Keeley Asset Management Corp

Last Update: 02-14-2017

Number of Stocks: 270
Number of New Stocks: 18

Total Value: $2,352 Mil
Q/Q Turnover: 8%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Keeley Asset Management Corp' 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

Performance of Small Cap Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201618.9411.967.0
2015-11.491.38-12.9
20140.0713.69-13.6
3-Year Cumulative5.3 (1.8%/year)29 (8.9%/year)-23.7 (-7.1%/year)
201334.6332.392.2
201223.81167.8
5-Year Cumulative75.6 (11.9%/year)98.2 (14.7%/year)-22.6 (-2.8%/year)
2011-7.292.11-9.4
201025.9815.0610.9
200921.6726.46-4.8
2008-40.18-37-3.2
20077.175.491.7
10-Year Cumulative60 (4.8%/year)95.7 (6.9%/year)-35.7 (-2.1%/year)
200619.5515.793.8
200516.124.9111.2
200432.9410.8822.1
200318.6528.68-10.0
20022.72-22.124.8
15-Year Cumulative259.8 (8.9%/year)164.2 (6.7%/year)95.6 (2.2%/year)
200115.12-11.8927.0
20006.61-9.115.7
19993.3221.04-17.7
199812.9928.58-15.6
19970.5233.36-32.8
20-Year Cumulative418.2 (8.6%/year)339.2 (7.7%/year)79 (0.9%/year)
19969.4222.96-13.5
19950.9437.58-36.6
1994-7.021.32-8.3

Top Ranked Articles

Keeley Funds Comments on Kennedy Wilson Guru stock highlight
Kennedy Wilson (NYSE:KW) is a vertically integrated global real estate investments and services firm that is involved in every aspect of real estate. Kennedy Wilson entered the UK/Ireland market in 2011 by acquiring $1.8bn of troubled real estate from the Bank of Ireland, and later took this entity, Kennedy Wilson Europe (KWE), public in 2014 retaining a 17.7% interest. With the decision for BREXIT, KWE traded down despite limited exposure to the UK and London. Believing KWE was being significantly undervalued, management increased their ownership stake to 24% via open market purchases, and then subsequently decided to acquire the remaining portion of KWE for stock, which has led to arbitrage trading pressure on the stock. Once the transaction is complete, we believe the cost savings and a more simplified structure will enable the stock to outperform and close the discount to its net asset value. Read more...
Keeley All Cap Value Fund Comments on Hanmi Financial Corp Guru stock highlight
Hanmi (NASDAQ:HAFC) will also benefit from continued cost cutting and operational improvements at its core banking business. For Voya, the perceptive risk of their closed block variable annuity book, which management claims is fully hedged, would decline as rates rise. Though categorized as an industrial stock, we believe the market has begun to view Air Lease Corporation as a financial given its business in the purchase and leasing of commercial jet aircraft to airlines and is a beneficiary of higher interest rates. Read more...
Keeley Funds Comments on Versum Materials Guru stock highlight
Versum Materials (NYSE:VSM) is a global provider of critical, high purity, high performance materials for the semiconductor manufacturing industry. e company, which was spun o from Air Products in 2016, is bene tting from the increasing importance of materials used in the engineering and production of new semiconductor chip designs, as well as several technology trends (Internet of ings, Virtual Reality, Arti cial Intelligence, etc.). ese secular tailwinds should continue to provide a favorable backdrop for growth going forward. As a newly independent, publicly-traded company coming out of a much larger industrial gas parent, Versum is bene tting from greater investor awareness and the ability to reinvest its own capital. e company is a market leader with strong margins and cash ow generation enabling it to act as a consolidator in a fragmented industry further boosting growth and market share. is is the type of story that we seek to uncover in pursuing the Fund’s corporate change theme. Read more...
Keeley Funds Comments on Diebold Nixdorf Guru stock highlight
Diebold Nixdorf (NYSE:DBD) is the second largest maker of automatic teller (ATM) machines worldwide following its merger with Wincor Nixdorf last year. Unfortunately, the quarter began with the announcement of a large cut to 2017 fiscal year guidance where revenue was reduced by $300 million and EBITDA by $90 million. Competitor NCR was very successful in taking market share via aggressive pricing during the extended period to close the merger. The share gains had a large negative impact to NCR’s margins, and as a result NCR has now become more rational in its product pricing. We believe that this has led to a more stable environment where Diebold is starting to win back its lost market share. In support of this contention, backlog is rebuilding post a tough second half of 2016 and changes have been made in the Services segment which should lead to better results going forward. We believe that Diebold will be able gain scale and reduce duplicative costs while expanding the footprint of its strong service offering. Read more...
Keeley Funds Comments on Abbott Labs Guru stock highlight
Abbott Labs (NYSE:ABT) is a large, multinational health care products company focusing on pharmaceuticals, diagnostic and nutritional products. The company reported a nice quarter beating estimates for both sales and earnings, and continued to execute well on the integration of recently acquired St. Jude Medical. Abbott also cleared the last hurdle to complete the long-delayed purchase of Alere (ALR) which should close in the third quarter of 2017. Read more...
» More Keeley Asset Management Corp Articles

Commentaries and Stories

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Keeley Funds Comments on AmerisourceBergen Corp Guru stock highlight
AmerisourceBergen Corporation (NYSE:ABC) is a leading provider of drug distribution and other related services designed to reduce healthcare costs and improve patient outcomes. e company lagged after reporting lackluster scal third quarter earnings (ending June) and reducing its revenue guidance for the balance of the year due to brand in ation. In addition, investors were disappointed that AmerisourceBergen held fast to its previously stated view that generic drug pricing will decline in the high single digits and that generic drug de ation is not improving. We, however, remain con dent because of our view that AmerisourceBergen has a superior book of business compared to its peers, remains reasonably attractive from a valuation standpoint, and has several other growth businesses such as animal health. More...

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Keeley Funds Comments on Spectrum Brands Holdings Guru stock highlight
Spectrum Brands Holdings, Inc. (NYSE:SPB) is a diversi ed consumer product company that produces batteries, personal care, pet care, home and garden, hardware and auto care products for retail customers. e company reported scal third quarter (ending June) results that were well below Street expectations due to several transitory factors which included the e ects of plant consolidation projects in the company’s auto care and hardware segments plus some retailer destocking activity in home and garden and auto care due to unfavorable weather in key US markets. Spectrum is also exiting some unpro table product lines which created a negative headwind for the company’s sales. Most of these issues should be cleared up in a quarter or two as the company did not adjust its scal year 2017 (ending Sept.) guidance despite the weak third quarter. In addition, with the sale of its stake in insurance company, Fidelity & Guaranty Life (FGL), HRG Group (HRG - 58% ownership in SPB) will work with Spectrum to clarify this ownership overhang while maximizing value for HRG shareholders and being earnings per share accretive for More...

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Keeley Funds Comments on Patterson-UTI Energy Guru stock highlight
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is a diversi ed oil service company specializing in land drilling and pressure pumping. Despite solid results in the second quarter of 2017, investors remained wary of the e ects of a declining rig count in the face of volatile crude oil prices as the company is an operator of land rigs. Although Patterson-UTI has grown its pressure pumping business through the opportunistic acquisition of Seventy Seven Energy (post its emergence from bankruptcy) earlier in the year and a small bolt on acquisition late in the third quarter of 2017, we replaced PTEN with larger cap, more diversi ed Halliburton as mentioned earlier. More...

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Keeley Funds Comments on Versum Materials Guru stock highlight
Versum Materials (NYSE:VSM) is a global provider of critical, high purity, high performance materials for the semiconductor manufacturing industry. e company, which was spun o from Air Products in 2016, is bene tting from the increasing importance of materials used in the engineering and production of new semiconductor chip designs, as well as several technology trends (Internet of ings, Virtual Reality, Arti cial Intelligence, etc.). ese secular tailwinds should continue to provide a favorable backdrop for growth going forward. As a newly independent, publicly-traded company coming out of a much larger industrial gas parent, Versum is bene tting from greater investor awareness and the ability to reinvest its own capital. e company is a market leader with strong margins and cash ow generation enabling it to act as a consolidator in a fragmented industry further boosting growth and market share. is is the type of story that we seek to uncover in pursuing the Fund’s corporate change theme. More...

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Keeley Funds Comments on Visteon Corp Guru stock highlight
Visteon Corporation (NYSE:VC) is an auto original equipment supplier historically focused on developing electronic clusters and cockpits for light passenger vehicles. In June 2015, the company appointed a new CEO from Harman who is transforming the company into a leader in autonomous driving systems and software (ADAS). In addition to the company posting a strong third quarter due to better than expected sales and expanded EBITDA margin from cost reduction e orts, two of its peers, Autoliv (ALV) and Delphi (DLPH), announced plans to separate out their electronics businesses to highlight the hidden ADAS value. Demonstrating the value of ADAS, earlier this year, Samsung purchased Harman (HAR) and Intel (INTC) acquired Mobileye (MBLY) at lofty valuations to gain strategic footholds. More...

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Keeley Funds Comments on NRG Energy Guru stock highlight
NRG Energy, Inc. (NYSE:NRG) is an independent producer of electricity with a portfolio of 44 Gigawatts (GW) of conventional generation and 4.8GW of renewable assets, wholly-owned and through its controlling ownership in NRG Yield (NYLD). As is the case with restructuring stories, NRG’s stock performance has been lumpy, yet overall very positive. e stock was a top contributor in the rst quarter driven by the company’s debt and cost reduction plan exceeding expectations. However, NRG was the third worst detractor in the second quarter despite activist investors taking an equity stake in the company, recommending two new Board members, and laying out a plan for additional cost savings above the $500 million already achieved. Short-term hiccups comprised of higher than expected advisory fees related to the formation of a Business Review Committee spurred by the activists as well as warmer weather caused the company to miss earnings. e stock rebounded strongly in the third quarter on news that the Board of Directors accepted a 3-Year Plan presented by the Business Review Committee. is plan entails further cost and More...

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The Keeley All Cap Value Fund 3rd Quarter Commentary Discussion of holdings and market Keeley Asset Management Corp - The Keeley All Cap Value Fund 3rd Quarter Commentary
To Our Shareholders, More...

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Keeley Funds Comments on Danaher Corp Guru stock highlight
Notable activity included continuing to build our initial position in DXC Technology and initiating a new, small position in Danaher Corp. Danaher (NYSE:DHR) has an outstanding track record of operational excellence through the application of Lean Manufacturing practices and culture, as well as astute acquirers. Recently the company has spun its industrial-focused assets into a separate entity, and the new Danaher is focused on life sciences, diagnostics, environmental and dental industries. We believe this “new” Danaher has the opportunity to continue compounding its business value for many years to come. More...

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Keeley Funds Comments on Wesco Aircraft Guru stock highlight
Finally, Wesco Aircraft (NYSE:WAIR) (-37% YTD) was a top detractor for the calendar year to date. Execution woes continue to plague the aerospace parts distributor, leading to another disappointing quarter of results and stock performance. Wesco’s current struggles are frustrating, but we don’t believe permanent, and we’ve opted to use the stock’s volatility to lower our average cost by purchasing new shares and harvesting tax losses though sales of higher-cost lots. More...

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Keeley Funds Comments on Allergan Guru stock highlight
Pharmaceutical maker Allergan (NYSE:AGN) (-15% Q3) adversely impacted quarterly results as investors began to question the company’s near-term estimates, reversing gains from earlier this year. We continue to believe the company is well positioned to deliver double-digit returns over the midterm and added incrementally to our holdings. More...

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Keeley Funds Comments on Discovery Communications Guru stock highlight
Among our long positions, Discovery Communications (NASDAQ:DISCA) (-10% Q3, -13% YTD) was a drag on both the quarter and year-to-date figures. Media companies, particularly content networks, are experiencing a period of rapid transformation. Change always breeds uncertainty, but we believe investors are underestimating consumers’ interest in Discovery’s brands (both in the U.S. and globally) as well as the company’s options to monetize their (and soon to be acquired Scripps Interactive) content. More...

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Keeley Funds Comments on Bloomin’ Brands Guru stock highlight
Bloomin’ Brands, Inc. (NASDAQ:BLMN) is a predominantly domestic based, multi-concept restaurant owner whose properties include Outback Steakhouse, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar, and Carrabba’s Italian Grill. The company lagged along with the restaurant group, which was the weakest industry within the Consumer Discretionary sector this quarter. The company is in the process of selling its owned real estate and buying back its stock. There is the potential to unlock significant value by monetizing a concept and continuing to sell stores to franchisees. While the international Outback stores in Brazil continue to perform very well (+12.6% in the second quarter of 2017), domestic traffic and sales growth have been roughly flat. Most recently, the company reduced the number of domestic new store openings focusing instead on remodels. Despite these data points, we believe that the stock remains relatively inexpensive as it trades at less than 7x EBITDA. More...

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Keeley Funds Comments on Basic Energy Services Guru stock highlight
Basic Energy Services, Inc. (NYSE:BAS) is a diversified oilfield service provider that offers completion and remedial services, fluid services, well servicing, and contract drilling primarily in Texas and Oklahoma. Despite elevated customer activity levels in Texas, the company reported second quarter results and issued third quarter guidance that was below Street expectations due to some delays in deploying additional “fracking” equipment in the field. Furthermore, Basic also announced a $500 million at-the-market public offering to boost liquidity, which left investors nervous given that the company had just recently emerged from Chapter 11 last December. Led by the same management team that took the company into bankruptcy, plus concerns over the quality of their equipment and a potential erosion of pricing power, we decided to exit our position and allocate the capital to opportunities that we perceived to offer better risk/reward characteristics. More...

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Keeley Funds Comments on Diebold Nixdorf Guru stock highlight
Diebold Nixdorf (NYSE:DBD) is the second largest maker of automatic teller (ATM) machines worldwide following its merger with Wincor Nixdorf last year. Unfortunately, the quarter began with the announcement of a large cut to 2017 fiscal year guidance where revenue was reduced by $300 million and EBITDA by $90 million. Competitor NCR was very successful in taking market share via aggressive pricing during the extended period to close the merger. The share gains had a large negative impact to NCR’s margins, and as a result NCR has now become more rational in its product pricing. We believe that this has led to a more stable environment where Diebold is starting to win back its lost market share. In support of this contention, backlog is rebuilding post a tough second half of 2016 and changes have been made in the Services segment which should lead to better results going forward. We believe that Diebold will be able gain scale and reduce duplicative costs while expanding the footprint of its strong service offering. More...

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Keeley Funds Comments on Air Lease Corp Guru stock highlight
Air Lease Corporation (NYSE:AL) is a leading aircraft leasing company based in Los Angeles, CA with more than 200 airline relationships in more than 70 countries. AL currently owns a fleet of 240 aircraft, with more than 75% being the more liquid, popular single-aisle planes, and it is well on its way to more than double its owned fleet within five years. Industry-wide change is being driven by the increasing air travel demand from the rising middle-class population in international markets. While the operating performance of the company has continued to improve steadily, the stock was weak earlier in the year because it did not have any “gain on sale of aircrafts” in the first quarter of 2017. We nonetheless believe management has been prudent in managing its portfolio of aircraft and that such gains on aircraft sales will be lumpy and subject to short-term swings that are not indicative of long-term trends. The stock has rebounded nicely as the operating results continued to remain healthy and gains on aircraft sales rebounded back to their historical averages in the second quarter of 2017. We continue to believe More...

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Keeley Funds Comments on Versum Materials Guru stock highlight
Versum Materials (NYSE:VSM) is a global provider of critical, high purity, high performance materials for the semiconductor manufacturing industry. The company, which was spun off from Air Products in 2016, is benefitting from the increasing importance of materials used in the engineering and production of new semiconductor chip designs, as well as several technology trends (Internet of Things, Virtual Reality, Artificial Intelligence, etc.). These secular tailwinds should continue to provide a favorable backdrop for growth going forward. As a newly independent, publicly-traded company coming out of a much larger industrial gas parent, Versum is benefitting from greater investor awareness and the ability to reinvest its own capital. The company is a market leader with strong margins and cash flow generation enabling it to act as a consolidator in a fragmented industry further boosting growth and market share. This is the type of story that we seek to uncover in pursuing the Fund’s corporate change theme. More...

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Keeley Funds Comments on Guru stock highlight
SRC Energy (SRCI) is a producer of oil & gas located in Colorado. A little over a year ago, the company made a transformational acquisition which significantly expanded its acreage position and began executing an efficient drilling plan on the acquired acreage block. Although initially punished due to the amount of equity that was offered to finance the acquisition, the stock rebounded with the successful results of its drilling plan. SRCI sharply adjusted its production guidance early in the third quarter, raising its midpoint range for the year up 26% versus prior guidance. In addition, the equity raise has positioned SRCI with a superior balance sheet compared to its peers. More...

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KEELEY Small Cap Value Fund 3rd Quarter Commentary Discussion of holdings and market Keeley Asset Management Corp - KEELEY Small Cap Value Fund 3rd Quarter Commentary
To Our Shareholders: More...

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Keeley Funds Comments on Patterson UTI Guru stock highlight
Patterson UTI (NASDAQ:PTEN) is an oil services company that is a leading operator of high specification drilling rigs as well as an operator of a large pressure pumping fleet. Both businesses should see a dramatic recovery in margins as capacity in the industry tightens from a reacceleration in drilling activity based on exploration & production (E&P) customer budgets. To start the year, several E&P customers had acknowledged a 10-15% increase in service costs in their capital budgeting for 2017 due to a lack of availability in pressure pumping horsepower and high spec drilling rigs. Also, Patterson is about to close on its acquisition of Seventy Seven Energy, which recently emerged from bankruptcy, adding scale to both sides of its business. The stock performed poorly during the quarter as oil prices pulled back to the mid-$40 per barrel range which sparked fears that US drilling activity might slow its recovery. However, on the company’s earnings call, the company spoke to the activation of more pressure pumping crews and equipment which will be deployed in second quarter of 2017 as well as construction of two new high spec rigs for customers with day rates that are near pre-downturn levels. Both data points are indicative that our utilization and pricing recovery thesis is intact.From Keeley All Cap Value Fund second quarter 2017 shareholder commentary. More...

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Keeley Funds Comments on Kennedy Wilson Guru stock highlight
Kennedy Wilson (NYSE:KW) is a vertically integrated global real estate investments and services firm that is involved in every aspect of real estate. Kennedy Wilson entered the UK/Ireland market in 2011 by acquiring $1.8bn of troubled real estate from the Bank of Ireland, and later took this entity, Kennedy Wilson Europe (KWE), public in 2014 retaining a 17.7% interest. With the decision for BREXIT, KWE traded down despite limited exposure to the UK and London. Believing KWE was being significantly undervalued, management increased their ownership stake to 24% via open market purchases, and then subsequently decided to acquire the remaining portion of KWE for stock, which has led to arbitrage trading pressure on the stock. Once the transaction is complete, we believe the cost savings and a more simplified structure will enable the stock to outperform and close the discount to its net asset value. More...

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