Royce Micro-Cap Trust, INC.: insider trades · United States · SEC (Form 4)

About Royce Micro-Cap Trust, INC.

Royce Micro-Cap Trust, Inc. (NYSE: RMT) is a U.S.-listed closed-end investment company focused on micro-cap equities. For international investors, it is best understood not as an operating company but as a listed asset-management vehicle providing concentrated exposure to the very small end of the U.S. equity market. The fund has been in operation since December 14, 1993, and is part of the Royce platform, which has long been associated with disciplined, value-oriented investing in small and micro-cap stocks. The fund’s core mandate is long-term capital growth. It seeks this by investing primarily in equity securities of micro-cap companies, defined in its recent materials as businesses whose market capitalization is not greater than that of the largest company in the Russell Microcap Index at the time of the most recent reconstitution. In practical terms, RMT is designed to access a broad and diversified universe of lesser-followed U.S. companies where mispricing, research gaps, and balance-sheet discipline can create attractive opportunity sets. The portfolio approach combines multiple investment themes and emphasizes companies with strong fundamentals and/or securities that Royce believes trade below intrinsic value. From a competitive standpoint, RMT occupies a relatively unique niche. It is one of the only closed-end funds dedicated to micro-cap stocks, which makes it an uncommon structure for investors seeking specialist exposure to this segment. That specialization can be a strength, because direct access to micro-caps is difficult and often costly to replicate. However, it also means the fund is inherently more sensitive to small-cap volatility, market liquidity conditions, and the discount/premium dynamics that are common in closed-end funds. The fund explicitly notes that its shares may trade at a discount to net asset value, an important consideration for valuation and trading analysis. Royce Micro-Cap Trust is headquartered at One Madison Avenue, New York, New York 10010, United States, and its shares are listed and traded on the NYSE. Recent fund materials show a diversified sector mix with meaningful exposure to Industrials, Information Technology, Financials, Health Care, and Consumer Discretionary. The adviser highlights more than 50 years of small- and micro-cap investing experience, reinforcing the fund’s specialist positioning. The latest public updates through late 2025 and early 2026 indicate ongoing active management, quarterly distributions, and continued emphasis on long-term relative performance versus the Russell Microcap benchmark. For French-speaking investors, RMT can therefore be viewed as a niche U.S. NYSE-listed micro-cap solution with a long track record, a clearly defined value discipline, and a structure that warrants attention to NAV discount/premium behavior.