Royce Micro-Cap Trust

What Royce Micro-Cap Trust does

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company listed on the NYSE under ticker RMT, incorporated in Maryland, USA. Founded in 1991, the fund invests primarily in micro-cap equity securities and is managed by Royce Investment Partners (operating name of Royce & Associates, LP), a Franklin Resources, Inc. (Franklin Templeton) subsidiary. The underlying investment process is a research-driven, fundamental bottom-up stock selection methodology focused on micro-cap equities; the fund maintains a diversified portfolio with $907.5 million in net assets as of June 30, 2026, weighted average P/B ratio of 2.4x, and average holding market cap of $112.7 million. Sector exposure is concentrated in Industrials (28.6%), Information Technology (25.5%), and Health Care (12.7%), with top holdings including Ichor Holdings, Ultra Clean Holdings, and Cohu.

The fund operates a subscription/recurring revenue model through management fees charged by the advisor on net assets under management. Distribution occurs via the NYSE secondary market (where shares trade under supply-and-demand pricing) and through financial advisors, wealth management platforms, and brokerage firms that support closed-end fund investments. The target customer base comprises institutional investors (pension funds, endowments, foundations) and high-net-worth individuals seeking diversified, professionally managed micro-cap exposure — an asset class the fund's marketing materials describe as underserved by analyst coverage and difficult for individual investors to access directly.

The fund's performance has been notably strong: 70.39% one-year NAV return and 46.65% year-to-date return as of June 30, 2026, versus a 23.38% one-year NAV return as of September 2024. Average weekly trading volume was approximately 481,413 shares as of September 30, 2025. Royce Investment Partners also operates a broader product suite (open-end funds, SMAs, CITs, ETFs, and other closed-end funds) under the Franklin Templeton umbrella, with the parent company providing distribution synergies, institutional backing, and access to broader investment resources. Governance is reinforced by a Sarbanes-Oxley Code of Ethics for Covered Officers.

Name

Royce Micro-Cap Trust

Legal name

Royce Micro-Cap Trust, Inc.

Website

https://royceinvest.com

Company type

Public

Founded year

1991

Operating status

Operating

Short description

Royce Micro-Cap Trust (NYSE: RMT) is a closed-end diversified investment fund managing $907.5M in micro-cap equities, primarily serving institutional and high-net-worth investors via secondary-market distribution through Franklin Templeton's platform.

Ownership category

akta.pro rank

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. Management Fees: As a closed-end investment company managed by Royce Investment Partners, the fund generates revenue through management fees charged on net assets under management. The fund's $907.5 million in net assets as of June 2026 serves as the basis for fee revenue.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Royce Micro-Cap Trust is a publicly listed, diversified closed-end management investment company that invests in a portfolio of U.S. micro-cap equity securities selected primarily through fundamental, value-oriented research. The trust issues a fixed number of common shares that trade on the NYSE, gives shareholders exposure to micro-cap companies (market caps at or below the largest Russell 2000 constituent at purchase), and employs limited leverage (up to 2% of total assets at the time of borrowing) to enhance returns. Its shares are marketed to sophisticated investors seeking long-term capital appreciation and current income through quarterly distributions.

Product overview

Royce Investment Partners operates Royce Micro-Cap Trust (RMT) as a closed-end diversified investment company traded on the NYSE. The fund specializes in micro-cap equity investments and is part of a broader suite of investment vehicles including open-end funds, closed-end funds, separately managed accounts, collective investment trusts, and ETFs. Royce Investment Partners, a subsidiary of Franklin Resources, has operated as small-cap specialists since 1972. The fund competes with the Russell Microcap Index as its benchmark and focuses on generating returns through active management of a diversified portfolio of micro-cap equities.

Differentiator

Problem solved

Functional benefit

Products and services

• Royce Micro-Cap Trust (NYSE: RMT) Common Shares Publicly traded common shares of a diversified closed-end fund that invests in U.S. micro-cap equity securities selected through fundamental, value-oriented research. Targeted at sophisticated investors seeking long-term capital appreciation and quarterly income distributions.

Quantifiable outcome

• 70.39% 1-year NAV return as of June 30, 2026
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• The Vanguard Group: The largest mutual fund company in the US, with significant small-cap fund offerings (e.g., Vanguard Small-Cap Index, VBMFX-adjacent). Comparable as an incumbent competing for the same retail and institutional small-cap allocation dollars, though with a primarily passive bias.
• T. Rowe Price Group: Long-tenured active asset manager with a defined small-cap franchise (e.g., T. Rowe Price Small-Cap Stock Fund, OTCFX). Comparable as a specialist-active incumbent with similar small-cap equity research heritage and institutional/wholesale distribution.
• BlackRock, Inc. The world's largest asset manager, offering iShares ETFs and active small-cap strategies (e.g., iShares Micro-Cap ETF, IWC). Comparable as a broad incumbent operating across the same asset management space with overlapping micro-cap / small-cap product offerings.
• State Street Global Advisors: Operates the SPDR ETF franchise including small-cap ETFs (e.g., SPDR S&P 600 Small Cap ETF, SLY). Comparable as a broad incumbent in passive and active equity products competing for small/micro-cap allocations.
• abrdn plc: Global asset manager with one of the largest closed-end fund lineups in the US market. Comparable as an incumbent closed-end fund operator competing for the same income-and-total-return closed-end fund investor base.
• Invesco Ltd. Global asset manager with a sizable small-cap ETF and mutual fund lineup (e.g., Invesco S&P SmallCap 600 Pure Growth ETF, IVZ-adjacent ETFs). Comparable as a broad incumbent with overlapping small/micro-cap product offerings and institutional distribution.
• Franklin Resources, Inc. Parent company of Royce Investment Partners and a top-decile global asset manager with a broad multi-product platform (mutual funds, ETFs, SMAs). Comparable as the corporate parent and a close operating peer in the small/micro-cap active management category.

Direct peers

• Dimensional Fund Advisors: Privately held asset manager built around small-cap and micro-cap academic factor investing with comparable exposure to micro-cap equity risk premia. Directly competes with Royce for allocator mandates seeking diversified micro/small-cap exposure.
• WisdomTree, Inc. ETF-focused asset manager with a US MicroCap ETF (SIX) that competes head-to-head with RMT for micro-cap-equity allocations. Directly comparable as a specialist ETF provider pursuing the same micro-cap equity segment with similar end clients.
• Cohen & Steers, Inc. Specialist asset manager focused on liquid real assets and alternative income, with a meaningful closed-end fund franchise. Comparable as a niche active manager that relies on closed-end fund wrappers and specialist themes, mirroring RMT's specialist/distribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 Micro-Cap Trust