Perrigo Co. (NYSE:PRGO) was the Fund’s leading detractor this quarter. The stock price dropped over 22% and cost the Fund 62 basis points in performance. The company focuses on the production of over-the-counter consumer goods and specialty pharmaceutical products. The stock price dropped after the former CEO departed to join Valeant Pharmaceuticals and the Board of Directors named a new CEO. The new CEO promptly reduced guidance, causing an increase in skepticism about management’s ability to integrate a recent European acquisition.
From Keeley Funds' All Cap Value Fund second quarter commentary.
