Royce Micro-Cap Trust Shares Trade at 11.7% NAV Discount with 43.3% Annual Return
Royce Micro-Cap Trust closed Feb. 28 with NAV at $13.82 and market price at $12.21, representing an 11.7% discount. The fund delivered a one-year NAV total return of 43.3% and a year-to-date market return of 17.1% while holding $738.8M in net assets.
1. Performance Metrics
As of Feb. 28, Royce Micro-Cap Trust reported NAV total returns of 7.05% for one month, 17.22% year to date and 43.30% over one year. Market price returns stood at 6.27% for one month, 17.07% year to date and 42.68% for one year, with longer-term NAV returns of 19.44% over three years, 9.28% over five years and 14.90% over ten years.
2. Portfolio Profile
The fund held $738.8 million in net assets with a geometric average portfolio market cap of $1,023.2 million, a weighted average price-to-book ratio of 2.2x and net leverage of 0.5%. Sector allocations were led by Industrials (26.7%), Information Technology (21.9%), Financials (14.8%), Health Care (11.4%) and Consumer Discretionary (10.5%). Top ten positions each accounted for 1.3%–1.7% of net assets.
3. Market Pricing & Discount
Shares closed at $12.21 versus NAV of $13.82, marking an 11.7% discount to net asset value. Average weekly trading volume was approximately 742,172 shares. The fund seeks long-term capital growth through equity investments in companies with market capitalizations of $1 billion or less and publishes daily NAVs under symbol XOTCX.