The name Tweedy Browne has been well-known on Wall Street for a long time. Even Warren Buffett was using the company's services several decades ago. The firm today runs two mutual funds, both of which were recently closed to investors. That makes it a bit of a news item when one of the funds reopens to investors.

So, meet the Tweedy Browne Value (TWEBX) fund. In the company's own words, it employs a "'Ben Graham' value-oriented approach, investing primarily in securities trading at discounts from the advisor's assessment of intrinsic value." How has this worked out? Well, its returns over the past three, five, and 10 years have either lagged the market or not beaten it by much. Its expense ratio, at 1.38%, is above average for stock funds. Morningstar gives it only two stars out of five.

Still, it has its pluses. For one thing, its managers have been at the helm for more than a decade. The fund is also concentrated, with fewer than 50 holdings and a low turnover rate that recently stood at 9%. And its style and history offer downside protection for investors in the event of market slumps. When the market lost ground in 2000, 2001, and 2002, the fund outperformed the market by 24, 12, and 7 percentage points, respectively. Its top holdings recently included Federated Investors (NYSE:FII), Wal-Mart (NYSE:WMT), and Home Depot (NYSE:HD). A new development for the fund is that its guidelines have now changed to permit more investments in foreign companies -- which could help the managers deploy more of their sizable cash pile.

And another one ...
Also reopening is the very different Fidelity New Millennium (FMILX) fund, featuring hundreds of holdings and a turnover rate well above 100%. The fund's expense ratio is a reasonable 0.91%, and it has a long history of usually beating the market handily. Its top holdings recently included Green Mountain Coffee Roasters (NASDAQ:GMCR), Disney (NYSE:DIS), and Cisco (NASDAQ:CSCO). On the downside, the fund's manager signed on just a year or so ago, so he's not responsible for the fund's strong record.

So ... what?
So should you rush out and invest in these funds while their doors are open? They may, after all, close again. Well, not necessarily. There are more compelling ones out there, with proven managers and appealing track records. You can find them on your own, by reading broadly or screening for them. I also invite you to sign up for a free trial of our Motley Fool Champion Funds newsletter, which offers some terrific fund recommendations monthly in an easy-to-digest format. (I've found a bunch of winners there.) Its picks are beating the market by some 15 percentage points, and last time I checked, none of them were underwater. In fact, over just a few years, fully 25 of them are up more than 40%. A free trial will give you full access to all past issues, so you can read about each recommendation in detail.

Longtime Fool contributor Selena Maranjian owns shares of Inside Value recommendations Wal-Mart and Home Depot. Disney is a Stock Advisor recommendation. Federated Investors is a Motley Fool Income Investor pick. Try any of our investing services free for 30 days. The Motley Fool is Fools writing for Fools.