Another leading detractor this quarter was ITT, Inc. (NYSE:ITT). ITT engages in the manufacturing and sale of engineering and technology solutions in energy, transportation, and industrial markets. The stock was down over 13% for the quarter, lagging the market and other industrial stocks while costing the Fund 27 basis points in performance. Although first quarter results were in line with expectations and full year guidance was reaffirmed, ITT's businesses that support commodity markets remain pressured. As a result, investors believe a guidance cut may be on the way.
From Keeley Funds' Keeley Mid Cap Dividend Value Fund second quarter 2016 commentary.
