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

For investors who aren't sure about how to select a fund appropriate for their time horizon, these funds really make it simple for you to do that and to get a lot of diversification in a single package. They help investors with the two things they have the most problems with. The first is arriving at an appropriate asset allocation, and the second is maturing that asset allocation as you approach your goal.

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.

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.

There are some investors here who are fairly irritated.

Lange will invest wherever he sees an opportunity.