Iron Mountain Inc. (IRM) proved to be the top performing position during the second quarter after climbing over 28 percent and adding 45 basis points of return to the Fund. A leader in hard-copy storage, shares of Iron Mountain jumped sharply in June after receiving approval from the Internal Revenue Service (IRS) to operate as a Real Estate Investment Trust (REIT). The approval process had placed a cloud of uncertainty over the stock for a number of months, and should now return the focus to the fundamental outlook of the company. The conversion to a REIT was a catalyst for our decision to hold the stock, as that conversion will result in significant tax savings and an increased dividend yield.
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