Notes From the Fieldby Martin Weil

June 13, 2011

How to care for your investors

I note the following from Morningstar Advisor’s website:

At this May’s annual meeting for LongLeaf Partners funds, Mason Hawkins, CEO of advisor Southeastern Asset Management, stated that the six independent trustees of the funds (plus another who’s classified as an “interested” trustee because she does some operational and administrative work for the funds, though she is not otherwise affiliated with Southeastern) collectively have $19.4 million invested in the three Longleaf funds.

I have always been a fan of Longleaf (and use them in my investment portfolios) for their investment acumen, highly disciplined approach and shareholder-oriented culture. Unlike the managers at most funds, Longleaf’s managers have a majority of their investment wealth in the funds they oversee. This latest disclosure is a further indication of how everyone involved in decision-making at Longleaf also has financial interests that are aligned with their shareholders. Longleaf sets a very high bar for shareholder values, one that most other fund companies do not even come close to approaching.

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