Tracking Eric Mindich’s Eton Park Capital Management Portfolio - Q4 2016 Update

• Eric Mindich’s 13F portfolio value decreased from $5.73B to $5.04B this quarter.
• Eton Park Capital Management added NXP Semiconductors, Bank of America, & Biogen while increasing WhiteWave Foods & St. Jude Medical during the quarter.
• The largest three individual stock positions are NXP Semiconductors, WhiteWave Foods, and St. Jude Medical and they add up to ~18% of the portfolio.

Eric Mindich’s 13F portfolio value decreased ~12% this quarter from $5.73B to $5.04B. Recent 13F reports have shown a total of around 45 positions. The largest five individual stock positions are NXP Semiconductors (NXPI), WhiteWave Foods (WWAV), St. Jude Medical (STJ), Microsoft Corporation (MSFT), and Bank of America (BAC) and they add up to ~27% of the 13F portfolio.

Below is a summary of the major moves this quarter:

SPDR Gold ETF (GLD) Calls: The long position in GLD is now at 17.41% of the entire portfolio. Last two quarters saw a ~50% reduction but the stake is still huge. Q2 2016 had seen a 167% increase when the underlying traded between $116 and $127. The original stake (~6.3% of the portfolio net) was established in Q1 2016 through a combination of direct long, Calls, and Puts when the ETF traded between $101 and $122. It currently trades at ~$115.  

Powershares QQQ (QQQ) Puts: The short position in QQQ was the largest position at 17.34% of the portfolio as of Q1 2016. It was established during that quarter when the underlying traded between $96 and $112. There was a ~70% reduction the following quarter when the ETF traded between $102 and $111. Last quarter saw another ~50% selling when QQQ was between $107 and $119 and the remaining stake was sold this quarter as the underlying traded between $114 and $121.

Below is a spreadsheet that shows the changes to Eric Mindich's Eton Park Capital US long portfolio holdings as of Q4 2016. For a look at how the portfolio has progressed, see our previous update:

To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .