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Ken Heebner Bets 21% of His Stock Fund Against Treasuries

Money manager Kenneth Heebner, convinced that a growing U.S. economy will eventually prompt the Federal Reserve to boost interest rates, has bet 21 percent of his CGM Focus Fund on a decline in U.S. Treasuries.

The $1.44 billion fund, which Heebner uses to make concentrated wagers on stocks, had sold short $300 million of U.S. Treasury bonds at the end of last year, according to a filing yesterday with the U.S. Securities and Exchange Commission. That is up from $190 million at the end of the third quarter and $80 million halfway through last year.