Third Point Investors Ltd Monthly Update: September 2023 NAV Performance
October 05 2023 - 2:00AM
UK Regulatory
TIDMTPOU TIDMTPOS
5 October 2023
Third Point Investors Limited
Monthly Update: September 2023 NAV Performance
September 2023 Performance Highlights
· Third Point Investors Limited returned -2.2% on a NAV basis in September
2023, compared with a -4.3% return for the MSCI World Index and a -4.8% return
for the S&P 500 Index.
· During the month the Company's share price returned -4.7%, reflecting a
widening in the discount to NAV from 17.7% to 19.8%.
· The top contributors for the month included ABS Interest Rate Hedges, one
short position, and oil and gas company Shell PLC.
· The top detractors for the month included e-commerce company Amazon.com
Inc., vehicle rental company Hertz Global Holdings Inc, and consumer goods
company Bath & Body Works Inc.
Full portfolio detail is available at
https://www.thirdpointlimited.com/resources/portfolio-updates
Net Performance
+-----------------------------------+-----+-----+-----+
| |MTD |QTD |YTD |
+-----------------------------------+-----+-----+-----+
|Third Point Investors Ltd. (NAV)1 |-2.2%|0.0% |-3.8%|
+-----------------------------------+-----+-----+-----+
|Third Point Investors Ltd. (Price)2|-4.7%|-4.4%|-8.8%|
+-----------------------------------+-----+-----+-----+
|MSCI World Index (Total Return) |-4.3%|-3.4%|11.6%|
+-----------------------------------+-----+-----+-----+
|S&P 500 (Total Return) |-4.8%|-3.3%|13.1%|
+-----------------------------------+-----+-----+-----+
Key Statistics and AUM Summary
+-----------------------------------+-------+
|Premium/(Discount) to NAV |(19.8%)|
+-----------------------------------+-------+
|Third Point Investors Ltd. Net AUM3|$0.6 B |
+-----------------------------------+-------+
Portfolio Detail4
The net weightings of the strategy at period-end were 49.4% in Equity, 41.8% in
Credit, 8.5% in Privates and 0.0% in Other. A breakdown of positions, including
major contributors and detractors, is provided below. For further detail please
visit: https://www.thirdpointlimited.com/resources/portfolio-updates.
EXPOSURE GROSS MTD P&L5 NET MTD P&L6 GROSS YTD
P&L5 NET YTD P&L6
LONG SHORT NET LONG SHORT NET NET LONG SHORT
NET NET
Equity 86.6% -37.2% 49.4% -3.4% 1.4% -2.0% -2.1% 1.4%
-5.6% -4.1% -5.1%
Credit 42.2% -0.4% 41.8% -0.2% 0.3% 0.1% 0.0% 2.3% 0.8%
3.1% 2.6%
Privates 8.5% 0.0% 8.5% 0.0% 0.0% 0.0% 0.0% -0.6% 0.0%
-0.5% -0.6%
Other7 0.0% 0.0% 0.0% 0.0% -0.1% -0.2% -0.2% -0.1%
-0.2% -0.4% -0.5%
Total 137.2% -37.5% 99.7% -3.7% 1.7% -2.2% -2.3% 3.1%
-5.0% -2.1% -3.6%
Portfolio Detail
MTD Contributors8
ABS Interest Rate Hedges
Short
Shell PLC (oil and gas company)
Short
Vistra Corp (energy company)
MTD Detractors8
Amazon.com Inc. (e-commerce company)
Hertz Global Holdings Inc (vehicle rental company)
Bath & Body Works Inc. (consumer goods company)
Danaher Corp. (diversified life sciences and diagnostics company)
Nvidia Corp (semiconductor technology company)
YTD Contributors8
ABS Interest Rate Hedges
Salesforce Inc. (software company)
UBS Group AG (financials company)
Ferguson PLC (industrial supplies company)
The Walt Disney Co. (entertainment and media company)
YTD Detractors8
Fidelity National Info Services (financials company)
Bath & Body Works Inc. (consumer goods company)
International Flavors & Fragrances Inc. (industrials and materials company)
Glencore International PLC (materials company)
Danaher Corp. (diversified life sciences and diagnostics company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Microsoft Corp (infrastructure software company)
Danaher Corp. (diversified life sciences and diagnostics company)
Amazon.com Inc. (e-commerce company)
Bath & Body Works Inc. (consumer goods company)
Top Gross Corporate Credit Longs8,9
Frontier Communications Holdings (telecommunications company)
Radiate Holdco LLC (cable company)
PNC Financial Services Group (financials company)
Comstock Resources Inc (energy company)
Community Health Systems Inc. (healthcare company)
Press Enquiries
Buchanan PR
Charles Ryland
charlesr@buchanan.uk.com (fiona@quillpr.com)
Tel: +44 (0)20 7466 5107
Henry Wilson
henryw@buchanan.uk.com
Tel: +44 (0)20 7466 5111
Notes to Editors
About Third Point Investors Limited
www.thirdpointlimited.com
Third Point Investors Limited (LSE: TPOU)
was listed on the London Stock Exchange in
2007 and is a feeder fund that invests in
the Third Point Offshore Fund (the Master
Fund), offering investors a unique
opportunity to gain direct exposure to
founder Daniel S. Loeb's investment
strategy. The Master Fund employs an event
-driven, opportunistic strategy to invest
globally across the capital structure and in
diversified asset classes to optimize risk
-reward through a market cycle. TPIL's
portfolio is 100% aligned with the Master
Fund, which is Third Point's largest
investment strategy. TPIL's assets under
management are currently $600 million.
About Third Point LLC
Third Point LLC is an institutional
investment manager that actively engages
with companies across their lifecycle, using
dynamic asset allocation and an ethos of
continuous learning to drive long-term
shareholder return. Led by Daniel S. Loeb
since its inception in 1995, the Firm has a
43-person investment team, a robust
quantitative data and analytics team, and a
deep, tenured business team. Third Point
manages approximately $10.8 billion10 in
assets for sovereign wealth funds,
endowments, foundations, corporate & public
pensions, high-net-worth individuals, and
employees.
Footnotes
1 Reflects the NAV return of Third Point
Investors Limited inclusive of
gearing the Company introduced in 2021
and chose to discontinue as of
June 2023.
2 Reflects the total share price return of
Third Point Investors Limited.
3 The net AUM figure for Third Point
Investors Limited is included in the
AUM of Third Point Offshore Fund, Ltd.
4 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.
5 Gross P&L attribution does not reflect
the deduction of management fees,
incentive 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 and incentive allocations
customarily charged by Adviser.
6 The net P&L figures are included because
of the SEC's new marketing rule
and guidance. Third Point does not
believe that this metric accurately
reflects net P&L for the referenced sub
-portfolio group of investments
as explained more fully below.
Specifically, net P&L attribution
reflects the allocation of the highest
management fee (2% per annum), in
addition to leverage factor multiple, if
applicable, and incentive
allocation rate (20%), and an assumed
operating expense ratio (0.3%), to
the aggregate underlying positions in
the referenced sub-portfolio
group's gross P&L. The management fees
and operating expenses are
allocated for the period proportionately
based on the average gross
exposure of the aggregate underlying
positions of the referenced sub
-portfolio group. The implied incentive
allocation is based on the
deduction of management fee and expense
ratio from the Fund level gross
P&L attribution for the period. The
incentive allocation is accrued for
each period to only those positions
within the referenced sub-portfolio
group with i) positive P&L and, ii) if
during the current MTD period
there is an incentive allocation. In MTD
periods where there is a
reversal of previously accrued incentive
allocation, the impact of the
reversal will be based on the previous
month's YTD accrued incentive
allocation. The assume operating expense
ratio noted herein is applied
uniformly across all underlying
positions in the referenced sub
-portfolio group given the inherent
difficulty in determining and
allocating the expenses on a sub
-portfolio group basis. If expenses were
to be allocated on a sub-portfolio group
basis, the net P&L would likely
be different for each referenced sub
-portfolio group, as applicable.
7 Includes broad-based market and equity
-based hedges.
8 Excludes any confidential positions,
portfolio level equity hedges and
EU MAR related positions.
9 Does not include private debt.
10 Includes all funds and separately
managed accounts managed by Third
Point and its affiliates and
participation notes issued by the
applicable Third Point-managed funds
relating to legacy private
investments.
Important Notes and Disclaimers
Third Point Investors Limited (the
"Company") 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.
(the "Fund") inclusive of legacy private
investments. Exposures are categorized in a
manner consistent with the Investment
Manager's classifications for portfolio and
risk management purposes in its sole
discretion.
Performance results include the performance
of legacy private investments and are
presented net of management fees, brokerage
commissions, administrative expenses, and
accrued incentive allocation, if any, and
include the reinvestment of all dividends,
interest, and capital gains. While incentive
allocations are accrued monthly, they are
deducted from investor balances only
annually or upon withdrawal. From Fund
inception through December 31, 2019, Third
Point Offshore Fund, Ltd.'s historical
performance has been calculated using the
actual management fees, incentive
allocations, and expenses paid by the Fund.
The actual management fees and incentive
allocations paid by the Fund reflect a
blended rate of management fees and
incentive allocations based on the weighted
average of amounts invested in different
share classes subject to different
management fee and/or incentive allocation
terms. Such management fee rates have ranged
over time from 1.25% to 3% per annum. The
amount of incentive allocations applicable
to any one investor in the Fund will vary
materially depending on numerous factors,
including without limitation: the specific
terms, the date of initial investment, the
duration of investment, the date of
withdrawal, and market conditions. As such,
the net performance shown for the Fund from
inception through December 31, 2019 is not
an estimate of any specific investor's
actual performance. During this period, had
the highest management fee and incentive
allocation been applied solely, performance
results would likely be lower. For the
period beginning January 1, 2020, the Fund's
historical performance shows indicative
performance for a new issues eligible
investor in the highest management fee (2%
per annum) and incentive allocation rate
(20%) class of the Fund, who has
participated in all side pocket private
investments (as applicable) from March 1,
2021 onward. Net performance reflects the
deduction of operating expenses paid by the
Fund during the period. An individual
investor's performance may vary based on
timing of capital transactions. The
inception date for Third Point Offshore
Fund, Ltd. is December 1, 1996. All
performance results are estimates and 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. 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 Fund has been
compared here with the performance of well
-known and widely recognized indices, whose
performance reflects the investment of
dividends, the indices have not been
selected to represent an appropriate
benchmark for the Fund 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, offer or solicitation to buy
or sell securities including those of the
Company in the United States or in any other
jurisdiction, nor shall it, or the fact of
its distribution, form the basis of, or be
relied upon, in connection with any contract
therefor. 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.
The Company has not been and will not be
registered under the US Investment Company
Act of 1940, as amended (the "Investment
Company Act"). In addition, the shares in
the Company have not been and will not be
registered under the US Securities Act of
1933, as amended (the "Securities Act").
Consequently, shares in the Company may not
be offered, sold or otherwise transferred
within the United States or to, or for the
account or benefit of, US Persons (as
defined in the Securities Act). No public
offering of any shares in the Company is
being, or has been, made in the United
States.
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, and accordingly
dealing or trading in the shares of the
listed instrument on the basis of such
information may violate securities laws in
the United Kingdom, United States and
elsewhere.
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
October 05, 2023 02:00 ET (06:00 GMT)
Third Point Investors (LSE:TPOS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Third Point Investors (LSE:TPOS)
Historical Stock Chart
From Jul 2023 to Jul 2024
