- Heebner, a top performer through 2007, has trailed peers since
- Money managers have until Monday to disclose their holdings
Kenneth Heebner, manager of the CGM Focus Fund, sold all his shares in Goldman Sachs Group Inc. in the first quarter of 2016, a position valued at $114 million at the end of last year.
Heebner’s Capital Growth Management LP also exited Ford Motor Co. and General Motors Co., holdings valued at $53 million and $49 million respectively, and sold its $61 million stake in discount retailer Dollar Tree Inc., according to a regulatory filing Friday.
Heebner’s CGM Focus Fund returned 32 percent annually in the eight-year stretch ended Dec. 31, 2007. The $876 million fund has struggled in recent years, trailing more than 99 percent of peers this year and over the past five years, according to data compiled by Bloomberg. Assets in the fund have declined by about 90 percent since the end of 2008.
Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non U.S. securities, holdings that aren’t publicly traded, or cash.