Summary

• The Keeley Gabelli SMID Cap Value Fund returned 6.0% compared with the 4.8% gain in its benchmark, the Russell 2500 Value Index.
• When we disaggregate performance into Sector Allocation and Stock Selection, we see that both factors contributed to the positive relative performance.
• Stock Selection also helped with relative performance and there were a lot of variances amongst sectors.

PORTFOLIO MANAGERS: Thomas E. Browne, Jr., CFA; Brian P. Leonard, CFA

Portfolio Observations

The Keeley Gabelli SMID Cap Value Fund (KSMIX) returned 6.0% compared with the 4.8% gain in its benchmark, the Russell 2500 Value Index. When