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Royce Small-Cap Trust Investment Overview

As of September 30, 2025, Royce Small-Cap Trust (NYSE: RVT) has announced its closing prices and performance metrics for the third quarter, revealing a robust investment strategy concentrated on small-cap and micro-cap companies. This fund, established as one of the oldest and largest closed-end investment trusts, aims for long-term capital growth by investing primarily in small-cap securities.

According to the latest figures released by the fund, the Net Asset Value (NAV) stands at $17.86, while the market price is reported at $16.13. These metrics are significant as they provide insight into the fund's potential for both current and future investors.

Average Annual Total Return

The fund has shown commendable performance over various time horizons, particularly:

• - One-Month Return: 1.10% (NAV) and 2.22% (Market)
• - Year-To-Date Return: 11.38% (NAV) and 8.17% (Market)
• - One-Year Return: 12.03% (NAV) and 12.01% (Market)
• - Three-Year Return: 18.90% (NAV) and 17.90% (Market)
• - Five-Year Return: 12.70% (NAV) and 14.14% (Market)
• - Ten-Year Return: 11.84% (NAV) and 12.55% (Market)

These returns reflect a consistent and stable investment environment, attracting investors looking for long-term stability and substantial growth in their portfolio.

Portfolio Composition and Diagnostics

With net assets amounting to $2.15 billion, the trust's portfolio is diversified across various sectors, which plays a crucial role in mitigating potential investment risks. The average market capitalization of the portfolio is $3.38 billion, with a weighted average Price-to-Earnings (P/E) ratio of 18.7x and a Price-to-Book (P/B) ratio of 2.3x. These financial ratios indicate a well-managed portfolio, focusing on maximizing shareholder value.

The top ten positions in the portfolio include notable companies such as:
1. IES Holdings - 2.3%
2. Assured Guaranty - 1.4%
3. E-L Financial - 1.1%
4. APi Group - 1.1%
5. SEI Investments - 1.0%
6. Brady Corporation Cl. A - 1.0%
7. International General Insurance Holdings - 1.0%
8. Arcosa - 1.0%
9. Dorman Products - 1.0%
10. Alamos Gold Cl. A - 0.9%

Moreover, sector allocation also highlights strategy, with the Industrials sector leading at 25.1%, followed by Financials (21.0%), Information Technology (13.8%), Consumer Discretionary (10.7%), and Health Care (9.2%). This diversified approach is indicative of a balanced investment strategy that prepares the fund for potential market volatility.

Additional Information

Royce Small-Cap Trust continuously strives to provide its investors with transparent information regarding the fund's operations and performance. Daily NAVs are easily accessible through the official website and most broker platforms, ensuring that investors can make informed decisions timely.

Investors considering where to place their capital should evaluate the fund's investment objectives, risks, fees, and expenses before making an investment decision. As with any investment, there is potential for both gains and losses, particularly in the arena of small-cap investing, which, while offering opportunities, also comes with increased risks due to market fluctuations and the underlying volatility of smaller companies.

For further details or inquiries regarding the fund, investors can reach out to The Royce Funds at (800) 221-4268 or visit their official site at www.royceinvest.com. Overall, Royce Small-Cap Trust remains a prominent player in the investment industry, guided by over five decades of expertise in small-cap and micro-cap investments.