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Legg Mason Royce US Small Cap Opportunity Fund

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About The Fund

Investment Aim

Seeks to achieve long-term capital appreciation by investing primarily in a diversified portfolio of equity securities issued by small-cap and micro-cap US companies.

Performance Benchmark

Russell 2000 Index
 
  • Invests primarily in small- and micro-cap US companies.
  • Highly experienced investment team.
  • Standard & Poor's fund management rating: AA.
 
 
 

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.

General Fund Literarture

pdf Fact Sheet
pdf Annual Report
pdf Semi-Annual Report
pdf Summary Prospectus
 
 

  		•  The Fund may invest in a single country which may give rise to increased risk over more diversified funds.
  		• Investors should read and understand the Fund’s most current offering document, including details of risk factors relevant to the Fund 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.