The largest detractor during the quarter was Iron Mountain Inc. (NYSE:IRM) which declined over 15 percent and cost the Fund 26 basis points of performance. Iron Mountain, a documents-storage business, was downgraded by a number of analysts due to concerns that the impact from cloud storage and the declining use of paper will negatively impact their long-term growth plans. The company was also forced to restructure their acquisition offer for Australia’s Recall Holdings, a paper storage business, after their original offer was affected by the decline in their stock price.
From the Keeley Mid-Cap Value Fund Second Quarter 2015 Commentary.
