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Eric Mindich is the youngest partner ever in the history of Goldman Sachs. He became a partner at Goldman in 1994, when he was only 27 years old. He joined Goldman in 1988 and spent 15 years in the company before he founded Eton Park Capital Management. At Goldman, he was the head of the equities risk arbitrage group and he also managed the equities division of Goldman. Under his leadership, Eton Park tripled its size in only seven years. In this article we are going to take a look at the stocks that Mindich is no longer bullish about. Some of these stocks may not be outright short candidates but it is clear that Eton Park thinks there are better long ideas out there than these stocks.

Top 14 sells of Eton Park Capital Management over the third quarter are:

Company

Ticker

Value

MARATHON OIL CORP

MRO

286790

BANK OF AMERICA

BAC

231344

ACE LTD NEW

ACE

131640

SPDR GOLD TRUST

GLD

118682

ELECTRONIC ARTS INC

ERTS

118000

TEREX CORP NEW

TEX

92463

SUNOCO INC

SUN

64651

AIRGAS INC

ARG

56843

PETROBRAS

PBR

44865

HOSPIRA INC

HSP

42495

SOUTHERN UNION CO

SUG

40150

DOLLAR THRIFTY

DTG

21067

CONAGRA INC

CAG

10022

The biggest position sold out by Mindich during the third quarter was Marathon Oil Corp (NYSE:MRO). At the end of June, Eton Park had $287 million invested in MRO. But at the end of September, the fund did not disclose owning any shares of MRO. Since then, MRO returned 31.07%. It has a market cap of $19.8B and a P/E ratio of 10.78. Paul Tudor Jones, David Tepper, Ken Griffin, and Charles Clough also sold out their stakes in MRO over the third quarter.

In the third quarter, Mindich also sold out his stakes in Bank of America Corp (NYSE:BAC). Eton Park reported to own $231 million worth of BAC shares at the end of June. The $53 billion market cap stock lost 14.40% so far in the fourth quarter, versus the 10.43% gain for SPY. Louis Navellier, Bill Miller, and David Tepper are also no longer bullish about BAC.

One mega-cap stock Mindich sold out over the third quarter is Petrobras (NYSE:PBR). At the end of June, Eton Park had $45 million invested in this Brazilian oil producer. Since the end of September, PBR returned 12.29%. It has a market cap of $164B and a P/E ratio of 6.32. George Soros also sold out all his PBR stakes during the third quarter.

Mindich also sold out all his positions in Ace Ltd (NYSE:ACE), SPDR Gold Trust (NYSEARCA:GLD), Electronic Arts Inc (ERTS), Terex Corp (NYSE:TEX), Sunoco Inc (NYSE:SUN), Airgas Inc (NYSE:ARG), Hospira Inc (NYSE:HSP), Southern Union Co (NYSE:SUG), Dollar Thrifty Automotive Group (NYSE:DTG), and Conagra Inc (NYSE:CAG). The energy stocks sold by Eton Park actually outperformed the market since the end of September. However, BAC, GLD, ERTS, HSP, and SUG underperformed the S&P 500 index by at least 10 percentage points. Overall, the stocks sold by Eton Park returned 1.3 percentage points less than the market.

Source: 14 Big Sells By Eric Mindich's Eton Park Capital