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From Barrons 6-11-07:

"Since its founding in 1975, Memphis-based Southeastern Asset Management has earned a reputation for looking out for its mutual-fund shareholders. The no-load Longleaf Partners funds don't have 12b-1 or exit fees, and the advisory firm's employees are required to have all of their equity holdings in the funds.

Among the feathers in Southeastern's cap is praise from David Swensen, Yale's chief investment officer and a big critic of actively managed funds for their inability to beat their benchmarks when fees are included. In his book Unconventional Success, Swensen asserts that the firm "exemplifies every fundamentally important, investor-friendly characteristic conducive to active-management success."

With about $42 BILLION under management, Southeastern, an independent firm, has managers spread across several generations, which would presumably prepare it for an eventual leadership transition. The CEO, Mason Hawkins, 59, has been there since 1975. Portfolio managers Staely Cates, 42, came aboard in 1986, and portfolioi manager Andrew McDermott, 37, joined in 1998.

While each of the three funds focuses on a different part of the market, their investment philosophies are identical -- "business, people and price," in Hawkins' words. We want a terrific business, managed by very honorable and capable people."

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