PENNX: Royce Pennsylvania Mutual Invmt

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PENNX Royce Pennsylvania Mutual Invmt


Profile

PENNX - Profile

Vitals

  • YTD Return 1.4%
  • 3 Yr Annualized Return 9.9%
  • 5 Yr Annualized Return 8.3%
  • Net Assets $1.95 B
  • Holdings in Top 10 12.8%

52 WEEK LOW AND HIGH

$9.57
$8.31
$9.66

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

Fund Classification


Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return 9.9%
  • 5 Yr Annualized Total Return 8.3%
  • 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 Investment Class
  • Fund Family Name
    Royce
  • Inception Date
    Oct 31, 1972
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Charles 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.


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Categories

Performance

PENNX - Performance

Return Ranking - Trailing

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -3.9% 7.0% 23.57%
1 Yr 26.6% -94.4% 32.4% 2.90%
3 Yr 9.9%* -64.7% 11.4% 2.21%
5 Yr 8.3%* -44.4% 42.0% 6.94%
10 Yr 10.5%* -15.9% 19.1% 20.47%

* Annualized

Return Ranking - Calendar

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
2019 21.8% -94.0% 48.3% 33.28%
2018 -26.3% -59.5% 0.1% 71.15%
2017 -4.5% -36.3% 36.3% 89.71%
2016 18.1% -36.7% 34.1% 43.99%
2015 -28.2% -48.0% 336.8% 96.05%

Total Return Ranking - Trailing

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.4% -3.9% 7.0% 23.57%
1 Yr 26.6% -94.4% 32.4% 2.32%
3 Yr 9.9%* -64.1% 15.7% 3.63%
5 Yr 8.3%* -42.7% 44.4% 12.90%
10 Yr 10.5%* -13.2% 20.6% 35.91%

* Annualized

Total Return Ranking - Calendar

Period PENNX Return Category Return Low Category Return High Rank in Category (%)
2019 21.8% -94.0% 48.3% 33.28%
2018 -26.3% -44.3% 0.1% 81.91%
2017 -4.5% -26.8% 52.6% 95.50%
2016 18.1% -24.6% 34.1% 63.59%
2015 -28.2% -48.0% 341.1% 97.30%

NAV & Total Return History


Holdings

PENNX - Holdings

Concentration Analysis

PENNX Category Low Category High PENNX % Rank
Net Assets 1.95 B 970 K 96.8 B 10.68%
Number of Holdings 294 1 2481 31.62%
Net Assets in Top 10 240 M 65.9 K 3.17 B 12.68%
Weighting of Top 10 12.80% 2.7% 244.2% 58.83%

Top 10 Holdings

  1. FLIR Systems Inc 1.90%
  2. Heico Corp 1.64%
  3. SEACOR Holdings Inc 1.26%
  4. First Citizens BancShares Inc (DE) Class A 1.19%
  5. Helios Technologies Inc 1.17%
  6. MKS Instruments Inc 1.15%
  7. Stella-Jones, Inc. 1.14%
  8. Quaker Chemical Corp 1.14%
  9. Cabot Microelectronics Corp 1.13%
  10. Ares Management Corp Class A 1.08%

Asset Allocation

Weighting Return Low Return High PENNX % Rank
Stocks
98.93% 86.99% 102.51% 39.17%
Cash
1.07% -89.32% 14.31% 59.54%
Preferred Stocks
0.00% 0.00% 1.03% 28.06%
Other
0.00% -10.71% 23.33% 31.20%
Convertible Bonds
0.00% 0.00% 2.54% 25.21%
Bonds
0.00% -0.01% 63.84% 29.06%

Stock Sector Breakdown

Weighting Return Low Return High PENNX % Rank
Industrials
26.94% 6.72% 49.72% 9.91%
Technology
23.05% 0.00% 45.53% 4.60%
Financial Services
14.98% 0.00% 43.32% 80.03%
Consumer Cyclical
12.55% 0.00% 37.33% 30.89%
Basic Materials
8.40% 0.00% 20.42% 4.74%
Healthcare
6.08% 0.00% 32.19% 77.30%
Energy
3.62% -0.10% 22.94% 36.93%
Real Estate
2.83% 0.00% 21.15% 87.36%
Consumer Defense
1.29% 0.00% 15.01% 91.95%
Communication Services
0.26% 0.00% 18.99% 87.07%
Utilities
0.00% 0.00% 23.96% 87.79%

Stock Geographic Breakdown

Weighting Return Low Return High PENNX % Rank
US
89.36% 80.61% 100.46% 91.45%
Non US
9.57% 0.00% 21.46% 4.13%

Expenses

PENNX - Expenses

Operational Fees

PENNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.92% 0.00% 586.45% 75.00%
Management Fee 0.76% 0.00% 1.50% 52.43%
12b-1 Fee 0.00% 0.00% 1.00% 3.92%
Administrative Fee N/A 0.01% 0.47% N/A

Sales Fees

PENNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 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% 82.93%

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% 0.00% 436.00% 35.72%

Distributions

PENNX - Distributions

Dividend Yield Analysis

PENNX Category Low Category High PENNX % Rank
Dividend Yield 0.00% 0.00% 7.22% 30.39%

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 0.33% -4.91% 2.35% 46.97%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PENNX - Fund Manager Analysis

Managers

Charles Royce


Start Date

Tenure

Tenure Rank

Oct 31, 1972

47.2

47.2%

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

16.68

16.7%

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

13.68

13.7%

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 Flynn


Start Date

Tenure

Tenure Rank

May 01, 2017

2.67

2.7%

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

James Stoeffel


Start Date

Tenure

Tenure Rank

May 01, 2017

2.67

2.7%

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

1.67

1.7%

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

0.67

0.7%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 47.2 6.58 0.16