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KEELEY Mid Cap Dividend Value Fund Comments on CIT Group Inc

July 30, 2014 | About:
Vera Yuan

Vera Yuan

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Although the Fund did not have any one company have a major impact on results during the quarter, CIT Group Inc. (CIT) was the top detractor after falling over 6 percent and costing the Fund 10 basis points in performance. Shares of the mid-market financing and leasing company dropped in late April after announcing earnings that were below expectations. The earnings miss was primarily due to lower interest income and a rise in provisions for credit losses. We continue to believe the company is well positioned in the current environment and their access to low-cost debt should foster future growth.

From John Keeley (Trades, Portfolio)’s KEELEY Mid Cap Dividend Value Fund Second Quarter 2014 Commentary.


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