CGM Trust, the entity that reports mutual fund holdings managed by Ken Heebner, filed its semiannual update today disclosing his portfolios as of June 30. Heebner tends to trade a lot, so his holdings today may be somewhat different. But Heebner is one of Boston's best fund managers and it's worth looking inside his portfolios, even if the information is slightly dated.
CGM Trust covers four different mutual funds, but Heebner is best known for his $3 billion CGM Focus fund. It's concentrated in a smaller number of stocks and has the ability to sell shares short as well. CGM Focus also has huge return numbers. It's up 28 percent so far this year and has returned an average of 25 percent annually over the past five years.
The top 10 stocks in the CGM Focus portfolio: Vimpel-Communications ADR ($191.8 million), Potash Corp. of Saskatchewan Inc. ($177.4 million), Schlumberger Ltd. ($166.5 million), Companhai Vale Do Rio Doce ADR ($166.2 million), Petroleo Brasileiro SA ($164.9 million), Fluror Corp. ($147 million), McDermott International ($145.5 million), Freeport-McMoran Copper & Gold Inc. ($144.9 million), Mosaic Co. ($144 million) and Baker Hughes Inc. ($138.8 million).
Earlier this year, Heebner had moved aggressively into the stocks of Wall Street brokerage firms. But none of those companies appeared in the CGM Focus portfolio by June 30. The fund's sole financial stock: Mastercard Inc. ($130.7 million)
The CGM Focus short list is small in number compared with the stocks in its portfolio. The fund's four shorts on June 30: Countrywide Financial Corp. (4.2 million shares), Indymac Bancorp Inc. (1.9 million shares), Fortress Investment Group LLC (975,000 shares) and Firstfed Financial Corp. (375,000 shares).
You can read the full CGM Trust report here. It also includes portfolio information for the CGM Realty, CGM Capital Development and CGM Mutual funds.