Interesting figures from Royce

Message ID: 162582
Posted By: mersenne137
Posted On: 2004-08-03 16:32:00
Subject: Interesting figures from Royce

Cohen's RYTVX fund has published partial July 31 results
roycefunds.com/funds/technologyValue_frame.html

These show some major shifts in position. Consistent price/share/ratio in three stocks SFA, IUSA, SONE indicate that the total Assets of RYTVX have shrunk to 39MM (down from 68 at Q1 and 54 at Q2)
Total shares have shrunk to 6.2 MM down from 8.6 at Q1 and 6.8 at Q2.

Decreased ownership is pronounced in CYBS, PEGA, ECLP, PCTI. Total cash is up to 10% representing liquidated positions.

SCOX price/share/assets calculation indicate that SCOx ownership probably dropped from 450K to 406K. If this is correct, then this represents the first sell of SCOX by Royce.

Message ID: 162600
Posted By: heimdal31
Posted On: 2004-08-03 16:48:00
Subject: Re: Interesting figures from Royce

<< SCOX price/share/assets calculation indicate that SCOx ownership probably dropped from 450K to 406K. If this is correct, then this represents the first sell of SCOX by Royce.>>

Actually, I thought that the RYTVX had transferred to other Royce family funds back at the end of 2003? Could be wrong on that, but I thought that was what we had determined by looking at the numbers.

Or do you mean that the overall Royce family has sold? If so, then this would be the first time.

Message ID: 162614
Posted By: mersenne137
Posted On: 2004-08-03 17:04:00
Subject: Re: Interesting figures from Royce

replying to Heimdal>>
< SCOX price/share/assets calculation indicate that SCOx ownership probably dropped from 450K to 406K. If this is correct, then this represents the first sell of SCOX by Royce. >>

>> Actually, I thought that the RYTVX had transferred to other Royce family funds back at the end of 2003? Could be wrong on that, but I thought that was what we had determined by looking at the numbers.<<

Total Royce family ownership is 1.7 MM, the Cohen fund has 450 K shares of that total. Activity in the larger Royce funds cannot be detected because the relative position is too small. Royce has submitted a 13/A SEC document in Feb 04, but does not track the later change from 1.6 MM to 1.7 MM total shares. Institutional positions for Q2 (June 30) are due no later than Aug 15, they have not been updated yet.

The RYTVX fund has a 4.8% position in SCOX at 7/31/04. Assuming total fund assets of 39 MM that is: 39M*0.048/ $4.54 = 406K. The assumption about total fund assets is based on a similar calculation for other issues:
shares*price/%ofassets = Total assets. A number of these converge at 39 MM, indicating that is the likely total value of assets in RYTVX. In other months this has been stated explicitly on the report page, but is not in the July statement, where the June 30 value is given instead.

The texts of these Yahoo Message Board posts have been licensed for copying and distribution by the Yahoo Message Board users "mersenne137", "heimdal31" under the following license: License: CCL Attribution-NonCommercial-ShareAlike v2.0.