Updates To Royce Global Value Trust—Royce
article 06-29-2020

Leading Independent Proxy Advisory Firm Glass Lewis Recommends “FOR” New Investment Advisory Agreement with Royce Investment Partners

NEW YORK – June 29, 2020 – Royce Global Value Trust, Inc. (NYSE: RGT) (the “Fund”) today announced that Glass Lewis & Co. (“Glass Lewis”) recommends that stockholders vote “FOR” in order to approve the new investment advisory agreement with Royce Investment Partners (“Royce”), the Fund’s investment manager.1

In recommending that stockholders vote “FOR” the agreement on the WHITE proxy card, leading independent proxy advisory firm Glass Lewis stated in its June 26, 2020 report that:2

“Shareholders should note that the terms of the new investment advisory agreement are substantially identical to the terms of the current agreement, and that there will be no change to the existing management fee structure of the Fund as a direct result of this proposal. Further, the merger transaction between Legg Mason and Franklin Templeton is not expected to result in any change to the portfolio managers of the Fund, as Franklin Templeton has committed to preserve the investment autonomy of Legg Mason’s investment affiliates, including Royce.”

“We are pleased that Glass Lewis recognizes that approval of the new investment advisory agreement with Royce is in the best interest of all stockholders,” said Christopher D. Clark, President of Royce Global Value Trust, Inc. “Voting ‘FOR’ the new investment advisory agreement ensures the Fund continues to operate and execute the strategy that has delivered superior relative returns and an impressive performance record for stockholders.”

In its role as the Fund’s investment manager, Royce has developed and implemented the investment strategy that has enabled the Fund to:

  • Consistently outperform the Fund’s benchmark3 over key timeframes, including year-to-date, and over the past 1-, 3-, and 5-year periods ended 3/31/204 
  • Outperform the benchmark3 in each of the two previous full market cycle periods and from the 1/17/20 index peak through 3/31/204
  • Outperform the comparable open-end Morningstar category average (US Fund World Small/Mid Stock)5 over the past 1-, 3-, and 5-year periods through 3/31/204
  • Actively manage the Fund’s global portfolio through its differentiated investment strategy, with a high Active Share of 97%6

We strongly urge stockholders to follow the Glass Lewis recommendation and the unanimous recommendation by the Board of Directors of Royce Global Value Trust, Inc. by voting on the WHITE proxy card “FOR” the approval of the new investment advisory agreement with Royce.

The Special Meeting of Stockholders to consider the new investment advisory agreement is scheduled to be held on July 14, 2020. All stockholders of record as of the close of business on May 1, 2020 are entitled to vote their shares.

Each vote is important, regardless of the number of shares owned. Not voting has the same effect as voting against the new agreement. If stockholders do not approve the new investment advisory agreement, the Fund may be forced to seek approval to liquidate. Liquidation could result in serious negative implications for long-term stockholders such as a meaningful loss of stockholder value during a period of continued significant market volatility as well as negative tax consequences.

Stockholders can vote by internet, telephone or by signing, dating and mailing the WHITE proxy card provided in the Fund’s proxy materials.
Stockholders who have questions about how to vote or need additional assistance
may contact:
Innisfree M&A Incorporated
Stockholders Call Toll Free: (877) 825-8906
Banks and Brokers Call: (212) 750-5833

About Royce Global Value Trust, Inc.

Royce Global Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the New York Stock Exchange. The Fund invests in both U.S. and non-U.S. common stocks (generally market caps up to $10 billion).

More information about Royce Investment Partners.

Forward Looking Statement

This letter is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. This letter may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can sometimes be identified by the use of words such as “plan,” “expect,” “will,” “should,” “could,” “anticipate,” “intend,” “project,” “estimate,” “guidance,” “possible,” “continue” and other similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements are based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual results, performance and events to differ materially from those described in the forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Fund’s filings with the U.S. Securities and Exchange Commission, including the Fund’s Annual Report to Stockholders on Form N-CSR, for the year ended December 31, 2019, and subsequent filings with the Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund undertakes no responsibility to update publicly or revise any forward-looking statement

Media Contact

Joele Frank, Wilkinson Brimmer Katcher
Lucas Pers

Important Disclosure Information

Royce & Associates, LP is a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners.

Permission to use quotations neither sought nor obtained.

Fund benchmark is the MSCI ACWI Small Cap Index, an unmanaged, capitalization-weighted index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income.

Returns calculated on a net asset value (“NAV”) basis.

For the Morningstar World Small/Mid Stock Category: © 2020 Morningstar. All Rights Reserved. The information regarding the category in this piece: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. World small/mid Stock portfolios invest in a variety of international stocks that are smaller. World-stock portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s smaller markets. These portfolios typically have 20%-60% of assets in U.S. stocks.

Active Share: The sum of the absolute values of the different weightings of each holding in the Portfolio versus each holding in the benchmark, divided by two. Active Share is a measure of how much an actively managed portfolio diverges from its benchmark. A higher Active Share number is generally interpreted as indicating the portfolio is more active and less like a passive index.



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