John Keeley

Keeley Fund Management

Last Update: 2013-05-16

Number of Stocks: 386
Number of New Stocks: 60

Total Value: $5,099 Mil
Q/Q Turnover: 10%

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John Keeley's Profile & Performance

Profile

John Keeley is President and Portfolio Manager/Analyst at Keeley Asset Management Corp., a registered investment advisor that he established in 1982.

Web Page:http://www.keeleyfunds.com

Investing Philosophy

John Keeley seeks capital appreciation through long-term value investing in small-cap stocks. He emphasizes the purchase of companies undergoing corporate redevelopment such as spin-offs, companies emerging from bankruptcy, securities trading below actual or perceived book-value, savings & loan and insurance conversions, and distressed utilities.

Total Holding History

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Performance of Small Cap Value Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	23.81	15.4	8.4
2011	-7.29	2.08	-9.4
2010	25.98	15.06	10.9
3-Year Cumulative	44.6 (13.1%/year)	35.5 (10.7%/year)	9.1 (2.4%/year)
2009	21.67	26.46	-4.8
2008	-40.18	-37	-3.2
5-Year Cumulative	5.2 (1%/year)	8 (1.5%/year)	-2.8 (-0.5%/year)
2007	7.17	5.61	1.6
2006	19.55	15.79	3.8
2005	16.12	4.91	11.2
2004	32.94	12	20.9
2003	18.65	28.7	-10.1
10-Year Cumulative	147 (9.5%/year)	99.7 (7.2%/year)	47.3 (2.3%/year)
2002	2.72	-22.1	24.8
2001	15.12	-11.9	27.0
2000	6.61	-9.1	15.7
1999	3.32	21	-17.7
1998	12.99	28.6	-15.6
15-Year Cumulative	263.5 (9%/year)	93.8 (4.5%/year)	169.7 (4.5%/year)
1997	0.52	33.4	-32.9
1996	9.42	23	-13.6
1995	0.94	37.6	-36.7
1994	-7.02	1.3	-8.3

Commentaries and Stories

Currently 2.00/5

Rating: 2.0/5 (2 votes)

Weekly 3-Year Low Highlight: GGB, XOOM, TPH, JCS

May 21, 2013

According to GuruFocus list of three-year lows, Geradau SA, Xoom Corp, TRI Pointe Homes Inc. and Communication Systems Inc. have all reached their three-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHT

Currently 3.00/5

Rating: 3.0/5 (1 vote)

Weekly CEO Buys Highlight: KEG, ANCX, CNOB, BLMT, NEM

May 6, 2013

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 3.00/5

Rating: 3.0/5 (1 vote)

Investment Guru John Keeley Comments on Walter Investment Management

March 26, 2013

Walter Investment Management (WAC) was the largest contributor to the portfolio's results in 2012. The mortgage servicer benefited from the challenges of the larger mortgage players that have been looking to reduce their exposure to mortgage related assets. Walter has successfully acquired these assets at a meaningful discount and the position added 151 basis points of performance in 2012 after rising over 109 percent for the year. More...

Currently 3.00/5

Rating: 3.0/5 (2 votes)

Investment Guru John Keeley Comments on Epoch Holdings

March 26, 2013

Another key factor in our outperformance during the quarter was a sharp increase in merger and acquisition activity. The portfolio didn't experience any takeovers until this quarter, when two names were acquired at a premium price. This provides us with optimism that momentum in M&A may continue in 2013. Epoch Holdings (EPHC) was a notable contributor in the fourth quarter, rising over 19 percent after being acquired by TD Bank in December. More...

Currently 2.00/5

Rating: 2.0/5 (1 vote)

Investment Guru Comments on Chicago Bridge and Iron

March 26, 2013

Although ADT was the top contributor from the industrial sector during the quarter, Chicago Bridge and Iron (CBI) was another strong performer in the sector. The global engineering and construction firm rose sharply in December after shareholders of Shaw Group approved Chicago Bridge and Iron's $3 billion acquisition which was proposed in July. The combined entities will become one of the largest energy construction and engineering contracting firms in the world. More...

Currently 0.00/5

Rating: 0.0/5 (0 votes)

Investment Guru John Keeley Comments on ADT Corp

March 26, 2013

During the fourth quarter, ADT Corporation (ADT) proved to be the top performing position in the fund. Shares of the producer of electronics security debuted strongly after being spun-off from Tyco last year. The company climbed over 29 percent and added 56 basis points during the quarter. Although we believe the company can do well regardless of the housing environment, the stock was clearly boosted by improvement and continued momentum in the housing market. More...

Currently 2.50/5

Rating: 2.5/5 (2 votes)

KEELEY All Cap Value Fund Fourth Quarter 2012 Commentary

March 26, 2013

In the fourth calendar quarter of 2012, the KEELEY All Cap Value Fund (KACVX) increased 3.66 percent compared to a 1.65 percent increase for the Russell 3000 Value Index. For the full year ending December 31, 2012, the Keeley All Cap Value Fund rose 20.67 percent compared to a 17.55 percent rise in the Russell 3000 Value Index. Despite a number of fearful macroeconomic headlines that caused many investors to position themselves conservatively, 2012 proved to be a strong year for risk assets. Equities rose sharply in the face of uncertainty over a hard landing in China, the European sovereign debt crisis, and the "fiscal cliff" here in the U.S. Despite double digit returns for most equity indices, it appears that many investors are questioning the recovery. Moreover, trends in mutual fund cash flows indicate they continue to watch the market climb the "wall of worry" and remain hesitant to commit their capital. We believe this continues to be an indirect catalyst for future growth as investors eventually capitulate and move from low yielding cash and bonds and into equities. The Fund posted strong results in both absolute and relative terms in the fourth quarter and for the year. During More...

Currently 1.50/5

Rating: 1.5/5 (4 votes)

Weekly CEO Buys Highlight: PKOH, CQB, CBB, GTI, RSE

March 25, 2013

According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

Currently 3.29/5

Rating: 3.3/5 (7 votes)

Guru Investors' Top Homebuilder Stocks as Housing Recovery Begins

March 20, 2013

Data from the Department of Commerce released on Tuesday signaled a potential turnaround in the housing market. The department found that the number of building permits in February increased 4.6% from January and 33.8% from February of 2012, to a seasonably adjusted 946,000. Housing starts also increased 0.8% and 27.7% over the same periods to 917,000 – their highest levels since 2008. More...

Currently 1.00/5

Rating: 1.0/5 (1 vote)

Weekly 3-Year Low Highlights: AMOV, TAC, WLT, IPI,RENN

March 17, 2013

According to the GuruFocus list of 3-year lows, America Movil, TransAlta Corporation, Walter Energy Inc., Interpid Potash Inc. and Renren Inc. have all reached their 3-year lows. More...

WEEKLY, 3, YEAR, LOW, HIGHLIGHTS

Currently 0.00/5

Rating: 0.0/5 (0 votes)

John Keeley Comments on Fiesta Restaurants

December 11, 2012

New opportunities in small-cap stocks such as Fiesta Restaurant (FRGI) also look very attractive. More...

Currently 0.00/5

Rating: 0.0/5 (0 votes)

John Keeley Comments on Kraft

December 11, 2012

In corporate restructuring, the activity has been robust. We held a number of larger-cap companies prior to their spin-offs, and now a few of those such as Kraft (KRFT) have completed their break-up and have begun trading as stand-alone entities. We see value in both companies and continue to hold both positions in the portfolio. More...

Currently 2.00/5

Rating: 2.0/5 (1 vote)

John Keeley Comments on Epoch Holdings Corp.

December 11, 2012

The best performing position over the past year was Epoch Holdings Corp. (EPHC), which climbed over 70 percent and added 210 basis points of return to the portfolio. We think that the asset manager continues to be underfollowed by sell side analysts despite impressive results over the past few years. Although cash flow into equity mutual funds has been challenged since the downturn, Epoch has been successful at growing assets. We believe that the company is attractively priced as a percentage of its assets under management, and we that believe the company has the capacity to double assets from current levels. More...

Currently 1.50/5

Rating: 1.5/5 (2 votes)

Keeley Funds Comments on Foot Locker Inc.

December 11, 2012

Another strong performer during the quarter was Foot Locker Inc. (FL) which climbed over 16 percent and added 38 basis points of return to the Fund. The athletic footwear and apparel retailer has posted continued earnings momentum with same-store sales growth of over almost 10 percent. The company has also been effective at passing on increasing costs to consumers. More...

Currently 2.75/5

Rating: 2.8/5 (4 votes)

Keeley Funds Comments on Rock-Tenn Co.

December 11, 2012

The top performing position in the Fund was Rock-Tenn Co. (RKT), which rose over 32 percent and added 41 basis points of return to the portfolio during the third quarter. A leader in consumer packaging and recycling, Rock-Tenn posted strong earnings during the quarter and has realized synergies from their 2011 acquisition of Smurfit-Stone. More...

Currently 2.67/5

Rating: 2.7/5 (3 votes)

John Keeley Comments on McGraw-Hill Companies Inc.

December 11, 2012

Overall, we continue to find attractive opportunities in the mid-cap space, and we think that a number of larger-cap break-ups should provide additional ideas going forward. McGraw-Hill Companies, Inc. (MHP) is one example that is currently held in the portfolio. The information services company is preparing for its spin-off by the end of 2012, which will create two divisions, McGraw-Hill Financial and McGraw-Hill Education. Currently, we like the prospects of both companies and believe that the spin-off will provide better clarity and more accurate peer group comparisons, which will ultimately unlock hidden value. More...

Currently 3.50/5

Rating: 3.5/5 (4 votes)

John Keeley Comments on Terex Corp

December 11, 2012

Terex Corp. (TEX) was the second largest contributor to the portfolio over the past year, rising over 120 percent and adding 101 basis points of return to the portfolio. Despite a challenging economic environment, the heavy construction manufacturer has gained market share, and strong cash flow should offer the company more flexibility to reduce debt and improve its balance sheet. We believe that even a slight improvement in the global economy could have a significant impact on the shares of Terex. More...

Currently 2.67/5

Rating: 2.7/5 (3 votes)

John Keeley Comments on Walter Investment Management

December 11, 2012

Another top performing position in the Fund was Walter Investment Management (WAC), which rose over 61 percent and added 70 basis points of return to the portfolio over the past year. Although the company is placed in the technology sector, we believe that this mortgage servicer would be more properly represented in the financial sector. The company continues to benefit from trends in the industry favoring smaller players, and management expects to position itself for growth via acquisitions. We continue to favor the company based on the fact that it remains in the growth phase of its business cycle and despite the rise in its stock price, the current valuation remains attractive. More...

Currently 4.50/5

Rating: 4.5/5 (2 votes)

John Keeley Comments on PulteGroup Inc.

December 11, 2012

PulteGroup Inc. (PHM) was a significant contributor over the past year and was easily the top performing security in the portfolio. The homebuilder climbed over 292 percent over the trailing twelve months and contributed 119 basis points to the portfolio over that time period. The company has been effective at controlling costs and strategically improving many of its existing communities. Despite a number of positive economic reports related to housing, it appears that the rally in the industry is getting very little respect. We continue to see sentiment indexes improving rapidly, tight supply which is creating an attractive supply-demand imbalance, and improvements in pricing. Although we anticipate some volatility during the housing recovery, with interest rates at record lows and the Federal Reserve directly supporting rates with their recent announcement, we continue to expect progress in this area and have positioned the portfolio accordingly with Pulte and a number of other positions with exposure to the housing industry. More...

Currently 3.50/5

Rating: 3.5/5 (4 votes)

John Keeley Annual Letter to Shareholders

December 11, 2012

Dear Fellow Shareholder, Equity markets continued their momentum from the second quarter of 2012 and rose sharply during the third quarter, ending an impressive trailing one-year period where the S&P 500 Index and the Russell 2000 Index each climbed over 30 percent. The strong move in equities lifted the entire market, with all ten economic sectors producing positive results for the quarter and over the past year. These results were impressive in light of concerns about the fiscal cliff, the sovereign debt crisis, and unsettling developments in the Middle East. With just three months left in the calendar year, the S&P 500 index is up over 16 percent. The dominant story during the third quarter proved to be the role of central banks, both in the U.S. and in Europe. In early September, the European Central Bank (ECB) announced a bond purchase plan designed to help boost the struggling European economies. This was soon followed by the Federal Reserve’s extensive plan to purchase mortgage backed securities. These announcements provided a boost to housing-related stocks and also could favorably impact job growth. The news sent risk assets higher, and caused a sharp decline in the yields More...