This 'intrinsic value' small-cap stock -2-

Here are the Keeley Small Cap Fun's top 10 holdings as of June 30:

 
Company                                 % of Keeley Small Cap Fund as of June 30 
Anterix                                                   3.5% 
MKS                                                       3.0% 
NetScout Systems                                          3.0% 
MYR Group                                                 2.7% 
Cohu                                                      2.5% 
OpenLane                                                  2.2% 
TTM Technologies                                          2.0% 
Albany International                                      2.0% 
AAR                                                       1.9% 
Ultra Clean Holdings                                      1.9% 
                                            Source: Gabelli Investment Management 

Performance against peers

For peer comparisons, LSEG calculates one-year total returns and average annual total returns for three-, five- and 10-year periods through the most recent month-end. The data provider lists 95 mutual funds as peers to the Keeley Small Cap Fund that are also benchmarked to the Russell 2000 Value Index XX:RUJ.

The Keeley Small Cap Fund's institutional share class has annual expenses totaling 1% of assets under management, which makes for $100 in annual fees for a $10,000 investment. So the fund's net expense ratio is 1%, but its full expense ratio is 1.41%. There is a temporary reimbursement of 0.41% of expenses until at least Jan. 31, 2027. There are other funds on the list below with temporary waivers of portions of their expenses. Before you make any investment, make sure you understand exactly how the expenses work and when any waivers might be lifted.

The following performance comparison begins with the Keeley Small Cap Fund, then the iShares Russell 2000 Value ETF IWN, an exchange-traded fund that tracks the performance of the fund's performance benchmark index. Then there is the iShares Russell 2000 ETF IWM, which tracks the full Russell 2000 Index. Then there are the five peer funds with the highest five-year annual returns, among those available currently for direct purchase by new investors. All returns are through June 30, include reinvested dividends and capital-gain distributions, and are net of expenses and net of any sales charges. The funds' net expense ratios are in the right-most column.

 
Fund                                                 1-year return  3-year avg. return  5-year avg. return  10-year avg. return  Net expense ratio 
Keeley Small Cap Fund; I                                     67.9%               26.0%               14.0%                15.7%              1.00% 
iShares Russell 2000 Value ETF                               42.7%               18.4%                8.0%                10.7%              0.24% 
iShares Russell 2000 ETF                                     40.6%               18.4%                6.9%                11.5%              0.19% 
Brandes Small Cap Value Fund; I                              45.0%               27.2%               17.1%                  N/A              0.91% 
Reinhart Genesis PMV Fund; Advisor                           37.5%               20.4%               14.5%                  N/A              0.95% 
Heartland Value Fund; Investor                               41.9%               23.0%               13.0%                12.5%              1.09% 
North Square Select Small Cap Fund; I                        36.4%               21.4%               12.5%                13.1%              0.94% 
Avantis U.S. Small Cap Value Fund; Institutional             39.5%               19.2%               12.4%                  N/A              0.25% 
                                                                                                                                      Source: LSEG 

For one year through June 30, the Keeley Small Cap Fund's 67.9% return ranked highest among the 96 mutual funds listed by LSEG as peers also benchmarked to the Russell 2000 Value Index.

Among the five peer funds that are open to new investors and listed above, only the Brandes Small Cap Value Fund BSCMX had a higher three-year return than that of the Keeley fund, while the Brandes fund and the Reinhart Genesis PMV Fund RPMFX came in ahead for five years.

The Keeley Small Cap Fund's 10-year average return of 15.7% compared with respective average returns of 10.7% for IWN and 11.5% for IWM. The Keeley fund also had the highest 10-year return among the 96 peer mutual funds, except for the Invesco Small Cap Fund VSCAX. This Invesco fund is not on the above list because it has been closed to new investors since April 2024.

-Philip van Doorn

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07-22-26 1420ET