Of the Fund’s Technology holdings this quarter, only one had negative performance. Total System Services, Inc. (NYSE:TSS), which provides services to credit card issuers, was down over 10% and cost the Fund 20 basis points in performance. With growth slowing as the company anniversaries some large new business conversions and worries about the impact of new Consumer Financial Protection Bureau rules regarding prepaid debit cards, investors did not see much reason to step up and buy this stock despite a good second-quarter earnings report.
From Keeley Mid-Cap Dividend Value Fund third-quarter 2016 commentary.
