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NEW YORK, Oct. 27, 2025 — Royce Global Trust (NYSE: RGT), a closed-end fund employing a disciplined, value-oriented approach to global equities, reported key data points and performance figures as of September 30, 2025. The fund, known for its focus on identifying undervalued opportunities worldwide, boasts an average weekly trading volume of approximately 69,409 shares, indicating a reasonable level of investor interest and liquidity.
The advisor to the fund brings over five decades of experience in small- and micro-cap investing to bear, a legacy that informs the fund’s stock selection process. This deep experience is crucial for navigating the complexities inherent in valuing smaller companies, especially in international markets where information asymmetry can be pronounced. Industry analysts note that such experience can be a differentiating factor, particularly as smaller firms tend to be under-researched compared to their larger counterparts.
- Closed-end fund investing in global equities using a disciplined value approach
- Average weekly trading volume of approximately 69,409 shares
- Fund’s adviser has more than 50 years of small- and micro-cap investment experience
| CLOSING PRICES AS OF 09/30/25 | |
|---|---|
| NAV | 15.03 |
| MKT | 12.95 |
| AVERAGE ANNUAL TOTAL RETURN AS OF 09/30/25 | NAV (%) | MKT (%) |
|---|---|---|
| One-Month* | 1.35 | 1.69 |
| Year to Date* | 19.76 | 20.78 |
| One-Year | 16.93 | 16.56 |
| Three-Year | 20.40 | 20.24 |
| Five-Year | 9.18 | 8.55 |
| 10-Year | 10.20 | 10.77 |
| *Not Annualized | ||
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.royceinvest.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold.
The Fund invests primarily in securities of small-cap and mid-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments.
| PORTFOLIO DIAGNOSTICS | |
|---|---|
| Average Market Cap1 | $4.5M |
| Weighted Average P/E2 | 25.5x |
| Weighted Average P/B2 | 3.2x |
| Net Assets | $97.9M |
1
Geometric Average: This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
2
Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings of its underlying stocks.
The Price-Earnings, or P/E, ratio is calculated by dividing a company’s share price by its trailing 12-month earnings-per-share (EPS). The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (7% of portfolio holdings as of 09/30/25). The Price-to-Book, or P/B, Ratio is calculated by dividing a company’s share price by its book value per share.
The Price-to-Book, or P/B, Ratio is calculated by dividing a company’s share price by its book value per share.
Portfolio Composition
| TOP 10 POSITIONS | % OF NET ASSETS (SUBJECT TO CHANGE) |
|---|---|
| Tel Aviv Stock Exchange | 4.5 |
| Sprott | 3.9 |
| Alamos Gold Cl. A | 3.3 |
| Protector Forsikring | 3.2 |
| Stadio Holdings | 2.3 |
| APi Group | 2.2 |
| Littelfuse | 1.9 |
| EVI Industries | 1.9 |
| TMX Group | 1.9 |
| Phoenix Financial | 1.9 |
| TOP FIVE SECTORS | % OF NET ASSETS (SUBJECT TO CHANGE) |
|---|---|
| Financials | 30.3 |
| Industrials | 26.2 |
| Information Technology | 12.0 |
| Materials | 11.2 |
| Cash and Cash Equivalents | 5.7 |
Recent Developments
The investment goal of Royce Global Trust is long-term growth of capital. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States. Royce & Associates, LP manages the Fund.
Analyzing the fund’s sector allocation, the tilt towards Financials and Industrials suggests a potentially cyclical positioning. Investors should consider how these sectors might perform in various economic scenarios, particularly given the ongoing uncertainties surrounding global growth and interest rate policies. The weighting in Information Technology, while smaller, could provide a growth component to the portfolio. Management commentary on sector allocation and the rationale behind specific investment choices will be critical for analysts to determine if the fund’s strategy aligns with their expectations.
Daily net asset values (NAVs) for Royce Global Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRGTX.
An investor in Royce Global Trust should consider the Fund’s investment goals, risks, fees, charges, and expenses carefully before purchasing share’s of the Fund’s common stock.
Important Disclosure Information
Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund’s common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Royce Fund Services, LLC. (“RFS”) is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds.
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