Keeley Gabelli Fund KSMIX Beat Benchmark by 1.2% in Q1

The Keeley Gabelli SMID Cap Value Fund (KSMIX) returned 6.0% in the first quarter of 2026, outpacing the Russell 2500 Value Index by 1.2 percentage points. The index gained 4.8% over the same period.

KSMIX is managed by Keeley Gabelli, focusing on small- and mid-cap value stocks with market capitalizations between roughly $1 billion and $20 billion. The fund's strategy targets undervalued companies with identifiable catalysts for improvement.

The quarterly commentary, which typically discloses top holdings, sector allocations, and portfolio manager remarks, was not fully accessible on the source page due to technical restrictions. The only data point available was the raw return comparison.

For investors tracking active small-cap value funds, the 120-basis-point edge in a single quarter offers a snapshot of performance but does not alone explain the source of the alpha. The full commentary would clarify whether the gain came from sector bets, individual stock picks, or a combination of both.

KSMIX competes against a range of passively managed ETFs tracking the Russell 2500 Value Index, where the annual expense ratio typically runs below 0.30%. The fund's active fees need to be weighed against consistent delivery of such outperformance over longer horizons.