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Managed Fund Since 2006
Equity
RYPCX Royce Small-Cap Fund
- Multi-dimensional disciplined approach. The Fund combines multiple investment approaches (High Quality, Traditional Value, Special Situations)that have historically tended to perform well in different market environments.
- Broad access to small-cap equities. A focus on stocks with above-average profitability, below-average leverage and attractive valuations.
- A recognized pioneer of small-cap investing. One of the first open-end small-cap funds, managed for more than 40 years by the same portfolio manager - a recognized pioneer of small-cap investing. Flagship offering, one of the first open-end small-cap funds, whose history under Royce Investment Partners management dates back to November 1972.
Popular Documents
Total Net Assets
$1.77B
As of 12/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks long-term growth of capital by investing primarily in equity securities of small-cap companies that it believes are trading below its estimate of their current worth. Small-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution.
- Benchmark
- Russell 2000 Index
- Fund Inception Date
- 05/04/2007
- Dividend Frequency, if any
- No
- Portfolio Turnover
- 37%
Identifiers
- Ticker
- RYPCX
- Fund Number
- 302
- CUSIP Code
- 780905816
Average Annual Total Returns As of 12/31/2025
Consultant Class
- 7.94%1 Year
- 12.82%3 Years
- 7.31%5 Years
- 10.00%10 Years
- —Since Inception
10/31/1972
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 12/31/2025 % of Total (Updated Quarterly)
Industrials29.09% | |
Financials20.23% | |
Information Technology16.53% | |
Health Care9.17% | |
Consumer Discretionary9.03% |
Additional Fund Info
- Share Class Inception Date
- 06/17/1997
- Investment Style
- Small Cap
- Lipper Classification
- Small-Cap Core Funds
- Morningstar Category
7 - Small Blend
Manager and Commentary
About the Team
Royce Investment
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.
Commentary Highlights
12/31/2025- Markets: In the eventful quarter that closed the books on 2025, the small-cap Russell 2000 and Russell Microcap Indexes were each in positive territory, while the micro-cap index led all the major domestic indexes, solidifying the market leadership that began off the April low.
- Contributors: Five of the portfolio’s 10 equity sectors made a positive impact on quarterly performance, led by Health Care, Information Technology, and Financials, with the semiconductors & semiconductor equipment industry especially strong.
- Detractors: The biggest negative impacts on a sector basis came from Consumer Discretionary, Consumer Staples, and Energy. The specialty retail industry hurt the most.
- Outlook: The combination of higher forecasted earnings and lower valuations for small-caps compared to large-caps is why we think the Fund is poised for a better 2026 on both an absolute and relative basis.
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Managed Fund Since 2019
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Managed Fund Since 2003
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Managed Fund Since 2021
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Managed Fund Since 2021
Latest Insights
February 5, 2026
January 8, 2026
January 8, 2026
January 6, 2026
Performance
Average Annual Total Returns
As of 12/31/2025
Selected Month December 2025
Consultant Class - With Sales Charge (POP) (%)
Month End
As of 12/31/2025
Consultant Class - Without Sales Charge (NAV) (%)
Month End
As of 12/31/2025
Russell 2000 Index (%)
Month End
As of 12/31/2025
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
©2025 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 of12/31/2025 (Updated Quarterly)
- Total Net Assets
- $1.77 Billion
Positions
As of 12/31/2025 (Updated Quarterly)
Number of Holdings
- Fund
- 263
- Benchmark
- 1,956
Portfolio Statistics
As of 12/31/2025 (Updated Quarterly)
Weighted Average Market Capitalization
- Fund
- $3.62 Billion
- Benchmark
- —
- Fund
- 17.89x
- Benchmark
- 12.81x
- Fund
- 2.18x
- Benchmark
- 3.07x
Asset Allocation
As of 12/31/2025 % of Total (Updated Quarterly)
| Holdings | Fund |
|---|---|
U.S. Investments | 84.42% |
Non-U.S. Investments | 15.58% |
Holdings
As of 12/31/2025 (Updated Quarterly)
Fixed Income Clearing Corporation
Arcosa
Assured Guaranty
Element Solutions
Cirrus Logic
SEI Investments
E-L Financial
ESAB Corporation
JBT Marel
Quaker Houghton
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
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Royce Small-Cap Fund - Class Consultant | |||
| Factsheet - Royce Small-Cap Fund - Class Investment, Institutional, Service | |||
| Product Commentary - Royce Small-Cap Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Royce Small-Cap Fund Consultant Class | |||
| Semi-Annual Report - Royce Small-Cap Fund Consultant Class | |||
| Summary Prospectus - Royce Small-Cap Fund (Consultant Class) |
Risks
The Fund invests primarily in small-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 that 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.
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.
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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.