Royce Global Value Trust (NYSE: RGT) as of Jan 31, 2024

Rhea-AI Summary

Royce Global Value Trust, Inc., a closed-end fund investing in global equities with a disciplined value approach, presents its performance data as of January 31, 2024. The fund's adviser boasts over 50 years of small- and micro-cap investment experience. The fund's NAV stands at 11.49, while the market price is 9.96. The average annual total return as of 01/31/24 shows varying percentages over different periods. The portfolio primarily focuses on small-cap and mid-cap companies, with a diversified structure. The fund aims for long-term capital growth, with investments in equity securities globally.

Positive

• The fund's adviser has extensive experience in small- and micro-cap investments.
• The fund's NAV is 11.49, and the market price is 9.96 as of 01/31/24.
• The average annual total return as of 01/31/24 varies across different time periods.
• The fund primarily invests in small-cap and mid-cap companies, with a diversified portfolio.
• The investment goal of the fund is long-term capital growth through global equity investments.

Negative

• None.

Market Research Analyst

The reported performance metrics of the Royce Global Value Trust, such as the Average Annual Total Return and the fund's Net Asset Value (NAV) versus Market Price (MKT), are critical indicators for investors assessing the fund's historical success and potential for future growth. The fund's strategy of investing in global equities with a disciplined value approach, particularly in small- and micro-cap companies, suggests a specialization that may appeal to investors looking for diversification and a potential for higher returns that often come with higher risk profiles associated with smaller companies.

Investors would also be interested in the fund's exposure to foreign securities and the associated risks, as well as the fund's portfolio diagnostics, including the Average Market Cap, Weighted Average P/E and P/B Ratios. These metrics offer insights into the valuation and financial health of the companies within the fund's portfolio. The top positions and sector allocations provide additional clarity on the fund's investment focus and risk concentration.

Financial Analyst

The discount to NAV at which the Royce Global Value Trust's shares are trading is a significant point of interest for investors and analysts. This discount indicates the market's perception of the fund and can be influenced by various factors including the fund's investment strategy, management performance and market volatility. The fund's net leverage of 2.8% is relatively low, suggesting a conservative approach to borrowing, which could be viewed favorably in volatile or bear markets.

It's also noteworthy that the fund's performance is evaluated on a total return basis, which includes the reinvestment of distributions, a factor that can significantly impact the compounding effect on an investor's returns over time. The fund's past performance, as indicated, should be considered with caution, as it does not guarantee future results. The fund's approach to investing in small-cap and mid-cap companies, while potentially offering higher growth, also carries additional risks, such as market liquidity and company stability.

Economist

The fund's performance and strategy should be contextualized within the broader economic environment, including currency fluctuations, political stability and global economic trends. The fund's significant investment in industrials and financials indicates a belief in the growth potential of these sectors, which may be influenced by economic recovery patterns and interest rate environments. The diversification across at least three countries outside the United States is an attempt to mitigate country-specific risks, but it also exposes the fund to global market uncertainties.

The fund's investment in a mix of small-cap, mid-cap and micro-cap companies suggests a strategy that seeks to capitalize on market inefficiencies and the potential for outsized gains from lesser-followed stocks. However, these segments can be more sensitive to economic downturns and their performance can be a bellwether for investor sentiment towards riskier assets.

NEW YORK, Feb. 26, 2024 /PRNewswire/ --

• A closed-end fund that invests in global equities using a disciplined value approach
• Average weekly trading volume of approximately 163,175 shares
• Fund's adviser has more than 50 years of small- and micro-cap investment experience

CLOSING PRICES AS OF 01/31/24
NAV	11.49
MKT	9.96

 

AVERAGE ANNUAL TOTAL RETURN AS OF 01/31/24	NAV (%)	MKT (%)
One-Month*	-1.96	2.15
One-Year	3.20	5.17
Three-Year	-0.19	-1.43
Five-Year	6.67	7.29
10-Year	5.71	5.34

*Not Annualized

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, 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 most 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 mid-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.

PORTFOLIO DIAGNOSTICS
Average Market Cap1	$1973.0M
Weighted Average P/E2	21.3x
Weighted Average P/B2	2.5x
Net Assets	$73.1M
Net Leverage	2.8 %

¹Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.

²Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks.

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 Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 01/31/24). The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.

The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.

Net leverage is the percentage, in excess of 100 %, of the total value of equity type investments, divided by net assets.

Portfolio Composition

TOP 10 POSITIONS	% OF NET ASSETS (SUBJECT TO CHANGE)
Vistry Group	3.5
EVI Industries	2.5
Transcat	2.5
APi Group	2.2
SEI Investments	2.1
Morningstar	2.0
Sprott	2.0
ESAB Corporation	2.0
AIA Engineering	1.9
Artisan Partners Asset Management Cl. A	1.9

 

TOP FIVE SECTORS	% OF NET ASSETS (SUBJECT TO CHANGE)
Industrials	36.6
Financials	23.2
Information Technology	14.4
Consumer Discretionary	7.6
Materials	7.1

Recent Developments
The investment goal of Royce Global Value Trust is long-term growth of capital. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States. Royce & Associates, LP manages the Fund.

Daily net asset values (NAVs) for Royce Global Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRGTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.royceinvest.com. 

An investor in Royce Global Value Trust should consider the Fund's investment goals, risks, fees, charges, and expenses carefully before purchasing share's of the Fund's common stock.

Important Disclosure Information
Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Royce Fund Services, LLC. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds.

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SOURCE Royce Global Value Trust, Inc.

What is the NAV of Royce Global Value Trust as of 01/31/24?

The NAV of Royce Global Value Trust as of 01/31/24 is 11.49.

Who manages the Royce Global Value Trust?

Royce & Associates, LP manages the Royce Global Value Trust.

What is the investment goal of Royce Global Value Trust?

The investment goal of Royce Global Value Trust is long-term growth of capital through global equity investments.

Where can investors find the daily net asset values (NAVs) of Royce Global Value Trust?

Investors can find the daily net asset values (NAVs) of Royce Global Value Trust on the Royce Funds website, ticker symbol lookup services, and broker terminals under the symbol XRGTX.

What are the top 5 sectors in which Royce Global Value Trust invests?

The top 5 sectors in which Royce Global Value Trust invests are Industrials, Financials, Information Technology, Consumer Discretionary, and Materials.