While outflows follow bad performance in chasing many mutual fund managers, executives from at least one asset manager consider themselves lucky for apparently being able to disconnect the two trends. The Memphis Daily News' Andy Meek reports that Longleaf Partners managers Staley Cates and Mason Hawkins thank their shareholders for being "loyal and long-term" in their support for the funds as performance and the markets in general have plunged.

"For those with the conviction, fortitude and time horizon to live through this volatility, we firmly believe that their patience will be rewarded," Cates and Hawkins wrote in a letter to shareholders. "We are confident that the Longleaf portfolios will deliver large returns coming out of the bear market."

Longleaf manages the Longleaf Partners Fund, the Longleaf Partners International Fund and the Longleaf Partners Small-Cap Fund. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE