NRG Energy (NYSE:NRG) was the Fund’s leading detractor this quarter, dropping over 25% and costing 82 basis points in performance. The stock was strong in the first half of this year and was the Fund’s leading contributor last quarter, but the price has been in decline despite beating second quarter estimates and maintaining guidance. Its peers lowered guidance due to a warmer 2015 winter, thus lowering power pricing, yet NRG is hedged for the year and continues to execute its turnaround plan.
From Keeley All Cap Value Fund third-quarter 2016 commentary.
