Two names in the consumer discretionary sector found themselves in our top five detractors but we continue to view them both favorably. The first, EW Scripps Co. (NYSE:SSP) declined over 8 percent and cost the Fund 22 basis points in performance. During the quarter, SSP merged with Journal Communications and then spun out its digital broadcasting business, which we retained, and its newspaper publishing business, which we sold. Costs to implement the restructuring (merger and spins) were slightly higher than projected but we remain very optimistic long term about the broadcasting business.
From the Keeley All-Cap Value Fund Second Quarter 2015 Commentary.
