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PENNX Royce Pennsylvania Mutual Invmt

  • Fund
  • PENNX
  • Price as of: May 24, 2019
  • $8.61 + $0.04 + 0.47%
  • Category
  • Small Cap Growth Equities

PENNX - Profile

Vitals

  • YTD Return 11.1%
  • 3 Yr Annualized Return -4.7%
  • 5 Yr Annualized Return -9.7%
  • Net Assets $1.82 B
  • Holdings in Top 10 13.4%

52 WEEK LOW AND HIGH

$8.61
$7.31
$11.96

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.92%

SALES FEES

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

BROKERAGE FEES

  • Turnover 35.00%

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 11.1%
  • 3 Yr Annualized Total Return -4.7%
  • 5 Yr Annualized Total Return -9.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.33%
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 Charles M. Royce

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 (%)
YTD 11.1% 4.1% 31.2% 80.49%
1 Yr -22.4% -48.7% 20.3% 77.62%
3 Yr -4.7%* -44.1% 29.3% 89.94%
5 Yr -9.7%* -29.6% 18.8% 92.86%
10 Yr 1.8%* -12.2% 19.1% 88.92%

* Annualized


Return Ranking - Calendar

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
2018 -26.3% -54.2% 21.5% 76.70%
2017 -4.5% -73.6% 37.0% 93.11%
2016 18.1% -49.0% 25.7% 9.21%
2015 -28.2% -70.7% 14.9% 95.04%
2014 -11.7% -41.2% 17.3% 69.59%

Total Return Ranking - Trailing

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
YTD 11.1% 4.1% 31.2% 80.49%
1 Yr -22.4% -48.7% 21.1% 83.37%
3 Yr -4.7%* -8.8% 29.3% 96.57%
5 Yr -9.7%* -12.5% 19.6% 97.77%
10 Yr 1.8%* -3.2% 30.0% 95.89%

* Annualized


Total Return Ranking - Calendar

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
2018 -26.3% -54.2% 22.2% 82.27%
2017 -4.5% -6.8% 42.0% 98.33%
2016 18.1% -15.1% 32.0% 13.06%
2015 -28.2% -35.5% 19.3% 98.92%
2014 -11.7% -36.4% 17.3% 88.06%

NAV & Total Return History

PENNX - Holdings

Concentration Analysis

PENNX Category Low Category High PENNX % Rank
Net Assets 1.82 B 7.34 M 26.8 B 28.13%
Number of Holdings 272 6 2534 12.94%
Net Assets in Top 10 233 M 1.08 M 5.03 B 34.50%
Weighting of Top 10 13.35% 5.3% 100.0% 81.11%

Top 10 Holdings

  1. FLIR Systems Inc 1.98%

  2. Helios Technologies 1.51%

  3. First Citizens BancShares Inc (DE) Class A 1.45%

  4. Quaker Chemical Corp 1.38%

  5. Heico Corp 1.34%

  6. SEACOR Holdings Inc 1.25%

  7. MKS Instruments Inc 1.15%

  8. Raven Industries Inc 1.15%

  9. Stella-Jones, Inc. 1.10%

  10. Ares Management Corp Class A 1.04%


Asset Allocation

Weighting Return Low Return High PENNX % Rank
Stocks
98.95% 8.58% 113.20% 18.89%
Cash
1.05% -1.08% 15.80% 76.59%
Preferred Stocks
0.00% 0.00% 7.91% 40.45%
Other
0.00% -11.60% 6.71% 45.38%
Convertible Bonds
0.00% 0.00% 0.14% 35.11%
Bonds
0.00% -28.06% 80.92% 34.50%

Stock Sector Breakdown

Weighting Return Low Return High PENNX % Rank
Industrials
26.35% 0.87% 32.50% 2.67%
Technology
23.82% 0.87% 80.95% 64.89%
Financial Services
14.94% -2.38% 29.51% 9.24%
Consumer Cyclical
11.25% 0.00% 35.58% 76.18%
Basic Materials
8.71% 0.00% 18.58% 3.49%
Healthcare
6.05% 1.14% 57.67% 93.63%
Energy
3.32% 0.00% 11.50% 10.06%
Real Estate
2.72% 0.00% 14.19% 41.07%
Consumer Defense
1.53% 0.00% 11.55% 91.58%
Communication Services
0.26% 0.00% 8.20% 54.41%
Utilities
0.00% 0.00% 5.58% 59.75%

Stock Geographic Breakdown

Weighting Return Low Return High PENNX % Rank
US
88.82% 3.32% 100.00% 82.75%
Non US
10.13% 0.00% 96.31% 8.83%

PENNX - Expenses

Operational Fees

PENNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.92% 0.06% 4.84% 84.60%
Management Fee 0.76% 0.05% 1.59% 43.33%
12b-1 Fee 0.00% 0.00% 1.00% 6.37%
Administrative Fee N/A 0.00% 0.40% N/A

Sales Fees

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

Trading Fees

PENNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 65.93%

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 Return Low Category Return High Rank in Category (%)
Turnover 35.00% 3.00% 818.00% 26.28%

PENNX - Distributions

Dividend Yield Analysis

PENNX Category Low Category High PENNX % Rank
Dividend Yield 0.00% 0.00% 0.02% 10.88%

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
Net Income Ratio 0.33% -2.81% 1.79% 5.54%

Capital Gain Distribution Analysis

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

PENNX - Managers

Charles M. Royce

Manager

Start Date

Tenure

Tenure Rank

Oct 31, 1972

46.53

46.5%

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

Tenure

Tenure Rank

Apr 29, 2003

16.01

16.0%

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.


Lauren A. Romeo

Manager

Start Date

Tenure

Tenure Rank

May 01, 2006

13.01

13.0%

Lauren A. Romeo joined the firm in 2004. 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). Ms. Romeo holds a bachelor's degree from the University of Notre Dame and a Master of Business Administration from the Wharton School of Business at the University of Pennsylvania. She is a CFA® charterholder.


Chris E. Flynn

Manager

Start Date

Tenure

Tenure Rank

May 01, 2017

2.0

2.0%

• Portfolio manager, 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

Tenure

Tenure Rank

May 01, 2017

2.0

2.0%

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).


Andrew S. Palen

Manager

Start Date

Tenure

Tenure Rank

May 01, 2018

1.0

1.0%

Andrew S. Palen Portfolio Manager Employed by Royce since 2015 Assistant Portfolio Manager for: Royce Pennsylvania Mutual Fund Previously a Senior Analyst at Armistice Capital (2013-2015), a Summer Associate at UBS Global Management (2012), and an Associate at Comvest Partners (2008-2011).


Tenure Analysis

Category Low

0.0

Category High

46.53

Category Average

7.7

Category Mode

2.0