Another key factor in our outperformance during the quarter was a sharp increase in merger and acquisition activity. The portfolio didn't experience any takeovers until this quarter, when two names were acquired at a premium price. This provides us with optimism that momentum in M&A may continue in 2013. Epoch Holdings (EPHC, Financial) was a notable contributor in the fourth quarter, rising over 19 percent after being acquired by TD Bank in December.
From Keeley Funds' fourth quarter 2012 investor letter.
From Keeley Funds' fourth quarter 2012 investor letter.