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Monday, December 08, 2008

Heebner is Hedging His Bets

News summary by MFWire's editors

Kenneth Heebner, one of the hot names in the fund industry at Boston-based CGM Funds, is starting a hedge fund. The 68-year-old's decision to launch Wayfarer Capital LP typifies the contrary thinking of the fund industry veteran. The WSJ also reports that Heebner is in the process of reversing his bearish bet on financial stocks, now believing that the sector that has lead the bear market has bottomed.

Heebner thinks the turnaround is coming thanks to the recent moves made by the Treasury Department and Federal Reserve to kick start lending.

"A year from now, credit will be available because of the government's actions," Heebner told the paper.

Heebner is basing his bet on financials, which has grown to 40 percent of CGM Focus' portfolio, on measures such as "price-to-tangible book value" and "price-to-preprovision earnings."

So far, one could argue that the shift in outlook may have come too early. Heebner's CGM Focus has fallen 52 percent this year, 11 percent behind the Standard & Poor's 500 index. 

Edited by: Sean Hanna, Editor in Chief

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