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Legg Mason US Smaller Companies Fund

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About the Fund

Investment Aim

To achieve capital growth principally through investing in securities of smaller US companies.

Performance Benchmark

Russell 2000 Index

Invests primarily in small US companies.
Highly experienced investment team.
Standard & Poor's fund management rating: AA.

Technical Fund Details

About the Investment Strategy

Bottom-up stock selection process based on a disciplined value approach.
Micro-cap companies usually comprise less than 20% 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 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 Literature

Fact Sheet
Quarterly Commentary
Fund Highlight
Annual Report Long Form
Annual Report Short Form
Semi-Annual Report Long Form
Semi-Annual Report Short Form
Full Prospectus
Simplified Prospectus
Application Form Class A Shares
Application Form Class B Shares
ISA Transfer Application Form
ISA Application Form

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 Funds ICVC, which describe the full risk factors associated with this Fund