Return Attribution — Royce & Associates
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Royce & Associates (13F portfolio cloned at quarter-end weights) delivered a -8.15% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: CBZ (+0.18%), MANH (+0.17%), ANDG (+0.17%). Biggest drags: UCTT (-0.40%), MKSI (-0.39%), ICHR (-0.26%). Across all 20 segmented periods, 51 stocks made a positive cumulative contribution and 42 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
-8.15%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CBZ |
0.3% |
+70.8% |
+0.18% |
| MANH |
0.4% |
+48.5% |
+0.17% |
| ANDG |
0.3% |
+49.1% |
+0.17% |
| AVTR |
0.3% |
+55.5% |
+0.16% |
| CDNA |
0.1% |
+118.3% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UCTT |
0.8% |
-52.6% |
-0.4% |
| MKSI |
0.9% |
-41.5% |
-0.39% |
| ICHR |
0.5% |
-47.6% |
-0.26% |
| JBTM |
0.9% |
-27.3% |
-0.25% |
| ESAB |
0.7% |
-34.0% |
-0.23% |
2026-Q1 → 2026-Q2 segment return
+23.6%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| COHU |
0.6% |
+141.4% |
+0.87% |
| MKSI |
0.9% |
+93.7% |
+0.86% |
| UCTT |
0.5% |
+129.3% |
+0.6% |
| PENG |
0.2% |
+331.9% |
+0.57% |
| ICHR |
0.4% |
+140.9% |
+0.55% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AGI |
0.5% |
-31.7% |
-0.14% |
| SII |
0.6% |
-21.4% |
-0.12% |
| LCII |
0.7% |
-13.9% |
-0.1% |
| ASO |
0.6% |
-16.5% |
-0.1% |
| VNT |
0.4% |
-18.2% |
-0.08% |
2025-Q4 → 2026-Q1 segment return
+4.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FORM |
0.7% |
+73.9% |
+0.48% |
| MKSI |
1.0% |
+43.9% |
+0.44% |
| ICHR |
0.3% |
+152.9% |
+0.41% |
| UCTT |
0.3% |
+145.5% |
+0.41% |
| AAOI |
0.3% |
+142.7% |
+0.39% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| KD |
0.5% |
-50.6% |
-0.26% |
| PAR |
0.3% |
-63.3% |
-0.22% |
| HCKT |
0.5% |
-33.7% |
-0.18% |
| CBZ |
0.3% |
-46.8% |
-0.16% |
| CIGI |
0.6% |
-27.3% |
-0.16% |
2025-Q3 → 2025-Q4 segment return
+1.67%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PACS |
0.3% |
+179.6% |
+0.46% |
| MKSI |
1.0% |
+29.3% |
+0.3% |
| FORM |
0.5% |
+53.2% |
+0.28% |
| HAE |
0.3% |
+64.4% |
+0.22% |
| COHR |
0.3% |
+71.3% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAP |
0.7% |
-35.7% |
-0.25% |
| DORM |
0.8% |
-21.0% |
-0.16% |
| FSV |
0.7% |
-18.4% |
-0.13% |
| WD |
0.4% |
-28.1% |
-0.11% |
| AMSC |
0.2% |
-51.5% |
-0.11% |
2025-Q2 → 2025-Q3 segment return
+8.51%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| KTOS |
0.3% |
+96.7% |
+0.26% |
| IBP |
0.7% |
+36.8% |
+0.25% |
| CECO |
0.3% |
+80.9% |
+0.24% |
| MKSI |
0.9% |
+24.8% |
+0.23% |
| AAP |
0.6% |
+32.6% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HAE |
1.0% |
-34.7% |
-0.34% |
| PAR |
0.7% |
-42.9% |
-0.29% |
| KD |
0.6% |
-28.4% |
-0.18% |
| IPAR |
0.6% |
-24.5% |
-0.14% |
| HCKT |
0.5% |
-25.2% |
-0.12% |
2025-Q1 → 2025-Q2 segment return
+8.03%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LASR |
0.3% |
+153.3% |
+0.39% |
| IESC |
0.3% |
+79.4% |
+0.25% |
| HCSG |
0.5% |
+49.1% |
+0.25% |
| SII |
0.4% |
+54.0% |
+0.22% |
| TMDX |
0.2% |
+99.2% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ENOV |
1.0% |
-17.9% |
-0.19% |
| VSTS |
0.3% |
-42.1% |
-0.13% |
| CODI |
0.2% |
-66.4% |
-0.12% |
| CORT |
0.2% |
-35.7% |
-0.08% |
| IOSP |
0.7% |
-11.3% |
-0.08% |
2024-Q4 → 2025-Q1 segment return
-9.74%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CORT |
0.2% |
+126.7% |
+0.2% |
| AGI |
0.4% |
+45.0% |
+0.18% |
| ESE |
0.7% |
+19.5% |
+0.13% |
| ATRO |
0.2% |
+51.4% |
+0.09% |
| IGIC |
0.5% |
+10.7% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FORM |
0.7% |
-35.7% |
-0.26% |
| ACA |
1.1% |
-20.2% |
-0.23% |
| ZD |
0.6% |
-30.8% |
-0.2% |
| MKSI |
0.7% |
-23.1% |
-0.17% |
| COHU |
0.4% |
-44.9% |
-0.16% |
2024-Q3 → 2024-Q4 segment return
+1.4%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAOI |
0.2% |
+157.6% |
+0.33% |
| JBTM |
0.8% |
+29.1% |
+0.22% |
| SEIC |
0.9% |
+19.9% |
+0.18% |
| SEI |
0.1% |
+126.5% |
+0.18% |
| IGIC |
0.5% |
+25.2% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| KWR |
0.7% |
-16.2% |
-0.11% |
| ONTO |
0.4% |
-19.7% |
-0.08% |
| VVV |
0.5% |
-13.5% |
-0.06% |
| TECH |
0.6% |
-9.8% |
-0.06% |
| EXPO |
0.2% |
-22.5% |
-0.04% |
2024-Q2 → 2024-Q3 segment return
+1.5%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| IGIC |
0.5% |
+35.9% |
+0.16% |
| ACA |
1.1% |
+13.7% |
+0.15% |
| ESE |
0.6% |
+22.9% |
+0.15% |
| IESC |
0.3% |
+43.3% |
+0.14% |
| COHR |
0.5% |
+22.7% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAP |
0.5% |
-38.2% |
-0.18% |
| MKSI |
1.0% |
-16.6% |
-0.16% |
| UCTT |
0.4% |
-18.5% |
-0.07% |
| AMKR |
0.2% |
-23.4% |
-0.04% |
| FROG |
0.2% |
-22.7% |
-0.04% |
2024-Q1 → 2024-Q2 segment return
-0.39%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FN |
0.4% |
+29.5% |
+0.11% |
| COHR |
0.5% |
+19.5% |
+0.09% |
| ONTO |
0.4% |
+21.3% |
+0.09% |
| CRS |
0.2% |
+53.8% |
+0.08% |
| ESI |
0.6% |
+8.9% |
+0.05% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAP |
0.6% |
-25.3% |
-0.15% |
| KWR |
0.8% |
-17.1% |
-0.13% |
| IPAR |
0.6% |
-16.9% |
-0.1% |
| ESAB |
0.7% |
-14.5% |
-0.1% |
| SEIC |
0.9% |
-9.4% |
-0.09% |
2023-Q4 → 2024-Q1 segment return
+2.1%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MKSI |
1.1% |
+29.5% |
+0.32% |
| ESAB |
0.6% |
+27.7% |
+0.17% |
| COHR |
0.4% |
+39.3% |
+0.17% |
| KAI |
0.9% |
+17.2% |
+0.15% |
| AAP |
0.4% |
+40.0% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| ESE |
0.7% |
-8.4% |
-0.06% |
| AAOI |
0.2% |
-28.3% |
-0.05% |
| TECH |
0.5% |
-8.7% |
-0.04% |
| KWR |
0.8% |
-3.6% |
-0.03% |
| CORT |
0.1% |
-22.4% |
-0.02% |
2023-Q3 → 2023-Q4 segment return
+2.56%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| KWR |
0.7% |
+33.8% |
+0.23% |
| KAI |
0.9% |
+24.4% |
+0.22% |
| MKSI |
0.9% |
+19.2% |
+0.16% |
| ACA |
1.0% |
+15.0% |
+0.16% |
| NPO |
0.5% |
+29.6% |
+0.14% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BW |
0.1% |
-65.3% |
-0.06% |
| JBTM |
0.8% |
-5.3% |
-0.04% |
| SEI |
0.1% |
-24.3% |
-0.02% |
| LILAK |
0.0% |
-38.9% |
-0.01% |
| LNTH |
0.1% |
-10.8% |
-0.01% |
2023-Q2 → 2023-Q3 segment return
-0.43%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FN |
0.5% |
+28.3% |
+0.14% |
| IGIC |
0.3% |
+26.3% |
+0.09% |
| HRB |
0.2% |
+35.1% |
+0.08% |
| STRL |
0.2% |
+31.7% |
+0.06% |
| AAOI |
0.1% |
+84.1% |
+0.05% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MKSI |
1.1% |
-19.8% |
-0.21% |
| KWR |
0.8% |
-17.7% |
-0.14% |
| JBTM |
0.8% |
-13.2% |
-0.1% |
| HLIT |
0.2% |
-40.4% |
-0.1% |
| TECH |
0.4% |
-16.5% |
-0.07% |
2023-Q1 → 2023-Q2 segment return
+1.73%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| FCNCA |
0.8% |
+32.0% |
+0.25% |
| ACA |
0.9% |
+20.2% |
+0.19% |
| MKSI |
0.8% |
+22.3% |
+0.18% |
| ONTO |
0.5% |
+32.5% |
+0.16% |
| STRL |
0.2% |
+47.3% |
+0.09% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DORM |
0.5% |
-8.6% |
-0.05% |
| IPAR |
0.7% |
-4.5% |
-0.03% |
| HRB |
0.2% |
-9.6% |
-0.02% |
| SITM |
0.1% |
-17.1% |
-0.02% |
| KWR |
0.9% |
-1.3% |
-0.01% |
2022-Q4 → 2023-Q1 segment return
+1.67%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| IPAR |
0.8% |
+48.1% |
+0.37% |
| KWR |
0.8% |
+18.9% |
+0.15% |
| ACA |
0.9% |
+16.2% |
+0.14% |
| KAI |
0.8% |
+17.6% |
+0.14% |
| JBTM |
0.7% |
+19.8% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TECH |
0.4% |
-10.4% |
-0.04% |
| IRWD |
0.2% |
-15.1% |
-0.03% |
| FN |
0.4% |
-7.4% |
-0.03% |
| AGO |
0.1% |
-18.9% |
-0.02% |
| LPX |
0.2% |
-8.4% |
-0.02% |
2022-Q3 → 2022-Q4 segment return
+10.18%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| VMI |
1.0% |
+23.1% |
+0.22% |
| IPAR |
0.7% |
+28.6% |
+0.21% |
| IOSP |
1.0% |
+20.1% |
+0.21% |
| RL |
0.7% |
+24.4% |
+0.18% |
| SEIC |
0.8% |
+19.7% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BVS |
0.2% |
-62.7% |
-0.11% |
| FORM |
0.7% |
-11.3% |
-0.08% |
| WMS |
0.2% |
-34.1% |
-0.07% |
| HRB |
0.5% |
-14.2% |
-0.06% |
| RILY |
0.2% |
-23.2% |
-0.06% |
2022-Q2 → 2022-Q3 segment return
-4.65%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ACA |
1.0% |
+23.3% |
+0.22% |
| VMI |
0.8% |
+19.6% |
+0.15% |
| DGII |
0.4% |
+42.7% |
+0.15% |
| CALX |
0.2% |
+79.1% |
+0.14% |
| FCNCA |
0.6% |
+22.0% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FORM |
0.9% |
-35.3% |
-0.33% |
| FORR |
0.9% |
-24.7% |
-0.22% |
| SPB |
0.4% |
-52.4% |
-0.2% |
| SMP |
0.7% |
-27.8% |
-0.19% |
| DORM |
0.8% |
-25.1% |
-0.19% |
2022-Q1 → 2022-Q2 segment return
-1.82%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HRB |
0.4% |
+35.6% |
+0.15% |
| DORM |
0.5% |
+15.4% |
+0.07% |
| WTM |
0.1% |
+9.7% |
+0.01% |
| LNTH |
0.0% |
+19.4% |
+0.01% |
| UTHR |
0.0% |
+31.3% |
+0.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MKSI |
0.9% |
-31.5% |
-0.28% |
| ACA |
0.9% |
-18.8% |
-0.18% |
| ESI |
0.7% |
-18.4% |
-0.12% |
| IPAR |
0.6% |
-16.4% |
-0.09% |
| ONTO |
0.4% |
-19.7% |
-0.08% |
2021-Q4 → 2022-Q1 segment return
-1.46%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ACA |
0.7% |
+8.7% |
+0.06% |
| CRS |
0.1% |
+44.8% |
+0.04% |
| HRB |
0.3% |
+10.5% |
+0.03% |
| AGO |
0.1% |
+27.3% |
+0.03% |
| AXS |
0.3% |
+11.8% |
+0.03% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| KWR |
0.7% |
-25.0% |
-0.18% |
| JBTM |
0.7% |
-22.8% |
-0.16% |
| MKSI |
1.1% |
-13.7% |
-0.15% |
| KAI |
0.8% |
-15.7% |
-0.12% |
| IPAR |
0.6% |
-17.1% |
-0.1% |
2021-Q3 → 2021-Q4 segment return
+0.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MKSI |
1.0% |
+15.6% |
+0.16% |
| POOL |
0.2% |
+30.3% |
+0.06% |
| UTHR |
0.1% |
+17.1% |
+0.02% |
| BHF |
0.2% |
+14.5% |
+0.02% |
| STRL |
0.1% |
+16.0% |
+0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NNBR |
0.1% |
-21.9% |
-0.02% |
| SE |
0.1% |
-30.2% |
-0.02% |
| AGX |
0.1% |
-10.9% |
-0.01% |
| LILAK |
0.1% |
-13.1% |
-0.01% |
| JBLU |
0.1% |
-7.1% |
-0.01% |
Cumulative Contribution (all segments)