In 2004, Eric Mindich (Trades, Portfolio) oversaw the launch of Eton Park Capital Management, one of the largest in history at $3.5 billion. He still does things in a big way. His quarterly pattern has been to buy and sell stakes in roughly equal proportions, but the second quarter of 2015 was a little bit different. He continued, for the third straight quarter, to sell about half again as many stakes as he bought.
Mindich sold 15 stakes in the second quarter, nearly all of which had significant impacts on his portfolio.
Mindich’s most noteworthy second-quarter transaction was the sale of his 6,423,686-share stake in Lorillard Inc. (LO, Financial), a Greensboro, N.C.-based tobacco company, for an average price of $70.86 per share. The sale had a -12.13% impact on Mindich’s portfolio.
Lorillard has a market cap of $25.73 billion and an enterprise value of $27.03 billion. It has a P/E of 21.6 and a Price/Sales of 3.6.
Mindich also sold his 1,563,000-share stake in Thermo Fisher Scientific Inc. (TMO, Financial), a Waltham, Mass.-based biotechnology product development company, for an average price of $130.43 per share. The deal had a -6.07% impact on Mindich’s portfolio.
Thermo Fisher Scientific has a market cap of $49.93 billion and an enterprise value of $63.18 billion. It has a P/E of 25.6, a Price/Book of 2.4 and a Price/Sales of 3.0. Larry Robbins (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Vanguard Health Care Fund (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), John Griffin (Trades, Portfolio), John Rogers (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Scott Black (Trades, Portfolio), Dodge & Cox, Ray Dalio (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), David Dreman (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Bill Frels (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Thermo Fisher Scientific in their portfolios.
Mindich sold his 658,020-share stake in Pharmacyclics Inc. (PCYC, Financial), a Sunnyvale, Calif.-based biopharmaceutical company, for an average price of $256.7 per share. The transaction had a -4.87% impact on his portfolio.
Pharmacyclics has a market cap of $20.14 billion and an enterprise value of $19.25 billion. It has a P/E of 291.6, a Price/Book of 22.5 and a Price/Sales of 25.1.
Mindich parted with his 3,408,000-share stake in CDK Global Inc. (CDK, Financial), a Hoffman Estates, Ill.-based provider of technology solutions for automotive and heavy equipment dealers, for an average price of $51.23 per share. The sale had a -4.6% impact on his portfolio.
CDK Global has a market cap of $8.26 billion and an enterprise value of $8.84 billion. It has a P/E of 46.9, a Price/Book of 10.8 and a Price/Sales of 4.0. Paul Singer (Trades, Portfolio), John Griffin (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Ron Baron (Trades, Portfolio), John Keeley (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Julian Robertson (Trades, Portfolio) and Jeff Auxier (Trades, Portfolio) have shares of CDK Global in their portfolios.
Mindich sold his 3,792,920-share stake in Liberty Interactive Corp. (LVNTA, Financial), a Douglas County, Colo.-based media holding company, for an average price of $42.01 per share. The transaction had a -4.6% impact on Mindich’s portfolio.
Liberty Interactive has a market cap of $24.56 billion and an enterprise value of $9.9 billion. It has a P/E of 22.1, a Price/Book of 3.0 and a Price/Sales of 2.5. Jana Partners (Trades, Portfolio), Chase Coleman (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Chris Davis (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Howard Marks (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Cibelli (Trades, Portfolio), Dodge & Cox, Paul Tudor Jones (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Liberty Interactive in their portfolios.
Mindich sold his 2,383,565-share stake in Spirit AeroSystems Holdings Inc. (SPR, Financial), a Wichita, Kan.-based aerospace and defense company, for an average price of $53.55 per share. The deal had a -3.6% impact on Mindich’s portfolio.
Spirit AeroSystems Holdings has a market cap of $7.23 billion and an enterprise value of $7.42 billion. It has a P/E of 17.9, a Price/Book of 3.6 and a Price/Sales of 1.1. James Barrow (Trades, Portfolio), David Einhorn (Trades, Portfolio), Richard Snow (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Lee Ainslie (Trades, Portfolio) have shares of Spirit AeroSystems in their portfolios.
Mindich sold the 1,162,299-share stake in TRW Automotive Holdings Corp. (TRW, Financial), a Livonia, Mich.-based automotive parts provider, that Mindich bought in the first quarter. Mindich received an average price of $105.11 per share. The transaction had a -3.52% impact on Mindich’s portfolio.
TRW Automotive Holdings has a market cap of $12.23 billion and an enterprise value of $12.99 billion. It has a P/E of 27.8, a Price/Book of 3.0 and a Price/Sales of 0.7.
Mindich divested himself of his 14,893,700-share stake in Talisman Energy Inc. (TLM, Financial), a Canadian oil and gas exploration and production company, for an average price of $7.87 per share. The sale had a -3.31% impact on Mindich’s portfolio.
Talisman Energy has a market cap of $8.26 billion and an enterprise value of $13.26 billion. It has a Price/Book of 1.2 and a Price/Sales of 2.4.
Mindich sold his 607,983-share stake in Salix Pharmaceuticals Ltd. (SLXP, Financial), a Raleigh, N.C.-based pharmaceutical company, for an average price of $172.81 per share. The deal had a -3.04% impact on Mindich’s portfolio.
Salix Pharmaceuticals has a market cap of $11.1 billion and an enterprise value of $13.42 billion. It has a Price/Book of 46.2 and a Price/Sales of 10.2.
Mindich sold his 540,900-share stake in Polaris Industries Inc. (PII, Financial), a Medina, Minn.-based maker of snowmobiles, ATV and neighborhood electric vehicles, for an average price of $143.85 per share. The transaction had a -2.21% impact on Mindich’s portfolio.
Polaris Industries has a market cap of $8.53 billion and an enterprise value of $8.81 billion. It has a P/E of 18.9, a Price/Book of 9.6 and a Price/Sales of 1.9. Ken Heebner (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Bill Frels (Trades, Portfolio) have shares of Polaris Industries in their portfolios.
Mindich sold his 778,000-share stake in EQT Corp. (EQT, Financial), a Pittsburgh-based natural gas producer, for an average price of $86.12 per share. The deal had a -1.86% impact on his portfolio.
EQT has a market cap of $11.05 billion and an enterprise value of $14.88 billion. It has a P/E of 41.8, a Price/Book of 2.1 and a Price/Sales of 4.6. Steven Cohen (Trades, Portfolio), George Soros (Trades, Portfolio), Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), John Burbank (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), John Keeley (Trades, Portfolio) and T Boone Pickens (Trades, Portfolio) have shares of EQT in their portfolios.
Mindich also sold his stakes in Applied Materials Inc. (AMAT), Dresser-Rand Group Inc. (DRC), Altera Corp. (ALTR) and Whiting Petroleum Corp. (WLL).
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