Another key factor in our outperformance during the quarter was a sharp increase in merger and acquisition activity. The portfolio didn't experience any takeovers until this quarter, when two names were acquired at a premium price. This provides us with optimism that momentum in M&A may continue in 2013. Epoch Holdings (EPHC) was a notable contributor in the fourth quarter, rising over 19 percent after being acquired by TD Bank in December.
From Keeley Funds' fourth quarter 2012 investor letter.