Longleaf Partners is one of the best value shops in the country. Until recently, however, all three of its funds had been closed to new investors. But Longleaf Partners International (symbol LLINX) has now re-opened to new investors.
Over the past few years, the fund has been a laggard. It trailed the MSCI EAFE index, the most popular foreign benchmark, by ten percentage points in 2004 and one percentage point in 2005, and is behind by six percentage points so far this year. Consequently, the fund's longer-term record looks shabby, too, just now: It trails EAFE by almost three percentage points per year, on average, over the past five years.