Fund manager Heebner turns back on Apple
Credit: Reuters (http://www.reuters.com)
Investment manager Ken Heebner, whose CGM Focus portfolio once ranked among the world's best mutual funds, dumped nearly all of his holdings in Apple Inc (AAPL.O). during the third quarter, a securities filing shows.
Apple's share price is off 3.17 percent at $306.63, and market analysts reason that Heebner's decision may have put pressure on the stock price.
Boston-based Heebner owned 110,000 shares of the personal computing giant on September 30, marking a decline of 90.45 percent in his stake, the regulatory filing shows.
For years Heebner's investment moves were closely watched in the investment world, especially after his bet against technology stocks paid off big in 2000 and 2001.
Heebner, who is known for building big positions quickly, had been one of Apple's biggest shareholders during the second quarter and Apple had been his third biggest holding during the second quarter. But the manager is also known for exiting his positions just as quickly.
Roughly 10 years ago Heebner, who has run the CGM Focus fund since its inception in 1997, scored big by betting against technology stocks. His 10-year record puts him at the top of the rankings for large growth managers. But there have been misses too. In 2008, the fund lost 48 percent. This year, it is up 12 percent.
Cutting his stake in Apple wasn't his only move in this space. He sold out of Hewlett Packard Co (HPQ.N) and Avago Technologies Ltd (AVGO.O).
(Reporting by Svea Herbst-Bayliss; Editing by Derek Caney)
Credit: Reuters (http://www.reuters.com)
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