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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 Low-Priced Stock Fund (RYLPX)

    Service Class
    MICRO-CAP/OPPORTUNISTIC

    Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic.

     

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    1. Open to New Investors

      NAV as of 3/12/2010  $14.73
      Daily NAV change  $0.00 (-0.00%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      W. Whitney George

      Assistant Portfolio Manager

      James A. Skinner III

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

      Ivanhoe Mines 1.8%
      Trican Well Service 1.8%
      Nu Skin Enterprises Cl. A 1.7%
      Gammon Gold 1.7%
      Alamos Gold 1.7%
      Silver Standard Resources 1.6%
      GrafTech International 1.5%
      Intrepid Potash 1.5%
      Pan American Silver 1.5%
      Kennametal 1.5%
      Top 10 as % of Total 16.3%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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    2. Royce Low-Priced Stock Fund (RLP) invests primarily in small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion, whose average cost per share in the Fund’s portfolio is less than $25. Since institutional investors generally do not make low priced stocks (especially those trading at $10 or less per share) an area of focus, we believe that they offer investment opportunities. 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 15YR Since Incept
      RYLPX 6.17% 53.58% 53.58% 0.20% 5.59% 10.80% 13.47% 12.77%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 7.32%
      Inception Date: 12/15/1993  Annual Operating Expenses: Gross 1.60% Net 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. 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. Current performance may be higher or lower than performance quoted.

      Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class including management fees, 12b-1 distribution, service fees and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce and Associates has contractually agreed to waive fees and reimburse expenses to the extent necessary to maintain the net annual operating expense ratio at or below 1.49% through April 30, 2010.

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

        Ticker Symbol RYLPX
        Fund Net Assets (All Classes) $3.44 billion
        Number of Holdings 198
        Average Market Capitalization* $1.06 billion
        Weighted Average P/B Ratio 1.8x
        Portfolio Turnover 2009 39%
        Minimum Investment $2,000
        Cusip Number 780905808
        Fund Number 266
        Inception Date 12/15/1993
        Benchmark Index Russell 2000

        * Geometrically calculated

      2. Growth of Hypothetical $10,000

        Invested 12/15/1993

        As of Quarter-End 12/31/2009

        RYLPX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 12/15/1993

      As of Quarter-End 12/31/2009

      RYLPX 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 $105.32
      2 Consumer Products $62.75
      3 Industrial Products $23.55
      4 Industrial Services $16.89
      5 Technology $5.71
      6 Financial Services $5.15
      7 Health -$0.59
      8 Consumer Services -$6.45
      9 Financial Intermediaries -$11.71

      *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)
      Nu Skin Enterprises Cl. A $23.16
      NutriSystem $19.81
      Alamos Gold $15.72
      Tesco Corporation $15.17
      Gammon Gold $13.44

      *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)
      Knight Capital Group Cl. A -$16.50
      Sigma Designs -$7.31
      Novatel Wireless -$6.61
      Corinthian Colleges -$6.15
      Agnico-Eagle Mines -$4.26

      *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.

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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 Since Incept
      RYLPX 6.17% 53.58% 53.58% 0.20% 5.59% 10.80% 13.47% 12.77%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 7.32%
      Annual Operating Expenses: Gross 1.60% Net 1.49%
      Inception Date: 12/15/1993

      * 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. Current performance may be higher or lower than performance quoted.

      Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class including management fees, 12b-1 distribution, service fees and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce and Associates has contractually agreed to waive fees and reimburse expenses to the extent necessary to maintain the net annual operating expense ratio at or below 1.49% through April 30, 2010.


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

      RYLPX
      3/09/00 - 7/13/07
      RLP 198.9%
      Russell 2000 54.8%
      7/13/07 - 12/31/09
      RLP -11.3%
      Russell 2000 -24.2%

      View how RLP 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 RLP's Inception

      RYLPX

      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 $0.0170 $— $— $0.02 $13.52
      12/08/08 12/09/08 $0.0000 $— $0.2681 $0.27 $8.09
      12/06/07 12/07/07 $0.4177 $0.0765 $1.9741 $2.47 $14.95
      12/04/06 12/05/06 $0.1250 $0.1627 $1.3661 $1.65 $16.91
      12/01/05 12/02/05 $0.0000 $0.0723 $1.2031 $1.28 $15.46
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $14.79 1/11/10
        Low $7.00 3/09/09
        Previous Month Ending 2/28/2010
        High $14.09 2/19/10
        Low $7.00 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $14.05
        2008 $9.16
        2007 $14.78
        2006 $16.83
        2005 $15.53
        2004 $15.33
        2003 $13.98
        2002 $9.75
        2001 $11.67
        2000 $9.35

  3. Portfolio Manager

    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

    Assistant Portfolio Manager

    James A. Skinner III

    James A. Skinner III

    • Portfolio Manager and Principal
    • CFA

    James A. (Chip) Skinner III, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC, investment advisor to The Royce Funds.

    View Full Bio

    Education

    • BA, Washington & Lee University,
    • EMBA, Vanderbilt University,

    Experience

    • 24 Years of Experience
    • 7 Years at Royce

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

      Fund Net Assets (All Classes) $3.44 billion
      Number of Holdings 198
      Average Market Capitalization* $1.06 billion
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 39%

      *Geometrically calculated

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

      Royce Low-Priced Stock Fund

      Small-Cap Companies by Market Price
      as of Quarter-End 12/31/2009

      Small-Cap Companies by Market PriceSource: FactSet; U.S. Companies

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

      Ivanhoe Mines 1.8%
      Trican Well Service 1.8%
      Nu Skin Enterprises Cl. A 1.7%
      Gammon Gold 1.7%
      Alamos Gold 1.7%
      Silver Standard Resources 1.6%
      GrafTech International 1.5%
      Intrepid Potash 1.5%
      Pan American Silver 1.5%
      Kennametal 1.5%
      Top 10 as % of Total 16.3%

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

      View the complete list of holdings for Royce Low-Priced Stock 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.

    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 26.1%
      Technology 17.7%
      Industrial Products 11.4%
      Industrial Services 9.4%
      Consumer Products 8.0%
      Financial Intermediaries 7.2%
      Health 5.5%
      Financial Services 4.2%
      Consumer Services 3.7%
      Treasuries, Cash & Cash Equivalents 6.9%

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

      Royce Low-Priced Stock Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 12/31/2009*

        RLP Category Median Best Breakpoint
      Sharpe Ratio 0.23 0.01 0.09
      Standard Deviation 22.76 20.84 19.75

      *Five years ended 12/31/2009. Category Median and Best Quartile Breakpoint based on 314 small-cap objective funds (oldest class only) with at least five 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.

      Risk/Return Comparison
      Five-Year Period Ended 12/31/2009

        Average Annual Total Return Standard Deviation Return Efficiency*
      RLP 5.59 22.76 0.25
      Russell 2000 0.51 21.35 0.02

      *Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period. Please read the prospectus for a more complete discussion of risk.

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

      Quarter Russell 2000 RLP Spread
      3/31/09 -15.0% -7.8% +7.2% 
      12/31/08 -26.1 -25.9 +0.2 
      9/30/08 -1.1 -11.9 -10.8 
      3/31/08 -9.9 -5.3 +4.6 
      12/31/07 -4.6 -3.7 +0.9 
      9/30/07 -3.1 -3.4 -0.3 
      6/30/06 -5.0 -5.5 -0.5 
      3/31/05 -5.3 -4.6 +0.7 
      9/30/04 -2.9 -0.3 +2.6 
      3/31/03 -4.5 -8.2 -3.7 
      9/30/02 -21.4 -21.3 +0.1 
      6/30/02 -8.4 -9.6 -1.2 
      9/30/01 -20.8 -20.8 0.0 
      3/31/01 -6.5 +0.7 +7.2 
      12/31/00 -6.9 -1.7 +5.2 
      6/30/00 -3.8 +5.7 +9.5 
      9/30/99 -6.3 -4.3 +2.0 
      3/31/99 -5.4 -9.6 -4.2 
      9/30/98 -20.1 -21.5 -1.4 
      6/30/98 -4.7 +1.3 +6.0 
      12/31/97 -3.3 -3.0 +0.3 
      3/31/97 -5.2 -0.8 +4.4 

      Royce Low-Priced Stock Fund outperformed the Russell 2000 in 14 out of 22 down quarters.

    2. Performance in Down Markets: Royce Low-Priced Stock Fund vs. Russell 2000*

      RYLPX 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 Since Incept
      RYLPX 6.17% 53.58% 53.58% 0.20% 5.59% 10.80% 13.47% 12.77%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 7.32%
      Annual Operating Expenses: Gross 1.60% Net 1.49%
      Inception Date: 12/15/1993

      * 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. Current performance may be higher or lower than performance quoted.

      Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class including management fees, 12b-1 distribution, service fees and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce and Associates has contractually agreed to waive fees and reimburse expenses to the extent necessary to maintain the net annual operating expense ratio at or below 1.49% 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 1.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.14%
      Distribution (12b-1) Fees 0.25%
      Other Expenses 0.21%
      Total Annual Fund Operating Expenses 1.60%
      Expense Reimbursements (0.11)%
      Net Annual Fund Operating Expenses 1.49%

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

      Royce has contractually agreed to waive its fees and reimburse expenses to the extent necessary to maintain the Class's net annual operating expense ratio at or below 1.49% through April 30, 2010.

    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 small-cap and micro-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 may invest up to 25% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see “Investing in Foreign 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 Royce Low-Priced Stock 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.