The folks at Ruane, Cunniff & Goldfarb are reopening the Sequoia Fund next month to new investors for the first time in 26 years. In the quarterly report for the fund, the New York City-based investment manager noted that "attrition has become an issue for the fund," as shareholders have aged. Assets fell 2.4 percent to $3.5 billion at the end of 2007.

Ruane, Cunniff also pointed to the market turmoil making stocks "reasonably valued."

The fund, founded in 1970, was run for many years by Warren Buffett pal William Ruane, who also shared the former's investment approach. Ruane passed away in 2006.

"It is not our intention to grow the size of the Fund rapidly. If we find we are not identifying enough good ways to invest our shareholders’ incremental capital contributions, we will advise the Board of Directors accordingly," Ruane Cunniff wrote.

The fund will reopen on May 1.  

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