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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 Value Trust (MARKET: RVT | NAV: XRVTX)

    Closed-End Fund

    1. NAV as of 3/11/2010  $13.83
      Daily NAV change  +$0.04 (+0.29%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      Chris E. Flynn
      Lauren A. Romeo
      David A. Nadel

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

      Simpson Manufacturing 1.0%
      Alleghany Corporation 0.9%
      SEACOR Holdings 0.9%
      Ritchie Bros. Auctioneers 0.9%
      Sotheby's 0.9%
      Oil States International 0.9%
      AllianceBernstein Holding L.P. 0.9%
      Ash Grove Cement Cl. B 0.9%
      Reliance Steel & Aluminum 0.9%
      HEICO Corporation 0.8%
      Top 10 as % of Total 8.9%

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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    2. Royce Value Trust (RVT) is a closed-end small-cap fund with more than 20 years of performance history. The Fund seeks long-term capital appreciation by investing primarily in small- and micro-cap companies using a disciplined value approach.

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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 15YR 20YR Since Incept
      XRVTX 6.19% 44.59% 44.59% -6.18% 1.36% 7.57% 10.19% 10.34% 10.29%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 8.34% 8.39%
      Inception Date: 11/26/1986 

      * 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 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 normally invests in small-cap and micro-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. 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.

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

        Symbol: Market Price RVT
        Symbol: NAV XRVTX
        Fund Net Assets (Attributable to Common Stock) $850 million
        Number of Holdings 635
        Average Market Capitalization* $1.11 billion
        Weighted Average P/E Ratio** 18.7x
        Weighted Average P/B Ratio 1.8x
        Portfolio Turnover 2009 26%
        Net Leverage† 17%
        Minimum Investment n/a
        Cusip Number 780910105
        Inception Date 11/26/1986
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (25% of portfolio holdings as of 12/31/2009).

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

      2. Growth of Hypothetical $10,000

        Invested 11/26/1986

        As of Quarter-End 12/31/2009

        XRVTX vs Russell 2000

        Capital Structure:

        Publicly Traded Securities Outstanding at 9/30/08

        64.4 Million Shares of Common Stock
        • $603 Million (NAV)
        5.90% Cumulative Preferred Stock
        • $220 Million

    1. Growth of Hypothetical $10,000

      Invested 11/26/1986

      As of Quarter-End 12/31/2009

      XRVTX 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 $10.60
      2 Industrial Products $9.60
      3 Industrial Services $8.18
      4 Technology $6.80
      5 Financial Services $5.18
      6 Health $5.09
      7 Consumer Services $3.24
      8 Consumer Products $1.87
      9 Diversified Investment Companies $0.11
      10 Utilities $0.02

      *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)
      Duratex $3.47
      Sotheby's $1.95
      MPS Group $1.78
      World Acceptance $1.63
      CARBO Ceramics $1.41

      *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)
      Duratex -$2.64
      Chem Rx (Warrants) -$1.51
      Prospect Acquisition -$1.27
      Technitrol -$1.26
      Syntel -$1.23

      *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.

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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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 15YR 20YR Since Incept
      XRVTX 6.19% 44.59% 44.59% -6.18% 1.36% 7.57% 10.19% 10.34% 10.29%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 8.34% 8.39%
      Inception Date: 11/26/1986

      * 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 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 normally invests in small-cap and micro-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. 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.


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

      XRVTX
      3/09/00 - 7/13/07
      RVT 161.3%
      Russell 2000 54.8%
      7/13/07 - 12/31/09
      RVT -26.9%
      Russell 2000 -24.2%

      View how RVT performed during down markets.

      Distribution History

      Our closed-end funds pay quarterly distributions to Preferred Stockholders. Please see Royce Closed-End Funds Suspend Managed Distribution Policy for details on distributions for Common Stockholders.

      5-Year Distribution History
      Record Date Payable Date Ordinary Income Return of Capital S/T Gains L/T Gains Total Reinvest Price
      3/06/09 3/04/09 $0.0000 $0.3200 $— $— $0.00 $6.07
      12/08/08 12/04/08 $0.0104 $0.1086 $— $0.2610 $0.27 $7.19
      9/08/08 9/04/08 $0.0115 $0.1200 $— $0.2884 $0.30 $14.73
      6/06/08 6/04/08 $0.0124 $0.1286 $— $0.3091 $0.32 $16.90
      3/06/08 3/04/08 $0.0129 $0.1343 $— $0.3228 $0.34 $15.39
      12/06/07 12/04/07 $0.0211 $— $0.0458 $0.4031 $0.47 $17.70
      9/06/07 9/04/07 $0.0211 $— $0.0458 $0.4031 $0.47 $19.10
      6/06/07 6/04/07 $0.0202 $— $0.0438 $0.3860 $0.45 $21.50
      3/06/07 3/02/07 $0.0207 $— $0.0448 $0.3945 $0.46 $21.14
      12/06/06 12/04/06 $0.0393 $— $0.0744 $0.3863 $0.50 $20.81
      9/06/06 9/01/06 $0.0346 $— $0.0655 $0.3399 $0.44 $19.52
      6/06/06 6/02/06 $0.0338 $— $0.0640 $0.3322 $0.43 $18.30
      3/06/06 3/02/06 $0.0322 $— $0.0610 $0.3168 $0.41 $20.10
      12/06/05 12/02/05 $0.0000 $— $0.0490 $0.3610 $0.41 $19.22
      9/06/05 9/01/05 $0.0000 $— $0.0478 $0.3522 $0.40 $19.13
      6/06/05 6/02/05 $0.0000 $— $0.0478 $0.3522 $0.40 $18.00
      3/07/05 3/03/05 $0.0000 $— $0.0478 $0.3522 $0.40 $18.67

      Market Price Performance History Since Inception (11/26/1986)1

      Adjusted-Actual Market Price

      1Reflects the cumulative performance of an investment made by a stockholder who purchased one share at inception ($10.00 IPO) and then reinvested all annual distributions as indicated and fully participated in primary subscriptions of the Fund's rights offerings.
      2Reflects actual month-end market price movement of one share as it has traded on the NYSE.

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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $13.40 1/14/10
        Low $6.06 3/09/09
        Previous Month Ending 2/28/2010
        High $12.92 2/26/10
        Low $6.06 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $12.87
        2008 $9.37
        2007 $19.74
        2006 $20.62
        2005 $18.87
        2004 $18.95
        2003 $17.03
        2002 $13.22
        2001 $17.31
        2000 $16.56

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

    Charles M. Royce is President, Co-Chief Investment Officer and Portfolio Manager of Royce & Associates, LLC and President of The Royce Funds, a position he has held since 1972.

    View Full Bio

    Education

    • BA, Brown University
    • MBA, Columbia University

    Experience

    • 47 Years of Experience
    • 37 Years at Royce

    Assistant Portfolio Managers

    Chris E. Flynn

    Chris E. Flynn

    • Assistant Portfolio Manager, Senior Analyst and Principal

    Chris E. Flynn is a Principal, Assistant Portfolio Manager and Senior Analyst for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Columbia University,
    • MBA, University of Chicago,

    Experience

    • 26 Years of Experience
    • 17 Years at Royce
    Lauren A. Romeo

    Lauren A. Romeo

    • Portfolio Manager
    • CFA

    Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, University of Notre Dame,
    • MBA, Wharton School, University of Pennsylvania,

    Experience

    • 17 Years of Experience
    • 6 Years at Royce
    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 (Attributable to Common Stock) $850 million
      Number of Holdings 635
      Net Leverage†
      Average Market Capitalization* $1.11 billion
      Weighted Average P/E Ratio** 18.7x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 26%

      †Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.
      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (25% of portfolio holdings as of 12/31/2009).

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

      Royce Value Trust

      Special Closed-End Fund Info

      go How to Puchase Shares
      go Overview of the DRIP Plan
      go What is Preferred Stock?
      go SEC Filings

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

      Simpson Manufacturing 1.0%
      Alleghany Corporation 0.9%
      SEACOR Holdings 0.9%
      Ritchie Bros. Auctioneers 0.9%
      Sotheby's 0.9%
      Oil States International 0.9%
      AllianceBernstein Holding L.P. 0.9%
      Ash Grove Cement Cl. B 0.9%
      Reliance Steel & Aluminum 0.9%
      HEICO Corporation 0.8%
      Top 10 as % of Total 8.9%

      % of Net Assets Applicable to Common Stock Holders


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

      View the complete list of holdings for Royce Value Trust 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)

      Industrial Products 23.0%
      Technology 19.8%
      Industrial Services 17.2%
      Financial Services 13.4%
      Financial Intermediaries 12.6%
      Natural Resources 10.9%
      Health 8.4%
      Consumer Products 7.9%
      Consumer Services 3.7%
      Diversified Investment Companies 0.3%
      Utilities 0.1%
      Bonds & Preferreds 0.2%
      Treasuries, Cash & Cash Equivalents 8.3%

      % of Net Assets Applicable to Common Stock Holders

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

      Royce Value Trust Asset Allocation

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

      Quarter Russell 2000 RVT Spread
      3/31/09 -15.0% -13.5% +1.5% 
      12/31/08 -26.1 -32.9 -6.8 
      9/30/08 -1.1 -8.3 -7.2 
      3/31/08 -9.9 -10.7 -0.8 
      12/31/07 -4.6 -2.6 +2.0 
      9/30/07 -3.1 -1.8 +1.3 
      6/30/06 -5.0 -3.9 +1.1 
      3/31/05 -5.3 -3.5 +1.8 
      9/30/04 -2.9 -2.1 +0.8 
      3/31/03 -4.5 -6.7 -2.2 
      9/30/02 -21.4 -22.0 -0.6 
      6/30/02 -8.4 -9.2 -0.8 
      9/30/01 -20.8 -17.9 +2.9 
      3/31/01 -6.5 -2.3 +4.2 
      12/31/00 -6.9 +0.6 +7.5 
      6/30/00 -3.8 +1.8 +5.6 
      9/30/99 -6.3 -4.8 +1.5 
      3/31/99 -5.4 -12.8 -7.4 
      9/30/98 -20.1 -18.5 +1.6 
      6/30/98 -4.7 -2.7 +2.0 
      12/31/97 -3.3 -1.9 +1.4 
      3/31/97 -5.2 +0.1 +5.3 

      Royce Value Trust outperformed the Russell 2000 in 15 out of 22 down quarters.

    2. Performance in Down Markets: Royce Value Trust vs. Russell 2000*

      XRVTX 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 15YR 20YR Since Incept
      XRVTX 6.19% 44.59% 44.59% -6.18% 1.36% 7.57% 10.19% 10.34% 10.29%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 8.34% 8.39%
      Inception Date: 11/26/1986

      * 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 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 normally invests in small-cap and micro-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. 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.

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    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.29%
      Other Expenses 0.09%
      Total Annual Fund Operating Expenses 1.38%

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



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  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.