Longleaf Partners Fund to Reopen, but Look Before You Leap

Updated from 9:40 am. EST

Southeastern Asset Management's (LLPFX Quote)Longleaf Partners, a $3.6 billion value fund with a sterling reputation and long-term record, will reopen to new investors Feb. 1. But investors should look closely at the fund's recent performance before piling in.

Its 15.8% average annual return over the past 10 years beats most of its mid-cap peers, according to fund-tracker Morningstar. But more recently, the fund has struggled, trailing the S&P 500 index each calendar year since 1995. Last year, the fund's paltry 2.2% return trailed its average mid-cap peer by nearly 15 percentage points. ...