Heebner’s Capital Growth Spits Out Apple

Kenneth Heebner, the jut-jawed mutual fund manager who’s one of the most successful money runners of the past decade, has liquidated nearly the entirety of his fund’s holdings in Apple Computer, the very successful maker of touch-screen devices and personal computers.

Bloomberg reports that Heebner’s Capital Growth Management, known to cycle in and out of sectors much faster than most funds, sold 1 million shares of Apple, retaining a mere 110,000 shares. And now, for fun, some colorful speculation from the cranky people at Zero Hedge:

One can only speculate about the causes, although it is notable that the last time Heebner did a comparable dump was in late 2008, when after the Lehman bankruptcy he liquidated half his million share stake. Is Heebner sensing something comparable to what happened in late 2008 on the horizon? Or was he satisfying margin calls? Or, most innocently, did he just sell what is probably his most profitable position, “just because.”

Apple shares, which seem to perennially go higher, were down 2.5 percent in midafternoon trading and today have suffered their worst decline in three months, according to Boomberg.

mtaylor [at] observer.com | @mbrookstaylor