You want your funds to be dedicated to you. Low costs are one way to express devotion, of course. But also favor rookies that vow to control their asset sizes by closing to new investors at particular asset points. As funds grow, managers can be forced to compromise their strategies to accommodate all that new money. But funds that close before becoming too large don't face that problem.
Look for managers who align their interests with yours by investing in their own funds. At Longleaf Partners, for example, fund managers can't own anything other than Longleaf Funds. Because these managers are shareholders, too, they are likely to keep costs lower and minimize taxable distributions.
New funds can certainly offer opportunity, but we recommend that you build your core around funds that have established track records and use rookies at the fringes of your portfolio. Consider investing a little in a rookie fund and dollar-cost averaging into it over time.