REG-Third Point Investors Ltd: Monthly Update: August 2023 NAV Performance
07/09/2023 07:15
7 September 2023
Third Point Investors Limited
Monthly Update: August 2023 NAV Performance
August 2023 Performance Highlights
* Third Point Investors Limited returned -0.2% on a NAV basis in August 2023,
compared with a
-2.3% return for the MSCI World Index and a -1.6% return for the S&P 500
Index.
* During the month the Company’s share price returned 0.0%, reflecting a
narrowing in the discount to NAV from 17.9% to 17.7%.
* The top contributors for the month included financial services company UBS
Group AG, diversified life sciences and diagnostics company Danaher Corp, and
e-commerce company Amazon.com Inc.
* The top detractors for the month included utility company Pacific Gas and
Electric Co., industrials and materials company International Flavors &
Fragrances Inc., and e-commerce company Alibaba Group Holding Ltd.
Full portfolio detail is available at
https://www.thirdpointlimited.com/resources/portfolio-updates
Net Performance
MTD QTD YTD
Third Point Investors Ltd. (NAV) 1 -0.2% 2.3% -1.6%
Third Point Investors Ltd. (Price) 2 0.0% 0.3% -4.3%
MSCI World Index (Total Return) -2.3% 1.0% 16.6%
S&P 500 (Total Return) -1.6% 1.6% 18.7%
Key Statistics and AUM Summary
Premium/(Discount) to NAV (17.7%)
Third Point Investors Ltd. Net AUM 3 $0.6 B
Portfolio Detail4
The net weightings of the strategy at period-end were 71.8% in Equity, 38.9%
in Credit, 8.4% 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 89.6% -17.8% 71.8% -0.9% 0.7% -0.2% -0.3% 4.9% -7.0% -2.1% -3.0%
Credit 39.3% -0.4% 38.9% 0.0% 0.0% 0.1% 0.0% 2.7% 0.5% 3.2% 2.7%
Privates 8.4% 0.0% 8.4% 0.0% 0.0% 0.0% 0.0% -0.5% 0.0% -0.5% -0.6%
Other 7 0.0% 0.0% 0.0% 0.0% 0.0% -0.2% -0.2% -0.1% -0.2% -0.4% -0.5%
Total 137.2% -18.2% 119.0% -0.9% 0.7% -0.3% -0.5% 7.0% -6.7% 0.1% -1.4%
Portfolio Detail
MTD Contributors8
UBS Group AG (financial services company)
Danaher Corp. (diversified life sciences and diagnostics company)
Amazon.com Inc. (e-commerce company)
Jacobs Solutions Inc (industrials and materials company)
Vistra Corp (energy company)
MTD Detractors8
Pacific Gas and Electric Co. (utility company)
International Flavors & Fragrances Inc. (industrials and materials company)
Alibaba Group Holdings Ltd (e-commerce company)
Fidelity National Info Services (financials company)
LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company)
YTD Contributors8
Amazon.com Inc. (e-commerce company)
UBS Group AG (financials company)
Salesforce Inc. (software company)
ABS Interest Rate Hedges
Microsoft Corp. (infrastructure software company)
YTD Detractors8
Fidelity National Info Services (financials company)
International Flavors & Fragrances Inc. (industrials and materials company)
Bath & Body Works Inc. (consumer goods company)
Glencore International PLC (materials company)
American International Group Inc. (insurance company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Microsoft Corp (infrastructure software company)
Amazon.com Inc. (e-commerce company)
Danaher Corp. (diversified life sciences and diagnostics 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 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 42-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $11.7 billion 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.
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