Heebner’s CGM Goes Long On Airlines, Swaps out Ford (CGMFX, UAL, DAL, ASML, LRCX, WDC, IP, SLB, HAL, PCLN, F, TTM)
After a fall back to earth in 2008 and 2009, Ken Heebner’s once high-flying CGM Focus Fund (CGMFX) returned to surer footing in 2010, beating the market slightly, up 17% versus 13% for the S&P 500. So far in 2011, the Focus Fund is down about 6%, while the S&P 500 is up about 7%. While investors may be longing for a return to the world-beating 80% gains the fund put up in 2007, Heebner has undoubtedly been adept at picking out market trends in the past.
During the quarter, Heebner was rotating into a pair of airline stocks and some other eclectic names, opening new positions in United Continental Holdings (UAL) amd Delta Air Lines (DAL) as well as tech names ASML Holding NV (ASML), Lam Research (LRCX), and Western Digital (WDC) and paper producer International Paper (IP)
Elswhere, Heebner was trimming stakes in energy names Schlumberger (SLB) and Halliburton (HAL), as well as in Priceline.com (PCLN). Ford Motor (F) is no longer among the top positions in the CGM portfolio. Heebner’s largest U.S.-listed, equity holding at the end of Q1 was in another automaker Tata Motors (TTM).
Looking at tickerspy.com’s graph charting the performance of CGM’s end-of-Q1 holdings so far in Q2, one can see that the holdings are lagging the market. However, Heebner is known for high turnover in his portfolio, so the composition of his positions may have already shifted since the end of March, the date of these holdings. Investors can visit tickerspy.com to see all of CGM’s top holdings and a chart of their combined performance. Members of the site can also track the aggregate performance of CGM’s holdings throughout each market day.
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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