John Keeley

John Keeley

Last Update: 05-15-2015

Number of Stocks: 354
Number of New Stocks: 23

Total Value: $4,912 Mil
Q/Q Turnover: 7%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

John Keeley Watch

  • Weekly CEO Buys Highlight: WST, PHII, CLMS, CSBK, AMRC

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEO buys is illustrated in the chart below:


    West Pharmaceutical Services Inc (WST): CEO Eric Mark Green Bought 18,300 Shares

      


  • KEELEY Small Cap Value Fund Comments on Exelis Inc

    The Fund’s top position during the quarter was Exelis Inc. (XLS), a former spin-off of ITT Corp. (ITT), and Exelis also recently spun-off a division of their own in Vectrus Inc. (VEC). During the quarter the stock rose over 37 percent and added 46 basis points of performance to the Fund. Shares of the defense contractor jumped sharply in February after they agreed to be acquired by rival Harris Corp. (HRS) in a deal valued at $4.75 billion. While we believe there may be good synergies between the two companies, valuations became high enough that we exited the position soon after the announcement.

    From John Keeley (Trades, Portfolio)’s KEELEY Small Cap Value Fund Q1 2015 Commentary.  


  • KEELEY Small Cap Value Fund Comments on Intrawest Resorts Holdings Inc

    The second largest detractor during the quarter was Intrawest Resorts Holdings Inc. (SNOW) which fell over 26 percent and cost the Fund 24 basis points in performance. Shares of the leading mountain resort and adventure company were negatively impacted by the rise of the U.S. dollar, since almost half of their revenue is generated in Canada. Despite the revised guidance due to the currency impact, we believe the long-term fundamentals remain intact.

    From John Keeley (Trades, Portfolio)’s KEELEY Small Cap Value Fund Q1 2015 Commentary.  


  • KEELEY Small Cap Value Fund Comments on Helix Energy Solutions Group Inc

    Although energy stocks did not have a material impact on our results during the quarter, Helix Energy Solutions (HLX) was the Fund’s leading detractor after falling over 37 percent and detracting 38 basis points of return from the Fund. Despite having exposure to longer-term, offshore energy projects, Helix was not immune to price pressure given the dramatic weakness in the price of oil. With continued uncertainty around the price of the commodity, coupled with the fact that Helix and other service providers may be more vulnerable to an extended decline, we decided to exit the position during the quarter.

    From John Keeley (Trades, Portfolio)’s KEELEY Small Cap Value Fund Q1 2015 Commentary.  


  • John Keeley’s KEELEY Small Cap Value Fund Q1 2015 Commentary

    In the first calendar quarter of 2015, the KEELEY Small Cap Value Fund (KSCVX) climbed 2.35 percent compared to a 4.32 percent rise for the Russell 2000 Index. After lagging for much of the last twelve months, small cap stocks rebounded in the first quarter, especially in March where they significantly outperformed their larger peers. A potential factor in this outperformance was the continued rise of the U.S. Dollar, which has climbed largely in response to global monetary authorities reacting to a weak growth outlook by easing monetary policies. More than 20 countries have eased monetary policy in 2015 and these extraordinary measures have facilitated a great deal of currency volatility in recent months. The impact of a strong dollar is mixed with respect to the U.S. economy. On a positive note, cheaper import prices will benefit the U.S. consumer and should continue the low inflationary environment that has contributed to recent economic expansion. On the other hand, the stronger dollar will be a headwind for U.S. exports, especially for multinational companies which we believe was a factor in the recent outperformance of small-cap stocks (which tend to have a domestic focus) compared to larger companies. The over 20 percent rise in the Dollar over the past year has also depressed commodity prices, which continues to batter the energy sector but should have a delayed, but positive impact on the U.S. consumer. Progress in the U.S. economy was mixed during the quarter with encouraging developments in the employment landscape with an impressive 295,000 jobs gained in February as well as continued gains in housing. However, soft patches in manufacturing and retail sales should temper enthusiasm about GDP growth rates in 2015. A number of economists as well as the Federal Reserve believe weather was the driving factor in the recent slowdown, and the validity of those beliefs will be a significant debate as we advance through the rest of the year. The Small Cap Value Fund trailed the Russell 2000 Index in the first quarter of 2015. The most significant drag on our results was an underweight position in the “growthier” areas of the Russell 2000, such as technology and healthcare (especially biotech) which were the top two performing sectors during the quarter. These two areas represent over 33 percent of the core Russell 2000 compared to slightly more than 15 percent of the Russell 2000 Value, a benchmark we also to use to evaluate our results. Healthcare was the only sector that produced double digit returns during the quarter, led by biotech stocks which were especially strong. Biotech is an industry that we typically avoid, and although this is a challenge when they perform well, we are comfortable with our lack of exposure to such a speculative short-cycle industry, especially with excessive valuations at the present time. As mentioned, technology also had a negative impact, both through stock selection and a relative under- weight. Strong stock selection in consumer staples, industrials, and materials made a positive contribution during the quarter.


    Due in large part to a stronger U.S. Dollar, the energy sector continued to be extremely volatile in the first quarter. Although energy stocks did not have a material impact on our results during the quarter, Helix Energy Solutions (HLX) was the Fund’s leading detractor after falling over 37 percent and detracting 38 basis points of return from the Fund. Despite having exposure to longer-term, offshore energy projects, Helix was not immune to price pressure given the dramatic weakness in the price of oil. With continued uncertainty around the price of the commodity, coupled with the fact that Helix and other service providers may be more vulnerable to an extended decline, we decided to exit the position during the quarter.

      


  • John Keeley Adds Four New Positions During 1Q2015

    John Keeley (Trades, Portfolio) of Keeley Asset Management recently added four new positions to his portfolio. He currently owns 354 stocks, valued at $4.91 billion and a 7% quarter over quarter turnover.


    23.4% of Keeley's portfolio consist of stocks in the consumer cyclical sector. The second largest sector in his portfolio is industrials, which consists of 20.1% of his portfolio and last is the financial services sector, which consists of 18.4%.

      


  • Paul Singer Bets On CDK Global Inc.

    Paul Singer (Trades, Portfolio) is the founder of Elliot Management, a hedge fund composed of 73 stocks with a total value of $9,592 million. Singer is well known for taking an activist investor stance in underperforming companies, and for buying sovereign debt at a discount, including countries such as Peru, Democratic Republic of the Congo and Argentina.


    On April 30, he bought 4,197,001 shares of CDK Global Inc (CDK) at an average price of $47.92 and with an impact of 2.11% on his portfolio. With this buy he is now holding 2.62% of shares outstanding of CDK, and he became the second Guru that holds the company. Just a few months before him, the other Guru Eric Mindich bought a big stake of CDK, and he became the main holder: now he holds 2.7% of outstanding shares.

      


  • Weekly CEO Buys Highlight: BH, GRIF, BXMT, OPK, RHP

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


    Biglari Holdings Inc (BH): Chairman and CEO, 10% Owner Sardar Biglari, Bought 6,618 Shares

      


  • 5-year lows: Extreme Networks Inc, Dynamic Materials Corp, Electro Scientific Industries, and LMI Aerospace Inc.

    According to GuruFocus list of 5-year lows, these Guru stocks have reached their 5-year lows: Extreme Networks Inc, Dynamic Materials Corp, Electro Scientific Industries, and LMI Aerospace Inc.


    Extreme Networks Inc (EXTR) reached $2.42

      


  • Weekly CEO Buys Highlight: PHII, RHP, OPK, VNR, LUB

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


    PHI Inc (PHII): CEO and 10% Owner Alton Anthony Gonsoulin Jr bought 57,632 shares

      


  • Torchmark´s Dividend Hike Does Not Justify Its Market Price

    In this article, let's take a look at Torchmark Corporation (TMK), a $6.95 billion market cap company, which provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand.


    Dividend Hike

      


  • Mario Gabelli´s Last Bet

    Mario Gabelli (Trades, Portfolio) is the founder, chairman, and CEO of Gabelli Asset Management Company Investors (GAMCO Investors) a $30 billion dollar global investment firm headquartered in Rye, New York.


    The investor reported increasing his stake in Superior Industries International (SUP) on March 11, according to GuruFocus Real Time Picks. With the transaction, Gabelli’s position increased by 1.06% to 2,132,001 shares. The fund initiated a position more than five years ago, and during 2014 Gabelli added and reduced the stake to reach 2.1 million shares at the end of the fourth quarter of 2014, worth $41.98 million.

      


  • John Keeley's All Cap Value Fund Fourth Quarter Commentary 2014

    In the fourth calendar quarter of 2014, the KEELEY All Cap Value Fund (KACVX) climbed 0.94 percent compared to a 5.31 percent rise for the Russell 3000 Value Index. For the year ending December 31, 2014, the Fund increased 2.91 percent compared to a 12.70 percent rise for the Russell 3000 Value Index. Although equities rebounded from a challenging third quarter, a number of the issues that facilitated much of the recent volatility continue to exist. The volatility in the price of oil garnered the majority of the attention here in the U.S. although growing concerns about the efcacy of global growth deepened toward the end of the year. Global deationary pressures have become the heart of these concerns and although the European Central Bank (ECB) has communicated their desire to consider Quantitative Easing (QE), it is difcult to project its effectiveness given the structural reforms needed at a local level. Despite the strong bounce in equities during the quarter, and especially in small caps which lagged for much of the year, broadly speaking, investors continued to rotate toward more defensive sectors. In the fourth quarter, the top performing sectors in the Russell 3000 Value Index were traditional safe havens such as utilities and consumer staples, although consumer discretionary stocks surprised as the second best performing sector in the fourth quarter. Additionally, the performance dispersion across all ten economic sectors was very high which had a signicant impact on performance amongst active managers. For example, three sectors (consumer staples, consumer discretionary, and utilities) all produced double digit returns during the quarter, while energy fell over 10 percent. Industrials and materials, which represent almost 15 percent of the benchmark, returned only 4.96 percent and -2.80 percent respectively. The Fund trailed the Russell 3000 Value Index during the quarter due in large part to negative stock selection in the energy sector. A slight overweight in the lagging energy sector also detracted, as did stock selection in the industrials sector. Energy clearly had a signicant impact on the equity markets in recent months and it also had a strong inuence on the Fund. After making a positive contribution for much of 2014, our energy holdings succumbed to the pressure from the abrupt price decline the price of oil and the long-term impact a suppressed price may have on the entire industry. Lastly, overweight positions in consumer discretionary and health care stocks made a positive impact on the Fund during the quarter.


    The rapid decline in the price of oil sent shock waves across the global economy, and the volatility in the space has forced us to reassess a few of our positions in the sector. OPEC’s decision to maintain production despite the signicant decline in the price of oil surprised many investors and exacerbated the fall in the commodity. Going into the meeting our thoughts were mixed on a cut to stabilize, but OPEC’s decision indicates that they are focused more on enforcing compliance only – which implies a modest cut if any in the future. We were mixed on the OPEC production cut decision because they do have some incentive to the let the price of oil decline (maybe to the lower 80’s) due to the negative impact it would have on their international competitors, and more specically on the shale oil industry here in the U.S. We believe most of the pain will be felt by the lower end service companies that had been forecasting increasing rates and higher utilizations in the future. In response, we began to pare back our exposure to those types of service companies by selling Superior Energy Services (SPN). Bonanza Creek (BCEI) was the largest detractor in the fourth quarter after falling over 57 percent and costing the Fund 88 basis points in performance. Bonanza was also negatively impacted by the price decline in oil and is more vulnerable to lower oil prices due to the size of the company and its reliance on higher prices.

      


  • This Insurer Company Will Have 22 Consecutive Years of Dividend Increases

    In this article, let's take a look at ACE Limited (ACE), a $38.04 billion market cap company, which is a specialty insurer that provides commercial insurance and reinsurance for a diverse group of international clients.


    New dividend proposal

      


  • John Keeley's Top Buys

    John Keely, President and Chief Investment Officer at Keeley Asset Management Corp, (KAMCO) recently added new positions, as well as increased positions, to his portfolio of 371 stocks, valued at $4.98 billion with a quarter-over-quarter turnover rate of 8%.


    KAMCO believes in delivering above-average, long-term results by using a fundamental, "bottom-up" value approach when it comes to the firm's investment strategy.

      


  • John Keeley Alternative Value Fund Q4 2014 Commentary

    In the fourth calendar quarter of 2014, the KEELEY Alternative Value Fund (KALVX) fell 2.71 percent compared to a 6.09 percent increase for the Russell 2500 Value Index and a 4.93 percent rise in the S&P 500 Index. For the year ending December 31st, 2014 the Fund declined 8.15 percent compared to a 13.69 percent increase by the S&P 500 Index and a 7.11 percent rise by the Russell 2500 Value Index. Although equities rebounded from a challenging third quarter, a number of the issues that facilitated much of the recent volatility continue to exist. The volatility in the price of oil garnered the majority of the attention here in the U.S. although growing concerns about the efcacy of global growth deepened toward the end of the year. Global deationary pressures have become the heart of these concerns and although the European Central Bank (ECB) has communicated their desire to consider Quantitative Easing (QE), it is difficult to project its effectiveness given the structural reforms needed at a local level. Despite the strong bounce in equities during the quarter, and especially in small caps which lagged for much of the year, broadly speaking, investors continued to rotate toward more defensive sectors. In the fourth quarter, the top performing sectors in the Russell 2500 Value Index were traditional safe havens such as utilities, health care, and consumer staples. The Fund trailed the Russell 2500 Value Index during the quarter due in large part to an overweight position in the lagging energy sector and poor stock selection in the nancial sector by the long side of the portfolio. Holdings in the nancial sector were negatively impacted by our lack of interest rate sensitive positions, as REITs did exceptionally well during the quarter. Our lack of REIT exposure is a consistent part of our process as we believe those types of companies do not possess the catalyst / corporate restructuring characteristics that we seek within our investment philosophy. As we mentioned earlier, our overweight position in energy had a negative impact on the portfolio. After making a positive contribution for much of 2014, our holdings succumbed to the pressure from the abrupt price decline in the commodity. Sub-advisor Broadmark Asset Management had difculty hedging the portfolio in such a volatile environment with the market never really nding a consistent direction. Some of their hedges were ill-timed, and the subsequent removal of those hedges were also poorly timed which collectively detracted from the portfolio’s results during the quarter.


    During the fall pullback, Broadmark was able to hedge some of that decline, but the rise in volatility in December was a challenge to performance as their risk-averse approach can at times inhibit performance.

      


  • John Keeley's Keeley Funds Annual Shareholder Letter 2014

    Dear Fellow Shareholders,


    An accommodative Ben Bernanke in his last year as Fed Chief and market acceptance of quantitative easing (i.e. tapering) drove the strong market performance in 2013. For 2014, this Fed focus continued to heavily influence the market action; however, tapering concerns were replaced with the possibility of earlier rate hikes. There were glimmers of hope that the market would return its focus to companies’ fundamentals with the strengthening US economy, but macroeconomic forces again took center stage. As Janet Yellen became Fed Chair, perception of a possible change in rate policy plus high valuations, especially in small caps, led to a weak January. Reassurances by Yellen that the Fed would adjust accordingly if the economy slowed led to solid performance in the first and second quarters of 2014. Even the political situation in Ukraine presented itself only as a temporary stumble, with the market marching onward as the US economic data continued to strengthen after the terrible winter weather.

      


  • Weekly 3-Year Low Highlights: RDS.B, GSK, WPZ, CLR

    According to GuruFocus list of 3-year lows; Royal Dutch Shell PLC, GlaxoSmithKline PLC, Williams Partners LP, and Continental Resources Inc have all reached their 3-year lows.


    Royal Dutch Shell PLC (RDS.B) Reached $63.77

      


  • CenturyLink Shocked Investors, But Should They Stay Alert Now?

    In a previous article, we analyzed quantitative aspects of CenturyLink, Inc. (CTL), a $21.9 billion market cap company that has grown via acquisitions to become the third-largest telecom provider in the U.S., offering services to both residential and business customers.


    Biggest decline

      


  • Weekly CEO Buys Highlight: SFXE, JMP, JONE, TEP, BCEI

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


    SFX Entertainment Inc (SFXE): CEO and Chairman of the Board, 10% Owner Robert F X Sillerman bought 1,774,382 shares

      


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