Royce Micro-Cap Trust: 4Q Performance and Portfolio Composition

Royce Micro-Cap Trust (RMT) had an average weekly trading volume of 429,716 shares as of Dec 31, 2025. The fund's adviser has over 50 years of small- and micro-cap investment experience. The NAV was $11.79, while the market price was $10.43. The fund's average market cap was $868.8M, with a weighted average P/B of 2.1x and net assets of $630.8M. The top 10 positions accounted for 10.3% of net assets, with the largest holdings being Establishment Labs Holdings, Sprott, ASA Gold and Precious Metals, and CECO Environmental. The top five sectors were industrials, information technology, financials, health care, and consumer discretionary, accounting for 26.4%, 21.1%, 15.7%, 13.2%, and 9.4% of net assets, respectively.