Ken Heebner — whose CGM Focus fund has had its major ups and downs in recent years, but is in the top 1% of its class over the past 10 and 15 years, according to Morningstar — is making a big bet against Treasury bonds.

According to Bloomberg, Heebner has used 21% of his $1.44 billion fund to short U.S. Treasuries. “We established a significant short position in U.S. Treasury bonds in anticipation of what we believe will be a stronger U.S. economy going forward,” Heebner said in a letter included with a regulatory filing that revealed CGM Focus had dramatically increased its Treasury short bet in the fourth quarter.

Heebner’s bet on the U.S. economy improving doesn’t stop with his anti-Treasury stance. At the end of the fourth quarter, he also had 29% of his portfolio in bank stocks, and another 24% in homebuilders. Heebner said in a recent interview that a rebound in housing will help consumers and thus the U.S. economy, leading the Federal Reserve to end its stimulus programs, according to Bloomberg. “The Fed will eventually change its policy by moving away from QE3 and then raising rates,” Heebner said.