norbertc:

Short term CGMFX would suffer in a sharp counter-trend rally where financials recover and the overbought "global growth" themes like steel, energy, and ag go through a serious bout of profit taking.  I think there's a decent chance we'll run into something like this sooner or later. 

I think we ran into that today.  And as the Dow and Nasdaq rose, CGMFX, predictably, declined.

It'll be interesting to see if this reversal has any legs.  

William