#None #Royce Global Trust #Closed-End Fund #Value Investing

Royce Global Trust Performance Overview

As of October 31, 2025, Royce Global Trust (NYSE: RGT) continues to exemplify a disciplined approach to investing in global equities through a closed-end fund format. The trust demonstrates consistent trading activity, reporting an average weekly trading volume of around 65,001 shares. This trading consistency is supported by a management team with over 50 years of collective experience in small- and micro-cap investments.

Investment Performance Metrics

The fund's performance figures, as of October 31, 2025, offer a clear insight into its growth trajectory and investment strategy. The reported net asset value (NAV) is at $14.78, while the market price stands at $12.80. These figures indicate the potential discount in market trading compared to the NAV, a characteristic often observed in closed-end funds.

Annual Returns

Royce Global Trust has recorded notable annual performance returns:

• - One-Month: NAV -1.66%, Market -1.16%
• - Year to Date: NAV 17.77%, Market 19.38%
• - One-Year: NAV 16.55%, Market 16.21%
• - Three-Year: NAV 16.63%, Market 16.12%
• - Five-Year: NAV 9.22%, Market 7.80%
• - Ten-Year: NAV 9.38%, Market 9.85%

These metrics reveal the fund's ability to deliver returns that, while past performance is not indicative of future results, are reflective of diligent investment practices focusing on long-term capital growth.

Portfolio Composition and Strategy

The investment strategy of Royce Global Trust is centered on achieving long-term capital growth by investing a minimum of 80% of its net assets in equity securities, primarily focusing on small-cap and mid-cap companies. The fund's current diversification includes investments in securities from various countries, ensuring a broad exposure to global markets.

Key Statistics

• - Average Market Cap: $3,168 million
• - Weighted Average P/E Ratio: 24.9x
• - Weighted Average P/B Ratio: 3.1x
• - Net Assets: $96.3 million

These statistics highlight the focused investment in companies with substantial growth potential, aimed at maximizing returns while managing risk effectively.

Top Holdings and Sector Allocation

The fund's portfolio features a range of sectors, with the following breakdown in top holdings:
1. Tel Aviv Stock Exchange - 4.6%
2. Sprott - 3.9%
3. Protector Forsikring - 3.0%
4. Alamos Gold Cl. A - 3.0%
5. Stadio Holdings - 2.5%
6. APi Group - 2.4%
7. Phoenix Financial - 1.9%
8. Littelfuse - 1.9%
9. TMX Group - 1.8%
10. Quaker Houghton - 1.8%

The sectors demonstrating significant investment are as follows:

• - Financials: 30.3%
• - Industrials: 26.9%
• - Information Technology: 11.7%
• - Materials: 10.5%
• - Cash and Cash Equivalents: 6.0%

This allocation reflects the trust’s strategic decision to invest heavily in financials and industrials, sectors that are expected to yield robust growth.

Conclusion and Insights

Investors looking for a strategic and disciplined approach to investing in small-cap and micro-cap equities may find Royce Global Trust an attractive option. The emphasis on a value-investing methodology, combined with a diversified international portfolio, positions the fund well within current market dynamics. As always, potential investors should carefully consider the fund's objectives, risks, fees, and expenses before deciding to invest. Furthermore, daily NAV updates are accessible online, ensuring that investors can stay informed about their investments in real-time.

For detailed inquiries or further information, investors may visit Royce Global Trust's website or contact their investor services.