Tribune Media Co. (NYSE:TRCO) was also a leading detractor this quarter, dropping over 6% and costing the Fund 26 basis points in performance. The market is overly concerned with potentially weaker election advertising spending and cord-cutting customers, but we believe the large discount to net asset value will close as management executes on its plan to monetize non-core assets.
From Keeley All Cap Value Fund third-quarter 2016 commentary.
