Royce Small-Cap Trust (NYSE: RVT) as of Sep 30, 2026
September returns were negative at both NAV and market price, while year-to-date and longer-period returns remained positive.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Royce Small-Cap Trust (NYSE: RVT) reported September 30, 2026 portfolio data showing net assets of $2.43 billion and mixed returns. Net asset value (NAV) was $19.37 per share, versus a market price of $17.13. September total returns were -3.57% at NAV and -6.00% at market price; year-to-date returns were 15.61% and 12.34%, respectively.
One-year returns were 18.36% at NAV and 15.90% at market price. Annualized NAV/market returns were 18.97%/19.58% over three years, 8.52%/8.12% over five years and 11.68%/12.07% over 10 years. Returns reflect reinvested distributions and are net of the investment advisory fee. The portfolio's average market capitalization was $3,771.1 million, with weighted average price-to-earnings and price-to-book ratios of 17.2x and 2.4x. Industrials represented 25.7% of net assets; IES Holdings was the largest position at 3.3%.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointYear-to-date total returns were 15.61% at NAV and 12.34% at market price, not annualized.
- Minor pointOne-year total returns were 18.36% at NAV and 15.90% at market price.
- Minor pointThree-year annualized returns were 18.97% at NAV and 19.58% at market price.
- Minor pointFive-year annualized returns were 8.52% at NAV and 8.12% at market price.
- Minor point10-year annualized returns were 11.68% at NAV and 12.07% at market price.
Negative
- Moderate pointSeptember total returns were -3.57% at NAV and -6.00% at market price, not annualized.
- Minor pointMarket price of $17.13 was below NAV of $19.37 per share on September 30, 2026.
- Minor pointPortfolio P/E excludes companies with zero or negative earnings: 13% of holdings as of September 30, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Oldest and largest small-cap closed-end fund
- Average weekly trading volume of approximately 869,338 shares
- Fund's adviser has more than 50 years of small- and micro-cap investment experience
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CLOSING PRICES AS OF 09/30/26 |
|
|
NAV |
19.37 |
|
MKT |
17.13 |
|
AVERAGE ANNUAL TOTAL RETURN AS OF 09/30/26 |
NAV (%) |
MKT (%) |
|
One-Month* |
-3.57 |
-6.00 |
|
Year to Date* |
15.61 |
12.34 |
|
One-Year |
18.36 |
15.90 |
|
Three-Year |
18.97 |
19.58 |
|
Five-Year |
8.52 |
8.12 |
|
10-Year |
11.68 |
12.07 |
*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
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PORTFOLIO DIAGNOSTICS |
|
|
Average Market Cap1 |
|
|
Weighted Average P/E2 |
17.2x |
|
Weighted Average P/B2 |
2.4x |
|
Net Assets |
|
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 (
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) |
|
IES Holdings |
3.3 |
|
Quaker Houghton |
1.2 |
|
SEI Investments |
1.1 |
|
Assured Guaranty |
1.0 |
|
APi Group |
1.0 |
|
Interparfums |
0.8 |
|
JFrog |
0.8 |
|
Arcosa |
0.8 |
|
Dorman Products |
0.8 |
|
Onto Innovation |
0.8 |
|
TOP FIVE SECTORS |
% OF NET ASSETS (SUBJECT TO CHANGE) |
|
Industrials |
25.7 |
|
Financials |
18.7 |
|
Information Technology |
15.5 |
|
Consumer Discretionary |
9.7 |
|
Materials |
8.3 |
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
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.
View original content:https://www.prnewswire.com/news-releases/royce-small-cap-trust-nyse-rvt-as-of-sep-30-2026-302922395.html
SOURCE Royce Small Cap Trust
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Royce Small-Cap Trust's year-to-date returns as of September 30, 2026?
Royce Small-Cap Trust returned 15.61% at NAV and 12.34% at market price year to date. These returns are not annualized, reflect reinvested distributions and are net of the Fund's investment advisory fee.
Was RVT trading below its net asset value on September 30, 2026?
Yes. RVT's closing market price was $17.13 per share, below its $19.37 net asset value per share on September 30, 2026.
How does Royce Small-Cap Trust calculate its portfolio price-to-earnings ratio?
The Fund uses a weighted harmonic average, evaluating the portfolio as if it were a single stock and comparing its market value with its share of underlying companies' earnings. The calculation excludes companies with zero or negative earnings, which represented 13% of portfolio holdings as of September 30, 2026.
What were Royce Small-Cap Trust's other largest sector allocations on September 30, 2026?
Beyond industrials, the Fund's top-five sectors included financials at 18.7%, information technology at 15.5%, consumer discretionary at 9.7% and materials at 8.3% of net assets. These allocations are subject to change.