I think it's good news for investors. Investors already pay a management fee to the advisor to run the fund - it might shock investors to know they are paying, say, another 50 basis points for research.

The fund is fairly volatile. Investors need to have a long time horizon.

I think it's a good long-term investment. They've got a ton of experience between Mason Hawkins and Stanley Cates, and the managers have significant portions of their own net worth in the Longleaf funds. They have every incentive to do right by their shareholders.

We encourage investors not to sell the brokers on the news this quarter, as visibility is good leading into the rest of the year and valuations are reasonable.

The percentage of the property management fee that goes to fund maintenance of the water facilities is rather small and varies with the buildings' age, height and some other factors.

Marriott International is a huge portion of that Longleaf fund -- 10.7 percent as of June 30. Host Marriott comprises around 5 percent, and Hilton around 4 percent. If you've got 20 percent of your assets in hotels, and no one's traveling, you'll take a hit.