Comerica (CMA, Financial) also benefitted from company-specific factors. Shareholder activists are leaning on Comerica management to boost returns or sell to a larger peer. We have always believed that one of the core contributors over the long-term is not just business fundamentals, but also a dedicated and open management team that pursues opportunities that can accelerate the creation of shareholder value. Comerica management took control of the situation and announced that it hired Boston Consulting Group in April to advise on strategic intiatives. We are eager to hear the recommendations and we are encouraged that management is open to a wide variety of options.
From Third Avenue Management (Trades, Portfolio)'s ThirdAvenueValueFund second quarter commentary.
