Small cap guru John Keeley likes to invest in special situations such as mergers/acquisitions and spin-offs. This is the Q2 portfolio update for Keeley Funds.
Keeley is heavily invested in industrial section. He wrote in the latest semiannual report: “…with credit markets improving, we are beginning to see the types of merger and acquisition activity within the industrial sector that has been dormant for quite some time. Until recently, financing was difficult to obtain, and buyers and sellers could not come to agreeable terms because earnings and EBITDA multiples had fallen for sellers. We are now beginning to see the small, bolt-on acquisitions within the sector that we believe will be accretive to earnings and a positive strategic development for our companies.”
As of 06/30/2010, Keeley Fund Management. John Keeley owns 340 stocks with a total value of $5.6 billion. These are the details of the buys and sells.
· New Purchases: AAN.A, ACC, AH, AI, BAB, BCPC, BGS, BPOP, CMN, DTPI, ELS, EVR, EWJ, FAF, GLW, GYMB, LIFE, MSFT, MTG, OC, ORIT, RKT, RSH, SLW, WAG, WMB, XOM,
This is the sector weightings of his portfolio:
These are the top 5 holdings of John Keeley
Keeley is heavily invested in industrial section. He wrote in the latest semiannual report: “…with credit markets improving, we are beginning to see the types of merger and acquisition activity within the industrial sector that has been dormant for quite some time. Until recently, financing was difficult to obtain, and buyers and sellers could not come to agreeable terms because earnings and EBITDA multiples had fallen for sellers. We are now beginning to see the small, bolt-on acquisitions within the sector that we believe will be accretive to earnings and a positive strategic development for our companies.”
As of 06/30/2010, Keeley Fund Management. John Keeley owns 340 stocks with a total value of $5.6 billion. These are the details of the buys and sells.
· New Purchases: AAN.A, ACC, AH, AI, BAB, BCPC, BGS, BPOP, CMN, DTPI, ELS, EVR, EWJ, FAF, GLW, GYMB, LIFE, MSFT, MTG, OC, ORIT, RKT, RSH, SLW, WAG, WMB, XOM,
- Added Positions: ART, BRY, CLGX, CLU, CNS, EIHI, FSS, GS, IBM, IWN, JAH, KRE, MPW, MSG, NWBI, RA, REN, SFE, SOA, TRIB, V, VPFG, XHB,
- Reduced Positions: AAP, ABC, ASH, AWK, AYE, BFIN, BTU, CALM, DUF, FLS, GPX, HAL, ITG, KBR, LDSH, MAG, MFB, MIG, NLY, PJC, PMIC, PRGO, PXD, SJM, SSI, TDC, WBC, WPP, XRAY,
- Sold Out: AAN, AGO, BP, C, CASY, CENX, CKEC, CLF, FAX, HEK, JCS, JKHY, JOE, OTTR, PBH, RRR, STC, TBT, TNA, TXT, UNG, USO, XLK,
This is the sector weightings of his portfolio:
| Industrials | 33.6% |
| Financials | 16.4% |
| Consumer Goods | 10.3% |
| Oil & Gas | 9.3% |
| Consumer Services | 9.3% |
| Basic Materials | 8.5% |
| Health Care | 3.9% |
| Utilities | 3.4% |
| Technology | 0.9% |
These are the top 5 holdings of John Keeley
- HILL-ROM HOLDINGS, INC. (HRC) - 2,849,288 shares, 1.56% of the total portfolio. Shares reduced by 10.15%
- Kansas City Southern (KSU) - 2,111,664 shares, 1.38% of the total portfolio. Shares reduced by 9.4%
- Wabtec (WAB) - 1,830,577 shares, 1.31% of the total portfolio. Shares reduced by 7.19%
- ITC Holdings Corp. (ITC) - 1,381,980 shares, 1.31% of the total portfolio. Shares reduced by 2.4%
- Bucyrus International Inc. (BUCY) - 1,509,816 shares, 1.29% of the total portfolio. Shares reduced by 12.94%
