What’s Next for Heebner and CGM? (CGMFX, F, AAPL, DAL, SNDK, NTAP, MU, MGA, ORLY, WHR, C, BIDU)
After posting average annual returns of 32% from 2000 to 2007, Ken Heebner’s CGM Focus (CGMFX) fund has hit a rough patch over the last couple of years, leaving many investors wondering when the once hot mutual fund manager will get back on track. The Focus fund, which was the only domestic equity fund to lag at least 96% of its peers in 2008, 2009, and through late-June of this year, is still lagging the S&P 500 in 2010, but given Heebner’s prior track record, Wall Street will be paying attention when the firm discloses its end-of-Q3 equity holdings later this month.
Heebner is known for managing a high turnover portfolio — an unorthodox tactic among mutual fund managers — and that makes it particularly interesting to look at Capital Growth Management’s top-15 U.S.-listed equity holdings from across all its funds, the latest of which were disclosed in mid-August regulatory filings. Ford Motor (F) was CGM’s largest position heading into the second half, followed by Apple (AAPL) and Delta Air Lines (DAL), where the firm was trimming its stakes by -11% and -7% respectively.
Elsewhere during the second quarter, Heebner was picking up new positions in tech names SanDisk (SNDK), NetApp (NTAP), and Micron Technology (MU), as well as auto parts firms Magna International (MGA) and O’Reilly Automotive (ORLY), and appliance maker Whirlpool (WHR). Meanwhile, CGM more than tripled down on existing bets on bank Citigroup (C) and Chinese dotcom Baidu (BIDU) in the three months ended June 30.
Investors won’t be sure where Heebner stands now until later this month, when the deadline for end-of-Q3 filings hits. At tickerspy.com, members can track Heebner’s latest holdings, see a graph of their combined performance, and be notified when his new holdings are made public.
Pro portfolio performance is based on institutions’ top-15 holdings as disclosed in quarter-end filings with the SEC. Pro performance does not take into account additional holdings beyond the top 15 nor does it include positions that are not required to be disclosed by the SEC. As such, Pro portfolio performance should be considered an approximation and not a precise record of how an institution has performed over time.
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