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Managed Fund Since 2015
Equity
RMCFX Royce Micro-Cap Fund
Popular Documents
Total Net Assets
$396.68M
As of 08/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
One of the oldest open-end funds dedicated to investing in micro-cap stocks, which Royce defines as companies with market caps no higher than that of the largest company in the Russell Microcap® Index. Core approach that combines multiple investment themes and offers wide exposure to microcap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes.
- Benchmark
- Russell Microcap
- Additional Benchmark
- Russell 2000 Index
- Fund Inception Date
- 05/04/2007
- Dividend Frequency, if any
- No
- Portfolio Turnover
- 38%
Sales Charges, Expenses & Fees
As of 05/01/2026- Gross Expense Ratio
- 1.60%
- Net Expense Ratio
4 - 1.49%
- Maximum Initial Charge
- —
- CDSC
- N/A
- 12b-1 Fee
- 0.25%
Identifiers
- Ticker
- RMCFX
- Fund Number
- 383
- CUSIP Code
- 780905659
Average Annual Total Returns As of 08/31/2026
Service Class
- 41.64%1 Year
- 22.48%3 Years
- 10.55%5 Years
- 12.87%10 Years
- 11.26%Since Inception
12/31/1991
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Top Sectors
As of 06/30/2026 % of Total (Updated Quarterly)
Industrials25.86% | |
Information Technology23.88% | |
Health Care12.54% | |
Consumer Discretionary11.99% | |
Financials11.95% |
Additional Fund Info
- Share Class Inception Date
- 08/30/2002
- Investment Style
- Small Cap
- Lipper Classification
- Small-Cap Core Funds
- Morningstar Category
5 - Small Blend
Manager and Commentary
About the Team
Royce Investment Partners specializes in small-cap investing, managing both U.S. and international portfolios for individual investors, financial advisors, and institutions. The firm is generally regarded as a pioneer in small-cap investing. Focusing on this distinctive asset class for more than 45 years has given Royce an unparalleled domain knowledge of the small-company investment universe.
Latest Insights
August 24, 2026
August 19, 2026
July 6, 2026
Performance
Risk Measures
As of 06/30/2026
Service Class - Without Sales Charge (NAV)
Measured against: Russell Microcap
Statistics
Alpha (%)
Beta
R-Squared
Historical Tracking Error
Information Ratio
Standard Deviation (%)
Service Class
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of06/30/2026 (Updated Quarterly)
- Total Net Assets
- $428.06 Million
Positions
As of 06/30/2026 (Updated Quarterly)
Number of Holdings
- Fund
- 156
Portfolio Statistics
As of 06/30/2026 (Updated Quarterly)
Price to Earnings (12-Month Trailing)
- Fund
- 28.18x
- Fund
- 2.35x
- Fund
- $0.00 Million
Asset Allocation
As of 06/30/2026 % of Total (Updated Quarterly)
| Holdings | Fund |
|---|---|
U.S. Investments | 88.48% |
Non-U.S. Investments | 11.52% |
Holdings
As of 06/30/2026 (Updated Quarterly)
Fixed Income Clearing Corporation
Cash and Cash Equivalents
Ultra Clean Holdings
Ultra Clean Holdings Inc COM USD.001
Ichor Holdings Ltd COM USD.0001
Ichor Holdings Ltd.
Graham Corporation
Graham Corp COM USD 0.1
Lincoln Educational Services
Lincoln Educational Services Corp COM USD NPV
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- NoThis fund is an Accrual fund.
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/11/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
Factsheet - Royce Micro-Cap Fund - Class Investment, Service
Regulatory Documents
Annual Report - Royce Micro-Cap Fund Service Class
Semi-Annual Report - Royce Micro-Cap Fund Service Class
Summary Prospectus - Royce Micro-Cap Fund (Investment and Service Classes)
Risks
The Fund invests primarily in micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
Royce & Associates, LP primarily conducts its business under the name Royce Investment Partners.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.