Summary

• The Keeley Gabelli Mid Cap Dividend Fund gained 4.0% in the first quarter, outperforming the 3.7% rise in its benchmark, the Russell Midcap Value Index.
• TechnipFMC plc issued a favorable near- and medium-term outlook for its offshore business and expects to generate more than $10 billion in orders in 2026.
• Valero Energy Corp. benefited from new access to crude oil supply from Venezuela and widening refining margins resulting from upward pressure on retail gasoline prices.
• Gen Digital Inc. shares fell sharply as investors became concerned that AI services will disrupt the software business, despite the company reporting solid revenue and earnings results.
• Equitable Holdings Inc. announced that it would merge with Corebridge Financial to create the largest U.S.-focused life insurance company, a combination expected to be more efficient.

Portfolio Observations

The Keeley Gabelli Mid Cap Dividend Fund gained 4.0% in the first quarter compared to the 3.7% rise in its benchmark, the Russell Midcap Value Index. When we disaggregate relative performance into three key factors, we see