Collegium Pharmaceutical, INC

• Royce Investment Partners Royce Small-Cap Value Fund Manager Commentary ↗ Royce Small-Cap Value Fund benefited from AI-infrastructure exposure through TD SYNNEX, Flex, Sanmina and Amkor, while Blue Bird gained on school-bus demand and its Micro Bird acquisition. The fund added to Maximus and IBEX amid market concerns, and sees selective opportunities across energy, professional services, retail, banks and behavioral health despite geopolitical and inflation risks. year-to-date period ended 6/30/26 BLBD $1.9BCOLL $790MMMS $3B +1
• Royce Investment Partners Royce Capital Fund–Small-Cap Portfolio Manager Commentary ↗ Royce Capital Fund–Small-Cap emphasized AI-infrastructure beneficiaries TD SYNNEX, Flex, Sanmina and Amkor Technology, while Blue Bird benefited from school-bus demand and its Micro Bird acquisition. The portfolio added to Maximus and IBEX on valuation and operational grounds, sold Molina Healthcare, and cautioned that AI spending, war-related supply disruptions and inflation leave small caps volatile. year-to-date period ended 6/30/26 BLBD $1.9BMMS $3BSANM $11B +1

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