In plain terms — Royce Small-Cap Trust
Shares currently cost about 14.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.0% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.9% a year of the share price (6.8% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.17 of assets — a ReinvestCapture™ rate of 9.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 17.3% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -11.53% | 1.06% | -1.87 | 64 |
| 6 months | -10.84% | 1.87% | -1.43 | 126 |
| 1 year | -10.01% | 1.98% | -1.77 | 250 |
| 3 years | -10.45% | — | — | — |
| 5 years | -9.50% | — | — | — |
Current contemporaneous premium/discount -13.52% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -13.84% to -5.63%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.72% | -9.81% | +1.68% | +1.30% | +9.31% | -2.63% |
| Market price total return | -6.72% | -8.13% | +7.28% | +10.40% | +18.75% | +6.20% |
| NAV return | -1.47% | -5.97% | +9.55% | +8.63% | +10.40% | -1.31% |
| NAV total return | -1.47% | -4.41% | +14.95% | +17.35% | +18.89% | +6.81% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Royce Value Trust Inc. operates as a closed-end investment trust focused on equities, managed by Royce & Associates, LLC. It primarily allocates its capital to publicly traded companies within the United States. The trust strategically diversifies its holdings across numerous economic sectors, specifically seeking out value-focused stocks from businesses categorized as small-cap and micro-cap. To assess its portfolio's effectiveness, the fund's returns are measured against the Russell 2000 Index. Royce Value Trust Inc. was established on July 1, 1986, and maintains its legal residence in the United States.
CEF Explorer research page for Royce Small-Cap Trust, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.