- By Holly LaFon
To Our Shareholders,
For the quarter ended March 31, 2019, the KEELEY Mid Cap Dividend Value Fund's net asset value ("NAV") per Class A share rose 13.67% compared with a 14.37% gain for the Russell Mid Cap Value Index.
The market, as measured by the S&P 500 got o to its best start in the last twenty years and posted its best overall quarter since Q3-2009. e quarter's 13.6% gain nearly recouped the fourth quarter's steep drop. e rst quarter was the sixth time since 1970 that a quarter with a double-digit loss was followed by a quarter with a double-digit gain. In four of the ve previous instances of this pattern, the subsequent quarter also saw a double-digit gain1.
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- NYSE:VSM) is a leading maker of chemicals used in the production of semiconductors and other electronics. Its stock appreciated sharply during the quarter after it received an acquisition o er from Entegris for cash and stock. It moved even higher after Merck KGaA topped that o er with a $48 cash proposal. At quarter-end, the Fund had sold most of its stock, although we believe there is a good chance that the nal sale price could be above the Merck offer.