Third Point Investors Third Point April 2021 Monthly Report
May 05 2021 - 2:00AM
UK Regulatory
TIDMTPOU TIDMTPOS
Third Point Investors Limited (the" Company")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 47161)
LEI: 549300WXTCG65AQ7V644
Third Point April 2021 Performance
5/5/2021
Net Performance
MTD QTD YTD
Third Point Offshore 1.7% 1.7% 13.0%
Fund, Ltd.
MSCI World Index (Total 4.7% 4.7% 10.0%
Return)
S&P 500 (Total Return) 5.3% 5.3% 11.8%
AUM Breakdown
Third Point Offshore $7.7 B
Fund, Ltd.
Firm1 $16.9 B
Portfolio Detail2
EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
LONG SHORT NET LONG SHORT NET LONG SHORT NET
Equity
Activism/ 17.4% -4.7% 12.7% -0.5% -0.1% -0.6% 2.4% -1.0% 1.4%
Constructivism4
Fundamental & 101.2% -13.2% 88.0% 3.5% -0.2% 3.2% 14.1% -2.5% 11.6%
Event
Portfolio Hedges5 0.0% -21.6% -21.6% 0.0% -1.0% -1.0% 0.0% -2.1% -2.1%
Total Equity 118.6% -39.5% 79.2% 2.9% -1.4% 1.5% 16.5% -5.6% 10.9%
Credit
Corporate & 11.9% -0.1% 11.9% 0.4% -0.1% 0.3% 1.4% 0.3% 1.7%
Sovereign
Structured 19.3% -0.1% 19.3% 0.3% 0.0% 0.3% 1.4% 0.0% 1.4%
Total Credit 31.3% -0.1% 31.1% 0.7% -0.1% 0.6% 2.8% 0.3% 3.1%
Privates 7.7% 0.0% 7.7% 0.2% 0.0% 0.1% 2.4% 0.0% 2.4%
Side Pocket 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Privates
Other6 4.3% 0.0% 4.3% 0.1% -0.1% 0.0% 0.8% -0.2% 0.6%
Total Portfolio 162.0% -39.6% 122.3% 3.8% -1.5% 2.3% 22.4% -5.5% 17.0%
Equity Detail2
EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
EQUITY SECTORS LONG SHORT NET LONG SHORT NET LONG SHORT NET
Consumer 13.2% -1.3% 11.9% 1.1% 0.0% 1.1% 1.3% -0.1% 1.3%
Discretionary
Consumer Staples 1.8% -1.4% 0.4% 0.1% 0.0% 0.1% 0.3% -0.1% 0.2%
Utilities 6.4% -2.4% 4.0% -0.2% -0.1% -0.2% -0.6% -0.2% -0.8%
Energy 1.8% 0.0% 1.8% 0.1% 0.0% 0.1% 0.2% 0.0% 0.2%
Financials 36.8% -3.6% 33.2% -1.1% -0.1% -1.2% 9.5% -0.5% 9.0%
Healthcare 9.7% -1.0% 8.7% 0.9% 0.0% 0.9% 1.3% 0.0% 1.3%
Industrials & 13.4% -2.4% 11.0% 0.8% -0.1% 0.7% 0.9% -0.8% 0.1%
Materials
Enterprise 14.2% -3.0% 11.2% 0.1% -0.1% -0.1% 1.7% -0.7% 1.0%
Technology
Media & Internet 21.3% -2.8% 18.5% 1.0% 0.1% 1.0% 2.0% -1.2% 0.8%
Portfolio 0.0% -21.6% -21.6% 0.0% -1.0% -1.0% 0.0% -2.1% -2.1%
Hedges5
Total 118.6% -39.5% 79.2% 2.9% -1.4% 1.5% 16.5% -5.6% 10.9%
Equity Geographic Exposure
LONG SHORT NET
Americas 97.9% -33.8% 64.1%
EMEA 19.0% -4.6% 14.4%
Asia ex-Japan 1.7% -0.5% 1.2%
Japan 0.0% -0.6% -0.6%
Total 118.6% -39.5% 79.2%
Equity Market Capitalization7
LONG SHORT NET
>$50 billion 51.8% -3.4% 48.5%
$25-50 billion 19.6% -1.8% 17.8%
$10-25 billion 16.9% -4.0% 12.9%
<$10 billion 30.3% -1.5% 28.7%
Indices & Other 0.0% -28.7% -28.7%
Total 118.6% -39.5% 79.2%
Equity Exposure8
LONG SHORT NET
Delta-Adjusted 118.5% -39.3% 79.2%
Beta-Adjusted 120.7% -32.4% 88.3%
Dollar-Adjusted 118.8% -36.2% 82.5%
Position9
LONG SHORT TOTAL
Equity Positions 78 53 131
Top 10 Positions 48% -26%
Top 20 Positions 73% -32%
Credit Detail2
EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
LONG SHORT NET LONG SHORT NET LONG SHORT NET
Credit
Sovereign 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.3% 0.4%
Investment Grade 3.3% 0.0% 3.3% 0.1% 0.0% 0.1% 0.0% 0.0% 0.0%
High Yield 5.0% -0.1% 4.9% 0.1% 0.0% 0.1% 0.4% 0.0% 0.3%
Distressed 3.7% 0.0% 3.7% 0.2% 0.0% 0.2% 1.0% 0.0% 1.0%
Total Credit 11.9% -0.1% 11.9% 0.4% -0.1% 0.3% 1.4% 0.3% 1.7%
ABS
Residential 14.8% -0.1% 14.7% 0.3% 0.0% 0.3% 1.1% 0.0% 1.1%
Mortgages
Consumer ABS 4.0% 0.0% 4.0% 0.0% 0.0% 0.0% 0.3% 0.0% 0.3%
Commercial 0.6% 0.0% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Mortgages
CLO 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total ABS 19.3% -0.1% 19.3% 0.3% 0.0% 0.3% 1.4% 0.0% 1.4%
Corporate Credit Sectors
EXPOSURE
SECTORS LONG SHORT NET
Consumer 3.6% 0.0% 3.6%
Discretionary
Consumer Staples 0.2% 0.0% 0.2%
Utilities 0.3% 0.0% 0.3%
Energy 2.8% -0.1% 2.7%
Financials 0.9% 0.0% 0.9%
Healthcare 0.8% 0.0% 0.8%
Industrials & 2.3% 0.0% 2.3%
Materials
Enterprise 0.6% 0.0% 0.6%
Technology
Media & Internet 0.4% 0.0% 0.4%
Government 0.0% 0.0% 0.0%
Total 11.9% -0.1% 11.9%
Structured Credit Tranches10
Exposure
Tranche Net
Senior 7.4%
Mezz 9.1%
Junior 2.3%
Other 0.5%
Total Portfolio Positions Detail
MTD Winners11
Danaher Corp
IQVIA Holdings Inc
Alphabet Inc
IAA Inc
Amazon.com Inc.
MTD Losers11
Upstart Holdings, Inc.
Intel Corp
Macro A
Pacific Gas and Electric Co
JD.com Inc
YTD Winners11
Upstart Holdings, Inc.
Private
Social Finance, Inc.
Prudential PLC
Alphabet Inc
YTD Losers11
Pacific Gas and Electric Co
Short
Short
Short
JD.com Inc
Top Gross Equity Longs11
Upstart Holdings, Inc.
Prudential PLC
Pacific Gas and Electric Co
Intel Corp
Danaher Corp
Top Gross Corporate Credit Longs11,12
Boeing Co/The
American Airlines Inc
Callon Petroleum Co
Dell Technologies Inc
Vallourec SA
Historical Performance (Since Dec 1996)
Third Point Offshore 15.1%
Fund, Ltd.
MSCI World Index (TR) 7.8%
S&P 500 (TR) 9.1%
ASC Topic 820 Assets13 PROFORMA OPT-OUT14 MASTER FUND
Level I 63% 63%
Level II 30% 30%
Level III 7% 7%
Third Point Offshore Fund, Ltd. Historical Performance (Net)
YEAR JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC YTD
2021 1.9% 2.3% 1.7% 13.0%
2020 1.1% -6.6% -11.3% 7.1% 1.5% 1.9% 3.8% 8.5% -0.6% -0.8% 9.3% 7.1% 20.5%
2019 3.0% 2.8% 2.9% 1.8% -1.8% 3.8% 2.3% -0.2% -2.3% -1.2% 2.9% 2.1% 17.0%
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 collateral and other assets managed for SiriusPoint
Ltd.
2 The sum of long and short exposure percentages and the sum of gross long and
short MTD and YTD P&L percentages may not visually add to the corresponding net
figure due to rounding. Subtotals of long, short, and/or net exposure
percentages and MTD and YTD P&L percentages may not visually match the
corresponding subtotal in another section of the report due to rounding.
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 Includes constructivism, activism and post-activism positions. "Constructivism"
is defined as communications with an issuer regarding Third Point ideas to
increase shareholder value that conclude without activism. "Activism" is
defined as an active campaign currently ongoing.
5 Primarily broad-based market and equity-based hedges.
6 Includes currency hedges, digital assets, and macro investments. Rates and FX
related investments are excluded from exposure figures. MTD and YTD P&L of
Other includes net attribution of macro investments, digital assets, as well as
residual gains and losses attributable to unhedged currency movements relative
to USD, and interest, income and expense on cash balances.
7 Market capitalization reflects only those holdings that are exchange-listed
equity or any synthetic equity with an underlying reference instrument market
capitalization.
8 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.
9 Equity positions do not include SPAC holdings and related transactions that
have not yet announced a business combination.
10 Other includes non-tranched ABS, CDS, and direct asset investments.
11 Excludes any confidential positions, portfolio level hedges and EU MAR related
positions.
12 Does not include ventures-related debt.
13 ASC Levels provided are as of March 31, 2021.
14 Proforma Opt-Out ASC Levels show the percentage breakdown of the total absolute
value of all leveled investments held by the fund as of March 31, 2021
excluding the absolute value of private investments held only by side pocket
classes.
Important Notes and Disclaimers
Third Point 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 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 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 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. All performance results are estimates and should not be
regarded as final until audited financial statements are issued.
While the performance of the Funds has been compared here with the performance
of well-known and widely recognized indices, the indices have 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
indices. Historical net performance for Third Point Offshore Fund, Ltd. is
available upon request. 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 Investors Limited, a feeder fund listed on the London Stock Exchange, or
SiriusPoint 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.thirdpointlimited.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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