Royce Small-Cap Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Royce Small-Cap Fund held 271 positions with $2.14B in net assets. Its ten largest holdings made up 16.0% of the fund. The PENNX share class costs 0.93% a year. Over the 12 months to May 2026, PENNX returned 33.8%, with dividends reinvested. In 2026 Q2 it added 33 new positions and exited 23.
Royce Small-Cap Funds investment goal is long-term growth of capital.
The fund invests primarily in equity securities of small-cap companies that Royce believes trade below their intrinsic value, employing multiple disciplined approaches including High Quality, Emerging Quality, Traditional Value, and Quality Value strategies. The fund may also hold up to 25% of assets in foreign equities and may invest in other investment companies. Because the fund's returns depend on the accuracy of Royce's valuation estimates and security selections, performance will diverge from small-cap market returns.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Fixed Income Clearing Corp. | 3.38% | $72.30M | — | — |
ACAArcosa Inc | 2.27% | $48.50M | 333.8K | $145.29 |
2.13% | $45.43M | 951.4K | $47.75 | |
1.39% | $29.72M | 78.5K | $378.45 | |
NPOEnpro Inc | 1.31% | $28.02M | 74.3K | $376.93 |
1.18% | $25.16M | 158.4K | $158.87 | |
1.13% | $24.07M | 274.4K | $87.71 | |
Assured Guaranty Ltd | 1.10% | $23.55M | 293.7K | $80.16 |
1.05% | $22.52M | 35.0K | $644.06 | |
JBTMJBT Marel Corp | 1.03% | $22.12M | 152.6K | $145.00 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 271 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 96.56% |
| Cash & short-term | 3.91% |
By sector
- Industrials
- 29.1%
- Information Technology
- 16.3%
- Financials
- 12.8%
- International
- 10.1%
- 9 other sectors
- 31.7%
- Industrials
- 29.1%
- Information Technology
- 16.3%
- Financials
- 12.8%
- International
- 10.1%
- Consumer Discretionary
- 10.0%
- Materials
- 6.5%
- Health Care
- 6.4%
- Other
- 4.0%
- Consumer Staples
- 2.2%
- Energy
- 0.8%
- Communication Services
- 0.8%
- Cash
- 0.5%
- Real Estate
- 0.5%
How it has done
PENNX share class · total returns with dividends reinvested
Volatility over the last 12 months: 14.05%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.93% | +33.78% | +63.01% | +47.89% | -17.29% | |
| 1.98% | +32.48% | +57.95% | +40.51% | -17.68% | |
| 1.29% | +33.44% | +61.28% | +45.33% | -17.46% | |
| 0.89% | +33.99% | +63.32% | +48.20% | -17.33% |
These classes hold the same portfolio, so the 7.69pp spread over 5 years is the cost difference between them — roughly 1.54pp a year — not a difference in what they own.
Fees & fund details
Royce Small-Cap Fund is an actively managed U.S. equity fund. 18% of PENNX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 82% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.89% – 1.98%· PENNX 0.93%
- Portfolio turnover
- 43.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
33 new· the largest 8
23 exited· the largest 8
Understand how this fund fits with the rest.
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