European Shorting
Number of Stocks: 71
Number of New Stocks: 32
Total Value: $4,118 Mil
Q/Q Turnover: 36%
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CGM Mutual Fund declined -5.2% during the second quarter of 2011 compared to the Standard and Poor’s 500 Index which grew 0.1% and the Merrill Lynch U.S. Corporate, Government and Mortgage Bond Index which increased 2.3%. For the first six months of the year, CGM Mutual Fund decreased -6.3%, the S&P 500 increased 6.0% and the Merrill Lynch U.S. Corporate, Government and Mortgage Bond Index grew 2.7%.
Kenneth Heebner of Capital Growth Management and Robert Doll of BlackRock share their reactions to the Federal Reserve's economic assessment and its decision to leave rates unchanged.
Ken Heebner’s disposal of Apple shares during the last quarter made news today. Apparently, people think the news has to do with APPL’s sell-off today. Here is a CNBC clips: The best time to invest in Ken Heebner’s CGM Funds is not when he just finished a year beating the market by more than 70% and appeared on the cover of Fortune Magazine. It is probably a better time to invest in his fund when he underperforms. Ken Heebner of CGM Focus fund reported his second quarter portfolio. These are the details of buys and sells.
Stock experts weigh in on how the Fed's decision on interest rates will impact the markets.Kenneth Heebner, CGM Focus Fund Capital Growth Management and David Kelly, J.P. Morgan Funds were interviewed earlier on. Investing in Ken Heebner’s funds in the last decade has been a bit tricky. His CGM Focus Fund – is ranked as the “Best Stock Fund of the Decade” by Wall Street Journal at the end of 2009. The Fund rose more than 18% annually through the end of 2009 for the past 10 years. But you can only enjoy the return if you put your money into the Fund at the beginning of the 10 years and never moved in or out, riding out the peaks and troughs regardless what is ahead. If you do what an average investor have done, namely taking money out when the Fund suffered a terrible loss, and putting money in when the Fund had a terrific run, you would have lost 11% annually. I recently pointed out that real-time indicators are showing that the economy is rebounding. As the markets have rallied from the reflation trade, my inflation-deflation timer model moved from a "neutral" reading to an "inflation" reading last week, which would move the model portfolio from equities to a basket of commodities (see report here). CGM Focus Fund entered 2009 with substantial holdings in insurance and economically defensive stocks. The insurance stocks were sold with major losses in the first quarter of the year. In fact, losses in investments in the insurance companies The Hartford Financial Service Group, Inc., MetLife, Inc., AFLAC Incorporated and Prudential Financial, Inc. were the Fund’s largest losses in 2009 and collectively were the most significant factor in the Fund’s underperformance for the year.
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