Royce & Associates, LP 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
The baseline is a direct read-through of the disclosed fund portfolio. It is led by MKSI (MKS Inc.) 3.51%, AGO (Assured Guaranty Ltd.) 3.03%, and SEIC (SEI Investments Company) 2.96%, with sector exposure of Industrials 30.05%, Financials 21.31%, and Consumer Discretionary 18.67%. The baseline metrics show return 5.36%, alpha -0.65%, beta 0.43, Sharpe 0.61, Sortino 0.81, and max drawdown -18.81%, so this should be treated as an equity exposure with its own concentration and timing risk rather than a neutral benchmark clone.
The strongest recent period was 2025-09-30 (5.84% strategy return, 1.46% benchmark, 4.38% excess, 9.32% turnover), while the weakest was 2025-12-31 (0.23% strategy return, 9.57% benchmark, -9.34% excess, 8.97% turnover). Those periods should be read alongside baseline metrics of return 5.36%, alpha -0.65%, beta 0.43, Sharpe 0.61, Sortino 0.81, and max drawdown -18.81% to judge whether returns came from persistent exposure or a narrow timing window.
Concentration is the first item to inspect: top 5 15.13%, top 10 25.32%, top 20 42.25%. The largest names are MKSI (MKS Inc.) 3.51%, AGO (Assured Guaranty Ltd.) 3.03%, SEIC (SEI Investments Company) 2.96%, LCII (LCI Industries) 2.84%, and LFUS (Littelfuse, Inc.) 2.79%, and the largest sector exposures are Industrials 30.05%, Financials 21.31%, and Consumer Discretionary 18.67%. If those exposures reverse, baseline performance can diverge sharply from a broad index.