Eton Park: “We are very disappointed”
By Lawrence Delevingne
Fri Jan 20, 2012
Eric Mindich’s firm explains how it lost 11% in 2011; announces a departure and new partners.
Eric Mindich’s Eton Park apologized to investors for its poor performance in 2011 in a detailed, 48 page letter to clients this week.
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“We are very disappointed with these results,” the firm said in a January 17 note to investors in its flagship $3.8 billion Eton Park Fund. “We entered 2011 believing that the year would bring some measure of normalcy to the economy and markets, creating a backdrop for our investments to demonstrate their underlying value…however, 2011 was instead driven by macro disruptions and a weakening economic landscape that undermined the value realization process for many of...
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