Air Lease Corporation (AL, Financial) engages in the purchase and leasing of commercial aircraft to airlines worldwide. The company’s stock price declined over 16% and cost the Fund 55 basis points in performance. The stock’s short-term underperformance was largely due to emerging market concerns given that the company’s lease concentration is primarily outside the U.S. Taking into account the age of fleets and demand growth beyond the U.S., however, we feel quite confident of the company’s backlog and delivery schedule.
From Keeley Funds' All Cap Value Fund second quarter commentary.
