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Mutual Funds

CGM Focus Gets a New Look

But how long will it last?

Hyperkinetic Ken Heebner has been characteristically quick on the draw. In the third quarter, he remade CGM Focus almost entirely: 20 of the fund's 24 positions (three of them stocks he sold short) are new.

Heebner jettisoned energy and other natural-resources stocks and loaded up on banks -- Wells Fargo, Citigroup and Bank of America were his top three positions as of September 30 -- and steady consumer companies, such as McDonald's, Wal-Mart and Abbott Laboratories. Shareholders have been on a roller-coaster ride with CGM. After a stellar run, this high-risk fund got crushed in 2008. Between June 23 and November 20 alone, it plunged 65%.

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