Royce Focus Trust, Inc. (Nasdaq: FUND):
Closing Prices – February 29, 2012 | |
| NAV | $8.38 |
| MKT | $7.32 |
Total Return Performance | ||||||||
Periods ended February 29, 2012 | NAV | MKT | ||||||
| 1 Month* | 4.10% | 3.41% | ||||||
| Year to Date* | 13.86 | 16.20 | ||||||
| One-Year | -3.53 | -2.60 | ||||||
| Three-Year Average Annual | 29.47 | 26.88 | ||||||
| Five-Year Average Annual | 3.16 | -1.67 | ||||||
| Ten-Year Average Annual | 10.70 | 10.30 | ||||||
| *Not Annualized | ||||||||
Portfolio Diagnostics | ||||||||
| Wtd. Average Geometric Market Cap | $5218 million | |||||||
| Wtd. Average P/E Ratio: | 13.8x* | |||||||
| Wtd. Average P/B Ratio: | 2.0x* | |||||||
| Net Assets Applicable to Common Stock: | $197 million | |||||||
| Net Leverage: | 0.7 | % | ||||||
*The Funds’ P/E ratio calculations exclude companies with zero or negative earnings.
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.
Portfolio Composition | |||||||
Top 10 Positions | % of Net Assets | ||||||
| 1. Microsoft Corp. | 3.2% | ||||||
| 2. Franklin Resources | 3.0 | ||||||
| 3. Western Digital Corp. | 3.0 | ||||||
| 4. Berkshire Hathaway Inc. Cl. B | 3.0 | ||||||
| 5. Analog Devices, Inc. | 2.8 | ||||||
| 6. Allied Nevada Gold Corp. | 2.8 | ||||||
| 7. Buckle (The) | 2.7 | ||||||
| 8. Mosaic Company (The) | 2.5 | ||||||
| 9. Exxon Mobil Corp. | 2.4 | ||||||
| 10. Newmont Mining Corp. | 2.3 | ||||||
Top Five Sectors | % of Net Assets | ||||||
| 1. Materials | 30% | ||||||
| 2. Financials | 20 | ||||||
| 3. Information Technology | 19 | ||||||
| 4. Energy | 13 | ||||||
| 5. Consumer Discretionary | 7 | ||||||
Recent Developments
Royce Focus Trust, Inc. (Nasdaq: FUND) has declared a quarterly distribution of $0.10 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on March 23, 2012 to stockholders of record at the close of business on March 6, 2012 (ex-dividend on March 2, 2012). The price of shares issued for reinvestment will be determined on March 13, 2012. Royce Focus Trust currently has a quarterly distribution policy for Common Stockholders, at the annual rate of 5%.
Royce Focus Trust, Inc. has declared a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on March 23, 2012 to stockholders of record at the close of business on March 6, 2012 (ex-dividend March 2, 2012).
Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (Nasdaq - FUND) and whose shares of 6.00% Cumulative Preferred Stock are listed and traded on the NYSE (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities.
Daily net asset values (NAVs) for Royce Focus Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XFUNX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.roycefunds.com.
John D. Diederich, 212-355-7311