The second largest detractor during the quarter was American Vanguard Corporation (AVD) which declined over 38 percent and cost the Fund 30 basis points of return during the quarter. Shares of the specialty chemical manufacturer fell sharply in May after posting disappointing earnings results due primarily from elevated inventories from one of their main products. This elevated channel inventory level has been the result of volatile weather, especially in the Midwest.
From John Keeley (Trades, Portfolio)’s KEELEY Small Cap Dividend Value Fund Second Quarter 2014 Commentary.
