Last week, Financial Advisor magazine published a story announcing that one of the mutual fund industry’s oldest funds, run by one of its most enduring fund managers, Kenneth Heebner, went out of business when Natixis Global Asset Management liquidated its CGM Advisor Targeted Equity Fund.
According to the article, at its end, the fund had $363 million in assets, dramatically less than the $1.02 billion it had at its peak in February 2010. It finished 2015 with a 3.3% loss, lagging 79% of its peers over the last 12 months. And over the past five years, it lagged 99% of other large-cap core funds. The article further noted that Heebner still runs the CGM Focus Fund (CGMFX), which now oversees $829 million, down from $10.3 billion in 2008.
Read the rest of the article on ETF.com.