The Fund’s second best performer was Baxalta, Inc. (NYSE:BXLT) which climbed over 23 percent and added 68 basis points of return to the Fund during the quarter. The spin-off from Baxter rebounded nicely during the quarter and shares were boosted on takeover speculation. A bid from rival Shire came late in the quarter and we anticipate the share to move closer to that takeover bid in the coming months.
From the Keeley All Cap Value Fund 4th quarter 2015 shareholder letter.
