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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.
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| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 22.3% | -94.0% | 44.2% | 23.24% |
| 1 Yr | 9.2% | -95.2% | 23.7% | 8.70% |
| 3 Yr | 9.9%* | -64.9% | 11.7% | 1.77% |
| 5 Yr | 8.0%* | -45.9% | 40.9% | 8.00% |
| 10 Yr | 10.9%* | -16.0% | 18.7% | 19.83% |
* Annualized
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2018 | -26.3% | -59.5% | 0.1% | 70.48% |
| 2017 | -4.5% | -36.3% | 36.3% | 90.11% |
| 2016 | 18.1% | -36.7% | 34.1% | 45.25% |
| 2015 | -28.2% | -48.0% | 336.8% | 95.99% |
| 2014 | -11.7% | -29.2% | 15.7% | 86.26% |
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 21.9% | -94.0% | 44.0% | 25.00% |
| 1 Yr | 9.2% | -95.2% | 25.0% | 22.27% |
| 3 Yr | 9.9%* | -64.0% | 13.4% | 3.06% |
| 5 Yr | 8.0%* | -43.0% | 43.3% | 13.60% |
| 10 Yr | 10.9%* | -12.2% | 20.7% | 37.90% |
* Annualized
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2018 | -26.3% | -44.3% | 0.1% | 81.63% |
| 2017 | -4.5% | -26.8% | 52.6% | 95.79% |
| 2016 | 18.1% | -24.6% | 34.1% | 64.06% |
| 2015 | -28.2% | -48.0% | 341.1% | 97.26% |
| 2014 | -11.7% | -29.2% | 15.7% | 92.79% |
| PENNX | Category Low | Category High | PENNX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.94 B | 957 K | 95.3 B | 9.90% |
| Number of Holdings | 294 | 10 | 2495 | 30.86% |
| Net Assets in Top 10 | 240 M | 51.5 K | 3.05 B | 10.63% |
| Weighting of Top 10 | 12.80% | 2.7% | 245.7% | 60.26% |
| Weighting | Return Low | Return High | PENNX % Rank | |
|---|---|---|---|---|
| Stocks | 98.93% | 87.29% | 102.51% | 29.99% |
| Cash | 1.07% | -15.54% | 17.79% | 66.23% |
| Preferred Stocks | 0.00% | -0.07% | 1.06% | 51.97% |
| Other | 0.00% | -13.55% | 17.25% | 52.84% |
| Convertible Bonds | 0.00% | 0.00% | 2.46% | 50.80% |
| Bonds | 0.00% | -3.97% | 4.19% | 51.38% |
| Weighting | Return Low | Return High | PENNX % Rank | |
|---|---|---|---|---|
| Industrials | 26.66% | 0.13% | 47.02% | 9.18% |
| Technology | 22.80% | 0.00% | 36.91% | 4.37% |
| Financial Services | 14.82% | 0.00% | 41.84% | 79.30% |
| Consumer Cyclical | 12.41% | 0.11% | 35.92% | 41.11% |
| Basic Materials | 8.31% | 0.00% | 23.88% | 5.54% |
| Healthcare | 6.01% | 0.00% | 29.03% | 74.34% |
| Energy | 3.58% | -0.10% | 23.84% | 26.97% |
| Real Estate | 2.80% | 0.00% | 23.03% | 86.73% |
| Consumer Defense | 1.28% | 0.00% | 15.01% | 89.94% |
| Communication Services | 0.26% | 0.00% | 15.57% | 75.80% |
| Utilities | 0.00% | 0.00% | 24.54% | 90.82% |
| Weighting | Return Low | Return High | PENNX % Rank | |
|---|---|---|---|---|
| US | 89.36% | 81.05% | 100.02% | 90.98% |
| Non US | 9.57% | 0.00% | 21.46% | 3.64% |
| PENNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.92% | 0.00% | 586.45% | 74.96% |
| Management Fee | 0.76% | 0.00% | 1.50% | 53.28% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 13.30% |
| Administrative Fee | N/A | 0.00% | 0.47% | N/A |
| 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% | 5.00% | N/A |
| PENNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 1.00% | 1.00% | 2.00% | 87.20% |
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% | 0.00% | 436.00% | 33.58% |
| PENNX | Category Low | Category High | PENNX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.16% | 0.00% | 4.19% | 38.28% |
| PENNX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Quarterly | Annually |
| PENNX | Category Low | Category High | PENNX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.33% | -4.91% | 2.35% | 42.86% |
| PENNX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
| Date | Amount |
|---|---|
| Dec 13, 2018 | $0.015 |
| Dec 14, 2017 | $0.061 |
| Dec 15, 2016 | $0.040 |
| Dec 17, 2015 | $0.097 |
| Dec 17, 2014 | $0.047 |
| Dec 05, 2013 | $0.001 |
| Dec 28, 2012 | $0.039 |
| Dec 06, 2012 | $0.114 |
| Dec 09, 2010 | $0.054 |
| Dec 09, 2009 | $0.008 |
| Dec 09, 1999 | $0.040 |
| Dec 10, 1998 | $0.050 |
Start Date
Tenure
Tenure Rank
Oct 31, 1972
47.11
47.1%
Royce is the Royce & Associates, LLC's President, Co-Chief Investment Officer and Portfolio Manager. Founded Royce in 1972.
Start Date
Tenure
Tenure Rank
Apr 29, 2003
16.6
16.6%
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.
Start Date
Tenure
Tenure Rank
May 01, 2006
13.59
13.6%
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.
Start Date
Tenure
Tenure Rank
May 01, 2017
2.58
2.6%
• Portfolio manager, Employed by Royce since 1993 • Previously Senior Vice President in the Arbitrage Division of Donaldson, Lufkin & Jenrette (1989-1992)
Start Date
Tenure
Tenure Rank
May 01, 2017
2.58
2.6%
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).
Start Date
Tenure
Tenure Rank
May 01, 2018
1.58
1.6%
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).
Start Date
Tenure
Tenure Rank
May 01, 2019
0.58
0.6%
Steven G. McBoyle joined the firm in 2007. Previously, he was a Partner at Lord, Abbett & Co. LLC (2001-2007) where he was a Portfolio Manager of the Small Cap Value Fund and Small-Mid Value Fund. Prior to that he was Vice President of Mergers & Acquisitions at Morgan Stanley (2000-2001) and an Associate of Mergers & Acquisitions at Salomon Brothers (1997-2000). He began his career in public accounting within the Accounting & Audit Services Group of Deloitte & Touche (1990-1995). Mr. McBoyle holds a bachelor's degree from the School of Accountancy at the University of Waterloo, Canada and a Master of Business Administration from Columbia University. He is also a Chartered Accountant with a degree from the Institute of Chartered Accountants in Canada and a Certified Public Accountant.
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.0 | 47.11 | 6.3 | 0.08 |
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