Francis D. Gannon
About Francis D. Gannon
Francis D. Gannon serves as Vice President of Royce Micro-Cap Trust, Inc. (RMT) and is Co‑Chief Investment Officer and a Managing Director of Royce Investment Partners; he has been an officer of the Fund since 2014 and has been employed by Royce since September 2006. He was 57 years old in the 2025 proxy disclosure. As of the 2025 record date, he beneficially owned 5,539 RMT shares (up from 5,099 in 2024 and none in 2023), while directors and officers as a group owned less than 1% of outstanding shares. Fund performance at 9/30/2025 showed 1‑Year NAV total return of 17.78% and market total return of 17.28%.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Royce Investment Partners | Co‑Chief Investment Officer | 2014–present | Not disclosed in proxies |
| Royce Investment Partners | Managing Director | 2006–present | Not disclosed in proxies |
| Royce Micro‑Cap Trust, Inc. | Vice President (Fund Officer) | 2014–present | Officer elected annually; serves at pleasure of the Board |
External Roles
No external directorships or outside roles for Francis D. Gannon are disclosed in RMT’s proxies.
Fixed Compensation
RMT’s proxies disclose director compensation but do not disclose officer compensation elements (e.g., base salary, target bonus) for Fund officers (who are employees of the adviser).
| Fixed Pay Element | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | Not disclosed | Not disclosed | Not disclosed |
| Target Bonus (%) | Not disclosed | Not disclosed | Not disclosed |
| Actual Bonus Paid ($) | Not disclosed | Not disclosed | Not disclosed |
Performance Compensation
RMT’s proxies do not disclose performance‑based incentive structures (RSUs/PSUs, options, performance metrics, vesting) for Fund officers.
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| RSUs/PSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Stock Options | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Annual Bonus | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not applicable |
Equity Ownership & Alignment
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Shares Beneficially Owned (#) | 0 | 5,099 | 5,539 |
| Shares Outstanding (#) | 48,641,448 | 50,682,110 | 52,592,863 |
| Ownership as % of Shares Outstanding (%) | 0.0000% | 0.0101% (5,099/50,682,110) | 0.0105% (5,539/52,592,863) |
| Vested vs. Unvested Shares | Not disclosed | Not disclosed | Not disclosed |
| Options (Exercisable/Unexercisable) | Not disclosed | Not disclosed | Not disclosed |
| Shares Pledged as Collateral | Not disclosed (no pledging disclosure found in proxies) | ||
| Stock Ownership Guidelines | Not disclosed in proxies | ||
| Section 16 Compliance | Fund states officers complied for the fiscal year | Fund states officers complied for the fiscal year | Fund states officers complied for the fiscal year |
Employment Terms
| Term | Disclosure |
|---|---|
| Fund Officer Status | Officers are elected annually by, and serve at the pleasure of, the Board |
| Officer of Fund Since | 2014 |
| Employment Start Date at Adviser | Employed by Royce since September 2006 |
| Contract Term/Expiration | Not disclosed |
| Non‑compete / Non‑solicit | Not disclosed |
| Severance / Change‑of‑Control | Not disclosed |
| Clawback Provisions | Not disclosed |
| Tax Gross‑ups | Not disclosed |
| Deferred Compensation / Pension | Not disclosed |
Performance & Track Record
| Metric | 10‑Year | 5‑Year | 3‑Year | 1‑Year | YTD | One‑Month |
|---|---|---|---|---|---|---|
| Total Return (NAV, %) | 12.28 | 14.07 | 19.01 | 17.78 | 13.76 | 3.76 |
| Total Return (Market, %) | 12.65 | 15.48 | 19.13 | 17.28 | 13.09 | 3.93 |
| Closing Price (as of 09/30/25) | NAV: $11.77 | Market: $10.39 | ||||
| Net Assets | $623.1 million (as of 09/30/25) |
Note: RMT is a closed‑end fund; compensation metrics like “revenue growth” and “EBITDA growth” are not applicable at the fund level; investor assessment typically focuses on NAV and market total returns.
Risk Indicators & Red Flags
- No officer‑specific legal proceedings, investigations, option repricings, or related‑party transactions involving Francis D. Gannon are disclosed in RMT proxies reviewed.
- Section 16 filings: Fund reports compliance by officers for the most recent fiscal year in each proxy reviewed, which implies timely reporting of any insider transactions.
- Fund‑level governance litigation around the Maryland Control Share Acquisition Act is disclosed, but not tied to Francis D. Gannon individually.
Investment Implications
- Alignment: Direct ownership is modest (~0.0105% of shares outstanding in 2025), increasing from zero in 2023 to 5,539 shares by 2025; no pledging or ownership‑guideline disclosures are present, limiting assessment of stronger alignment signals.
- Retention/contract risk: Officers serve at the pleasure of the Board and no employment/severance/change‑of‑control terms are disclosed, which reduces transparency into retention economics and downside protections.
- Performance context: RMT’s 1‑year and multi‑year NAV/market returns are solid as of 9/30/25, supporting the investment team’s execution backdrop; however, absent disclosed pay‑for‑performance structures, it’s unclear how individual incentives link to fund outcomes.
- Trading signals: With Section 16 compliance reported and no 5.02 executive 8‑K events found in proxies, there are no officer‑specific selling‑pressure or transition signals evident from Fund filings; ongoing monitoring of Form 4 filings remains prudent.