Royce Pennsylvania Mutual Invmt
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
13.5%
1 yr return
-4.2%
3 Yr Avg Return
-2.5%
5 Yr Avg Return
-3.2%
Net Assets
$1.73 B
Holdings in Top 10
12.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.92%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 60.00%
Redemption Fee 1.00%
Min Investment
Standard (Taxable)
$2,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PENNX - Profile
Distributions
- YTD Total Return 13.5%
- 3 Yr Annualized Total Return -2.5%
- 5 Yr Annualized Total Return -3.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.15%
- Dividend Yield 0.1%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameRoyce Pennsylvania Mutual Fund
-
Fund Family NameRoyce
-
Inception DateOct 31, 1972
-
Shares OutstandingN/A
-
Share ClassInv
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerCharles Royce
Fund Description
Royce Investment Partners (“Royce”), the Fund’s investment adviser, invests the Fund’s assets primarily in equity securities of small- and micro-cap companies that it believes are trading below its estimate of their current worth. Small- and micro-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution.
The Fund uses multiple investment disciplines in an effort to provide exposure to approaches that have historically performed well in different market environments. These disciplines include “High Quality,” which looks for companies that have high returns on invested capital and that Royce believes have significant competitive advantages; “Emerging Quality,” which seeks companies that are newer in their lifecycle but that Royce believes can become High Quality in the future; “Traditional Value,” which looks for companies trading at prices below Royce’s estimate of their current worth; and “Quality Value,” which seeks companies with attractive profit margins, strong free cash flows, and lower leverage that also trade at what Royce believes are attractive valuations. The Fund’s portfolio managers generally focus on one of these approaches in managing segments of the Fund’s assets, while the Lead Portfolio Manager collaborates with the managers across all segments.
The Fund invests at least 65% of its net assets in equity securities of such small- and micro-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. The Fund may invest in other investment companies that invest in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio. The Fund does not focus its investments in companies that do business in the State of Pennsylvania.
PENNX - Performance
Return Ranking - Trailing
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.5% | -29.2% | 152.4% | 6.53% |
| 1 Yr | -4.2% | -46.9% | 149.3% | 32.14% |
| 3 Yr | -2.5%* | -24.9% | 31.4% | 75.43% |
| 5 Yr | -3.2%* | -21.7% | 12.3% | 73.87% |
| 10 Yr | -3.5%* | -10.4% | 15.9% | 93.10% |
* Annualized
Return Ranking - Calendar
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -21.1% | -71.0% | 118.2% | 56.51% |
| 2021 | -2.9% | -17.3% | 18.6% | 89.06% |
| 2020 | 2.7% | -25.4% | 350.1% | 65.40% |
| 2019 | 5.1% | -31.9% | 8.4% | 40.32% |
| 2018 | -5.9% | -62.1% | 21.1% | 77.70% |
Total Return Ranking - Trailing
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 13.5% | -29.2% | 152.4% | 6.53% |
| 1 Yr | -4.2% | -46.9% | 149.3% | 32.14% |
| 3 Yr | -2.5%* | -24.9% | 31.4% | 75.43% |
| 5 Yr | -3.2%* | -21.7% | 12.3% | 81.31% |
| 10 Yr | -3.5%* | -6.8% | 15.9% | 97.13% |
* Annualized
Total Return Ranking - Calendar
| Period | PENNX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -21.1% | -71.0% | 118.2% | 56.51% |
| 2021 | -2.9% | -17.3% | 18.6% | 89.06% |
| 2020 | 2.7% | -25.4% | 28.2% | 65.40% |
| 2019 | 5.1% | -31.9% | 8.4% | 40.50% |
| 2018 | -5.9% | -19.9% | 26.5% | 84.64% |
NAV & Total Return History
PENNX - Holdings
Concentration Analysis
| PENNX | Category Low | Category High | PENNX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.73 B | 1.48 M | 120 B | 16.16% |
| Number of Holdings | 300 | 2 | 2519 | 37.82% |
| Net Assets in Top 10 | 229 M | 6 K | 4.6 B | 20.99% |
| Weighting of Top 10 | 11.99% | 2.6% | 100.0% | 61.73% |
Top 10 Holdings
- Element Solutions Inc 1.47%
- KBR Inc 1.47%
- First Citizens BancShares Inc Class A 1.42%
- Arcosa Inc 1.25%
- Innospec Inc 1.19%
- Forward Air Corp 1.16%
- Ares Management Corp Class A 1.11%
- Cabot Microelectronics Corp 1.08%
- Tennant Co 1.06%
- MKS Instruments Inc 1.05%
Asset Allocation
| Weighting | Return Low | Return High | PENNX % Rank | |
|---|---|---|---|---|
| Stocks | 96.95% | 25.32% | 100.32% | 71.63% |
| Cash | 3.05% | -79.10% | 74.68% | 26.76% |
| Preferred Stocks | 0.00% | 0.00% | 5.85% | 20.03% |
| Other | 0.00% | -8.80% | 6.95% | 19.55% |
| Convertible Bonds | 0.00% | 0.00% | 3.17% | 18.11% |
| Bonds | 0.00% | 0.00% | 72.07% | 18.27% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PENNX % Rank | |
|---|---|---|---|---|
| Industrials | 26.79% | 2.46% | 37.42% | 7.28% |
| Technology | 20.26% | 0.00% | 54.70% | 7.93% |
| Financial Services | 18.58% | 0.00% | 35.52% | 17.80% |
| Consumer Cyclical | 11.61% | 0.00% | 47.79% | 44.17% |
| Basic Materials | 7.71% | 0.00% | 18.66% | 7.61% |
| Healthcare | 6.60% | 0.00% | 26.53% | 89.00% |
| Communication Services | 3.12% | 0.00% | 14.85% | 37.22% |
| Real Estate | 2.23% | 0.00% | 29.43% | 90.94% |
| Energy | 1.62% | 0.00% | 37.72% | 85.76% |
| Consumer Defense | 1.47% | 0.00% | 18.87% | 91.59% |
| Utilities | 0.00% | 0.00% | 18.58% | 90.78% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PENNX % Rank | |
|---|---|---|---|---|
| US | 88.39% | 24.89% | 100.00% | 91.67% |
| Non US | 8.56% | 0.00% | 36.31% | 5.13% |
PENNX - Expenses
Operational Fees
| PENNX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.92% | 0.03% | 2.78% | 56.33% |
| Management Fee | 0.76% | 0.00% | 1.50% | 63.14% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 4.51% |
| Administrative Fee | N/A | 0.01% | 0.45% | 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% | 5.00% | 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% | 71.70% |
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 | 60.00% | 0.20% | 314.00% | 61.55% |
PENNX - Distributions
Dividend Yield Analysis
| PENNX | Category Low | Category High | PENNX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.06% | 0.00% | 10.73% | 42.42% |
Dividend Distribution Analysis
| PENNX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| PENNX | Category Low | Category High | PENNX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.15% | -2.40% | 2.49% | 50.49% |
Capital Gain Distribution Analysis
| PENNX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 12, 2019 | $0.364 | OrdinaryDividend |
| Dec 13, 2018 | $0.015 | OrdinaryDividend |
| Dec 14, 2017 | $0.061 | OrdinaryDividend |
| Dec 15, 2016 | $0.040 | OrdinaryDividend |
| Dec 17, 2015 | $0.097 | OrdinaryDividend |
| Dec 17, 2014 | $0.047 | OrdinaryDividend |
| Dec 05, 2013 | $0.001 | OrdinaryDividend |
| Dec 28, 2012 | $0.039 | ExtraDividend |
| Dec 06, 2012 | $0.114 | OrdinaryDividend |
| Dec 09, 2010 | $0.054 | OrdinaryDividend |
| Dec 09, 2009 | $0.008 | OrdinaryDividend |
| Dec 09, 1999 | $0.040 | OrdinaryDividend |
| Dec 10, 1998 | $0.050 | OrdinaryDividend |
PENNX - Fund Manager Analysis
Managers
Charles Royce
Start Date
Tenure
Tenure Rank
Oct 31, 1972
49.61
49.6%
Royce is the Royce & Associates, LLC's President, Co-Chief Investment Officer and Portfolio Manager. Founded Royce in 1972.
Jay Kaplan
Start Date
Tenure
Tenure Rank
Apr 29, 2003
19.1
19.1%
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 Romeo
Start Date
Tenure
Tenure Rank
May 01, 2006
16.09
16.1%
Lauren A. Romeo, CFA, is a Portfolio Manager, Principal for Royce Investment Partners. She manages portfolios in the firm’s Small-Cap Premier Quality and Multi-Discipline strategies. She serves as Portfolio Manager for Royce Premier Fund and Royce Pennsylvania Mutual Fund (both with Chuck Royce as Lead Portfolio Manager). She also manages a portfolio with Mark Rayner and Steven McBoyle in Royce’s Global Small-Cap Quality Premier strategy for Japanese investors, as well as two offshore funds that use a similar U.S. high-quality strategy. In addition, she and serves as an Assistant Portfolio Manager for Royce Value Trust, a closed-end fund. Ms. Romeo joined Royce Investment Partners 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 Chartered Financial Analyst (CFA).
James Stoeffel
Start Date
Tenure
Tenure Rank
May 01, 2017
5.08
5.1%
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 Palen
Start Date
Tenure
Tenure Rank
May 01, 2018
4.08
4.1%
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).
Steven McBoyle
Start Date
Tenure
Tenure Rank
May 01, 2019
3.08
3.1%
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.
Miles Lewis
Start Date
Tenure
Tenure Rank
Feb 01, 2021
1.33
1.3%
Mr. Lewis, Portfolio Manager, has been a member of the team that manages the funds since joining American Century in 2010 as an investment analyst and became a senior investment analyst in February 2014. He became a portfolio manager in November 2014. Before joining American Century, Mr. Lewis attended the Johnson Graduate School of Management at Cornell University from 2008 to 2010, where he obtained his MBA. He also has a bachelor's degree in business administration from The College of William & Mary. He is a CFA charterholder.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 49.61 | 6.98 | 2.58 |