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Royce Small-Cap Trust Performance Overview

As of October 31, 2025, the Royce Small-Cap Trust (NYSE: RVT) presents an intriguing scenario for investors navigating the small-cap and micro-cap investment spaces. As the longest-standing small-cap closed-end fund in the market, it carries a significant legacy and has garnered attention for its diversified investment approach. The fund boasts a closing net asset value (NAV) of $17.79 and a market price of $16.00. This performance report will delve into several key metrics that illustrate the fund's current state and future potential.

Market Trends and Annual Returns

The Royce Small-Cap Trust has experienced varied performance over different time frames. The recent statistics reveal:

• - One-Month NAV Return: -0.39%
• - One-Month Market Return: -0.81%
• - Year-to-Date NAV Return: 10.95%
• - Year-to-Date Market Return: 7.30%
• - One-Year NAV Return: 13.89%
• - One-Year Market Return: 15.14%

These figures illustrate a resilient performance when analyzing longer time periods; for instance, the three-year and five-year annualized returns stand at 15.22% and 12.41%, respectively. Such metrics indicate that while short-term fluctuations may be present, the fund's long-term trajectory remains positive, appealing to potential investors seeking growth in small-cap markets.

Portfolio Composition

One of the critical strengths of the Royce Small-Cap Trust lies in its diversified portfolio. The fund emphasizes small- and micro-cap equity securities, maintaining at least 65% of its assets in these categories. As of the last report, the average market capitalization of the fund's holdings was approximately $3.3 billion, with a weighted average price-to-earnings (P/E) ratio of 18.3x and a price-to-book (P/B) ratio of 2.2x.
The portfolio encompasses various sectors, reflecting a strategic approach to risk management. Notable sectors include:

• - Industrials: 25.7%
• - Financials: 20.2%
• - Information Technology: 13.7%
• - Consumer Discretionary: 9.9%
• - Healthcare: 9.9%

Such sector exposure showcases the fund's intent to capitalize on distinct growth patterns driven by economic cycles.

Top Holdings

Delving into the fund's prominent positions provides insight into its strategic allocations. The top ten positions account for a substantial portion of the assets:
1. IES Holdings: 2.3%
2. Assured Guaranty: 1.3%
3. APi Group: 1.1%
4. Arcosa: 1.1%
5. E-L Financial: 1.1%
6. SEI Investments: 1.0%
7. Brady Corporation Cl. A: 1.0%
8. Powell Industries: 1.0%
9. ESAB Corporation: 0.9%
10. Impinj: 0.9%

These holdings reflect a mix of industries that are essential to emerging market trends, underscoring the importance of innovation and adaptability in the fund's strategy.

Important Performance Insights

Investors should approach Royce Small-Cap Trust with a comprehensive understanding of its risks and fee structures. As a closed-end fund, shares may trade at a premium or discount relative to their NAV, which introduces additional market dynamics. Historical performance showcases past achievements but does not guarantee future results; therefore, a cautious outlook is advisable.

Daily net asset values are publicly available, allowing investors to stay updated on the fund's movements. For further inquiries, investors can reach out directly to the Royce Funds or consult their informational resources.

Conclusion

Royce Small-Cap Trust continues to be a notable player in the closed-end fund universe, offering diversified exposure to small-cap equities. Although recent short-term returns might indicate some volatility, the long-term prospects appear favorable. Investors looking to explore small-cap investments may find this fund a valuable addition to their portfolios, balancing both growth potential and risk considerations. With its deep-rooted history and experienced management, Royce Small-Cap Trust remains a compelling choice in uncertain financial climates.