Legg Mason Royce US Small Cap Opportunity Fund

Adjust Font Size Increase font size Decrease font size    

About The Fund

Investment Aim

The Fund seeks to achieve long-term capital appreciation by investing at least 70% of its Net Asset Value in a diversified portfolio of equity securities issued by small- and micro-cap US companies (market capitalisations of less than US$3 billion). The Sub-Investment Manager attempts to take advantage of what it believes are opportunistic situations for undervalued securities.

Performance Benchmark

Russell 2000 Index
Month-end NAV:
Class A Acc (USD):USD 179.66
Class A Acc (SGD):SGD 1.790
Class A Acc (SGD)(Hedged):SGD 1.763
Class A Acc (AUD)(Hedged):AUD 150.98
Fund Size:USD 745 million
Number of Holdings:259
All data are as of 30 April 2019

About the Investment Strategy

  • Bottom-up stock selection process based on a disciplined value approach.
  • Portfolio comprises a broad range of small- and micro-cap companies and portfolio diversification is achieved by holding around 300 stocks.
  • Micro-cap companies usually comprise around 40% to 50% of the Fund's portfolio.
  • Seeks to invest in companies trading at discounts of 50% or more to the investment manager's estimate of their value as a business, ie what the manager believes a knowledgeable buyer would pay to acquire the entire company.
  • The Fund's portfolio falls within one of four distinctive themes: unrecognised asset values; turnarounds; undervalued growth; and interrupted earnings.
  • The investment manager seeks to identify promising companies that have strong balance sheets, high internal rates of return and excess cash flow.
  • About the Investment Team

    Headquartered in New York, Royce & Associates has more than 30 years' investment experience in US small-cap equities. The firm focuses exclusively on the US smaller companies sector.


    This document, provided by Legg Mason Asset Management Singapore Pte. Limited ( “Legg Mason” ) (Registration Number (UEN): 200007942R), is for information only and does not constitute an offer or solicitation to buy or sell any units in any fund.

    The prospectus of the fund is available and may be obtained from Legg Mason or its authorised distributors. Investors should check with Legg Mason or its authorised distributors on whether a particular class of the fund is available for subscription. Investors should read the prospectus prior to any subscription. All applications for units in the fund must be made on the application forms accompanying the prospectus. Past performance is not necessarily indicative of future performance. All investments involve risk, including possible loss of principal.The value of the units in the fund and the income accruing to the units, if any, may fall or rise.

    Distribution of this document may be restricted in certain jurisdictions. Any persons coming into possession of this document should seek advice for details of, and observe, such restrictions (if any).This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation. This fund is not available to US citizens, residents or greencard holders and may not be available in all jurisdictions.

    Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this document or its contents. The information in this document is confidential and proprietary and may not be used other than by the intended user.This document may not be reproduced, distributed or published without prior written permission from Legg Mason.

    The mention of any individual securities / funds should neither constitute nor be construed as a recommendation to purchase or sell securities, and the information provided regarding such individual securities / funds is not a sufficient basis upon which to make an investment decision. Portfolio allocations, holdings and characteristics are subject to change at any time. Although information has been obtained from sources that Legg Mason believes to be reliable, no guarantee can be given as to its accuracy and such information may be incomplete or condensed and may be subject to change at any time without notice. Legg Mason, its affiliates, officers or directors, may have an interest in the acquisition or disposal of the securities mentioned herein.

    This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.