Eton Park’s latest 13F filing with the Securities and Exchange Commission indicates that the firm initiated a position with Clearwire Corporation (NASDAQ:CLWR) and dumped all of its shares of Chipotle Mexican Grill, Inc. (NYSE:CMG).
As of the end of June, the firm’s top five holdings were News Corp (NASDAQ:NWSA), Dollar Tree, Inc. (NASDAQ:DLTR), Marathon Petroleum Corp (NYSE:MPC), LIBERTY GLOBAL PLC (NASDAQ:LBTYA) and Nielsen Hldg NV (NYSE:NLSN).
Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More
Top new stocks and position increases
During the second quarter of the year, Eton Park bought into 14 new companies and increased its position in nine others. Among the major new stocks bought by the firm were Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA), Actavis Inc (NYSE:ACT), Elan Corporation plc (NYSE:ELN), ExactTarget Inc (NYSE:ET) and CBS Corporation (NYSE:CBS). Eton Park also bought 3 million shares of Clearwire Corporation (NASDAQ:CLWR), which of course was up for grabs throughout the second quarter until it agreed to be acquired by Sprint Nextel Corporation (NYSE:S).
The firm increased its position in eBay Inc (NASDAQ:EBAY), snapping up 1 million shares of the company during the second quarter. It also bought more shares of Yandex NV (NASDAQ:YNDX), Mead Johnson Nutrition CO (NYSE:MJN) and Marathon Petroleum Corp (NYSE:MPC).
Major sell-offs and position reductions
During the second quarter, Eton Park sold completely out of nine companies and reduced its position in eight others. The firm sold all 400,000 of its Chipotle Mexican Grill, Inc. (NYSE:CMG) shares. It also dumped all of its shares of McMoRan Exploration Co. (NYSE:MMR) and Plains Exploration & Production Company (NYSE:PXP). YPF SA (NYSE:YPF) and Cytec Industries Inc (NYSE:CYT) were two other big exits for Eton Park.
The firm’s notable position reductions included News Corp (NASDAQ:NWSA), although the company was still Eton Park’s top holding at the end of the quarter. Other major cuts came in shares of Dollar General Corp. (NYSE:DG), Sprint Nextel Corporation (NYSE:S) and LIBERTY GLOBAL PLC (NASDAQ:LBTYA).