Legg Mason Royce Global Smaller Companies Fund

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About The Fund

Investment Aim

The Fund seeks to achieve long-term capital appreciation, by investing at least two-thirds of its Net Asset Value in equity securities and convertible debt located anywhere in the world, that Royce believes are trading significantly below its estimate of their current worth. The Sub-Investment manager generally expects a significant portion of the Fund’s assets will be invested in the equity securities of smaller companies with market capitalisations up to US$5 billion or local currency equivalent.

Performance Benchmark

MSCI World Small Cap Net Dividend Index

Invests in global smaller-cap companies perceived by Royce to be trading below its estimate of their current worth
Maintains the same discipline regardless of market movements and trends
Highly experienced investment team

About the Investment Strategy

Disciplined value approach, striving to provide investors with above-average absolute performance
Seek valuation discrepancies, not just statistically cheap stocks
Select securities from the entire small-cap universe, not just the "value" portion"
Employ a bottom-up approach to selecting portfolio holdings
Use a long-term investment horizon of generally two to five years

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 smaller companies sector.

General Fund Literature

Fact Sheet
Extract Prospectus
Annual Report
Semi-Annual Report



		INVESTMENT INVOLVES RISKS. Past performance is not indicative of future results.

		Investment in the securities of smaller companies involves specials risks. Among other things, the prices of securities of micro and small companies are generally more volatile than those of larger companies; the securities of smaller companies generally are less liquid; and smaller companies generally are more likely to be adversely affected by poor economic or market conditions.

		Investors should read and understand the Fund’s most current offering document, including details of risk factors relevant to the Fund, in particular, the risk of investment in micro, small and mid-sized company stocks, before making an investment in the Fund.

		An investment in the Fund may not be suitable for all investors. The investment decision is yours but you should not invest in the Fund unless the intermediary who sells it to you has advised you that it is suitable for you and has explained why, including how buying it would be consistent with your investment objectives.