REG-Malibu Life Holdings Limited: Third Point Master Fund April 2026 Performance
06/05/2026 07:00
6 May 2026
Third Point Master Fund(1)
Monthly Update: April 2026 Performance
April 2026 Performance Highlights
* Third Point Offshore Fund,
Ltd. returned 4.5% in April 2026.
* The top contributors for
the month included e-commerce company Amazon.com Inc., internet and technology
company Alphabet Inc., and enterprise technology company Broadcom Inc.
*
The top detractors for the month included
a short
position, media and internet company Quebecor Inc., and diversified life
sciences and diagnostics company Danaher Corp.
Net Performance
MTD QTD YTD
Third Point Offshore Fund, Ltd.(2) 4.5% 4.5% 4.0%
Current Malibu Life Asset Mix(3)
Third Point Offshore Fund, Ltd. 80%
Malibu Life Reinsurance SPC 20%
Portfolio Detail(4)
The net weightings of the strategy at period-end were 43.9% in Equity, 36.2%
in Credit, 4.6% in Privates and 2.9% in Other. A breakdown of positions,
including major contributors and detractors, is provided below. For further
detail please visit:
https://www.malibulifeinsurance.com/resources/
EXPOSURE GROSS MTD P&L(5) NET MTD P&L ( GROSS YTD P&L(5) NET YTD P&L(6)
6
)
LONG SHORT NET LONG SHORT NET NET LONG SHORT NET NET
Equity 66.4% -22.5% 43.9% 4.9% -0.1% 4.8% 3.7% 2.7% 1.5% 4.2% 2.7%
Credit 36.4% -0.2% 36.2% 0.8% 0.0% 0.8% 0.6% 1.1% 0.0% 1.1% 0.8%
Privates 4.6% 0.0% 4.6% 0.0% 0.0% 0.0% -0.1% -0.1% 0.0% -0.1% -0.2%
Other(7) 2.9% 0.0% 2.9% 0.1% 0.1% 0.2% 0.2% 0.4% 0.3% 0.7% 0.6%
Total 110.4% -22.7% 87.6% 5.8% 0.0% 5.8% 4.5% 4.1% 1.8% 5.9% 4.0%
Portfolio Detail
MTD Contributors(8)
Amazon.com Inc. (e-commerce company)
Alphabet Inc. (internet and technology company)
Broadcom Inc. (enterprise technology company)
TSMC (semiconductor company)
CRH PLC (industrials and materials company)
MTD Detractors(8)
Short
Quebecor Inc. (media and internet company)
Danaher Corp. (diversified life sciences and diagnostics company)
Short
Paramount Skydance Corp. (media and internet company)
YTD Contributors(8)
MasTec Inc. (industrials and materials company)
Siemens Energy AG (industrials and materials company)
Amazon.com Inc. (e-commerce company)
Carpenter Technology Corp. (industrials and materials company)
Keysight Technologies Inc. (enterprise technology company)
YTD Detractors(8)
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Somnigroup International Inc. (consumer discretionary company)
Brookfield Corp. (financial company)
Indra Sistemas SA (enterprise technology company)
Top Gross Equity Longs(8)
Amazon.com Inc. (e-commerce company)
Nvidia Corp. (enterprise technology company)
Warner Bros Discovery Inc. (media and internet company)
Broadcom Inc. (enterprise technology company)
Telephone and Data Systems, Inc. (telecommunications company)
Top Gross Corporate Credit Longs(8,9)
Bausch Health Cos Inc. (healthcare company)
Connect Holding II LLC (telecommunications company)
AMC Entertainment Holdings Inc.
(movie theatre company)
Ardagh Group SA (industrials and materials company)
Coreweave Inc. (enterprise technology company)
Press Enquiries
Kekst CNC
(PR Adviser to the Company)
Richard Campbell
Tel: +44 7775 784933
Guy Bates
Tel: +44 7581 056415
Katherine Kilgallen
Tel: +44 7581 068251
Footnotes
( This report is being furnished to shareholders of Malibu Life Holdings Limited (the “Company”). The Company completed the acquisition of Malibu Life Reinsurance SPC on
September 12, 2025, and changed its name to Malibu Life Holdings Limited on September 22, 2025. Currently, the Company invests a majority of its assets into Third Point
Offshore Fund, Ltd. (the “Fund”). The Fund is a feeder fund in a master-feeder structure to the Third Point Master Fund LP.
1
)
( Net MTD, QTD and YTD performance shows indicative performance for a new issues eligible investor in the highest management fee (2% per annum), in addition to leverage
factor multiple, if applicable, and incentive allocation rate (20%) class of each Fund, who has participated in all side pocket private investments (as applicable). Net
performance reflects the deduction of operating expenses paid by the Fund during the period, and, unless otherwise noted, is inclusive of legacy private investments. New
2 Series performance excludes legacy venture and other private-related investments and was launched on June 1, 2023. An individual investor’s performance may vary based on
timing of capital transactions.
)
( Data provided represents the percentage of the assets of the Company and are as of December 31, 2025.
3
)
( 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.
4
)
( 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.
5
)
( 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 pro rata share of expenses paid by the Fund during the applicable period, to the aggregate underlying positions in the referenced sub-portfolio group’s
gross P&L, or referenced individual position level gross P&L, as applicable. The management fees and operating expenses are allocated for the period proportionately based
6 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.
( Includes currency hedges, macro investments, and receivables.
Interest rate swaptions, rates and FX related investments are excluded from exposure figures. MTD and YTD P&L of Other includes net attribution of macro investments and
certain P&L components not directly attributed to individual sub-asset classes such as gains and losses attributable to unhedged currency movements relative to USD,
7 interest income and expense on cash balances, financing income and expense, etc.
)
( Excludes any confidential positions, portfolio level equity hedges and EU MAR related positions.
8
)
( Does not include private debt.
9
)
( 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.
10
)
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