Heebner’s CGM on a Tear Ahead of Disclosure Filings (CGMFX, SNDK, NTAP, MU, WHR, ORLY, MGA, F, AAPL, DAL)
Ken Heebner’s CGM Focus Fund (CGMFX) posted average annual returns of 32% from 2000 to 2007 before hitting a rough patch that landed it near the bottom of its peer group in performance from 2008 through the first half of this year. More recently, Heebner is back on top — on a short-term basis, anyway.
According to Bloomberg, citing Morningstar data, the Focus Fund was the top performer among diversified U.S. mutual funds with at least $500 million under management from August 26 through last week. While the time period may seem bit arbitrary, note that on August 27, Ben Bernanke gave investors the first hint of the Fed’s quantitative easing campaign, for which official plans were announced earlier this month. Given the firm’s recent outperformance, investors will be paying close attention when CGM discloses its end-of-Q3 holdings to the SEC later this month.
A look at Capital Growth Management’s top-15 U.S.-listed equity holdings from across all its fund at the end of the second quarter, shows that Heebner was adding a number of new positions in the three months ended June 30. Data storage players SanDisk (SNDK) and NetApp (NTAP), chip maker Micron Technology (MU), appliance company Whirlpool (WHR), and auto parts firms O’Reilly Automotive (ORLY) and Magna International (MGA) were all new additions to the CGM portfolio in Q2.
Heebner is known for an unusually high turnover rate relative to his mutual fund peers, so seeing major shifts among the firm’s top holdings is common at CGM. Elsewhere during the second quarter, Heebner made a tiny addition to CGM’s largest position in automaker Ford Motor (F), while trimming stakes in tech giant Apple (AAPL) and airline Delta Air Lines (DAL).
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 CGM’s latest hodings, 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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