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Managed Fund Since 1998
Equity
RYSEX Royce Small-Cap Special Equity Fund
Popular Documents
Total Net Assets
$494.58M
As of 09/30/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
Small-cap value fund that looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Seeks companies with superior balance sheets, sustainable returns on invested capital, and strong levels of free cash flow from operations, among other attributes.
- Benchmark
- Russell 2000 Value Index
- Additional Benchmark
- Russell 2000 Index
- Fund Inception Date
- 05/04/2007
- Dividend Frequency, if any
- No
- Portfolio Turnover
- 5%
Identifiers
- Ticker
- RYSEX
- Fund Number
- 327
- CUSIP Code
- 780905782
Average Annual Total Returns As of 09/30/2025
Investment Class
- 1.68%1 Year
- 9.74%3 Years
- 9.63%5 Years
- 7.72%10 Years
- 8.24%Since Inception
05/01/1998
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 09/30/2025 % of Total (Updated Quarterly)
Additional Fund Info
- Share Class Inception Date
- 05/01/1998
- Investment Style
- Small Cap
- Lipper Classification
- Small-Cap Value Funds
- Morningstar Category
- Small Value
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.
Latest Insights
October 14, 2025
October 6, 2025
September 8, 2025
Performance
Average Annual Total Returns
As of 09/30/2025
Selected Month September 2025
Investment Class - With Sales Charge (POP) (%)
Month End
As of 09/30/2025
Investment Class - Without Sales Charge (NAV) (%)
Month End
As of 09/30/2025
Russell 2000 Value Index (%)
Month End
As of 09/30/2025
Russell 2000 Index (%)
Month End
As of 09/30/2025
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 of09/30/2025 (Updated Quarterly)
- Total Net Assets
- $494.58 Million
Positions
As of 09/30/2025 (Updated Quarterly)
Number of Holdings
- Fund
- 32
- Benchmark
- 1,431
Portfolio Statistics
As of 09/30/2025 (Updated Quarterly)
Weighted Average Market Capitalization
- Fund
- $1.47 Billion
- Benchmark
- —
- Fund
- 13.09x
- Benchmark
- 13.74x
- Fund
- 1.49x
- Benchmark
- 1.54x
Asset Allocation
As of 09/30/2025 % of Total (Updated Quarterly)
| Holdings | Fund |
|---|---|
U.S. Investments | 100.00% |
Holdings
As of 09/30/2025 (Updated Quarterly)
Fixed Income Clearing Corporation
Standard Motor Products
Mueller Industries
Ingles Markets Cl. A
TEGNA
Ennis
Movado Group
Vishay Intertechnology
Diamond Hill Investment Group
Macy's
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
12/11/2024
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 Special Equity Fund - Class Consultant | |||
| Factsheet - Royce Small-Cap Special Equity Fund - Class Investment, Service, Institutional |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Royce Small-Cap Special Equity Fund Investment Class | |||
| Semi-Annual Report - Royce Small-Cap Special Equity Fund Investment Class | |||
| Summary Prospectus - Royce Small-Cap Special Equity Fund (Investment, Service, Institutional Classes) |
Risks
The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund may invest a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any of these stocks would cause the Fund’s overall value to decline to a greater degree. These and other risks are discussed in the fund’s prospectus.
Important Information
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.
The Russell 2000 Value Index measures the performance of the small-cap value segment of the U.S. equity universe.
Source: FTSE.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.
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.
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.