Kenneth Heebner, the best-performing money manager among his peers in the past three years, said the world's growing need for crude oil led him to put more than half of his CGM Focus Fund into energy stocks. "In the 40 years that I have been investing, I have not seen demand this strong," Heebner, 65, said in an interview at his office in Boston.
Once dubbed "Bigfoot" for a strategy of investing most of his money in a handful of industries, Heebner lifted the $2.3 billion fund's stakes in drillers, refiners and oilfield-services companies to 60 percent of assets from 42 percent at the end of March. Energy stocks account for 11 percent of the Standard & Poor's 500 Index, the fund's benchmark.
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Once dubbed "Bigfoot" for a strategy of investing most of his money in a handful of industries, Heebner lifted the $2.3 billion fund's stakes in drillers, refiners and oilfield-services companies to 60 percent of assets from 42 percent at the end of March. Energy stocks account for 11 percent of the Standard & Poor's 500 Index, the fund's benchmark.
Read the complete report
