Royce Small-Cap Trust surges on rotation into small caps. RVT has climbed 34.7% as market dynamics shift toward smaller companies. The fund now trades at a 6.93% discount to its net asset value, presenting potential value for income-focused investors. With a current yield of 6.6%, RVT offers attractive income generation despite its premium valuation relative to peers. The small-cap sector rotation reflects changing investor sentiment and economic expectations. However, investors should consider whether current valuations justify entry at these levels. The fund's performance highlights the cyclical nature of market preferences between large and small-cap equities. Strategic positioning in small caps may offer growth potential during favorable economic conditions.