Royce Small-Cap Special Equity Fund Service Class
RSEFX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- New York, NY 10151 New York NY United States of America 10151
- IPO Date
- Oct 2, 2003
- CIK
- 0000709364
- Website
- royceinvest.com
- Similar Companies
- Business
- Royce Small-Cap Special Equity Fund (RSEFX) is a small-cap value mutual fund that invests primarily in conservatively managed small-cap companies with transparent accounting, viable niches or franchises, superior balance sheets, sustainable returns on invested capital, and strong free cash flow from operations; small-cap stocks have market capitalizations less than the largest stock in the Russell 2000 Index. The fund offers multiple share classes including Service Class (RSEFX, inception October 2, 2003), Institutional Class (RSEIX), Investment Class (RYSEX), and Consultant Class (RSQCX), with a low portfolio turnover of 5%, 32 holdings, and total net assets of approximately $495 million as of late 2025; top sectors include consumer discretionary (20.18%), industrials (19.92%), and consumer staples (9.03%), benchmarked against the Russell 2000 Value Index. Managed by Royce Investment Partners, a pioneer in small-cap investing since 1972 with headquarters in New York, NY, the fund operates as part of Franklin Resources, Inc. following the 2020 acquisition of Legg Mason (Royce's prior parent) by Franklin Templeton, providing continued standalone operations for U.S. and international small-cap portfolios serving individual investors, financial advisors, and institutions. The fund's portfolio managers include Charles Dreifus (since May 1998), Steven McBoyle (since October 2014), and Tim Hipskind (since May 2024), applying a concentrated value strategy focused on undervalued small-cap equities with attributes like economic value discounts and high dividend potential amid shifting corporate capital allocation trends. Recent developments include portfolio company transactional activity such as acquisitions of Encore Wire by a strategic buyer and potential deals involving U.S. Silica by private equity and Macy's exploring bids, aligning with the fund's philosophy of targeting businesses attractive to acquirers; in Q3 2024, the fund advanced 4.8% versus the benchmark's 10.2%, with emphasis on free cash flow generators amid high equity valuations and declining rates; ongoing insights highlight AI-related risks/opportunities, small-cap outperformance, and value-led active management as of October 2025.