Iron Mountain Inc. (IRM) proved to be the top performing position during the second quarter after climbing over 28 percent and adding 45 basis points of return to the Fund. A leader in hard-copy storage, shares of Iron Mountain jumped sharply in June after receiving approval from the Internal Revenue Service (IRS) to operate as a Real Estate Investment Trust (REIT). The approval process had placed a cloud of uncertainty over the stock for a number of months, and should now return the focus to the fundamental outlook of the company. The conversion to a REIT was a catalyst for our decision to hold the stock, as that conversion will result in significant tax savings and an increased dividend yield.
From John Keeley (Trades, Portfolio)’s KEELEY Mid Cap Dividend Value Fund Second Quarter 2014 Commentary.
