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
Full Prospectus
Simplified Prospectus
Prospectus Supplement
 
 
Risk Factors: Fluctuations in exchange rates can affect the value of the Fund and the income from it. The Fund may acquire shares in companies with relatively small market capitalisations and may involve a higher degree of risk. The Fund may select fewer equities in which to invest and this concentration carries more risk than funds investing in a larger number of companies. Please refer to the Simplified Prospectus and Prospectus documentation for Legg Mason Global Funds plc, which describe the full risk factors associated with this Fund.