FTAI Aviation Ltd.

• Royce Investment Partners Royce SMid-Cap Total Return Fund Manager Commentary ↗ Royce SMid-Cap Total Return Fund credited Kulicke & Soffa, Advance Auto Parts, Element Solutions, FTAI Aviation and Andersen Group to improving semiconductor, automotive, specialty-chemical, aerospace and advisory-business fundamentals. The managers exited Kyndryl after deteriorating execution and disclosures, while retaining value-oriented exposure to insurers and other cash-generative businesses outside the AI trade. year-to-date period ended 6/30/26 AAP $2.6BAGO $3.3BANDG $6.3B +7

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