current - 08/31/18 - 09/30/21
Value Trust42.6%
Russell 200031.8%

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 11/26/86 and 09/30/21

Value Trust$376,878.70
Russell 2000$264,939.19

Market Price Performance History

Risk

Down Market Performance Comparisonas of 09/30/21

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

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)VALUE TRUST (%)SPREAD (%)
09/30/21-4.4-2.9+1.5
03/31/20-30.6-30.0+0.6
09/30/19-2.4-0.6+1.8
12/31/18-20.2-19.4+0.8
03/31/18-0.1-0.4-0.3
03/31/16-1.5+4.4+5.9
09/30/15-11.9-12.4-0.5
09/30/14-7.4-7.5-0.1
06/30/12-3.5-8.6-5.1
09/30/11-21.9-25.2-3.3
06/30/11-1.6-2.6-1.0
06/30/10-9.9-10.4-0.5
03/31/09-15.0-13.5+1.5
12/31/08-26.1-32.9-6.8
09/30/08-1.1-8.3-7.2
03/31/08-9.9-10.7-0.8
12/31/07-4.6-2.6+2.0
09/30/07-3.1-1.8+1.3

Long Term Risk Measurementas of 09/30/21

Over the past 10 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 5 years, the Fund outperformed the Russell 2000 Index with lower volatility.
Over the past 3 years, the Fund outperformed the Russell 2000 Index with lower volatility.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/21

Sharpe RatioStandard Deviation
Value Trust0.8018.08
Russell 20000.8118.24
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Value Trust
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/21

mstar-XRVTX

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 09/30/21

  XRVTX Russell 2000
Average Market Cap
2.54B
2.56B
Net Leverage
0.9%
-
Market Price
$18.02
-
Net Asset Value
$20.00
-
85%
-
2020 Portfolio Turnover
36%
-
Weighted Average P/E,
18.5x
-
Weighted Average P/B,
2.6x
2.5x
U.S. Investments (% of Net Assets)
84.6%
-
Non-U.S. Investments (% of Net Assets)
16.3%
-

Portfolio Allocation

  • Total
    Holdings
    550

Top 200 holdings represented 88% of the Fund's equity investments as of 09/30/21.

SECTORS
XRVTX (%) RUSSELL
2000 (%)
Industrials
25.2
14.4
Information Technology
23.9
14.1
Financials
14.1
15.4
Consumer Discretionary
11.2
11.5
Materials
10.5
3.8
Health Care
6.1
20.2
Real Estate
3.8
6.9
Energy
2.6
4.5
Communication Services
2.1
3.5
Consumer Staples
1.3
3.2
Utilities
0.1
2.4
Diversified Investment Companies
0.0
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-0.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
MKS Instruments
2.1
AutoCanada
1.7
Quaker Chemical
1.3
Upland Software
1.3
Scientific Games
1.2
Kadant
1.2
KBR
1.2
Mosaic Company (The)
1.1
Cirrus Logic
1.1
FirstService
1.1
Brooks Automation
1.1
Mesa Laboratories
1.0
Colfax
1.0
IES Holdings
1.0
FormFactor
0.9
Middleby Corporation (The)
0.9
Element Solutions
0.9
Clarkson
0.9
SEI Investments
0.9
Camtek
0.9
Top 20 as % of Net Assets
22.8

SECTORS
XRVTX (%) RUSSELL
2000 (%)
Industrials
25.2
14.4
Information Technology
23.9
14.1
Financials
14.1
15.4
Consumer Discretionary
11.2
11.5
Materials
10.5
3.8
Health Care
6.1
20.2
Real Estate
3.8
6.9
Energy
2.6
4.5
Communication Services
2.1
3.5
Consumer Staples
1.3
3.2
Utilities
0.1
2.4
Diversified Investment Companies
0.0
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-0.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
MKS Instruments
2.1
AutoCanada
1.7
Quaker Chemical
1.3
Upland Software
1.3
Scientific Games
1.2
Kadant
1.2
KBR
1.2
Mosaic Company (The)
1.1
Cirrus Logic
1.1
FirstService
1.1
Brooks Automation
1.1
Mesa Laboratories
1.0
Colfax
1.0
IES Holdings
1.0
FormFactor
0.9
Middleby Corporation (The)
0.9
Element Solutions
0.9
Clarkson
0.9
SEI Investments
0.9
Camtek
0.9
Top 20 as % of Net Assets
22.8

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/21. Unaudited schedule of portfolio holdings is presented for informational purposes only.

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 ($) REINVEST
PRICE ($)
09/13/21 09/10/21 09/24/21 EST 0.0000 EST 0.0679 EST 0.2621 EST 0.0000 0.3300 17.97
06/11/21 06/10/21 06/25/21 EST 0.0000 EST 0.0617 EST 0.2383 EST 0.0000 0.3000 18.38
03/11/21 03/10/21 03/24/21 EST 0.0000 EST 0.0535 EST 0.2065 EST 0.0000 0.2600 18.22
12/11/20 12/10/20 12/24/20 0.0216 0.0039 0.2245 0.0000 0.2500 16.23
09/11/20 09/10/20 09/25/20 0.0216 0.0039 0.2245 0.0000 0.2500 12.87
06/11/20 06/10/20 06/25/20 0.0225 0.0041 0.2335 0.0000 0.2600 12.39
03/12/20 03/11/20 03/24/20 0.0242 0.0044 0.2514 0.0000 0.2800 8.70
12/12/19 12/11/19 12/27/19 0.0265 0.0117 0.2218 0.0000 0.2600 14.69
09/13/19 09/12/19 09/26/19 0.0276 0.0122 0.2303 0.0000 0.2700 14.01
06/13/19 06/12/19 06/24/19 0.0286 0.0126 0.2388 0.0000 0.2800 13.83
03/11/19 03/08/19 03/22/19 0.0296 0.0131 0.2473 0.0000 0.2900 13.91
12/13/18 12/12/18 12/27/18 0.0569 0.0463 0.2668 0.0000 0.3700 11.36
09/14/18 09/13/18 09/26/18 0.0461 0.0376 0.2163 0.0000 0.3000 16.65
06/11/18 06/08/18 06/27/18 0.0461 0.0376 0.2163 0.0000 0.3000 16.20
03/12/18 03/09/18 03/23/18 0.0446 0.0363 0.2091 0.0000 0.2900 15.70
12/13/17 12/12/17 12/27/17 0.0391 0.0314 0.2796 0.0000 0.3500 15.96
09/13/17 09/12/17 09/26/17 0.0313 0.0251 0.2236 0.0000 0.2800 15.12
06/13/17 06/09/17 06/27/17 0.0301 0.0242 0.2157 0.0000 0.2700 14.39
03/14/17 03/10/17 03/24/17 0.0290 0.0233 0.2077 0.0000 0.2600 13.66
12/13/16 12/09/16 12/27/16 0.0356 0.0048 0.2295 0.0000 0.2700 13.62
09/13/16 09/09/16 09/26/16 0.0317 0.0043 0.2040 0.0000 0.2400 12.32
06/13/16 06/09/16 06/27/16 0.0330 0.0045 0.2125 0.0000 0.2500 11.93
03/14/16 03/10/16 03/24/16 0.0343 0.0046 0.2210 0.0000 0.2600 11.55
12/14/15 12/10/15 12/28/15 0.0471 0.0163 0.3066 0.0000 0.3700 11.54
09/14/15 09/10/15 09/25/15 0.0357 0.0123 0.2320 0.0000 0.2800 11.86
06/15/15 06/11/15 06/26/15 0.0369 0.0128 0.2403 0.0000 0.2900 14.07
03/13/15 03/11/15 03/25/15 0.0382 0.0132 0.2486 0.0000 0.3000 14.34
12/15/14 12/11/14 12/26/14 0.0661 0.1304 0.6835 0.0000 0.8800 14.26
09/15/14 09/11/14 09/26/14 0.0240 0.0474 0.2485 0.0000 0.3200 14.88
06/16/14 06/12/14 06/27/14 0.0233 0.0459 0.2408 0.0000 0.3100 15.95
03/13/14 03/11/14 03/25/14 0.0233 0.0459 0.2408 0.0000 0.3100 15.61
12/13/13 12/11/13 12/27/13 0.0104 0.0327 0.1669 0.0000 0.2100 15.74
09/16/13 09/12/13 09/27/13 0.0099 0.0312 0.1589 0.0000 0.2000 16.12
06/14/13 06/12/13 06/27/13 0.0094 0.0296 0.1510 0.0000 0.1900 15.05
03/06/13 03/04/13 03/25/13 0.0094 0.0296 0.1510 0.0000 0.1900 14.81
12/06/12 12/04/12 12/24/12 0.0498 0.0255 0.1647 0.0000 0.2400 12.98
09/06/12 09/04/12 09/24/12 0.0373 0.0191 0.1235 0.0000 0.1800 13.18
06/06/12 06/04/12 06/25/12 0.0394 0.0202 0.1304 0.0000 0.1900 12.18
03/06/12 03/02/12 03/23/12 0.0394 0.0202 0.1304 0.0000 0.1900 14.09
12/06/11 12/02/11 12/23/11 0.0202 0.0039 0.1057 0.0702 0.2000 11.94
09/06/11 09/01/11 09/23/11 0.0213 0.0041 0.1110 0.0737 0.2100 12.03
06/06/11 06/02/11 06/23/11 0.0192 0.0037 0.1004 0.0667 0.1900 14.21
03/07/11 03/03/11 03/23/11 0.0182 0.0035 0.0951 0.0632 0.1800 14.77
12/06/10 12/02/10 12/23/10 0.0300 - - - 0.0300 13.85
03/06/09 03/04/09 03/23/09 0.0000 0.0000 0.0000 0.3200 0.3200 6.07

NAV History for

Fees & Expenses

Annual Fund Operating Expenses (%)

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

Management fees 0.42
Other expenses 0.21
Total annual Fund operating expenses 0.63

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 is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

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 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.

Chuck Royce lead manager since 2021 (manager 1986-2021), Lauren Romeo(assistant portfolio manager 2009-2021), Steven McBoyle (assistant portfolio manager 2018-2021), and Andrew Palen since 2021 (assistant portfolio manager 2018-2021)

11/26/1986 12:00:00 AM

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