On an industry basis, two groups detracted meaningfully—energy equipment & services and machinery. Both were substantially overweight vis-à -vis the Russell 2000. The first was home to Unit Corporation (NYSE:UNT), a long-time Royce favorite. The company is something of an anomaly in the energy industry because it runs multiple businesses, including oil and natural gas exploration and contract drilling of onshore oil and natural gas wells. Most energy companies focus on only one of these activities. We opted to sell our shares of Unit in Premier based on our own growing preference in the portfolio for companies involved in single lines of business.
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