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Keeley Funds' Mid Cap Dividend Value Fund 1st Quarter Commentary

- 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.