Current AUMs from M*:
LOMMX $282.4 million
CGMFX $341.9 million
CGMRX $347.8 million
Total for 3 CGM funds $972.1 million
And nobody wanted to buy them?
I think that there is some story or strategy behind this.

It is too bad that funds that liquidate can't just transfer the positions to the sharehoders.
They can, unless they have promised not to (see below). While redemption in kind works for Authorized Participants who arbitrage huge slugs of equities, do retail investors really want to be handed dribs and drabs of many securities? The CGM funds are very concentrated, but they still hold over a score of securities that investors would have to deal with.
CGM Mutual Fund (LOMMX): 19 stocks, 5 Treasury bonds
CGM Focus Fund (CGMFX): 25 stocks
CGM Realty (CGMRX): 42 stocks

see also Adoption of (1) Rule18f-1 Under the Investment Company Act of 1940 to Permit Registered Open-End Investment Companies Which Have the Right to Redeem In Kind to Elect to Make Only Cash Redemptions and (2) Form-N-18F-1, Investment Company Act Release No. 6561 (June 14, 1971) [36 FR 11919 (June 23, 1971)] (“Rule 18f-1 and Form N-18F-1 Adopting Release”) (stating that the definition of “redeemable security” in section 2(a)(32) of the Investment Company Act “has traditionally been interpreted as giving the issuer the option of redeeming its securities in cash or in kind.”).

https://www.regulations.gov/document/SEC-2016-2027-0001

I made a good chunk off of CGMFX during Ken's last banner year. Then he went all in on shorting treasuries, and I got out. I think overall I did okay throughout my holding period (beat S&P500).
Had an unsimilar experience with FAIRX. My round-trip experience with Bruce was less fortunate, and by the time I liquidated, I would have made the same holding a decent bond fund as I did holding FAIRX.
Both experiences did quite a bit to educate me on the risks of one-man-shows. Berkowitz in particular had a number of bizarre staffing / personal / ego issues going on.

If you compare it w FXAIX from Oct '97 to date, it all comes out about the same, Heebner slightly ahead. A 6-bagger for each, plus or minus, over a quarter-century. With enormous ups and downs for CGMFX. I went in earlyish and sold during one big runup, the only lucky moves I have ever had investing.

I remember Ken Heebner back in his heyday.
He was quite the gunslinger!
IIRC, CGMFX short-term performance was frequently either near the top or bottom of its category.
Also, I was invested in a Mutual Series fund (Beacon?) in the mid 90s when Michael Price managed it.
You're absolutely correct that manager risk is real.
I was invested in RCTIX (multisector bond fund) from late 2021 to early 2022.
I was aware of key-man risk but nevertheless invested in the fund since it was only ~4.5% of my portfolio
and the risk/reward profile was favorable.
George Jikovski, RCTIX manager since inception, left unexpectedly in March 2022.
Mr. Jikovski was in his early/mid 40s.
There wasn't a good succession plan in place.

Ken Heebner has managed CGM Realty Fund (CGMRX) since its inception in 1994 and CGM Focus Fund (CGMFX) since its 1997 inception. Both funds have above-average/high expense ratios and above-average/high risk according to M* (CGMRX may be miscategorized).
CGMFX has considerably lagged the S&P 500 for the 5 yr. and 10 yr. periods ending on 12/31/21.
CGMRX lagged the S&P U.S. REIT Index significantly for the 1 yr., 5 yr., and 10 yr. periods ending on 12/31/21.
The environment for active fund managers will continue to be challenging.
Many investors will not tolerate paying high expenses to receive lower returns when passive funds are available.

End of an era.
LOMMX is among the oldest allocation/balanced funds with inception 11/6/1929. Very ironic that Barron's cover story this week mentions that after historic selloff due to simultaneous stock and bond bear markets, the allocation/balanced funds may be ready to bounce.
https://ybbpersonalfinance.proboards.com/thread/348/barron-october-2022-market-week?page=1&scrollTo=793
CGM funds have been led in recent decades by Ken Heebner, the original "Boston Bomber" (now the term has another sad meaning). Heebner got that nickname because if he didn't like a stocks, he would sell millions of shares all at once; the opposite if he liked something.
Heebner has a very volatile record with CGMFX. Most bear markets ended when CGM funds started to perk up. I suppose that Heebner (about 80 now) just got tired of it all.
I am surprised that the operations are being ceased and no buyer was found to merge the funds.

It remains interesting. Turns out the prospectus, like most, has, or is officially reported to have, vague language about reserving the right to reject orders exceeding yada yada ...
without any figure given, said the rep.
He added that the current limit for FCNTX is $138M or something. (Coincidence that you mentioned it.)
This from the 'back desk', he said.
I was attempting 1/276 of that.
Minor irony is that on yet another day of a rising market, if I had put in my FMSDX order for a dollar under the half-mil, it would have gone through fine even as the actual sale amount would turn out to have been nontrivially >$0.5M.
Now, I am willing to believe that if you were an FAIRX or CGMFX (cheapshot examples) shareholder and sold several millions it might well take some time to settle to you.
I love the line about in-kind --- Fido are going to put a ton of VGIT or BSV into your account in lieu of cash ?
The rep did suggest next time (go, bull, next week!) to call them directly or use chat.fidelity.com ....

>> Ken Heebner at CGM was briefly a god in the 1990s
huh?

CGMFX was a hot fund back in the 2000s. I might have been off by a few years (or a decade) when I posted "1990s".

Fell for both CGMFX and FAIRX. Did okay on CGMFX; got out of FAIRX too late to have realized net gains beyond what a decent bond fund would have given me over the same period.
Kick myself a bit on FAIRX because I knew I wasn't comfortable with the way Bruce was getting waaaay too overexposed, as well as some of his bizarre personnel decisions. He was spending a bit too much time drinking his own bathwater, and I ultimately got too nervous and XFER'd out.
Now, as a rule, I never let such "moonshot" active funds be more than 7.5% of my total portfolio.

I forget if it was exactly a 10-bagger, am thinking more, but I invested with him through his heyday and it was the single best financial decision I ever made, and then I got out

Nice!
CGMFX was too volatile for me so I never considered purchasing the fund.

Come on, people, no fair! Just look at FAIRX --- and CGMFX --- since the end of April! Or since Halloween!

PRPFX looked great a while back. WWNPX (Kinetics Pardigm). Greenspring Fund (GRSPX). PAUDX (Pimco All Asset all Authority). CGMFX.

Yeah, it is eye-opening indeed to compare SP500 since NY2k with BND and FAGIX. Criminy.
But evidently it's a brutal test and a brutal span, although few thought so holding on through it.
Compare SP500 also with DODBX, OAKBX, and FPACX wow.
Yet just to show the, what, 'virtue' of active management, throw in CGMFX, and you wind up the same place as FAGIX --- and way ahead of SP500.
I stopped touting FLPSX here after a ton of meh, meh responses. Since NY2k, though, it absolutely pounds all of these funds. And with only the one guy at the helm. That's investing. $10k growth of SP500 is to $28k; Tillinghast laps that many times, reaching $68k to date.

Other than DODIX, I would not own any other D&C funds. I got burned by DODGX during the financial crisis in 2008 and vowed never to return once I got to a point where I felt comfortable selling. IMHO, they are operating on their past reputation pre-2008. I'm not surprised to see DODGX and DODFX doing worse than their respective categories during this current mess. There are plenty of better alternatives, IMHO.

Well put and what I have been saying for years. I think maybe D&C managers are more comfortable investing in financial/banking stocks which were their biggest category and not realizing this category has been lagging the SP500 while the high tech is where you have all the value+growth.

@davidrmoran: har, imagine saying of FAIRX, CGMFX, or even FMAGX that they were operating on their pre 08 rep

I used to own FAIRX,OAKBX,SGENX for about 7-8 years until 2009. In these years when I own a very high % in stocks, it fit my criteria for good risk/reward funds. PV (link) I don't believe in investing based on prior reputation.

har, imagine saying of FAIRX, CGMFX, or even FMAGX that they were operating on their <08 rep

We can see what happens when buyers come in to shore up their returns artificially. Futures down, opened down, now they swoop in.
Smart people looking to take losses will do well to sell today instead of waiting for June 30. I had been playing with the houses money in CGMFX, but now became my first unforced tax loss candidate for 2020.

his badness has been pretty consistent, ouch, ouch
23 stocks, or so
http://portfolios.morningstar.com/fund/holdings?t=CGMFX&region=usa&culture=en-US
if I were still in it, and had only a few thou remaining or whatever, I would stick, just to see --- it ain't going to zero
I like concentrated funds, and one always hopes it will revert to a yacktman situation or similar
but he has sure screwed the pooch recently
I learned a few years ago that he and tillinghast live like a block or four apart, downtown, and I wondered if they ever met at the BPL or for coffee and eggs at a back bay eatery to chat

@davidrmoran Playing with the houses' money in CGMFX. Of course, still feel like a fool.

I can't believe that with the resources Templeton has, and their history of global investing, that this fund will be another FAIRX / CGMFX.
I don't mind a contrarian (value investors generally are) manager, and waiting for one's ships to come in, but I think this exemplifies so-called "manager risk".