William Ruane and Richard Cunniff, two of the most highly regarded managers in the mutual fund industry, are turning over the reins of their top-performing Sequoia Fund (800-686-6884) to fund President Robert Goldfarb.

Ruane, 72, and Cunniff, 75, said at a recent shareholder meeting that Goldfarb, 53, will assume a bigger role managing the fund.

Under Ruane and Cunniff, the Sequoia Fund has returned an average of almost 20 percent a year for the past 20 years, ahead of the Standard & Poor's 500 Index's return of slightly more than 17 percent.