Third Point Offshore Third Point November 2019 Monthly Report
December 03 2019 - 2:00AM
UK Regulatory
TIDMTPOG TIDMTPOU
Third Point Offshore Investors Limited (the "Company")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 47181)
LEI: 549300WXTCG65AQ7V644
Third Point November 2019 Performance
12/3/2019
Net Performance
MTD YTD
Third Point Offshore 3.0% 14.6%
Fund, Ltd.
MSCI World Index (Total 2.8% 24.7%
Return)
S&P 500 (Total Return) 3.6% 27.6%
AUM Breakdown
Third Point Offshore $6.1 B
Fund, Ltd.
Firm1 $13.4 B
Portfolio Detail2
EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
LONG SHORT NET LONG SHORT NET LONG SHORT NET
Equity
Activism 46.3% -8.5% 37.8% 1.5% -0.1% 1.4% 16.3% -1.0% 15.3%
Fundamental & 53.5% -26.4% 27.1% 2.5% -1.7% 0.8% 10.1% -7.8% 2.3%
Event
Portfolio Hedges4 1.1% -6.2% -5.1% 0.0% -0.2% -0.2% 0.4% -1.6% -1.2%
Total Equity 100.9% -41.1% 59.8% 4.0% -2.0% 2.0% 26.8% -10.4% 16.4%
Credit
Corporate & 8.4% -0.3% 8.1% 0.6% 0.0% 0.6% -0.9% -0.3% -1.2%
Sovereign
Structured 16.1% -0.1% 16.0% 0.1% 0.0% 0.1% 1.6% -0.2% 1.4%
Total Credit 24.5% -0.4% 24.1% 0.7% 0.0% 0.7% 0.7% -0.5% 0.2%
Privates 10.2% 0.0% 10.2% 0.6% 0.0% 0.6% 1.4% 0.0% 1.4%
Other5 1.9% 0.0% 1.9% 0.1% -0.1% 0.0% 0.1% 0.2% 0.3%
Total Portfolio 137.5% -41.5% 96.0% 5.4% -2.1% 3.3% 29.0% -10.7% 18.3%
Equity Detail
EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
EQUITY SECTORS LONG SHORT NET LONG SHORT NET LONG SHORT NET
Consumer 12.0% -6.5% 5.5% 0.8% 0.0% 0.8% 3.4% -1.6% 1.8%
Discretionary
Consumer Staples 11.9% -2.4% 9.5% -0.1% 0.0% -0.1% 5.3% -0.6% 4.7%
Energy 2.4% -0.3% 2.1% -0.1% 0.0% -0.1% -0.2% 0.2% 0.0%
Financials 14.9% -2.5% 12.4% 0.2% -0.1% 0.1% 3.1% -0.5% 2.6%
Healthcare 24.3% -6.5% 17.8% 1.5% -0.5% 1.0% 5.5% -1.7% 3.8%
Industrials & 14.8% -8.7% 6.1% 0.7% -0.9% -0.2% 5.0% -2.4% 2.6%
Materials
Enterprise 5.5% -2.4% 3.1% 0.4% -0.1% 0.3% 1.5% -1.0% 0.5%
Technology
Media & Internet 14.0% -5.6% 8.4% 0.6% -0.2% 0.4% 2.8% -1.2% 1.6%
Portfolio 1.1% -6.2% -5.1% 0.0% -0.2% -0.2% 0.4% -1.6% -1.2%
Hedges4
Total 100.9% -41.1% 59.8% 4.0% -2.0% 2.0% 26.8% -10.4% 16.4%
Equity Geographic Exposure
LONG SHORT NET
Americas 68.9% -29.5% 39.4%
EMEA 21.0% -4.1% 16.9%
Asia ex-Japan 0.0% -1.9% -1.9%
Japan 11.0% -5.6% 5.4%
Total 100.9% -41.1% 59.8%
Equity Market Capitalization6
LONG SHORT NET
>$50 billion 56.5% -6.4% 50.1%
$25-50 billion 24.6% -4.8% 19.8%
$10-25 billion 11.6% -6.4% 5.2%
<$10 billion 7.1% -9.4% -2.3%
Indices 1.1% -14.1% -13.0%
Total 100.9% -41.1% 59.8%
Equity Exposure7
LONG SHORT NET
Delta-Adjusted 100.9% -41.1% 59.8%
Beta-Adjusted 86.6% -35.1% 51.5%
Dollar-Adjusted 100.4% -41.1% 59.3%
Equity Position
LONG SHORT TOTAL
Equity Positions 49 59 108
Top 10 Long 61%
Positions
Top 20 Long 84%
Positions
MTD Winners8
Baxter International Inc.
Sony Corp.
Centene Corp.
Burlington Stores Inc.
Pacific Gas & Electric Co.
MTD Losers8
Short A
Short B
Short C
Short D
Nestlé SA
YTD Winners8
Sony Corp.
Baxter International Inc.
Nestlé SA
Campbell Soup Co.
United Technologies Corp.
YTD Losers8
Republic of Argentina
The Chemours Co.
Short E
Fox Corp.
Uber Technologies Inc.
Top Gross Longs8
Sony Corp.
Baxter International Inc.
Nestlé SA
United Technologies Corp.
EssilorLuxottica SA
ASC Topic 820 Assets9
Level I 71%
Level II 20%
Level III 9%
Third Point Offshore Fund, Ltd. Historical Performance (Net)
YEAR JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC YTD
2019 3.0% 2.8% 2.9% 1.8% -1.8% 3.8% 2.3% -0.2% -2.3% -1.2% 3.0% 14.6%
2018 3.8% -3.0% -1.3% 0.8% 1.1% -0.5% -0.3% 0.2% 0.0% -7.0% 1.2% -6.4% -11.3%
2017 2.6% 2.4% 0.8% 1.6% 2.2% 0.7% 0.9% 1.4% 1.2% 3.0% 0.1% -0.2% 17.9%
2016 -3.5% -0.6% 1.9% 1.9% 1.8% 0.8% 3.0% 0.8% 1.1% -0.7% -0.8% 0.5% 6.1%
2015 -2.3% 4.8% 0.9% 0.5% 1.9% -0.8% 0.7% -5.3% -4.5% 4.7% -0.2% -1.2% -1.4%
2014 -1.9% 4.4% 0.9% -1.1% 1.8% 1.9% -1.3% 1.7% -0.3% -1.4% 2.4% -1.3% 5.7%
2013 4.7% 1.2% 2.9% 1.5% 3.6% -1.8% 2.9% -0.7% 2.6% 1.2% 2.6% 2.3% 25.2%
2012 3.9% 1.0% 1.5% -0.1% -2.6% 0.2% 1.5% 1.7% 3.4% 2.5% 2.9% 3.4% 19.2%
2011 3.9% 3.5% 0.9% 1.4% -0.4% -2.8% 0.2% -2.8% -3.6% 0.8% -0.3% -0.6% 0.0%
2010 3.5% 3.2% 7.9% 3.5% -5.7% -2.1% 3.4% 0.6% 4.0% 4.9% 0.1% 6.8% 33.7%
2009 0.4% 0.3% -3.3% 0.8% 7.3% 1.7% 6.6% 6.4% 5.6% -1.0% 4.3% 4.6% 38.6%
2008 -3.8% 1.4% -1.9% 1.1% 3.3% 1.6% -9.2% -0.6% -11.1% -10.1% -2.7% -5.6% -32.7%
2007 4.1% -0.7% 4.2% 2.2% 6.1% -1.5% 1.2% -8.2% 2.6% 5.0% 0.9% 1.1% 17.5%
2006 5.1% 2.2% 2.3% 3.7% -6.2% -1.3% -1.0% 1.0% -0.6% 2.3% 5.2% 1.4% 14.4%
2005 1.9% 7.4% -0.8% -4.9% 0.7% 3.7% 8.0% 2.5% 3.8% -10.2% 2.8% 3.1% 17.9%
2004 3.6% 3.8% 0.0% -0.2% -2.6% 6.3% 0.0% 1.4% 3.0% 0.5% 9.2% 1.4% 29.1%
2003 2.6% 0.2% -2.3% 0.8% 8.2% 5.4% 5.9% 3.8% 1.5% 6.2% 3.5% 8.2% 53.0%
2002 1.6% 1.8% 0.5% 1.7% 1.0% -0.6% -8.2% -1.7% 3.1% -7.2% 0.1% 0.7% -7.8%
2001 2.2% 3.1% 2.0% -3.9% 2.1% -1.0% 0.9% 1.6% -2.1% 0.1% 1.3% 5.7% 12.3%
2000 1.8% 8.3% 1.6% -3.6% -0.3% 0.0% 2.4% 2.0% 1.2% 2.3% 1.9% -0.9% 17.4%
1999 5.4% -4.0% -1.5% 5.9% 4.7% 7.0% 2.6% -2.2% 2.2% 2.2% 7.6% 6.3% 41.7%
1998 1.3% 5.0% 4.3% -0.1% -3.1% -2.7% -3.5% 0.4% -2.8% 3.5% 3.5% 3.5% 8.9%
1997 3.5% 4.5% -0.3% 0.6% 5.7% 10.8% 8.2% -1.9% 11.0% -4.5% 0.0% 4.1% 48.8%
1996 Inception 2.0% 2.0%
1. Firm AUM does not include $1.7B in collateral and fixed income assets
managed for TPRE.
2. Unless otherwise stated, information relates to the Third Point Offshore
Master Fund L.P. Exposures are categorized in a manner consistent with the
Investment Manager's classifications for portfolio and risk management
purposes.
3. Gross P&L attribution does not reflect the deduction of management fees,
performance allocations and any other expenses which may be incurred in the
management of the fund. An investor's actual return will be reduced by such
fees and expenses. See Part 2A of the Adviser's Form ADV for a complete
description of the management fees, incentive fees and performance allocations
customarily charged by Adviser. Net P&L is available upon request.
4. Primarily broad-based market and equity-based
hedges.
5. Primarily currency hedges. Speculative rates and macro FX excluded from the
exposure figures. Corresponding net exposure is 0.10% for rates and (7.6%) for
FX. MTD and YTD P&L of Other includes attribution of speculative macro
investments as well as residual gains and losses attributable to unhedged
currency movements relative to
USD.
6. Market capitalization reflects only those holdings that are exchange-listed
equity or any synthetic equity with an underlying reference instrument market
capitalization.
7. Beta-adjusted exposures are calculated relative to the S&P based on one-year
of historical daily returns for USD denominated assets and weekly returns for
foreign denominated assets. Dollar-adjusted exposures are calculated with
option positions shown at current market value in lieu of delta-adjusted
exposure.
8. Excludes any confidential positions, portfolio level hedges, and EU MAR
related positions. Reflects single issuer positions only.
9. ASC Levels provided are as of September 30, 2019 for Third Point Offshore
Master Fund, LP.
Important Notes and Disclaimers
Third Point Offshore Investors Limited is a feeder fund listed on the London
Stock Exchange that invests substantially all of its assets in Third Point
Offshore Fund, Ltd ("Third Point Offshore"). Third Point Offshore is managed
by Third Point LLC ("Third Point" or "Investment Manager"), an SEC-registered
investment adviser headquartered in New York.
Unless otherwise noted, P&L, exposure, and position level information are
presented at the master fund level where applicable. Exposures are categorized
in a manner consistent with the Investment Manager's classifications for
portfolio and risk management purposes in its sole discretion.
All fund level net profit and loss or performance results are based on the net
asset value of fee paying investors only and are presented net of management
fees (which may vary depending on share class), brokerage commissions,
administrative expenses, any other expenses of the Funds, and accrued
performance allocation, if any, and include the reinvestment of all dividends,
interest, and capital gains. While performance allocations are accrued monthly,
they are deducted from investor balances only annually or upon withdrawal. The
net performance results represent fund-level returns (reflecting blended rates
of management fees and performance allocations based on the weighted average of
the amounts invested in each share class), and are not an estimate of any
specific investor's actual performance, which may be materially different from
such performance depending on numerous factors. For example, had the highest
management fee been applied solely, performance results would likely be lower.
The Funds' performance information shown within includes net gains and losses
from "new issues." The market price for new issues is often subject to
significant fluctuation, and investors who are eligible to participate in new
issues may experience significant gains or losses. An investor who invests in a
class of Interests that does not participate in new issues may experience
performance that is different, perhaps materially, from the performance
reflected above due to factors such as the performance of new issues. All
performance results are estimates and should not be regarded as final until
audited financial statements are issued.
While the performance of the Funds have been compared here with the performance
of a well-known and widely recognized index, the index has not been selected to
represent an appropriate benchmark for the Funds whose holdings, performance
and volatility may differ significantly from the securities that comprise the
index. Past performance is not necessarily indicative of future results. All
information provided herein is for informational purposes only and should not
be deemed as a recommendation to buy or sell securities. All investments
involve risk including the loss of principal. This transmission is confidential
and may not be redistributed without the express written consent of Third Point
LLC and does not constitute an offer to sell or the solicitation of an offer to
purchase any security or investment product. Any such offer or solicitation may
only be made by means of delivery of an approved confidential offering
memorandum.
Information provided herein, or otherwise provided with respect to a potential
investment in the Funds, may constitute non-public information regarding Third
Point Offshore Investors Limited, a feeder fund listed on the London Stock
Exchange, or Third Point Reinsurance Ltd., and accordingly dealing or trading
in the shares of either listed instrument on the basis of such information may
violate securities laws in the United Kingdom, United States and elsewhere.
Website:
www.thirdpointoffshore.com
Enquiries:
Company Secretary - Northern Trust International Fund Administration Services
(Guernsey) Limited
Tel: +44 148-174-5385
Email: sw171@ntrs.com
END
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