Royce Small-Cap Fund
ROYCE FUND · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| PENNX | 0.95% | 0.93% | 2025 Q2 |
| RYPCX | 1.98% | — | 2026 Q2 |
| RYPFX | 1.31% | 1.29% | 2025 Q2 |
| RPMIX | 0.91% | 0.89% | 2025 Q2 |
| PAHPX | 1.31% | — | 2026 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 43.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 96.56% |
| Cash & short-term | 3.91% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Industrials | 29.0% |
| Information Technology | 16.3% |
| Financials | 12.8% |
| Consumer Discretionary | 10.1% |
| 9 smaller | 31.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +40.14% | +59.99% | +45.58% | 14.49% | -17.29% | |
| +38.61% | +55.12% | +38.28% | 14.40% | -17.68% | |
| +39.68% | +58.26% | +43.04% | 14.31% | -17.46% | |
| +40.21% | +60.15% | +45.87% | 14.40% | -17.33% |
These classes hold the same portfolio, so the 7.59pp spread over 5 years is the cost difference between them — roughly 1.52pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Fixed Income Clearing Corp. | 3.38% | — | $72.30M | — |
| ACA | Arcosa IncACA | 2.27% | $145.29 | $48.50M | 333.8K |
| ESI | Element Solutions IncESI | 2.13% | $47.75 | $45.43M | 951.4K |
| ONTO | Onto Innovation IncONTO | 1.39% | $378.45 | $29.72M | 78.5K |
| NPO | Enpro IncNPO | 1.31% | $376.93 | $28.02M | 74.3K |
| KWR | Quaker Chemical CorpKWR | 1.18% | $158.87 | $25.16M | 158.4K |
| SEIC | SEI Investments CoSEIC | 1.13% | $87.71 | $24.07M | 274.4K |
| — | Assured Guaranty Ltd | 1.10% | $80.16 | $23.55M | 293.7K |
| RBC | RBC Bearings IncRBC | 1.05% | $644.06 | $22.52M | 35.0K |
| JBTM | JBT Marel CorpJBTM | 1.03% | $145.00 | $22.12M | 152.6K |
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.
Top 10 positions are 15.97% of net assets, top 25 29.24%, across 271 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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