Another leading contributor this quarter was Parsley Energy (NYSE:PE), which gained over 19% and contributed 36 basis points in performance to the Fund. The oil and natural gas company focuses on the acquisition and development of reserves in the Permian Basin, and the stock price has been steadily rising since February. The company has taken advantage of low oil prices to make accretive acquisitions of acreage and mineral rights during this downturn to further strengthen their position in the Permian Basin. The company’s stock has also benefited from the rebound in oil prices that has taken place the first half of the year.
From the Keeley Small Cap Value Fund second quarter 2016 commentary.
