Francis D. Gannon
About Francis D. Gannon
Francis D. Gannon is Vice President of Royce Small-Cap Trust (RVT) and Co‑Chief Investment Officer and Managing Director at Royce Investment Partners. He has served as RVT Vice President since 2014 and is age 57 . He holds both bachelor’s and master’s degrees from Boston College and previously served as Chief Investment Strategist and Portfolio Manager at AIG SunAmerica Asset Management, where his SunAmerica Growth & Income Fund was listed in Gene Walden’s “The 100 Best Mutual Funds to Own in America” (2001) . Fund performance context during his tenure: RVT’s long-run NAV total returns as of 9/30/25 were 12.03% (1‑yr), 18.90% (3‑yr), 12.70% (5‑yr), and 11.84% (10‑yr); market total returns were 12.01% (1‑yr), 17.90% (3‑yr), 14.14% (5‑yr), and 12.55% (10‑yr) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Royce Investment Partners | Co‑Chief Investment Officer; Managing Director | 2014–present | Senior investment leadership across The Royce Funds |
| Royce & Associates (Royce Investment Partners) | Portfolio Manager / Principal | 2006–2014 | Contributed to small-cap portfolio construction and performance |
| AIG SunAmerica Asset Management | Chief Investment Strategist; Portfolio Manager | 1993–2006 | SunAmerica Growth & Income Fund recognized in Walden’s “100 Best Mutual Funds” (2001) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Louis Rukeyser’s Wall Street | Regular panelist | Several years (not disclosed) | Visibility and thought leadership in equities commentary |
| CFA Society New York | Speaker (events) | Various (not disclosed) | Practitioner insights on small‑cap investing |
Fixed Compensation
| Item | Status/Amount |
|---|---|
| Base salary | Not disclosed in RVT proxy (officers are elected annually; serve at pleasure of the Board) |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Perquisites | Not disclosed |
| Pension/SERP | Not disclosed |
| Notes | RVT has no standing compensation committee; Independent Directors review their own compensation annually (officer compensation at the adviser is not reported in RVT proxy) |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash incentive | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| RSUs/PSUs | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Options | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Notes | RVT proxy does not disclose adviser officer performance pay frameworks; RVT does not have a compensation committee |
Equity Ownership & Alignment
Beneficial Ownership Trend
| Metric | As of 7/26/2024 | As of 8/5/2025 |
|---|---|---|
| Shares owned (RVT) | 4,079 | 4,448 |
| Shares outstanding (RVT) | 115,346,161 | 119,627,857 |
| Ownership % | 0.0035% (4,079/115,346,161) | 0.0037% (4,448/119,627,857) |
| Vested vs unvested shares | Not disclosed | |
| Shares pledged as collateral | Not disclosed | |
| Stock ownership guideline | Not disclosed | |
| Compliance vs guideline | Not disclosed |
Insider Trading – RVT
| Date | Transaction | Shares | Price | Value | Ownership After |
|---|---|---|---|---|---|
| 2024‑03‑21 | Open‑market purchase | 2,000 | $14.76 | $29,520 | 2,000 |
| 2024‑03‑22 | Open‑market purchase | 2,000 | $14.81 | $29,620 | 4,000 |
| Notes | Summary corroborated by FINVIZ and Fintel insider trackers |
Section 16 Compliance
- RVT reported full compliance with Forms 3/4/5 for officers and directors in the most recent fiscal year .
Employment Terms
| Term | Detail |
|---|---|
| Officer role | Vice President, RVT |
| Officer since | 2014 |
| Election/term | Officers are elected each year by the Board and serve at the pleasure of the Board |
| Employment start at Royce | 2006 (firm tenure) |
| Contract term/expiration | Not disclosed |
| Severance (salary+bonus multiples) | Not disclosed |
| Change‑of‑control (single/double trigger; vesting) | Not disclosed |
| Clawback provisions | Not disclosed |
| Non‑compete / non‑solicit | Not disclosed |
| Garden leave / post‑termination consulting | Not disclosed |
Performance & Track Record (Fund Context)
| Metric (Total Return) | 10‑Year | 5‑Year | 3‑Year | 1‑Year | YTD* | 1‑Month* |
|---|---|---|---|---|---|---|
| RVT NAV (%) | 11.84 | 12.70 | 18.90 | 12.03 | 11.38 | 1.10 |
| RVT Market (%) | 12.55 | 14.14 | 17.90 | 12.01 | 8.17 | 2.22 |
| Notes | As of 9/30/25; *Not annualized |
Investment Implications
- Alignment: Gannon increased his RVT holdings via open‑market purchases (4,000 shares at ~$14.76–$14.81 on 3/21–3/22/24), and held 4,448 shares as of 8/5/25—no pledging or hedging disclosed. This suggests positive alignment and low insider selling pressure specific to RVT .
- Transparency gap (pay-for-performance): RVT proxies do not disclose adviser officer compensation structures, performance metrics, severance/change‑of‑control, or clawbacks; RVT has no compensation committee (Independent Directors only review their own compensation). This limits pay alignment analysis for CIOs and officers .
- Retention risk: Officers are elected annually and serve at the Board’s pleasure; however, Gannon’s long tenure at Royce (since 2006) and continued senior leadership mitigate near‑term transition risk absent disclosed severance or term contracts .
- Performance context: RVT’s long‑term NAV/market returns remain solid, providing supportive backdrop for small‑cap strategies under current leadership. Still, attribution to any single officer is not disclosed (closed‑end fund structure) .
- Governance/filings: Section 16 compliance was affirmed; no red flags disclosed for insider reporting. The fund reports board committees and oversight; compensation oversight applies only to Independent Directors, not adviser officers .