Holders of CGM Focus, the fund run by legendary investor Ken Heebner, seemed to have one question on their mind in the first quarter of 2009: "What have you done for me lately?"
The answer, as they saw it, was not much. And thus, according to this Bloomberg report, CGM Focus had the most withdrawals of any other fund, $219.2 million in fact.
That sum added up to 5.3 percent of the fund's yearend assets. Not a tiny number to deal with.
Still, according to Morningstar, "the $3.24 billion CGM Focus remains the best-performing diversified U.S. stock fund in the 10 years ended March 31, with an average annual return of 16.7 percent."
Mutual fund investors in CGM got their redemptions. The question to ask now is whether Heebner will redeem himself (not from a bad long term record but from a bad short term assessment by investors).