kerryvan:

Ken said "I'm changing the portfolios so frequently. "

Is that a non answer for what he is currently holding, or is he constantly churning his portfolio?

Heebner is known as a frequent trader, so there's nothing new there.  I don't think he's describing a shift in strategy.  People who buy his fund know to keep it in a sheltered account.

Also, he's known to be secretive about his purchases...  Can't blame him for that.  I always assume that when fund managers talk openly about their holdings, they're planning on lightening up. ;)

Could he be going intl?

Sounds to me like he's sticking to his global growth story.  That's what he knows best.  And that's what has made his fund money.  He's also playing up the US export angle too.  I don't know what weight he gave to that in the past.