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Royce Small-Cap Opportunity FY 2025: What Worked
Five of the portfolio's 10 equity sectors made a positive impact on performance in 2025, with Industrials, IT, and Financials making the largest positive contributions, while Consumer Discretionary, Energy, and Consumer Staples had the biggest negative effect. Our top contributor at the holdings level was nLIGHT, whose shares have outperformed due to upward revisions to the outlook for its aerospace & defense customers. The Fund's top-detracting position was Lakeland Industries.
