Royce & Associates Portfolio holdings
Royce & Associates, which does business as Royce Investment Partners, is a small-cap specialist whose main business is investing in smaller companies' stocks. Charles Royce, who began his career as a Wall Street equity analyst in the 1960s, started managing its flagship fund, Royce Small-Cap Fund, in 1972. The firm picks stocks from the bottom up, studying balance sheet strength, cash flow and returns on invested capital. In 1991 it launched a more concentrated fund and the widely diversified Royce Micro-Cap Fund. Royce joined Legg Mason in 2001, adopted the Royce Investment Partners name in December 2019, and is a subsidiary of Franklin Resources.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Saia
SAIA
|
+$30.5M |
| 2 |
TriMas Corp
TRS
|
+$29.5M |
| 3 |
Aaon
AAON
|
+$23.2M |
| 4 |
Warrior Met Coal
HCC
|
+$18.8M |
| 5 |
Lincoln Educational Services
LINC
|
+$16.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CBIZ
CBZ
|
+$47.8M |
| 2 |
Arcosa
ACA
|
+$42.9M |
| 3 |
Bio-Techne
TECH
|
+$37.3M |
| 4 |
AMERISAFE
AMSF
|
+$26.7M |
| 5 |
Luxfer Holdings
LXFR
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 26.08% |
| 2 | Technology | 18.2% |
| 3 | Financials | 14.67% |
| 4 | Consumer Discretionary | 13.08% |
| 5 | Healthcare | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
201
Varex Imaging
VREX
$783M
| $18.1M | 0.17% |
980,958
+108,165
| +12% | +$1.66M |
2017 Q1
38 quarters
|
|
202
Kontoor Brands
KTB
$4.52B
| $18.1M | 0.16% |
286,826
-2,343
| -0.8% | -$182K |
2020 Q4
23 quarters
|
|
203
M-tron Industries
MPTI
$280M
| $18M | 0.16% |
229,507
+72,912
| +47% | +$5.91M |
2026 Q1
2 quarters
|
|
204
Flowco Holdings
FLOC
$930M
| $17.9M | 0.16% |
989,909
+422,059
| +74% | +$8.75M |
2025 Q2
5 quarters
|
|
205
Metallus
MTUS
$723M
| $17.8M | 0.16% |
935,197
-53,237
| -5% | -$1.05M |
2021 Q1
22 quarters
|
|
206
Target Hospitality
TH
$1.01B
| $17.7M | 0.16% |
898,625
+374,684
| +72% | +$6.69M |
2025 Q4
3 quarters
|
|
207
SandRidge Energy
SD
$467M
| $17.5M | 0.16% |
1,298,749
-101,818
| -7% | -$1.42M |
2024 Q2
9 quarters
|
|
208
nLIGHT
LASR
$2.56B
| $17.5M | 0.16% |
449,433
-57,539
| -11% | -$3.09M |
2018 Q2
33 quarters
|
|
209
inTEST
INTT
$178M
| $17.5M | 0.16% |
1,477,991
+128,095
| +9% | +$1.64M |
2022 Q4
15 quarters
|
|
210
FIVE9
FIVN
$2.07B
| $17.3M | 0.16% |
509,918
+24,056
| +5% | +$730K |
2026 Q2
1 quarter
|
|
211
Marten Transport
MRTN
$981M
| $17.3M | 0.16% |
1,339,903
-54,987
| -4% | -$830K |
2025 Q4
3 quarters
|
|
212
Dime Commercial Bancshares
DCOM
$1.85B
| $17.3M | 0.16% |
439,078
+11,211
| +3% | +$453K |
2022 Q3
16 quarters
|
|
213
Chewy
CHWY
$9.19B
| $17.3M | 0.16% |
948,048
+556,971
| +142% | +$12.1M |
2026 Q2
1 quarter
|
|
214
Concentra Group Holdings
CON
$5.4B
| $17.3M | 0.16% |
501,174
-26,678
| -5% | -$892K |
2024 Q4
7 quarters
|
|
215
FTAI Aviation
FTAI
$19.2B
| $17.2M | 0.16% |
102,960
-6,662
| -6% | -$1.36M |
2022 Q2
17 quarters
|
|
216
Viant Technology
DSP
$261M
| $17.1M | 0.16% |
1,392,004
+320,781
| +30% | +$4M |
2022 Q4
15 quarters
|
|
217
Helios Technologies
HLIO
$1.57B
| $16.9M | 0.15% |
249,145
-3,054
| -1% | -$232K |
2013 Q2
53 quarters
|
|
218
Gentherm
THRM
$1.62B
| $16.8M | 0.15% |
505,462
-87,733
| -15% | -$3.4M |
2025 Q4
3 quarters
|
|
219
Varonis Systems
VRNS
$5.66B
| $16.8M | 0.15% |
353,982
-30,434
| -8% | -$1.36M |
2026 Q2
1 quarter
|
|
220
Amplitude
AMPL
$2.15B
| $16.8M | 0.15% |
1,211,654
+160,678
| +15% | +$1.86M |
2026 Q2
1 quarter
|
|
221
Axsome Therapeutics
AXSM
$7.42B
| $16.6M | 0.15% |
89,761
-1,280
| -1% | -$278K |
2024 Q1
10 quarters
|
|
222
Oppenheimer Holdings
OPY
$976M
| $16.5M | 0.15% |
139,822
-30,254
| -18% | -$3.5M |
2024 Q4
7 quarters
|
|
223
Materion
MTRN
$4.2B
| $16.5M | 0.15% |
61,034
-18,496
| -23% | -$4.64M |
2025 Q3
4 quarters
|
|
224
NCR Atleos
NATL
$3.56B
| $16.3M | 0.15% |
360,630
-31,713
| -8% | -$1.47M |
2024 Q3
8 quarters
|
|
225
StoneX
SNEX
$6.84B
| $16.3M | 0.15% |
251,455
-12,556
| -5% | -$892K |
2013 Q2
53 quarters
|
|
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Royce & Associates's Q3 2026 Portfolio in Review
As of Q3 2026, Royce & Associates held 826 positions worth $11B, down 12% from $12.4B the previous quarter. Its ten largest holdings account for 8.7% of the portfolio.
Royce & Associates withdrew a net $374M in Q3 2026, closing 45 positions and reducing 304 holdings. Its most notable exit was AMERISAFE, an estimated $26.7M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 26% of assets, down from 28% a quarter earlier, followed by Technology and Financials.
Against the trend, Royce & Associates opened a new position in TriMas Corp worth $28.7M.
- Royce & Associates's largest Q3 2026 buy was TriMas Corp: 743,259 shares worth $28.7M.
- Royce & Associates added most to Saia in Q3 2026, an estimated $30.5M increase.
- Royce & Associates's biggest Q3 2026 reduction was CBIZ, cutting an estimated $47.8M.
- Royce & Associates fully exited AMERISAFE in Q3 2026, selling an estimated $26.7M.
- Royce & Associates's ten largest holdings make up 8.7% of its $11B portfolio in Q3 2026.
- Royce & Associates opened 79 new positions and closed 45 in Q3 2026.
- Royce & Associates's portfolio value fell 12% quarter-over-quarter to $11B.
Based on Royce & Associates's 13F filing for Q3 2026, filed 9 Nov 2026.