Sehr Gut! Investor's Germany, Japan bets pay off

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Eton Park Capital Management's international bets are paying off.

Investments in European and Asian stocks—including Porsche and options on Japanese equities—helped power Eton's main hedge fund to a 7.1 percent net-of-fees gain over the first quarter, according to a private letter to investors.

"We believe that some of the broader based misvaluations are currently outside the U.S., particularly in Japan and China and to a lesser extent in Europe," the letter said.

Eton Park, which invests around the world using all types of securities as a "multistrategy" hedge fund, runs about $9 billion. The New York-based firm is led by former Goldman Sachs partner Eric Mindich.