 Royce Focus Trust Announces Performance Data &
Portfolio Composition as of May 31, 2009
Royce & Associates, Inc.
New York, June 18, 2009 -- Royce Focus Trust (FUND)
-- Invests in a limited number of small-cap companies using a value approach
-- Average weekly trading volume of approximately 194,000 shares
-- Fund's adviser has more than 30 years of small- and micro-cap investment experience
Closing Prices - May 31, 2009
NAV $ 5.69
MKT $ 5.15
Total Return Performance
| Periods ended May 31, 2009 |
NAV |
MKT |
| 1 Month* |
12.90% |
4.04% |
| Year to Date* |
22.35 |
14.59 |
| One-Year |
-34.90 |
-42.77 |
| Three-Year Average Annual |
-5.77 |
-9.47 |
| Five-Year Average Annual |
4.80 |
4.00 |
| 10-Year Average Annual |
10.18 |
10.59 |
*Not Annualized
Portfolio Diagnostics
| Wtd. Average Market Cap: |
$9,733 million |
| Wtd. Average P/E Ratio: |
11.6x* |
| Wtd. Average P/B Ratio: |
1.8x |
| Wtd. Average Portfolio Yield: |
1.7% |
| Net Assets Attributable to Common Stock: |
$138 million |
| Net Leverage: |
0 |
* The Fund's P/E ratio calculation excludes 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. Kennedy-Wilson Conv. |
6.7% |
| 2. Reliance Steel & Aluminum |
3.4 |
| 3. Sims Metal Mgmt. ADR |
3.3 |
| 4. Silver Standard Resources |
3.2 |
| 5. Unit Corporation |
3.0 |
| 6. Pan American Silver |
2.9 |
| 7. Knight Capital Group Cl. A |
2.7 |
| 8. Ensign Energy Services |
2.7 |
| 9. Mosaic Company |
2.4 |
| 10. Alamos Gold |
2.0 |
| Top Five Industries |
% of Net Assets |
| 1. Natural Resources |
30% |
| 2. Industrials Products |
24 |
| 3. Consumer Products |
10 |
| 4. Financial Services |
9 |
| 5. Technology |
7 |
Recent Developments
On May 19, 2009, the Board of Directors of Royce Focus Trust suspended the Fund’s 5% quarterly distribution policy for Common Stockholders in light of current market conditions and other factors. The Fund intends the suspension to continue until such time as it can again regularly distribute net realized gains, which should occur after it has utilized the Fund’s capital loss carryforwards. Until such time, the Fund will distribute any net investment income on an annual basis in December.
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 June 23, 2009 to stockholders of record at the close of business on June 8, 2009 (ex-dividend June 4, 2009).
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 as least 75% 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.
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