Francis Gannon
About Francis Gannon
Francis D. Gannon is Vice President of Royce Global Trust, Inc. and Co‑Chief Investment Officer (Managing Director) at Royce Investment Partners; he has served as an officer of the Fund since 2014 and has been employed by Royce since September 2006. Age: 57. Education: bachelor’s and master’s degrees from Boston College. He previously served as Chief Investment Strategist and Portfolio Manager at AIG SunAmerica Asset Management. Years at Royce: 19; industry experience: ~32 years. These roles tie him to small‑cap value execution and portfolio oversight across the Royce family.
Fund performance context during his tenure (indicative of team execution rather than individual attribution): as of 9/30/25, RGT average annual total return was 16.93% (NAV) and 16.56% (Market) for 1‑year; 20.40% (NAV) and 20.24% (Market) for 3‑year; 9.18% (NAV) and 8.55% (Market) for 5‑year; 10.20% (NAV) and 10.77% (Market) for 10‑year; YTD was 19.76% (NAV) and 20.78% (Market).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AIG SunAmerica Asset Management | Chief Investment Strategist and Portfolio Manager | — | Led strategy/portfolio management; SunAmerica Growth & Income Fund recognized in “The 100 Best Mutual Funds to Own in America” (4th ed., 2001) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Media/Industry | Regular panelist, “Louis Rukeyser’s Wall Street” | — | Public markets commentary exposure |
| CFA Society New York | Featured speaker (Small‑cap conditions) | 2024–2025 | Multiple appearances/interviews on small‑cap outlook |
Fixed Compensation
- The Fund discloses compensation for Independent Directors only; it does not disclose salaries/bonuses for officers. Officers (including Gannon) are employees of Royce Investment Partners and “are elected by, and serve at the pleasure of, the Board.” No executive officer cash compensation is provided by the Fund’s proxy.
Performance Compensation
- Not disclosed. The proxy contains no officer incentive plan details (no targets, weightings, RSUs/PSUs, options, vesting, or performance metrics) for Fund officers; officers are employees of the adviser (Royce).
Equity Ownership & Alignment
| Holder | Date/Record | Shares | % of Shares Outstanding | Notes |
|---|---|---|---|---|
| Francis D. Gannon | Record Date: 8/5/2025 | 6,910 | ~0.11% | 6,910 / 6,519,010 shares outstanding (derived) |
| Directors & Officers (all, 12 persons) | Record Date: 8/5/2025 | ~1.35% | 1.35% | Aggregate beneficial ownership |
| Shares Outstanding | Record Date: 8/5/2025 | 6,519,010 | 100.00% | Total common shares outstanding |
- Section 16 filing compliance: the Fund believes all officers/directors complied with Forms 3/4/5 in the most recent fiscal year.
Insider Transactions (Trading Pressure Signal)
| Date | Type | Shares | Price | Proceeds | Holdings After |
|---|---|---|---|---|---|
| 06/30/2025 | Sale (Open Market) | 7,214 | $11.92 | $85,990 | 0 |
- Note: The Form 4 shows 0 shares after the 6/30 sale, while the proxy later shows 6,910 shares beneficially owned as of 8/5/2025. The discrepancy may reflect subsequent acquisitions or reporting scope; continued monitoring of Section 16 filings is warranted.
5% Holders (Context for Alignment/Control)
| Beneficial Owner | Shares | % |
|---|---|---|
| Charles M. Royce | 1,057,001 | 16.21% |
| Raymond James & Associates (13G/A) | 529,593 | 8.5% |
| Morgan Stanley/MSSB (13G) | 424,721 | 6.50% |
| Cede & Co. (record holder) | 6,394,031 | 98.08% (record) |
Employment Terms
- Officers are elected annually by the Board and serve at the Board’s pleasure; no employment agreements, severance, non‑compete, or change‑of‑control terms for officers are disclosed by the Fund.
- The Fund does not maintain a standing compensation committee; Independent Directors review their compensation annually (board fees).
Fund Performance Reference (Execution Context)
| Metric | As of | NAV | Market |
|---|---|---|---|
| Average Annual Total Return – YTD (not annualized) | 09/30/2025 | 19.76% | 20.78% |
| Average Annual Total Return – 1 Year | 09/30/2025 | 16.93% | 16.56% |
| Average Annual Total Return – 3 Year | 09/30/2025 | 20.40% | 20.24% |
| Average Annual Total Return – 5 Year | 09/30/2025 | 9.18% | 8.55% |
| Average Annual Total Return – 10 Year | 09/30/2025 | 10.20% | 10.77% |
Governance Notes (for context)
- Gannon is an officer (Vice President) of the Fund and Co‑CIO at the adviser; he is not a director of RGT (committee roles and director retainers relate to Independent Directors).
- Audit Committee comprised of Independent Directors; no standing compensation committee; Nominating Committee composed of Independent Directors.
Investment Implications
- Pay-for-performance visibility is low: The Fund provides no officer compensation details (cash or equity); incentives are set at the adviser level (Royce), reducing direct line-of-sight into Gannon’s personal pay metrics or vesting that could create selling pressure. Monitor adviser disclosures and any Item 5.02 8-Ks for changes.
- Alignment signals are mixed: A 6/30/25 open‑market sale of 7,214 shares to zero holdings suggests potential near‑term selling pressure or liquidity needs; however, the proxy later shows 6,910 shares beneficially owned as of 8/5/25, indicating subsequent ownership. Continue to track Form 4 filings for consistency and trend.
- Tenure/supports continuity: Long service at Royce (since 2006) and ongoing Co‑CIO role suggests stability in investment approach that has coincided with strong recent Fund returns (e.g., 1‑ and 3‑year through 9/30/25), though attribution is to the broader team rather than an individual.
- No red flags on pledging/clawbacks/severance in Fund disclosures: The proxy does not disclose pledging by officers, clawback provisions, or severance/CIC economics for officers—reducing known contractual risk, but also limiting transparency on retention incentives.
Key monitoring items: subsequent Section 16 filings by Gannon; any adviser-level (Royce) compensation framework disclosures tied to Fund/strategy performance; additional proxy detail on officer holdings; and ongoing Fund return and discount dynamics that may influence insider behavior.