Fund Evaluator:

Royce Small-Cap Total Return Invmt Overview

Royce Small-Cap Total Return Invmt (RYTRX) is an actively managed U.S. Equity Small Value fund. Royce Investment Partners launched the fund in 1993.

The investment seeks long-term growth of capital and current income. Normally, the fund invests at least 65% of its net assets in dividend-paying equity securities. In addition, the fund invests at least 80% of its net assets in equity securities of small-cap companies, under normal circumstances. Although the fund normally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries.

About Royce Small-Cap Total Return Invmt (RYTRX)

There are 3 members of the management team with an average tenure of 4.07 years: Miles Lewis (2020), Joseph Hintz (2022), Jag Sriram (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 Value TR USD index with a weighting of 100%. Royce Small-Cap Total Return Invmt has 64 securities in its portfolio. The top 10 holdings constitute 27.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Royce Small-Cap Total Return Invmt is part of the Equity global asset class and is within the U.S. Equity fund group. Royce Small-Cap Total Return Invmt has 9.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 85.7%. There is 9.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Royce Small-Cap Total Return Invmt has 4.6% of the portfolio in cash.

Assets Under Management

The fund has $573 million in total assets, which is above the $418 million average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

RYTRX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Royce Small-Cap Total Return Invmt expense ratio is high compared to funds in the Small Value category. Royce Small-Cap Total Return Invmt has an expense ratio of 1.23%, which is 5% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Royce Small-Cap Total Return Invmt has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 127% for the Small Value category.

Recently, in the month of June 2026, Royce Small-Cap Total Return Invmt returned 7.0%, which earned it a grade of A, as the Small Value category had an average return of 5.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Royce Small-Cap Total Return Invmt has a trailing yield of 1.12%, which is above the 0.77% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Royce Small-Cap Total Return Invmt Grades

Year to date, the fund has returned 13.7%, 7.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 20.6% over the past year (grade of F), 13.4% over the past three years (grade of D) and 7.7% per year over the past five years (grade of D) and 9.9% per year over the past 10 years (grade of D).

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