The second largest detractor was Marriott Vacations Worldwide Corp. (VAC) which fell over 16 percent and cost the Fund 28 basis points in performance. Despite a number of business channels remaining strong, such as their resort management, rentals, and financing businesses, lower revenue and a stronger U.S. dollar had a negative impact on their earnings. The company also lowered its sales guidance placing additional pressure on their shares.
From the Keeey Small Cap Dividend Value Fund fourth quarter 2015 commentary.
