The Small - Cap Fund later closed to new investors in 1997 and remains closed today .
The Longleaf Small - Cap Fund was seeded two years later in 1989 as a way to invest in undervalued businesses that were too small for the firm 's existing portfolios .
The Longleaf Small - Cap Fund       later closed to new investors in 1997 and remains closed today .
The Longleaf Small - Cap Fund was seeded two years later in 1989 as a way to invest in undervalued businesses that were too small for the firm 's existing portfolios .