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 Eton Park now owns 6,750,000 shares. This is a 25.5% increase in its position as it previously owned 5,375,000 shares back on September 30th. Over the course of the past three months, the hedge fund has 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 Eton Park was expanding its 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. Its 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 its portfolio into private investments. Eton Park's solid track record has landed it in our Market Folly portfolio which is seeing over 26% annualized returns.
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."