Christopher Traulsen Fund Quotations

He has long stayed out of energy, and it's been the leading category. That really held the fund back, but more recently energy hasn't been a great place to be.

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.

Any time you see a substantial deviation in returns with a fund compared to its category, it's usually because it's taken a substantial risk to get there. These funds aren't less risky now. It's just that the stocks they've invested in have finally started to come back.

Investors should never go into a tech fund expecting stability.

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