Eric Mindich's Eton Park Capital Adds To A Position ~ market folly

Thursday, December 31, 2009

Eric Mindich's Eton Park Capital Adds To A Position

As per a 13G just filed with the SEC, Eric Mindich's hedge fund firm Eton Park Capital has disclosed a 6.24% stake in Terex (TEX). The filing was made due to activity on December 21st and they now own 6,750,000 shares. This is a 25.5% increase in their position as they previously owned 5,375,000 shares back on September 30th. Over the course of the past three months, they've added 1,375,000 more shares. In terms of other recent portfolio moves, we saw in October that Eton Park had filed a 13G on Verisk Analytics (VRSK). Also, we recently saw they were expanding their UK positions as well.

Mindich started the fund back in 2004 with $3 billion under management (and a $5 million minimum investment). Nowadays, Eton Park manages over $6 billion. Their investment strategy draws upon Mindich's time at Goldman Sachs where he focused on merger arbitrage. Previously, Mindich was the youngest partner in Goldman Sachs' history at the age of 27. In addition to merger arbitrage, Eton Park focuses on long/short equity strategies and even invests up to 30% of their portfolio into private investments. Eton Park's solid track record has landed them in our Market Folly portfolio which is seeing over 26% annualized returns by replicating hedge fund holdings through Alphaclone.

Taken from Google Finance, Terex is "a diversified global manufacturer of capital equipment focused on delivering reliable, customer relevant solutions for the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining and utility industries. The Company operates in five segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining and Terex Roadbuilding, Utility Products and Other."

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