Longleaf Partners has long been a boutique value manager we have followed at Young Research. They are one of the good guys in the mutual fund industry. Longleaf uses long-term value oriented approach and eschews the benchmark hugging and overdiversification that handicap most mutual fund managers.
So what does it say about the market when a highly respected boutique value manager that only buys about 15-25 companies in its portfolio closed not because its fund has grown too large, but because there are a lack of opportunities?
You can read between the lines.