Exploring the Strategic Moves of Royce International Premier Fund (Trades, Portfolio) in Q3 2024

Royce International Premier Fund (Trades, Portfolio) recently submitted the N-PORT filing for the third quarter of 2024, providing insights into its investment moves during this period. The Royce International Premier Fund (Trades, Portfolio) focuses on a limited number of "premier" non-U.S. small-cap companies (generally market caps up to $5 billion) with discernible competitive advantages, high returns on invested capital, and sustainable, moat-like franchises. The fund seeks to build a portfolio of very high-quality, world-class businesses–those that are a-cyclical growers, can generate plentiful free cash, and have a genuine and defensible moat. The fund looks for companies with notable strengths in industry structure, competitive positioning, operational efficiency, financial track record, and corporate governance.

Summary of New Buy

Royce International Premier Fund (Trades, Portfolio) added a total of 5 stocks, among them:

• The most significant addition was Dexerials Corp (TSE:4980, Financial), with 141,300 shares, accounting for 0.84% of the portfolio and a total value of ¥2,005,250 million.
• The second largest addition to the portfolio was Schott Pharma AG & CO KGaA (XTER:1SXP, Financial), consisting of 47,929 shares, representing approximately 0.68% of the portfolio, with a total value of €1,635,630.
• The third largest addition was Optima Health PLC (LSE:OPT, Financial), with 750,707 shares, accounting for 0.63% of the portfolio and a total value of £1,505,490.

Key Position Increases

Royce International Premier Fund (Trades, Portfolio) also increased stakes in a total of 5 stocks, among them:

• The most notable increase was Johns Lyng Group Ltd (ASX:JLG, Financial), with an additional 654,762 shares, bringing the total to 2,006,793 shares. This adjustment represents a significant 48.43% increase in share count, a 0.71% impact on the current portfolio, with a total value of A$5,188,820.
• The second largest increase was Karnov Group AB (OSTO:KAR, Financial), with an additional 98,597 shares, bringing the total to 701,089. This adjustment represents a significant 16.36% increase in share count, with a total value of kr5,629,790.

Summary of Sold Out

Royce International Premier Fund (Trades, Portfolio) completely exited 10 of the holdings in the third quarter of 2024, as detailed below:

• Learning Technologies Group PLC (LSE:LTG, Financial): Royce International Premier Fund (Trades, Portfolio) sold all 5,709,486 shares, resulting in a -1.99% impact on the portfolio.
• Loomis AB (OSTO:LOOMIS, Financial): Royce International Premier Fund (Trades, Portfolio) liquidated all 186,404 shares, causing a -1.59% impact on the portfolio.

Key Position Reduces

Royce International Premier Fund (Trades, Portfolio) also reduced positions in 36 stocks. The most significant changes include:

• Reduced Open Text Corp (TSX:OTEX, Financial) by 91,227 shares, resulting in a -46.32% decrease in shares and a -0.89% impact on the portfolio. The stock traded at an average price of C$43.04 during the quarter and has returned 4.19% over the past 3 months and -17.66% year-to-date.
• Reduced Hansen Technologies Ltd (ASX:HSN, Financial) by 858,703 shares, resulting in a -32.2% reduction in shares and a -0.85% impact on the portfolio. The stock traded at an average price of A$4.4 during the quarter and has returned 27.92% over the past 3 months and 12.19% year-to-date.

Portfolio Overview

At the third quarter of 2024, Royce International Premier Fund (Trades, Portfolio)'s portfolio included 55 stocks. The top holdings included 2.61% in NICE Information Service Co Ltd (XKRX:030190, Financial), 2.49% in Hansen Technologies Ltd (ASX:HSN), 2.47% in Maruwa Co Ltd (TSE:5344, Financial), 2.46% in Carel Industries SpA (MIL:CRL, Financial), and 2.45% in Intertek Group PLC (LSE:ITRK, Financial).

The holdings are mainly concentrated in 8 of all the 11 industries: Technology, Industrials, Financial Services, Healthcare, Basic Materials, Consumer Cyclical, Communication Services, and Energy.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.