Royce Focus Trust (NASDAQ: FUND):
Closing Prices – January 31, 2012 | ||
| NAV | $8.05 | |
| MKT | $7.08 | |
Total Return Performance | ||||||
Periods ended January 31, 2012 | NAV | MKT | ||||
| 1 Month* | 9.38 | % | 12.36 | % | ||
| Year to Date* | 9.38 | 12.36 | ||||
| One-Year | -2.79 | -1.49 | ||||
| Three-Year Average Annual | 24.93 | 20.51 | ||||
| Five-Year Average Annual | 2.80 | -1.30 | ||||
| Ten-Year Average Annual | 10.33 | 10.35 | ||||
| *Not Annualized | ||||||
Portfolio Diagnostics | ||
| Wtd. Average Geometric Market Cap | $5218 million | |
| Wtd. Average P/E Ratio: | 13.1x* | |
| Wtd. Average P/B Ratio: | 1.9x* | |
| Net Assets Applicable to Common Stock: | $190 million | |
| Net Leverage: | 1.6% | |
*The Funds’ P/E ratio calculations exclude companies with zero or negative earnings.
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.
Portfolio Composition | ||
Top 10 Positions | % of Net Assets | |
| 1. Microsoft Corp. | 3.6% | |
| 2. Berkshire Hathaway Cl. B | 3.6 | |
| 3. Allied Nevada Gold | 3.5 | |
| 4. Analog Devices | 3.4 | |
| 5. Western Digital | 3.3 | |
| 6. Franklin Resources | 3.2 | |
| 7. Buckle (The) | 3.2 | |
| 8. Mosaic Company (The) | 2.9 | |
| 9. Newmont Mining | 2.8 | |
| 10. Exxon Mobil | 2.8 | |
Top Five Sectors | % of Net Assets | |
| 1. Materials | 31% | |
| 2. Financials | 20 | |
| 3. Information Technology | 18 | |
| 4. Energy | 13 | |
| 5. Industrials | 7 |
Recent Developments
Royce Focus Trust (Nasdaq: FUND) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.
Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (Nasdaq - FUND) and whose shares of 6.00% Cumulative Preferred Stock are listed and traded on the NYSE (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities.
Daily net asset values (NAVs) for Royce Focus Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XFUNX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.roycefunds.com.
John D. Diederich, 212-355-7311