The second largest detractor was LegacyTexas Financial (LTXB, Financial) which declined over 17 percent and cost the Fund 32 basis points of performance. LegacyTexas posted a disappointing third quarter earnings release due primarily to higher loan loss reserves. Although none of these were related to exposure to energy, there continues to be a perception that the company may face longer term issues as oil approaches $30 a barrel.
From Keeley Small Cap Value Fund fourth quarter 2015 commentary.
