Royce Pennsylvania Mutual Fund (PENNX)
The investment objective of Royce Pennsylvania Mutual Fund is to provide long-term growth of capital. The mutual fund utilizes its assets to purchase the equity securities of small-cap and micro-cap companies. These companies have market capitalizations up to $2.5 billion. It may invest up to 25% of its net assets in foreign securities.
This domestic stock fund generally invests in companies that Royce believes have excellent business strengths, high internal rates of return and low leverage. It 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.
Royce Fund Details
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| Royce fund |
- Fund Inception Date: October 30, 1972
- Ticker Symbol: PENNX
- CUSIP: 780905840
- Beta (3yr): 1.19
- Rank in category (YTD): 82%
- Category: Small Growth
- Distribution: 1.17%
- Capital Gains: 0%
- Expense Ratio: 0.89%
- Net Assets: $ 6.5 billion
- Number of Years Up: 33 years
- Number of Years Down: 7 years
- Annual Turnover Rate: 22%
Chuck Royce, Jay Kaplan and Lauren Romeo have been managing this Royce Pennsylvania Mutual Fund. The fund has $6.5 billion of total net assets. The annual expense ratio is only 0.89%.The dividend yield is 1.17%. This is a no load fund and there is no management fee.
Domestic Stock Fund
Morningstar analysts rank this Royce Pennsylvania Mutual Fund with 3-stars and Silver rating. According to the fund’s website, the fund has outperformed its benchmark, Russell 2000, for the 10 years, 15 years, 20 years and 30 years periods as of March 2013. Based on the load adjusted returns, this equity fund has returned 13.22% over the past 3-year and 11.83% over the past decade. It has recorded 33 years of positive return and 7 years of negative return. It has 3-year beta risk of 1.19.Besides the investment class (PENNX), the fund is available in other classes like Service Class (RYPFX), Consultant Class (RYPCX), Institutional Class (RPMIX), R Class (RPMRX) and K Class (RPMKX). The minimum initial investment required is $2,000 for either brokerage or retirement account. A minimum next investment of $50 is needed. There are 109 brokerages that sell this fund, such as E Trade Financial, T Rowe Price, Pershing Fund Center, JP Morgan, Protected Investors of America, etc.
Small Growth Fund
The top 10 positions of this small growth fund as per the end of the 2013 first quarter are Oil States International (1.1%), Reliance Steel and Aluminum (1.0%), Federated Investors (0.9%), Helmerich & Payne (0.9%), Ethan Allen Interiors (0.8%), Lincoln Electric Holdings (0.8%), Unit Corporation (0.7%), Kennametal (0.7%), National Instruments (0.7%) and SEI Investments (0.7%). The top ten represent 8.4% of the total portfolio. The top sectors are Industrials (26.0%) and Information Technology (20.9%).Primary risks for fund investors include market risk, prices of small-cap and micro-cap securities, risks of investing in foreign securities.
Disclosure: No Position
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