Betting that value soon will be all the rage,

Master's Select

is coming out with a new value fund that will be managed by three as-yet unnamed value-stock pickers. The new offering will capitalize on the firm's ability to attract high-profile managers to run portions of the fund.

Orinda, Calif.-based money managers

Littman/Gregory Fund Advisors

, which runs the Master's Select series, also offers

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Master's Select Equity and

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Master's Select International funds. Those funds also use a multimanager approach, and feature such stars as Foster Friess of

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Brandywine, Bill Miller of

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Legg Mason Value Trust and Spiros "Sig" Segalas of

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Harbor Capital Appreciation.

The international fund boasts a 77% one-year return, beating 89% of the funds in its category. Master's Select Equity also easily beats its average peer for the past one- and three-year periods.

A filing with the

Securities and Exchange Commission

doesn't give away who the new crop of managers will be. It will concentrate investments in large- and mid-cap domestic value names, though it can veer toward small-cap and international companies on occasion, according to the filing.

But getting access to these stock pickers won't be cheap. The fund plans to charge 1.7% in annual expenses -- higher than the 1.39% charged by the average large-cap value fund, according to

Morningstar

. The expense ratio also will be higher than those charged by Select Equities (1.38%) and Select International (1.55%).

Each of the managers of the new fund will be limited to picking just eight to 15 stocks because Master's Select believes "most stock pickers have a few select stocks in which they have a particularly high degree of confidence.''

Nations Adds Third Marsico Fund

Nations Funds

is adding a version of the

Marsico 21st Century

fund to its broker-sold lineup. Nations owns half of the fund company founded by ex-

Janus

star manager Tom Marsico and already offers versions of two other Marsico funds under its own label.

According to its prospectus,

Nations Marsico 21st Century

plans to buy companies that invest primarily in new technologies, regardless of capitalization. The no-load version of the fund, which

Marsico Funds

has offered since February, has a 71% weighting in technology, with a particular focus on semiconductors. The fund owns between 35 and 50 securities.

A Nations spokeswoman says Nations' and Marsico's versions of the funds won't be identical, but there will be significant overlap in their portfolios.

James Hillary runs both the Marsico and Nations versions of the fund. It's the first of the Marsico funds that isn't run by founder Marsico.

Nations funds are sold only through brokers, so do-it-yourselfers are more likely to buy the funds directly from Marsico, which doesn't add sales charges.

Marsico charges 1.5% annually to manage the fund (slightly higher than the 1.44% that the average domestic mutual fund levies). Nations will charge slightly less for the Class A shares at 1.45%, but that's after paying a 5.75% front-end load. Investors in B and C shares will pay even more -- 2.2% in expenses.