Royce Small-Cap Trust

What Royce Small-Cap Trust does

Royce Small-Cap Trust is a closed-end investment vehicle managed by Royce & Associates, LP, a specialist small-cap equity manager founded in 1972 and headquartered at One Madison Avenue, New York. The firm operates as a wholly-owned subsidiary of Franklin Resources, Inc. (NYSE: BEN) and runs a multi-product platform spanning open-end mutual funds, three NYSE-listed closed-end funds (Royce Small-Cap Trust, Royce Micro-Cap Trust, and Royce Global Trust), separately managed accounts (SMAs), collective investment trusts (CITs), exchange-traded fund sub-advisory mandates, and annuity portfolios.

The underlying investment process is a bottom-up, fundamentals-driven approach targeting small- and micro-cap equities globally, with disclosed ESG integration using SASB and MSCI frameworks. The firm markets a multi-decade performance record — Royce Small-Cap Fund has outperformed the Russell 2000 over 5-, 10-, 20-, 30-, 40-, and 50-year periods ended 06/30/26 — supported by a specialist research team led by CEO/Co-CIO Chris Clark, Co-CIO Francis Gannon, and Portfolio Manager Lauren Romeo.

The business model is conventional asset management economics: management and performance fees on assets under management, distributed through the Franklin Resources platform across institutional, intermediary/advisor, and direct retail channels. Distribution spans proprietary fund families, third-party sub-advisory mandates (e.g., the Royce Quant Small-Cap Quality Value ETF, SQLV), and institutional retirement plan vehicles, with the listed closed-end fund structure providing a distinct permanent-capital distribution channel versus open-end peers.

Name

Royce Small-Cap Trust

Legal name

Royce & Associates, LP

Website

https://royceinvest.com

Company type

Public

Founded year

1972

Operating status

Operating

Short description

Royce Small-Cap Trust is a NYSE-listed closed-end fund (XRVTX) managed by Royce & Associates, LP, a Franklin Resources subsidiary founded in 1972 that specializes in small- and micro-cap equity investing across mutual funds, closed-end funds, SMAs, CITs, and ETF sub-advisory mandates.

Ownership category

akta.pro rank

Product category

Closed-End Small-Cap Equity Fund

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Small-/Mid-Cap Equity Long/Short (FSAHAAAG)

Keywords

• Small-cap equities
• Closed-end funds
• Micro-cap investing
• Investment management
• Fundamental equity research

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Fees: Royce Investment Partners earns management fees from managing the Royce fund family including the Royce Small-Cap Trust, Royce Micro-Cap Trust, Royce Global Trust, and multiple open-end funds and separate accounts. The closed-end funds trade on the NYSE and the firm operates as the investment advisor to The Royce Fund and Royce Capital Fund.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Royce Small-Cap Trust (NYSE: XRVTX) is a closed-end investment fund managed by Royce Investment Partners that invests primarily in small-cap equities. The fund is part of a broader family of investment vehicles spanning open-end mutual funds, closed-end NYSE-traded funds, separately managed accounts (SMAs), collective investment trusts (CITs), an ETF, and annuity portfolios, all focused on small- and micro-cap equities using fundamental, deep-dive research.

Product overview

Royce Investment Partners operates as a specialized investment management firm focused exclusively on small- and micro-cap equities since 1972. The company offers a comprehensive suite of investment vehicles spanning open-end mutual funds (including Royce Small-Cap Fund as flagship product, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund, Royce Smaller-Companies Growth Fund, Royce SMid-Cap Total Return Fund, and Royce International Premier Fund), closed-end funds trading on the NYSE (Royce Small-Cap Trust, Royce Micro-Cap Trust, and Royce Global Trust), annuity sub-accounts (Capital Micro-Cap and Capital Small-Cap Portfolios), separately managed accounts (Small-Cap Premier Quality SMA and Small-Cap Quality Value SMA), collective investment trusts (Small-Cap CIT, Small-Cap Opportunity CIT, and Small-Cap Total Return CIT), and an exchange traded fund (Royce Quant Small-Cap Quality Value ETF). The investment strategies employed include quality-value approaches, opportunistic value investing, and growth-oriented strategies across various market capitalizations within the small-cap universe.

Differentiator

Problem solved

Functional benefit

Brands

• The Royce Fund: Open-end mutual funds including Small-Cap Fund, Premier Fund, Micro-Cap Fund, Small-Cap Opportunity Fund, Small-Cap Special Equity Fund, Small-Cap Total Return Fund, Small-Cap Value Fund, Smaller-Companies Growth Fund, SMid-Cap Total Return Fund, and International Premier Fund.
• Royce Capital Fund
• Royce Closed-End Funds
• Royce Quant Small-Cap Quality Value ETF

Products and services

• Royce Small-Cap Trust (XRVTX) Closed-end investment fund whose shares trade on the NYSE, investing primarily in small-cap equities. Managed by Royce Investment Partners using deep-dive fundamental research; intended for institutional investors, financial advisors, and qualified individual investors seeking long-term small-cap equity exposure.
• Royce Micro-Cap Trust (XOTCX) Closed-end fund whose shares trade on the NYSE, investing in micro-cap companies. Managed by Royce Investment Partners for investors seeking exposure to the smallest segment of the U.S. equity market.
• Royce Global Trust (XRGTX) Closed-end fund whose shares trade on the NYSE, investing in global small-cap stocks. Provides international small-cap exposure for U.S. investors.
• Royce Small-Cap Fund (PENNX) Flagship open-end mutual fund investing primarily in small-cap stocks, benchmarked against the Russell 2000 Index. Targets individual and institutional investors seeking long-term capital appreciation through small-cap equities.
• Royce Micro-Cap Fund (RYOTX) Open-end fund investing in micro-cap companies with market caps no higher than the largest company in the Russell Microcap Index. For investors seeking exposure to the smallest public U.S. equities.
• Royce Premier Fund (RYPRX) Open-end fund focusing on small-cap companies with unique business models, high returns on capital, and sustainable competitive advantages. Targets long-term-oriented investors.
• Royce Small-Cap Opportunity Fund (RYPNX) Open-end fund using an opportunistic approach to invest in turnarounds, unrecognized asset values, undervalued growth, and interrupted earnings themes in small-cap equities.
• Royce Small-Cap Total Return Fund (RYTRX) Open-end fund implementing a quality-value investment strategy with focus on dividend-paying small-cap stocks, targeting total return for income- and growth-oriented investors.
• Royce Small-Cap Value Fund (RVVHX) Open-end fund focusing on undervalued small-cap companies for value-oriented investors.
• Royce International Premier Fund (RIPNX) Open-end fund investing in international small-cap stocks for investors seeking global small-cap exposure.
• Small-Cap Premier Quality SMA Separately managed account offering focused on premier quality small-cap stocks, sub-advised by Royce. Intended for high-net-worth and institutional clients seeking customized small-cap exposure.
• Royce Small-Cap CIT Collective investment trust focused on small-cap stocks, offered for qualified retirement plan investors through Great Gray as trustee.
• Royce Quant Small-Cap Quality Value ETF (SQLV) Exchange traded fund using a quantitative strategy to identify quality value small-cap stocks, sub-advised by Royce Investment Partners. Available to brokerage and advisory clients.

Quantifiable outcome

• Royce Small-Cap Fund beat Russell 2000 for the 5-, 10-, 20-, 30-, 40-, and 50-year periods ended 06/30/26
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Vanguard Small-Cap ETF (VB): Low-cost passive broad small-cap ETF benchmarked against the CRSP US Small Cap Index; represents the dominant passive competitor in the same asset class for the same advisor and institutional end-investors.
• T. Rowe Price QM U.S. Small-Cap Growth Equity Fund: Large incumbent asset manager with a dedicated U.S. small-cap growth franchise targeting the same institutional and advisor market; comparable on asset class and customer base, but T. Rowe Price operates across many strategies and asset classes beyond small-cap.
• iShares Russell 2000 ETF (IWM): The largest and most liquid U.S. small-cap ETF tracking the Russell 2000 — Royce's flagship benchmark. Represents the dominant passive alternative that competes for the same advisor and institutional allocations.

Direct peers

• Royce Micro-Cap Trust (XOTCX): Sister closed-end fund managed by Royce Investment Partners investing in micro-cap equities on the NYSE; same investment team, same distribution channel, and same parent, making it the most directly comparable peer.
• Wasatch Global Investors: Boutique active manager specializing in small- and micro-cap growth equities with a long-term fundamental approach; comparable to Royce as a fellow small-cap specialist targeting institutional and advisor channels.
• Royce Global Trust (XRGTX): Sister NYSE-listed closed-end fund from Royce Investment Partners with a global small-cap mandate; shares the same investment process, parent, and governance structure, differing only in geographic exposure.
• Gabelli Funds (GAMCO) small-cap value closed-end funds: GAMCO sponsors several NYSE-listed closed-end funds focused on small-cap and SMID-cap value equities using a fundamental, often activist approach — a close comparable on vehicle type, distribution channel, and fundamental active-management style.
• ClearBridge Small Cap Strategy: Active fundamental small-cap equity manager (part of Franklin Resources peer set) with comparable quality-value and growth-at-reasonable-price approaches targeting advisors and institutions.
• Royce Small-Cap Fund (PENNX): Flagship open-end mutual fund run by the same team using the same small-cap strategy as Royce Small-Cap Trust; the most direct comparison on investment process, holdings, and benchmark, differing only in vehicle structure (open-end vs closed-end).
• Dimensional Fund Advisors (DFA) US Small Cap Portfolio: DFA is a leading systematic small/micro-cap manager with deep research-driven product suite targeting financial advisors — directly comparable to Royce on target channel (advisors), asset class (small-cap), and emphasis on out-of-favor/inefficient equity segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/royceinvestment
• YouTubeyoutube.com/royceinvestmentpartners
• LinkedInlinkedin.com/company/royceinvest

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Royce Small-Cap Trust