Royce Small-Cap Trust

RVT • NYSE

Royce Small-Cap Trust is a publicly traded company on NYSE. As of Q3 2025, 184 institutional investors hold shares in this company, with total holdings valued at $516.0M. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $94.0M.

Websiteroyceinvest.com

Overview

Overview of institutional ownership in RVT as of Q3 2025

All Institutions

Institutions: 184
Value Held: $516.0M
Shares Held: 32.0M
Avg Position: $2.8M
Median Position: $337.1K

Hedge Funds

Hedge Funds: 9
Value Held: $38.2M
Shares Held: 2.4M
Avg Position: $4.2M
Median Position: $722.8K

Biggest Investors

Institutions with the largest positions in RVT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$94.0M 0.01% of portfolio	0.00% 5.8M shares	Q4 2022 Held for 2y 11m	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$92.5M 0.01% of portfolio	0.00% 5.7M shares	Q4 2022 Held for 2y 11m	$1.65T
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$46.1M 0.01% of portfolio	0.00% 2.9M shares	Q4 2024 Held for 11 months	$310.43B
L LPL Financial LLC Institution	-	$33.3M 0.01% of portfolio	0.00% 2.1M shares	Q4 2022 Held for 2y 11m	$340.07B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$28.2M 0.01% of portfolio	0.00% 1.7M shares	Q1 2025 Held for 8 months	$488.50B
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	Boaz Ronald Weinstein Founder	$22.6M 0.76% of portfolio	0.00% 1.4M shares	Q3 2025 Held for 2 months	$3.0B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$12.6M 0.01% of portfolio	0.00% 784.0K shares	Q4 2022 Held for 2y 11m	$109.37B
UBS Group AG Institution	Sergio P. Ermotti CEO	$11.2M 0.00% of portfolio	0.00% 693.6K shares	Q4 2022 Held for 2y 11m	$511.54B
C Cornerstone Advisors, LLC Institution	Joshua Grant Bradshaw CEO	$11.1M 0.36% of portfolio	0.00% 685.5K shares	Q2 2025 Held for 5 months	$3.0B
W Waterfront Wealth Inc. RIA/Wealth	Roger Carter Ratzlaff CEO	$10.8M 2.22% of portfolio	0.00% 679.1K shares	Q4 2022 Held for 2y 11m	$486.1M

Net Capital Flow

Institutional buying and selling activity for RVT in Q3 2025

Traded: +$31.2M
Buyers: 101
Sellers: 55
Total Bought: +$67.3M
Total Sold: −$36.1M
Avg Position: $2.6M

Biggest Buyers

Institution	Net Bought	Current Position
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	+$22.6M +1.4M shares	$22.6M 1.4M shares
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	+$9.4M +584.0K shares	$9.6M 596.8K shares
C Cornerstone Advisors, LLC Institution	+$9.1M +566.6K shares	$11.1M 685.5K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	+$8.9M +-6.2K shares	$8.9M 549.9K shares
W Waterfront Wealth Inc. RIA/Wealth	+$3.1M +197.7K shares	$10.8M 679.1K shares
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC RIA/Wealth	+$1.1M +71.2K shares	$9.1M 563.4K shares
T TrueMark Investments, LLC Institution	+$1.1M +69.0K shares	$1.1M 69.0K shares
Cetera Investment Advisers RIA/Wealth	+$922.7K +57.2K shares	$1.5M 93.5K shares
WJ Financial Advisors LLC RIA/Wealth	+$867.8K +53.8K shares	$867.8K 53.8K shares
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Hedge Fund•Market Neutral	+$845.7K +52.4K shares	$1.7M 104.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF AMERICA CORP /DE/ Institution	−$7.5M −465.0K shares	$94.0M 5.8M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$5.2M −319.3K shares	$46.1M 2.9M shares
Shaker Financial Services, LLC RIA/Wealth	−$4.8M −295.4K shares	$4.7M 289.7K shares
MORGAN STANLEY RIA/Wealth	−$4.5M −276.0K shares	$92.5M 5.7M shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	−$3.0M −187.9K shares	$722.8K 44.8K shares
Advisors Asset Management, Inc. ETF Provider	−$2.6M −158.8K shares	$5.4M 336.8K shares
WELLS FARGO & COMPANY/MN Institution	−$1.7M −108.4K shares	$28.2M 1.7M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$1.2M −78.0K shares	Sold Off 0 shares
SeaCrest Wealth Management, LLC RIA/Wealth	−$875.4K −58.2K shares	Sold Off 0 shares
J JANE STREET GROUP, LLC Institution	−$776.3K −51.6K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited RVT in Q3 2025

New Positions: 16
New Value: $12.1M
Exited Positions: 15
Exited Value: $4.2M

New Positions

Institution	Position Value
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$8.9M 549.9K shares
T TrueMark Investments, LLC Institution	$1.1M 69.0K shares
WJ Financial Advisors LLC RIA/Wealth	$867.8K 53.8K shares
LEUCADIA NATIONAL CORP Institution	$586.5K 36.4K shares
S SPIREPOINT PRIVATE CLIENT, LLC RIA/Wealth	$336.5K 20.9K shares
ENDEAVOR PRIVATE WEALTH, INC. RIA/Wealth	$196.9K 12.2K shares
Sound Income Strategies, LLC RIA/Wealth	$50.8K 3.2K shares
Westfuller Advisors, LLC RIA/Wealth	$28.5K 1.8K shares
Pacifica Partners Inc. RIA/Wealth	$17.7K 1.1K shares
E EASTERN BANK Institution	$13.5K 838.0 shares

Exited Positions

Institution	Previous Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.2M 78.0K shares
SeaCrest Wealth Management, LLC RIA/Wealth	$875.4K 58.2K shares
J JANE STREET GROUP, LLC Institution	$776.3K 51.6K shares
A ATRIA INVESTMENTS LLC Institution	$486.7K 32.3K shares
E ELEQUIN CAPITAL LP Hedge Fund•Multi-Strategy	$441.3K 29.3K shares
Parisi Gray Wealth Management RIA/Wealth	$185.9K 12.4K shares
LaFleur & Godfrey, Inc. RIA/Wealth	$154.2K 10.2K shares
C Colonial Asset Management, Inc. RIA/Wealth	$52.8K 3.5K shares
McIlrath & Eck, LLC RIA/Wealth	$42.0K 2.8K shares
$US BANCORP \DE\ logo$ US BANCORP \DE\ Institution	$11.9K 790.0 shares

Options Activity

Institutions with the largest Call and Put options positions in RVT as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with RVT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
W Waterfront Wealth Inc. RIA/Wealth	Roger Carter Ratzlaff CEO	2.22% $10.8M	0.00% 679.1K shares	Q4 2022 Held for 2y 11m	$486.1M
Shaker Financial Services, LLC RIA/Wealth	Kathryn Shaker Baummer Partner	1.60% $4.7M	0.00% 289.7K shares	Q4 2022 Held for 2y 11m	$291.6M
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC RIA/Wealth	Jonathan Miller CEO	1.38% $9.1M	0.00% 563.4K shares	Q4 2022 Held for 2y 11m	$657.4M
I INTREPID FAMILY OFFICE LLC Institution	-	1.36% $1.4M	0.00% 86.3K shares	Q2 2025 Held for 5 months	$102.3M
WJ Financial Advisors LLC RIA/Wealth	Wallace Clifford Jones President	0.84% $867.8K	0.00% 53.8K shares	Q3 2025 Held for 2 months	$103.1M
S Saba Capital Management, L.P. Hedge Fund•Multi-Strategy	Boaz Ronald Weinstein Founder	0.76% $22.6M	0.00% 1.4M shares	Q3 2025 Held for 2 months	$3.0B
Comprehensive Money Management Services LLC RIA/Wealth	Donald Ray Rice Chairman	0.64% $908.8K	0.00% 56.3K shares	Q4 2024 Held for 11 months	$141.3M
RIVERNORTH CAPITAL MANAGEMENT, LLC Hedge Fund•Multi-Strategy	Patrick William Galley CEO	0.58% $9.6M	0.00% 596.8K shares	Q2 2025 Held for 5 months	$1.7B
RB Capital Management, LLC RIA/Wealth	Robert William Ballan Managing Partner	0.58% $2.7M	0.00% 165.8K shares	Q4 2022 Held for 2y 11m	$460.3M
Cypress Capital Management LLC RIA/Wealth	Matthew Mcgregor Ebzery Managing Partner	0.53% $524.6K	0.00% 32.5K shares	Q3 2025 Held for 2 months	$99.4M

Hedge Fund Spotlight

Discover hedge funds investing in RVT

WOLVERINE ASSET MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerChristopher Lazarus Gust

Portfolio Value: $1.5B
Positions: 859
Last Reported: Q3 2025

Sector Allocation

Position in Royce Small-Cap Trust

Market Value: $2.3M
Shares Held: 144.5K
Portfolio Weight: 0.16%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 BTSGU BrightSpring Health Services BTSGU	Medical - Healthcare Information Services Healthcare	$56.2M	3.82%
2 iShares Bitcoin Trust IBIT	ETF ETF	$36.0M	2.45%
3 AAM AA Mission Acquisition Corp. AAM	Unknown Unknown	$26.9M	1.83%

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