Royce Dividend Value Fund Service Class
RYDVX
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ROIC.AI
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- Royce SMid-Cap Total Return Fund Service Class (RYDVX) is an open-end mutual fund that seeks long-term growth of capital and current income by investing primarily in a diversified portfolio of dividend-paying small- and mid-cap companies, generally with market capitalizations up to $15 billion; it focuses on quality U.S. and foreign businesses exhibiting strong fundamentals, below-average debt, above-average profitability, and attractive valuations that Royce believes do not fully reflect their underlying quality. The fund normally invests at least 80% of its net assets in equity securities that produce dividend income, with at least 65% issued by small- and mid-cap companies, and up to 25% in foreign securities; its portfolio, as of September 30, 2025, includes 46 holdings with top sectors such as financials (26.60%), industrials (23.34%), and materials (13.87%), benchmarked against the Russell 2500 Index and Russell 2000 Index. Managed by Royce & Associates, LP (Royce Investment Partners), a pioneer in small-cap investing with over 45 years of experience serving individual investors, financial advisors, and institutions, the fund has total net assets of approximately $44.68 million and a portfolio turnover of 62%. In a major strategic shift effective July 1, 2025, the fund changed its name from Royce Dividend Value Fund to Royce SMid-Cap Total Return Fund and adopted a revised principal investment strategy to broaden its focus on small- and mid-cap total return opportunities. Management transitioned in 2024, with Miles Lewis, Joseph Hintz, and Jag Sriram serving as portfolio managers since September 30, 2024. The fund, which traces its inception to May 4, 2007 (with the service class launched May 3, 2004), operates from Royce's headquarters in New York and is distributed primarily in the United States through platforms like Franklin Templeton, with a net expense ratio of 1.34% for the service class.