The largest detractor during the quarter was Chicago Bridge & Iron (CBI). The industrial engineering company declined over 21 percent and cost the portfolio 23 basis points in performance. CBI has been a long-term holding and despite the short-term challenges, the stock has made a strong contribution to the Fund’s performance over the years. However, the shares became volatile in June amid negative accounting reports related to their earlier acquisition of Shaw Group and we elected to sell the position on the news.
From John Keeley (Trades, Portfolio)’s KEELEY Small Cap Value Fund Second Quarter 2014 Commentary.
