Another leading detractor from the Financials sector was Air Lease Corporation (NYSE:AL). The company engages in the purchase and leasing of commercial aircraft to airlines worldwide. The stock price declined over 16% and cost the Fund 34 basis points in performance. The stock’s short-term underperformance was largely due to emerging market concerns given that the company’s lease concentration is primarily outside the U.S. Taking into account the age of fleets and demand growth beyond the U.S., however, we feel quite confident of the company’s backlog and delivery schedule.
From the Keeley Small Cap Value Fund second quarter 2016 commentary.
