MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, June 28, 2012 Eight Billion Dollars Down, CGM's Heebner Lets It Ride Kenneth Heebner may not have assets, but he's got style. Bloomberg reports that Heebner is sticking to his bets, even though his fund has been in the bottom 6 percent of its category in four of the last five years. In the two years since June 2008, AUM for the mutual fund assets plummeted to $1.9 billion from $10.3 billion. Heebner, who PMs CGM Focus Fund [profile], told Bloomberg: "Most people think this is the worst time in the world to be optimistic, but my portfolio is positioned for strength in the U.S. I am functioning in a contrarian mode." The article says Heebner was "America's No. 1 stock picker" until 2008, when he "lost his touch" and most of his investors. Heebner believes "there are forces out there driving the U.S. in a positive direction." Not everyone has the same outlook, but the 71-year-old PM doesn't seem to be bothered by the pessimism. He said that the negative outlook "historically has been associated with maximum points of opportunity for investing." Printed from: MFWire.com/story.asp?s=40465 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |