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Royce Small-Cap Total Return Fund FY 2025: What Worked
Three of the portfolio's 10 equity sectors made positive contributions to calendar-year period performance: Health Care and Financials led by wide margins, followed by Information Technology. PACS Group reported stronger-than-expected fiscal 2024 and year-to-date fiscal 2025 results in November of 2025, signaling that its acquisition and operating models remained on track. FTAI shares significantly outperformed in 2025 due to robust demand for passenger flights and from strengthening its moat by acquiring a new repair facility in Rome.
