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Legg Mason Royce US Small Cap Opportunity X GBP

Bestinvest LogoA small/micro cap US equity fund with a value/contrarian bias.

PRICE (INC)

34311p

PRICE (ACC)

34311p

INITIAL CHARGE

0%

ANNUAL MANAGEMENT CHARGE

0.75%

ONGOING CHARGE

1.25%

YIELD

0%

1 YEAR
0.46%

Prices as at 10 Aug 2022.

We don’t currently provide commentary on this fund.

Past performance is not an indication of future performance.

Capital at risk.

This is an offshore (Dublin listed, distributor status) small/micro cap US equity fund with a contrarian approach benchmarked against the Russell 2000 index. The fund is managed from New York by Royce Associates, a wholly owned subsidiary of the Leggmason Group. Royce are small cap specialists and one of the largest operators in their sector in terms of resources and funds under management.

Fund summary

Sector
StructureOFFSHORE FUND
LaunchedJanuary 2013
Size£571m
Yield0%
Charging Basis
Dividends paidAcc units only

Charges

Standard Initial Charge0%
Initial Charge Via BestInvest0%
Additional Bid/Offer Spread0%
Annual Management Charge0.75%
Ongoing Charges Figure1.25%

Investment Process

This is a small cap value fund investing 65% in US microcap stocks (<US$500m), with the balance in small caps (<US$1bn). Royce's contrarian style focuses on companies whose prices are depressed and are out of favour. These generally fall into one of four themes: companies selling for less than their asset value, turnaround situations, undervalued growth companies and companies that suffer from a temporary interruption in earnings. Historically the P/B for the fund has been below that of the Russell 2000. The problem of liquidity inherent in this sector is compensated for by the large number of holdings and the contrarian approach the fund adopts. This means purchases are made when the stock is most out of favour and subsequently sold into price rallies when there is more liquidity in the market.

The information on this website is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. The value of investments and the income from them can go down as well as up and you may not get back the amount invested.

Past performance is not a guide to future performance. View full risk warning