Tracking Eric Mindich’s Eton Park Capital Management Portfolio - Q2 2016 Update

• Eric Mindich’s 13F portfolio decreased from $8.19B to $6.62B this quarter.
• Eton Park Capital Management increased SPDR Gold Calls, reduced Powershares QQQ Puts and eliminated Russell 2000 Index ETF Puts during the quarter.
• The largest three individual stock positions are EMC Corporation, ITC Holdings, and Microsoft Corporation  and they add up to ~14% of the portfolio.

Eric Mindich’s 13F portfolio decreased 19.12% this quarter from $8.19B to $6.62B. Recent 13F reports have shown a total of around 40 positions. The largest five individual stock positions are EMC Corporation (EMC), ITC Holdings (ITC), Microsoft Corporation (MSFT), Sherwin Williams (SHW), and Medivation Inc. (MDVN) and they add up to ~20% of the 13F portfolio.

Below is a summary of the major moves this quarter:

SPDR Gold ETF (GLD): The net position in GLD is now at a whopping ~28% of the entire portfolio. This quarter saw a huge 167% increase in the Calls when the underlying traded between $116 and $127. The original stake (~6.3% of the portfolio net) was established last quarter through a combination of direct long, Calls, and Puts when the ETF traded between $101 and $122. It currently trades at $125.

Powershares QQQ (QQQ) Puts: The short position in QQQ was the largest position at 17.34% of the portfolio as of last quarter. It was established during that quarter when the underlying traded between $96 and $112. There was a ~70% reduction this quarter when the ETF traded between $102 and $111.

iShares Russell 2000 ETF (IWM) Puts: IWM Puts was a fairly large 5.40% portfolio stake established last quarter when IWM traded between $95 and $113. It was disposed of this quarter when it traded between $109 and $118.

Among individual stock holdings, a large position in Allergan plc (AGN) was dropped this quarter while adding Alibaba Group Holdings (BABA).

Below is a spreadsheet that shows the changes to Eric Mindich's Eton Park Capital US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, see our previous update:

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