Royce Small-Cap Trust (NYSE: RVT) as of Apr 30, 2025

Rhea-AI Summary

Royce Small-Cap Trust (NYSE: RVT), the oldest and largest small-cap closed-end fund, reported its performance metrics as of April 30, 2025. The fund's NAV stood at $15.29 while market price was $13.95. Year-to-date returns showed declines of -8.15% (NAV) and -9.89% (market), though longer-term performance remained positive with five-year returns of 12.20% (NAV) and 13.26% (market). The fund, with $1.81B in net assets, maintains a diversified portfolio focused on small- and micro-cap companies, with top sector allocations in Industrials (24.1%) and Financials (24.0%). Portfolio metrics include an average market cap of $2752.0M, weighted average P/E of 16.5x, and P/B of 1.9x. Assured Guaranty leads the top holdings at 1.6% of net assets.

Positive

• Five-year returns show strong performance at 12.20% NAV and 13.26% market return
• High trading liquidity with approximately 1.775 million shares weekly volume
• Well-diversified portfolio across sectors with Industrials and Financials each representing ~24%
• Fund advisor brings over 50 years of small- and micro-cap investment experience

Negative

• Negative year-to-date performance with -8.15% NAV and -9.89% market returns
• Trading at a discount to NAV ($13.95 market vs $15.29 NAV)
• Recent one-month decline showing negative performance (-1.42% NAV, -2.04% market)
• 14% of portfolio holdings have zero or negative earnings

• Oldest and largest small-cap closed-end fund
• Average weekly trading volume of approximately 1,775,627 shares
• Fund's adviser has more than 50 years of small- and micro-cap investment experience

NEW YORK, June 3, 2025 /PRNewswire/ -- 

CLOSING PRICES AS OF 04/30/25
NAV	15.29
MKT	13.95

 

AVERAGE ANNUAL TOTAL RETURN AS OF 04/30/25	NAV (%)	MKT (%)
One-Month*	-1.42	-2.04
Year to Date*	-8.15	-9.89
One-Year	2.90	7.79
Three-Year	6.42	5.25
Five-Year	12.20	13.26
10-Year	8.38	8.70

*Not Annualized

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.

PORTFOLIO DIAGNOSTICS
Average Market Cap1	$2752.0M
Weighted Average P/E2	16.5x
Weighted Average P/B2	1.9x
Net Assets	$1.81B

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 04/30/25). 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.

Portfolio Composition

TOP 10 POSITIONS	% OF NET ASSETS (SUBJECT TO CHANGE)
Assured Guaranty	1.6
SEI Investments	1.4
IES Holdings	1.3
PAR Technology	1.3
E-L Financial	1.2
TMX Group	1.1
APi Group	1.0
International General Insurance Holdings	1.0
Brady Corporation Cl. A	1.0
Alamos Gold Cl. A	1.0

 

TOP FIVE SECTORS	% OF NET ASSETS (SUBJECT TO CHANGE)
Industrials	24.1
Financials	24.0
Information Technology	13.7
Health Care	10.4
Consumer Discretionary	8.6

Recent Developments
Royce Small-Cap Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

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

An investor in Royce Small-Cap Trust should consider the Fund's investment goals, risks, fees, and expenses carefully before investing.

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 Small Cap Trust

FAQ

What is the current NAV and market price of Royce Small-Cap Trust (RVT)?

As of April 30, 2025, RVT's NAV was $15.29 and its market price was $13.95.

How has RVT performed year-to-date in 2025?

RVT has shown negative year-to-date returns as of April 30, 2025, with NAV declining -8.15% and market price declining -9.89%.

What are the top sectors in RVT's portfolio?

The top sectors in RVT's portfolio are Industrials (24.1%), Financials (24.0%), Information Technology (13.7%), Health Care (10.4%), and Consumer Discretionary (8.6%).

What is the size of RVT's net assets and average market cap?

RVT has net assets of $1.81B and an average market cap of $2752.0M.

What are RVT's top holdings?

RVT's top holdings include Assured Guaranty (1.6%), SEI Investments (1.4%), IES Holdings (1.3%), PAR Technology (1.3%), and E-L Financial (1.2%).