Royce Small-Cap Trust (NYSE: RVT) as of Nov 30, 2025

As of November 30, 2025, Royce Small-Cap Trust (NYSE: RVT) maintains its status as one of the oldest and largest closed-end funds focused on small-cap investments. The Fund is designed to achieve long-term capital growth by investing at least 65% of its net assets in equity securities of small- and micro-cap companies. With net assets totaling approximately $2.20 billion, LLC, the fund leverages over five decades of expertise from its advisor in small-cap investment strategies.

As of the end of November 2025, the Fund's net asset value (NAV) stood at $18.23, while shares traded at a market price of $16.25. The Fund has demonstrated strong past performance, with an average annual total return of 13.69% year-to-date and a one-year return of 5.66% as measured by NAV. Investors should note that returns are presented net of the Fund's advisory fee, reflecting reinvestment of distributions, and past performance is not indicative of future results.

The portfolio is diversified across various sectors, with notable allocations in Industrials (24.9%), Financials (20.2%), and Information Technology (13.5%). The average market capitalization of the stocks held in the portfolio is approximately $340.9 million, with a weighted average price-to-earnings (P/E) ratio of 19.4x and a price-to-book (P/B) ratio of 22.2x.

Royce Small-Cap Trust is traded on the New York Stock Exchange, providing daily NAVs and comprehensive information on its website. Investors are advised to carefully consider the associated risks, goals, and expenses before participating.

As of November 30, 2025, Royce Small-Cap Trust (NYSE: RVT) presents a compelling investment case for those seeking exposure to the small-cap segment of the equity market. With a marked net asset value (NAV) of $18.23 against a market price of $16.25, RVT is currently trading at a notable discount to its NAV, providing an attractive entry point for value-oriented investors.

Historically, small-cap stocks have offered higher growth potential compared to their larger counterparts, although they come with increased volatility and risk. With a weighted average P/E ratio of 19.4x and a P/B ratio of 22.2x, RVT’s portfolio reflects a focused investment strategy that emphasizes quality growth. Most positions are concentrated in sectors that demonstrate resilience and growth potential, including Industrials (24.9% of net assets), Financials (20.2%), and Information Technology (13.5%).

Moreover, RVT has shown solid performance metrics, with a one-year total return of 5.66% and a three-year annualized return of 14.03%. This performance, while reflective of past conditions, underlines the fund's effective management and investment decisions in a dynamic market environment.

Despite the risks inherent in investing in small- and micro-cap companies—such as greater market volatility and potential exposure to foreign currencies—the fund's diversified portfolio and seasoned management team of over 50 years in small-cap investments mitigate these concerns.

Investors should take a long-term perspective when considering RVT, especially given the potential bounce back of small caps in periods of economic recovery. However, it’s crucial to assess one's risk tolerance, as market fluctuations could affect profitability. Overall, for those with a keen interest in capital growth through a well-established small-cap investment vehicle, RVT appears to be an advantageous option.