Peter K. Hoglund
About Peter K. Hoglund
Peter K. Hoglund serves as Treasurer of Royce Small-Cap Trust (RVT) and is Chief Financial Officer, Chief Administrative Officer, and Managing Director of Royce Investment Partners, having been employed by Royce since December 2014; he previously spent more than 20 years at Munder Capital Management as Managing Director and CFO overseeing all financial aspects of the firm . He is listed at age 58 in RVT’s 2024 proxy and has served as an officer of the Fund since 2015 . For fund performance context during his tenure, as of 9/30/25 RVT’s average annual total returns were: 10-Year NAV 11.84% and Market 12.55%; 5-Year NAV 12.70% and Market 14.14%; 3-Year NAV 18.90% and Market 17.90%; 1-Year NAV 12.03% and Market 12.01% .
RVT Performance Context (as of 9/30/25)
| Metric | 10-Year | 5-Year | 3-Year | 1-Year |
|---|---|---|---|---|
| Average Annual Total Return – NAV (%) | 11.84 | 12.70 | 18.90 | 12.03 |
| Average Annual Total Return – Market (%) | 12.55 | 14.14 | 17.90 | 12.01 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Munder Capital Management | Managing Director & Chief Financial Officer | More than 20 years (prior to Dec 2014) | Oversaw all financial aspects of the firm |
| Royce Investment Partners | Chief Financial Officer, Chief Administrative Officer, Managing Director | Since December 2014 | Senior leadership overseeing finance and administration |
| Royce Small-Cap Trust (RVT) | Treasurer (Fund Officer) | Since 2015 | Fund officer role supporting governance and financial stewardship |
External Roles
- No public company directorships or external board roles are disclosed for Hoglund in RVT’s proxy filings; officer biographies focus on his roles at Royce and prior tenure at Munder Capital Management .
Fixed Compensation
- RVT’s proxy statements present compensation for Directors but do not disclose compensation details (salary, bonus, equity) for Fund officers; the filings list officers and their biographies without officer pay tables .
Performance Compensation
- No disclosure of performance-based incentives (bonus metrics, RSUs/PSUs, options, vesting schedules) for Fund officers appears in RVT’s proxy filings; only Director compensation tables are provided .
Equity Ownership & Alignment
- Hoglund’s beneficial ownership of RVT common stock has been consistently disclosed at 27,078 shares across multiple years; in 2020 this represented approximately 0.03% of shares outstanding. Officers and Directors, as a group, owned less than 1% across disclosures .
Beneficial Ownership (Hoglund)
| Metric | 2018 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Shares Beneficially Owned | 27,078 | 27,078 | 27,078 | 27,078 |
| Ownership % of Shares Outstanding | — | 0.03% | — | — |
| Group Ownership (Directors & Officers) | <1% (14 persons) | — | <1% (12 persons) | <1% (12 persons) |
- Shares pledged as collateral: No pledging/hedging disclosure specific to Hoglund appears in the proxy excerpts reviewed; Section 16 reporting compliance for officers and Directors was affirmed for the most recent fiscal year in the 2018 proxy .
- Stock ownership guidelines (officers): Not disclosed in RVT proxies; dollar range disclosures apply to Directors, not officers .
Employment Terms
- Employment start date and tenure: Employed by Royce since December 2014; Treasurer of RVT since 2015 .
- Contract, severance, and change-of-control: No employment contract terms, severance multiples, or change-of-control provisions for Fund officers are disclosed in RVT proxies reviewed .
- Non-compete, non-solicit, garden leave: Not disclosed in RVT proxies .
- Clawbacks, tax gross-ups, deferred compensation, pension/SERP, perquisites: Not disclosed for Fund officers in RVT proxies .
Performance & Track Record
- Major responsibilities: Treasurer of the Fund; CFO/CAO/MD at the adviser, Royce Investment Partners .
- Fund performance reference metrics during tenure context appear above; RVT’s average annual total returns as of 9/30/25 are provided for NAV and Market .
- Achievements, controversies, awards: None disclosed in RVT proxy filings reviewed .
Compensation Committee Analysis
- RVT proxies detail Director compensation and Board matters but do not present an executive compensation committee framework related to Fund officers; no independent compensation consultant disclosures specific to officers are included in the excerpts reviewed .
Say-on-Pay & Shareholder Feedback
- RVT proxies focus on Director elections and do not present “say-on-pay” votes for Fund officers; Director attendance and stockholder communications policies are disclosed .
Investment Implications
- Alignment: Hoglund’s disclosed beneficial ownership is modest (27,078 shares; 0.03% in 2020), suggesting limited direct equity alignment with RVT shareholders; no pledging disclosed and Section 16 compliance noted, reducing hedging/pledging red flags .
- Transparency: Lack of officer compensation disclosure (salary, bonus, equity incentives, vesting) limits pay-for-performance assessment and obscures retention risk; investors cannot evaluate severance/change-of-control economics or clawback protections from public fund filings .
- Tenure and stability: A decade-plus at Royce and continuous service as Treasurer of RVT since 2015 indicate operational continuity; performance context for RVT over 3-, 5-, and 10-year horizons shows competitive long-term returns, though this is fund-level and not attributable to a single officer .
- Monitoring: Continue to review proxies and Section 16 filings for any changes in beneficial ownership, potential insider sales pressure, and any newly disclosed officer compensation or employment terms; current disclosures emphasize governance and Director compensation rather than officer incentives .