PAHQX — Royce Special Equity Fund
Data updated: 2026-08-11
PAHQX — Royce Special Equity Fund. United States Small Cap Value Equity · $478.71M AUM · 1.49% expense ratio. Holdings, fees, performance and SEC filings.
PAHQX Fund Overview
PAHQX — Royce Special Equity Fund is a US mutual fund managed by Royce Fund, categorised as United States Small Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Royce Fund
- Category: United States Small Cap Value Equity
- Assets under management: $478.71M
- Ticker: PAHQX
- SEC CIK: 0000709364
- SEC series ID: S000009513
- Share class ID: C000226583
PAHQX Investment Objective and Strategy
Royce Special Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Royce Fund.
Investment objective
Royce Small-Cap Special Equity Funds investment goal is long-term growth of capital.
Principal investment strategy
Royce Investment Partners (Royce), the Funds investment adviser, invests the Funds assets primarily in equity securities of small-cap companies. Small-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000 Index at the time of its most recent reconstitution. The portfolio manager applies an intensive value approach in managing the Funds assets. This approach, which attempts to combine classic value analysis, the identification of good businesses, and accounting cynicism, has its roots in the teachings of Benjamin Graham and Abraham Briloff. The Fund invests at least 80% of its net assets in equity securities of small-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 10% of its net assets (measured at the time of investment) in equity securities of companies headquartered in foreign countries.
The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/ or manage cash levels in the Funds portfolio.
PAHQX Holdings
Top 10 holdings of Royce Special Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fixed Income Clearing Corp. | 25.59% |
| Standard Motor Products Inc | 8.47% |
| Movado Group Inc | 5.93% |
| H&R Block Inc | 4.97% |
| ManpowerGroup Inc | 4.90% |
| Euronet Worldwide Inc | 4.74% |
| Macy's Inc | 4.53% |
| Ennis Inc | 4.42% |
| Sylvamo Corp | 4.06% |
| Ethan Allen Interiors Inc | 3.50% |
PAHQX Portfolio Allocation
Asset-class allocation of Royce Special Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 74.4% |
| Cash & Equivalents | 25.6% |
PAHQX Performance
Total returns for PAHQX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 21.7% |
| 1 year | 34.0% |
| 3 years (annualised) | 10.7% |
| 5 years (annualised) | 8.0% |
PAHQX Risk Information
Risk metrics for PAHQX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.3%
PAHQX Costs and Fees
PAHQX costs about $149 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.49%
- Gross expense ratio: 1.64%
- Portfolio turnover: 12%
- Brokerage commissions: 4.21 bps of average net assets (SEC N-CEN)
PAHQX Cashflows
Over the 12 months to 2026-06, Royce Special Equity Fund had net outflows of $96.04M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$5.02M |
| 2026-05 | −$7.05M |
| 2026-04 | −$8.01M |
| 2026-03 | −$8.01M |
| 2026-02 | −$8.48M |
| 2026-01 | −$5.83M |
PAHQX Debt Constituents
No individual debt constituents are reported in Royce Special Equity Fund's latest SEC N-PORT filing.
PAHQX Prospectus and SEC Filings
Official Royce Special Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2026-08-11
- Portfolio holdings (N-PORT) — filed 2026-05-21
- Portfolio holdings (N-PORT) — filed 2026-02-12
- Annual census (N-CEN) — filed 2026-03-11
- Annual census (N-CEN) — filed 2025-03-06
Related Funds
Other United States Small Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.