Southeastern Asset Management, manager of the 17-year-old Longleaf Partners Funds, has decided to shut the fund to new investors because of a lack of prospective companies to invest in, the company announced.

As of now, 29% of the fund’s assets are in cash, and the company decided to turn away new investors until "additional investment opportunities exist and cash inflows would again benefit existing shareholders."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.