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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 Global Value Fund (RIVFX)

    Service Class
    GLOBAL/INTERNATIONAL

    Global/International Funds generally focus on non-U.S. based companies using our core approach to security selection.

     

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    1. Open to New Investors

      NAV as of 3/12/2010  $11.19
      Daily NAV change  +$0.04 (+0.36%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Managers

      W. Whitney George
      David A. Nadel

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

      Major Drilling Group International 3.2%
      Burckhardt Compression Holding 2.7%
      Industrias Bachoco ADR 2.6%
      Semperit AG Holding 2.5%
      Silver Standard Resources 2.4%
      Unit Corporation 2.1%
      Mayr-Melnhof Karton 2.0%
      Sipef 2.0%
      Pfeiffer Vacuum Technology 1.9%
      Trican Well Service 1.9%
      Top 10 as % of Total 23.5%
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    2. Royce Global Value Fund (RGV) invests primarily in equity securities of both U.S. and non-U.S. companies that it believes are trading significantly below its estimate of their current worth. Royce bases this assessment chiefly on balance sheet quality and cash flow levels. Although the Fund may invest in the equity securities of companies of any market capitalization, Royce generally expects that a significant portion of the Fund’s assets will be invested in equity securities of smaller companies, those with market capitalizations of up to $5 billion.

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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 Since Incept
      RIVFX 9.01% 61.89% 61.89% 3.59% 3.58%
      MSCI World Small Core 2.83% 44.12% 44.12% -5.49% -5.48%
      Inception Date: 12/29/2006  Annual Operating Expenses: Gross 2.27% Net 2.02%

      * 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. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's estimated operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce and Associates has contractually agreed to waive fees and reimburse expenses, other than Acquired Fund fees and expenses, to the extent necessary to maintain the net annual operating expense ratio at or below 1.69% through April 30, 2010.

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

        Ticker Symbol RIVFX
        Fund Net Assets (All Classes) $51 million
        Number of Holdings 65
        Average Market Capitalization* $1.21 billion
        Weighted Average P/E Ratio** 16.9x
        Weighted Average P/B Ratio 2.2x
        Portfolio Turnover 2009 45%
        Minimum Investment $2,000
        Cusip Number 780905329
        Fund Number 677
        Inception Date 12/29/2006
        Benchmark Index MSCI World Small Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (28% of portfolio holdings as of 12/31/2009).

      2. Growth of Hypothetical $10,000

        Invested 12/29/2006

        As of Quarter-End 12/31/2009

        RIVFX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 12/29/2006

      As of Quarter-End 12/31/2009

      RIVFX 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 $1.58
      2 Health $0.95
      3 Industrial Products $0.60
      4 Consumer Products $0.58
      5 Industrial Services $0.40
      6 Financial Services $0.39
      7 Technology $0.00
      8 Consumer Services -$0.01
      9 Financial Intermediaries -$0.34

      *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 $0.96
      Major Drilling Group International $0.44
      OdontoPrev $0.37
      Tesco Corporation $0.28
      Sino Biopharmaceutical $0.26

      *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 -$0.72
      Knight Capital Group Cl. A -$0.38
      Egyptian Financial Group-Hermes Holding -$0.15
      Sigma Designs -$0.12
      Schnitzer Steel Industries Cl. A -$0.09

      *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 Since Incept
      RIVFX 9.01% 61.89% 61.89% 3.59% 3.58%
      MSCI World Small Core 2.83% 44.12% 44.12% -5.49% -5.48%
      Annual Operating Expenses: Gross 2.27% Net 2.02%
      Inception Date: 12/29/2006

      * 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. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's estimated operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce and Associates has contractually agreed to waive fees and reimburse expenses, other than Acquired Fund fees and expenses, to the extent necessary to maintain the net annual operating expense ratio at or below 1.69% through April 30, 2010.


      Cumulative Performance Since Inception (12/29/2006)
      and Since Market Cycle Peak as of Quarter-End 12/31/09

      RIVFX
      12/29/06 - 12/31/09
      RGV 11.2%
      Russell 2000 0.0%
      7/13/07 - 12/31/09
      RGV -8.1%
      Russell 2000 -24.2%

      View how RGV performed during down markets.

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/08/09 12/09/09 $0.0553 $— $— $0.06 $10.49
      12/08/08 12/09/08 $0.0252 $0.0003 $— $0.03 $5.84
      12/06/07 12/07/07 $0.2111 $0.0191 $— $0.23 $11.32
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $11.45 1/11/10
        Low $5.50 3/09/09
        Previous Month Ending 2/28/2010
        High $10.79 2/18/10
        Low $5.50 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.79
        2008 $6.70
        2007 $11.20
        2006 $10.00

  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
    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) $51 million
      Number of Holdings 65
      Average Market Capitalization* $1.21 billion
      Weighted Average P/E Ratio** 16.9x
      Weighted Average P/B Ratio 2.2x
      Portfolio Turnover 2009 45%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (28% of portfolio holdings as of 12/31/2009).

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

      Royce Global Value Fund

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

      Major Drilling Group International 3.2%
      Burckhardt Compression Holding 2.7%
      Industrias Bachoco ADR 2.6%
      Semperit AG Holding 2.5%
      Silver Standard Resources 2.4%
      Unit Corporation 2.1%
      Mayr-Melnhof Karton 2.0%
      Sipef 2.0%
      Pfeiffer Vacuum Technology 1.9%
      Trican Well Service 1.9%
      Top 10 as % of Total 23.5%

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

      View the complete list of holdings for Royce Global Value Fund 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.

      Portfolio Country Breakdown
      as of Quarter-End,12/31/2009
      % of Net Assets (Subject to Change)

      Canada 21.1%
      United States 16.5%
      Hong Kong 5.9%
      Germany 4.7%
      Austria 4.6%
      Switzerland 4.5%
      Brazil 4.4%
      South Africa 4.3%
      Belgium 3.4%
      China 3.4%
      Mexico 3.1%
      France 2.9%
      United Kingdom 2.5%
      Peru 1.6%
      United Arab Emirates (U.A.E.) 1.6%
      Australia 1.4%
      Cayman Islands 1.2%
      Egypt 1.2%
      Denmark 0.9%
      Finland 0.9%
      South Korea 0.5%

    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 28.7%
      Industrial Products 19.8%
      Financial Services 10.3%
      Consumer Products 9.3%
      Health 9.1%
      Financial Intermediaries 4.9%
      Industrial Services 4.6%
      Technology 2.8%
      Consumer Services 0.8%
      Treasuries, Cash & Cash Equivalents 9.6%

      Portfolio Country Breakdown
      as of Month-End,1/31/2010
      % of Net Assets (Subject to Change)

      Canada 20.0%
      United States 15.6%
      Hong Kong 7.0%
      Switzerland 4.5%
      Austria 4.5%
      Germany 4.2%
      South Africa 4.1%
      Belgium 4.0%
      Brazil 3.8%
      Mexico 3.7%
      France 3.6%
      China 3.3%
      United Kingdom 2.7%
      Egypt 1.7%
      United Arab Emirates (U.A.E.) 1.6%
      Peru 1.5%
      Australia 1.4%
      Cayman Islands 1.1%
      Denmark 0.9%
      Finland 0.8%
      South Korea 0.6%

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

      Royce Global Value Fund Asset Allocation

    1. Three-Year Morningstar Statistical Measures as of 12/31/2009*

        RGV Category Median Best Breakpoint
      Standard Deviation 28.93 24.59 23.23

      *Three years ended 12/31/2009. Category Median and Best Quartile Breakpoint based on 333 small-cap objective funds (oldest class only) with at least three years of history.

      Risk Disclosure

      The Sharpe Ratio is calculated for a specified period by dividing a fund's annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance.

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

      Quarter Russell 2000 RGV Spread
      3/31/09 -15.0% -5.7% +9.3% 
      12/31/08 -26.1 -27.0 -0.9 
      9/30/08 -1.1 -22.5 -21.4 
      3/31/08 -9.9 -2.1 +7.8 
      12/31/07 -4.6 -2.7 +1.9 
      9/30/07 -3.1 +1.5 +4.6 

      Royce Global Value Fund outperformed the Russell 2000 in four out of six down quarters.

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

      RIVFX 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 Since Incept
      RIVFX 9.01% 61.89% 61.89% 3.59% 3.58%
      MSCI World Small Core 2.83% 44.12% 44.12% -5.49% -5.48%
      Annual Operating Expenses: Gross 2.27% Net 2.02%
      Inception Date: 12/29/2006

      * 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. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's estimated operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce and Associates has contractually agreed to waive fees and reimburse expenses, other than Acquired Fund fees and expenses, to the extent necessary to maintain the net annual operating expense ratio at or below 1.69% through April 30, 2010.

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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 2.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.25%
      Distribution (12b-1) Fees 0.25%
      Other Expenses 0.44%
      Total direct annual Fund operating Expenses 1.94%
      Acquired Fund fees and expenses 0.33%
      Total Annual Fund Operating Expenses 2.27%
      Expense Reimbursements (0.25)%
      Net Annual Fund Operating Expenses 2.02%

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

      Royce has contractually agreed to waive its fees, other than Acquired Fund fees and expenses, to the extent necessary to maintain the Fund's net direct annual operating expense ratio at or below 1.69% through April 30, 2010.

      "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 $2,000
      Traditional/Roth IRA/Coverdell ESA $1,000
      Automatic Investment and Direct Deposit Plans $1,000
      401(k)s none
      Subsequent Investments
      All Account Types $50


  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 international companies, which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. Therefore, the prices of the securities of international companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. As of 9/30/09, the Fund was invested primarily in micro-cap, small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see “Primary Risks for Fund Investors” in the prospectus). The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund’s overall value to decline to a greater degree. (Please see “Primary Risks for Fund Investors” in the prospectus). The Morgan Stanley Capital International Europe Small Core Index is an unmanaged index of European small-cap stocks. Index returns include net reinvested dividends and/or interest income.

    8. Close [X]

    Download literature for Royce Global Value Fund

  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.