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PENNX Royce Pennsylvania Mutual Invmt

  • Fund
  • PENNX
  • Price as of: Aug 22, 2017
  • $11.26
  • + $0.09
  • + 0.81%
  • Category
  • Small Cap Growth Equities

PENNX - Profile

Vitals

  • YTD Return 2.2%
  • 3 Yr Annualized Return 4.5%
  • 5 Yr Annualized Return 11.7%
  • Net Assets $2.33 B
  • Holdings in Top 10 12.0%

52 WEEK LOW AND HIGH

$11.26
$10.13
$12.11

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.92%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 18.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$2,000

IRA

$1,000

Investment Themes

CATEGORY

Small Cap Growth Equities
  • Fund Type Open End Mutual Fund
  • Investment Style Small Blend

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 4.5%
  • 5 Yr Annualized Total Return 11.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.60%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Royce Pennsylvania Mutual Fund
  • Fund Family Name Royce
  • Inception Date Oct 31, 1972
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Lauren A. Romeo

Fund Description

The Royce Pennsylvania Mutual Fund Investment Class (PENNX) is a low-cost, actively managed fund that seeks to grow investor capital. PENNX focuses on small-caps domiciled within the U.S. The fund classifies small-caps as firms with market capitalizations below $3 billion. PENNX invests in stocks with high returns on invested capital that are trading for attractive valuations. Various fundamental research metrics are used to determine this valuation.

With its low costs and broad positioning, PENNX makes for an ideal subcore position for investors looking to overweight small-caps in a portfolio. The fund is managed by Royce Associates.

PENNX - Performance

Return Ranking - Trailing

Period PENNX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.2% -81.5% 25.0% 76.51% 4
1 Yr 23.2% -22.5% 49.1% 36.18% 2
3 Yr 4.5% * -11.1% 16.8% 73.53% 4
5 Yr 11.7% * -9.9% 19.1% 66.49% 4
10 Yr 5.9% * -8.2% 13.1% 72.51% 4

* Annualized


Return Ranking - Calendar

Period PENNX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 18.1% -71.6% 25.7% 7.38% 1
2015 -28.2% -70.7% 14.9% 90.66% 5
2014 -11.7% -57.2% 35.1% 66.02% 4
2013 28.1% -32.6% 61.3% 57.84% 3
2012 6.9% -100.0% 30.8% 64.29% 4

Total Return Ranking - Trailing

Period PENNX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.2% -81.5% 25.0% 76.91% 4
1 Yr 23.2% -31.1% 291.3% 30.32% 2
3 Yr 4.5% * -43.2% 166.8% 70.24% 4
5 Yr 11.7% * -10.4% 19.1% 63.60% 4
10 Yr 5.9% * -5.8% 13.1% 70.57% 4

* Annualized


Total Return Ranking - Calendar

Period PENNX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 18.1% -71.6% 25.7% 7.91% 1
2015 -13.8% -37.2% 38.5% 89.63% 5
2014 -1.3% -23.4% 66.8% 75.96% 4
2013 57.9% -32.6% 6103.1% 45.76% 3
2012 28.5% -100.0% 400.5% 29.53% 2

NAV & Total Return History

PENNX - Holdings

Filings data as of: Mar 31, 2017

Concentration Analysis

PENNX Category Low Category High PENNX % Rank Quintile
Net Assets 2.33 B 35.4 K 19.9 B 3.15% 1
Number of Holdings 289 2 3470 4.72% 1
Net Assets in Top 10 284 M -2.31 M 3.34 B 5.98% 2
Weighting of Top 10 12.0% 4.3% 100.1% 33.23% 5

Top 10 Holdings

  1. Quaker Chemical Corp 1.64%
  2. Tennant Co 1.39%
  3. First Citizens BancShares Inc (DE) Class A 1.12%
  4. Landstar System Inc 1.18%
  5. FLIR Systems Inc 1.18%
  6. Heico Corp 1.10%
  7. Sun Hydraulics Corp 1.04%
  8. Valmont Industries Inc 1.18%
  9. E-L Financial Corp Ltd 1.07%
  10. Bio-Techne Corp 1.06%

Asset Allocation

Weighting Category Low Category High PENNX % Rank Quintile
Stocks
94.93% 10.48% 100.77% 24.09% 4
Other
3.59% -5.76% 10.96% 2.20% 1
Cash
1.49% -0.77% 40.84% 22.68% 4
Preferred Stocks
0.00% 0.00% 10.15% 3.78% 3
Convertible Bonds
0.00% 0.00% 28.89% 0.94% 2
Bonds
0.00% -8.02% 76.39% 1.89% 2

Stock Sector Breakdown

Weighting Category Low Category High PENNX % Rank Quintile
Industrials
24.35% 0.61% 27.93% 1.89% 1
Technology
20.59% 1.07% 66.88% 25.67% 4
Consumer Cyclical
14.79% 0.17% 31.91% 13.39% 2
Financial Services
10.95% -2.02% 27.57% 12.13% 2
Basic Materials
9.13% 0.00% 14.27% 1.89% 1
Healthcare
6.62% 1.10% 67.40% 34.96% 5
Energy
3.30% 0.00% 14.28% 8.50% 2
Consumer Defense
2.49% -2.12% 14.32% 24.41% 4
Real Estate
2.39% -4.19% 15.09% 16.69% 3
Communication Services
0.31% -2.78% 6.07% 16.06% 3
Utilities
0.00% -0.44% 6.82% 12.91% 3

Stock Geographic Breakdown

Weighting Category Low Category High PENNX % Rank Quintile
US
88.53% 3.92% 100.00% 29.29% 5
Non US
6.40% 0.00% 84.33% 5.35% 1

PENNX - Expenses

Operational Fees

PENNX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.92% 0.06% 27.39% 28.66% 1
Management Fee 0.76% 0.05% 1.50% 5.20% 2
12b-1 Fee 0.00% 0.00% 1.00% 4.11% 1
Administrative Fee N/A 0.00% 0.45% N/A N/A

Sales Fees

PENNX Fees (% of AUM) Category Low Category High PENNX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.50% N/A N/A

Trading Fees

PENNX Fees (% of AUM) Category Low Category High PENNX Rank Quintile
Max Redemption Fee 1.00% 0.00% 2.00% 2.21% 2

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PENNX Fees (% of AUM) Category Low Category High PENNX Rank Quintile
Turnover 18.00% 4.00% 818.00% 22.05% 1

PENNX - Distributions

Dividend Yield Analysis

PENNX Category Low Category High PENNX % Rank Quintile
Dividend Yield 0.0% 0.00% 15.65% 84.56% 5

Dividend Distribution Analysis

PENNX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PENNX Category Low Category High PENNX % Rank Quintile
Net Income Ratio 0.60% -2.29% 2.19% 4.57% 1

Capital Gain Distribution Analysis

PENNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

PENNX - Managers

Lauren A. Romeo

Manager

Start Date

May 01, 2006

Tenure

11.17

Tenure Rank

4.5%

Lauren A. Romeo joined Royce in 2004 as an Analyst and is a portfolio manager at present. Previously, she was a Portfolio Manager at Dalton, Greiner, Hartman & Maher (since 2001), an Analyst with Legg Mason Funds Management (2000-2001) and an Analyst with T. Rowe Price Group (1996-2000).


Charles M. Royce

Lead Manager

Start Date

Oct 31, 1972

Tenure

44.69

Tenure Rank

0.1%

Royce is the Royce & Associates, LLC's President, Co-Chief Investment Officer and Portfolio Manager. Founded Royce in 1972.


Jay S. Kaplan

Manager

Start Date

Apr 29, 2003

Tenure

14.18

Tenure Rank

2.6%

Mr. Kaplan has been portfolio manager since 2011 and was previously assistant portfolio manager (2005-2011). His employer at Royce since 2000. Prior to joining the firm, he spent 12 years with Prudential Financial, most recently as a managing director and portfolio manager.


Chris E. Flynn

Manager

Start Date

May 01, 2017

Tenure

0.16

Tenure Rank

16.5%

• Employed by Royce since 1993 • Previously Senior Vice President in the Arbitrage Division of Donaldson, Lufkin & Jenrette (1989-1992)


James P. Stoeffel

Manager

Start Date

May 01, 2017

Tenure

0.16

Tenure Rank

16.5%

James Stoeffel joined Royce in 2009 as a Portfolio Manager. Previously he was a Portfolio Manager for a long/short equity private investment vehicle which he co-founded with Messrs. Brown and Hartman (2008-2009), a Portfolio Manager and Investment Policy Committee member at CRM (2001-2008), Director of Research at Palisade Capital Management (1999-2001), Research Analyst and Vice President in Smith Barney's Emerging Growth Stock Research Group (1993-1999) and an Auditor for a number of companies in the financial services industry (1984-1992).


Tenure Analysis

Category Low

0.0

Category High

44.7

Category Average

6.54

Category Mode

2.5