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   Strategies & Market TrendsKen Heebner and CGM Focus Fund CGMFX


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To: Sam Citron who wrote (17)12/1/2008 8:55:49 PM
From: Condo
   of 37
 
I expect CGMFX to continue to outperform CGMRX based mainly on its more liberal charter...

Today being a case in point, I suppose:
cgmFx -10.68%
cgmRx -19.14% <==

REITs -19.33%
.:.

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To: Condo who wrote (21)12/2/2008 12:48:37 PM
From: Sam Citron
   of 37
 
Seems a bit odd that KH isn't shorting more aggressively in CGMFX. As for CGMRX, a fund that is so sector specific really should have a charter that allows its manager to sell short. Otherwise it might as well be a long only real-estate ETF.

Sam

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From: Condo1/16/2009 12:51:45 PM
   of 37
 
KH was late getting out of commodities and energy - hey, so was I - and he was early getting into financials. So what?
I'm looking forward to riding with CGM again when the market starts trending upward.


Heebner and CGM Close Out a Harrowing Year
Thursday January 8, 9:26 am ET
By the tickerspy.com Staff

2008 is a year that once high-flying hedge fund manager Ken Heebner will likely want to forget. Though he is one of the most admired investors on Wall Street, Ken Heebner's primary fund, CGM Focus (Nasdaq: CGMFX - News), continued to struggle through Q4.

As the S&P 500 dipped by about -38% during 2008, CGM Focus slid about -49%. And during Q4, the S&P 500 fell about -23%, while CGM Focus dropped -38%. One of CGM's other funds, CGM Mutual (Nasdaq: LOMMX - News), fared better in Q4, down -18%.

At the end of Q2, Heebner's firm Capital Growth Management showed a strong energy and commodities bias among its top holdings across all its funds. Those sectors peaked just as Q3 was getting underway and so did CGM Focus. CGM's shift into financials sometime during Q3 looks to have been ill-timed as well.

Heebner is known to move in and out of positions fairly quickly, but judging by the performance of his mutual fund during Q4 and the performance of the financial stocks the fund reported holding at the end of Q3, it seems likely that Heebner maintained at least some of his bias towards the financial sector for much, if not all, of Q4. Heebner also shifted into some traditionally safer names, which offset the weakness in the financial names in the CGM portfolio.

Looking at CGM's top holdings from the start of Q3, one can see a whole lot of red. The worst of the bunch are large money sector banks Citigroup (NYSE: C - News), Bank of America (NYSE: BAC - News), insurance firm Prudential (NYSE: PRU - News), and Russian telecom firm Mobile Telesystems (NYSE: MBT - News).

None of CGM's top holdings from the end of Q3 is above breakeven, though Wal-Mart (NYSE: WMT - News), McDonald's (NYSE: MCD - News), and Abbott Laboratories (NYSE: ABT - News) were the closest. Investors will be curious to know whether Heebner is sticking with these safer names as 2009 gets underway.

Of course, investors won't be sure of where Heebner stands now until next month, when the deadline for Q4 filings hits.
biz.yahoo.com
.:.

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To: Sam Citron who wrote (22)1/17/2009 5:08:49 AM
From: Condo
   of 37
 
deleted

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To: Condo who wrote (23)1/17/2009 3:13:24 PM
From: timber555
   of 37
 
Looks like Heebner sold his financials Thursday. CGMFX up +1% and financials down -3% on Friday. First divergence in quite a while.

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To: timber555 who wrote (25)1/17/2009 5:38:02 PM
From: Condo
   of 37
 
Looks like Heebner sold his financials Thursday.

Really!? Judging by the articles Sam Citron has posted here on the thread, whenever Mr. Heebner changes his mind about the market, he moves fast. I wonder what he's buying.
.:.

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To: Condo who wrote (26)1/20/2009 4:30:07 PM
From: Sam Citron
   of 37
 
Yes, looks like he has changed course pretty abruptly. Probably buying gold miners and going short most other sectors.

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To: Sam Citron who wrote (27)1/20/2009 9:38:45 PM
From: Condo
   of 37
 
Probably buying gold miners...
That would have been timely. NEM was up about 3% today.

...and going short most other sectors.
In CGMFx, of course.
CGMRx fell nearly 5% more than CGMFx today.
.:.

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To: Condo who wrote (28)1/21/2009 8:53:22 AM
From: timber555
   of 37
 
It appears gold and shorts are out of the picture, based on Tuesday's performance.

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To: timber555 who wrote (29)1/21/2009 12:55:05 PM
From: Condo
   of 37
 
It appears gold and shorts are out of the picture

The Jul...Dec 2008 report comes out around the end of Jan.
But KH changes the portfolio a lot, so by Feb..?

Heebner wanted to leave Loomis largely because other money managers there were piggybacking on his ideas.
Message 24653732
.:.

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