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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Capital Fund - Micro-Cap Portfolio (RCMCX)

    Investment Class

    1. Open to New Investors

      NAV as of 3/12/2010  $10.03
      Daily NAV change  -$0.01 (-0.10%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Managers

      W. Whitney George
      Jenifer L. Taylor

      Assistant Portfolio Manager

      David A. Nadel

      Top 10 Positions As of Quarter-End 12/31/09
      % of Net Assets (Subject to Change)

      Atlantic Tele-Network 1.5%
      Olympic Steel 1.4%
      Allied Nevada Gold 1.3%
      T-3 Energy Services 1.2%
      Patriot Transportation Holding 1.2%
      Horsehead Holding Corporation 1.1%
      Semperit AG Holding 1.1%
      Silvercorp Metals 1.1%
      Cavco Industries 1.0%
      Lamprell 1.0%
      Top 10 as % of Total 11.8%
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    2. Royce Capital Fund—Micro-Cap Portfolio (RCM) is available to life insurance company separate accounts established to fund variable annuity and variable life insurance products. RCM invests primarily in companies with market capitalizations up to $500 million. Royce generally focuses on micro-cap companies that it believes are trading significantly below its estimate of their current worth, an assessment based chiefly on balance sheet quality and cash flow levels. We believe that investors in the Fund should have a long-term investment horizon of at least three years.

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      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCMCX 6.97% 57.88% 57.88% -2.35% 4.70% 11.09% 12.51%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 5.72%
      Inception Date: 12/27/1996  Annual Operating Expenses: 1.49%

      * 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. The Fund's total returns do not reflect any deduction for changes or expenses of the variable contracts of retirement plans investing in the Fund. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

      1. Fund Statistics
        as of Quarter-End, 12/31/2009

        Ticker Symbol RCMCX
        Fund Net Assets (All Classes) $529 million
        Number of Holdings 212
        Average Market Capitalization* $326 million
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 51%
        Minimum Investment none
        Cusip Number 78080T303
        Fund Number 296
        Inception Date 12/27/1996
        Benchmark Index Russell 2000

        * Geometrically calculated

      2. Growth of Hypothetical $10,000

        Invested 12/27/1996

        As of Quarter-End 12/31/2009

        RCMCX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 12/27/1996

      As of Quarter-End 12/31/2009

      RCMCX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2009

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2009

        Sector Name Gain/Loss*
      (in millions)
      1 Natural Resources $15.33
      2 Technology $6.80
      3 Industrial Products $6.46
      4 Consumer Products $3.80
      5 Financial Services $3.20
      6 Industrial Services $2.63
      7 Health $1.64
      8 Financial Intermediaries -$1.27
      9 Consumer Services -$1.31

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2009

      Company Gain*
      (in millions)
      Allied Nevada Gold $2.52
      Aquiline Resources $2.38
      Kennedy-Wilson Holdings $2.05
      Silvercorp Metals $2.03
      Asian Citrus Holdings $1.94

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2009

      Company Loss*
      (in millions)
      CryptoLogic -$0.87
      Sigma Designs -$0.86
      Lexicon Pharmaceuticals -$0.74
      True Religion Apparel -$0.71
      Fuqi International -$0.68

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCMCX 6.97% 57.88% 57.88% -2.35% 4.70% 11.09% 12.51%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 5.72%
      Annual Operating Expenses: 1.49%
      Inception Date: 12/27/1996

      * 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. The Fund's total returns do not reflect any deduction for changes or expenses of the variable contracts of retirement plans investing in the Fund. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/09

      RCMCX
      3/09/00 - 7/13/07
      RCM 233.6%
      Russell 2000 54.8%
      7/13/07 - 12/31/09
      RCM -16.8%
      Russell 2000 -24.2%

      View how RCM performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 12/31/09
      Number of Five-Year Average Annual Return Periods since RCM's Inception

      RCMCX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/15/08 12/16/08 $0.3043 $0.1634 $1.1118 $1.58 $5.91
      12/11/07 12/12/07 $0.2227 $0.3649 $0.9041 $1.49 $13.37
      12/11/06 12/12/06 $0.0258 $0.1175 $0.6684 $0.81 $14.28
      12/01/05 12/02/05 $0.0655 $0.1021 $0.0958 $0.26 $12.49
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $9.93 1/19/10
        Low $4.68 3/09/09
        Previous Month Ending 2/28/2010
        High $9.50 2/18/10
        Low $4.68 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $9.52
        2008 $6.03
        2007 $13.47
        2006 $14.40
        2005 $12.57
        2004 $11.50
        2003 $10.90
        2002 $7.60
        2001 $9.00
        2000 $7.05

  3. Portfolio Managers

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College

    Experience

    • 29 Years of Experience
    • 18 Years at Royce
    Jenifer L. Taylor

    Jenifer L. Taylor

    • Portfolio Manager

    Jenifer L. Taylor is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Boston University

    Experience

    • 22 Years of Experience
    • 10 Years at Royce

    Assistant Portfolio Manager

    David A. Nadel

    David A. Nadel

    • Portfolio Manager

    David A. Nadel is a Portfolio Manager and Senior Analyst for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College,
    • MA, Harvard University,
    • MBA, Harvard Business School,

    Experience

    • 18 Years of Experience
    • 3 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End, 12/31/2009

      Fund Net Assets (All Classes) $529 million
      Number of Holdings 212
      Average Market Capitalization* $326 million
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 51%

      *Geometrically calculated

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2009

      Micro-Cap Portfolio

    2. Top 10 Positions
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Atlantic Tele-Network 1.5%
      Olympic Steel 1.4%
      Allied Nevada Gold 1.3%
      T-3 Energy Services 1.2%
      Patriot Transportation Holding 1.2%
      Horsehead Holding Corporation 1.1%
      Semperit AG Holding 1.1%
      Silvercorp Metals 1.1%
      Cavco Industries 1.0%
      Lamprell 1.0%
      Top 10 as % of Total 11.8%

      Portfolio Holdings
      as of Quarter-End 12/31/2009

      View the complete list of holdings for Micro-Cap Portfolio for the quarter ended 12/31/2009. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

    3. Portfolio Sector Breakdown
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Natural Resources 17.2%
      Technology 15.4%
      Industrial Products 13.7%
      Industrial Services 12.4%
      Health 11.9%
      Consumer Products 8.3%
      Financial Intermediaries 4.5%
      Consumer Services 4.1%
      Financial Services 3.9%
      Treasuries, Cash & Cash Equivalents 8.6%

      Asset Allocation
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Micro-Cap Portfolio Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/09

      Quarter Russell 2000 RCM Spread
      3/31/09 -15.0% -7.5% +7.5% 
      12/31/08 -26.1 -29.6 -3.5 
      9/30/08 -1.1 -13.3 -12.2 
      3/31/08 -9.9 -7.9 +2.0 
      12/31/07 -4.6 -3.6 +1.0 
      9/30/07 -3.1 -1.3 +1.8 
      6/30/06 -5.0 -3.4 +1.6 
      3/31/05 -5.3 -3.9 +1.4 
      9/30/04 -2.9 -2.8 +0.1 
      3/31/03 -4.5 -7.4 -2.9 
      9/30/02 -21.4 -22.1 -0.7 
      6/30/02 -8.4 -4.1 +4.3 
      9/30/01 -20.8 -16.0 +4.8 
      3/31/01 -6.5 +4.1 +10.6 
      12/31/00 -6.9 -1.0 +5.9 
      6/30/00 -3.8 +1.6 +5.4 
      9/30/99 -6.3 -0.5 +5.8 
      3/31/99 -5.4 -14.3 -8.9 
      9/30/98 -20.1 -20.2 -0.1 
      6/30/98 -4.7 -3.0 +1.7 
      12/31/97 -3.3 +6.0 +9.3 
      3/31/97 -5.2 -2.0 +3.2 

      Micro-Cap Portfolio outperformed the Russell 2000 in 16 out of 22 down quarters.

    2. Performance in Down Markets: Micro-Cap Portfolio vs. Russell 2000*

      RCMCX vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCMCX 6.97% 57.88% 57.88% -2.35% 4.70% 11.09% 12.51%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 5.72%
      Annual Operating Expenses: 1.49%
      Inception Date: 12/27/1996

      * 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. The Fund's total returns do not reflect any deduction for changes or expenses of the variable contracts of retirement plans investing in the Fund. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

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    1. Fees

      Shareholder Fees
      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases none
      Maximum deferred sales charge none
      Maximum sales charge (load) imposed on reinvested dividends none
      Early Redemption Fee
      On purchases held for 180 days or more none
      On purchases held for less than 180 days none

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.25%
      Distribution (12b-1) Fees none
      Other Expenses 0.10%
      Total direct annual Fund operating Expenses 1.35%
      Acquired Fund fees and expenses 0.14%
      Total Annual Fund Operating Expenses 1.49%

      Fund expenses have been restated to reflect net assets as of 12/31/2008.

      "Acquired Fund fees and expenses" are those incurred indirectly as a result of investment in one or more Acquired Funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

    3. Account Minimums

      To Open an Account
      Regular none
      Traditional/Roth IRA/Coverdell ESA none
      Automatic Investment and Direct Deposit Plans none
      401(k)s none
      Subsequent Investments
      All Account Types none


  7. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. The Fund invests primarily in micro-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its assets in foreign securities that may involve political, economic, currency and other risks not encountered in U.S. investments (see "Investing in International Securities" in the prospectus). The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.

    8. Close [X]

    Download literature for Micro-Cap Portfolio

  8. © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.