Royce Pennsylvania Mutual Fd, Investment Class
PENNX
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- Royce Small-Cap Fund (PENNX), formerly known as Royce Pennsylvania Mutual Fund, is a small-cap equity mutual fund that seeks long-term growth of capital by investing primarily in equity securities of small-cap companies trading below estimated intrinsic value; small-cap companies are defined as those with market capitalizations up to the largest company in the Russell 2000 Index at reconstitution. The fund employs a multi-dimensional disciplined approach incorporating high-quality growth, traditional value, and special situations strategies to provide exposure across varying market environments, with at least 80% of net assets normally allocated to such small-cap equities under a non-fundamental policy. It maintains a diversified portfolio of approximately 267 holdings, with significant sector allocations to industrials (28.4%), financials (19.8%), information technology (16.6%), and consumer discretionary (10.1%), alongside up to 25% in foreign securities and a portfolio turnover of 37%; total net assets stand at $1.80 billion. Royce Investment Partners, the fund's adviser founded in 1972 and headquartered in New York, NY, specializes in small-cap, micro-cap, and value-oriented U.S. and international equity strategies for individual, advisor, and institutional investors. The fund's history dates to November 1972 under continuous management by Royce, a pioneer in small-cap investing, with the Investment Class (PENNX) launched in 2007; it is benchmarked against the Russell 2000 Index and categorized in the small blend segment. In a major recent development effective May 1, 2024, the fund changed its name from Royce Pennsylvania Mutual Fund to Royce Small-Cap Fund and adopted the new 80% small-cap investment policy to better reflect its primary focus, with updated prospectuses reflecting these non-fundamental shifts that maintain its core objective and strategy. No significant acquisitions, funding rounds, partnerships, or other strategic expansions for Royce Investment Partners or the fund were reported in 2024 or 2025. The firm continues to emphasize absolute long-term performance through balance sheet strength, cash flow, and returns on capital in its small-cap selections.