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

Gartman: Grexit chances exponentially higher

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.