(MONEY Magazine) – To understand Ken Heebner, think Errol Flynn: a swashbuckling adventurer who lives by his own rules and laughs at danger. In an era when most managers hew to narrow styles, Heebner follows his instincts wherever they lead, sometimes trading more than a quarter of his portfolio in a matter of weeks. He moves quickly-- "I'm prepared to make a decision in an hour"--basing his buys on anything from a tidbit of industry news to his feel for major economic trends. In 1995, when he got wind of suddenly rising microchip prices, Heebner grabbed several million shares of Micron Technology in a few days. In 1994, he loaded up on long-term bonds and financial stocks because he expected interest rates to head down. Okay, so that time he struck out. His CGM Capital Development (closed to new investors since 1969) lost 23% that year. His long-term record, however, is superb: The fund ranks in the top 1% of its category for the past 10 years. Meanwhile, Heebner's CGM Realty--one of two real estate funds on our list--has outpaced 95% of its peers over the past three years.

In CGM Focus, Heebner has designed the perfect vehicle for his freewheeling style. Heebner plans to carry only about 25 stocks, each for an average of as little as four months; he may borrow money to leverage the portfolio and can even sell short. There's no guarantee, of course, that Focus will match the awe-inspiring long-term gains of his other funds. But it's a good bet that Heebner will try to make money in ways most other managers wouldn't dare--fans or critics be damned. Vows Heebner: "I'm not going to worry about what anybody says about how I run my fund." --J.Z.