REG-Third Point Investors Ltd: Monthly Update: August 2024 NAV Performance
06/09/2024 07:15
6 September 2024
Third Point Investors Limited
Monthly Update: August 2024 NAV Performance
August 2024 Performance Highlights
* Third Point Investors Limited returned 1.0% on a NAV basis in August 2024,
compared with a
2.7% return for the MSCI World Index and a 2.4% return for the S&P 500 Index.
* During the month the Company’s share price returned 0.5%, reflecting a
widening in the discount to NAV from 23.1% to 23.5%.
* The top contributors for the month included a private position, utility
company Pacific Gas and Electric Co., and financial company London Stock
Exchange Group PL.
* The top detractors for the month included e-commerce company Amazon.com
Inc., consumer goods company Bath & Body Works Inc. and automotive aftermarket
parts company Advance Auto Parts 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) 1.0% 0.6% 12.1%
Third Point Investors Ltd. (Price) (2) 0.5% -2.5% 11.8%
MSCI World Index (Total Return) 2.7% 4.5% 17.1%
S&P 500 (Total Return) 2.4% 3.7% 19.5%
Key Statistics and AUM Summary
Premium/(Discount) to NAV (23.5%)
Third Point Investors Ltd. Net AUM (3) $0.5 B
Portfolio Detail(4)
The net weightings of the strategy at period-end were 72.0% in Equity, 39.1%
in Credit, 8.0% in Privates and 1.3% 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&L(5) NET MTD P&L(6) GROSS YTD P&L(5) NET YTD P&L(6)
LONG SHORT NET LONG SHORT NET NET LONG SHORT NET NET
Equity 109.6% -37.6% 72.0% -0.9% -1.6% -2.5% -2.6% 13.0% -6.1% 6.9% 5.8%
Credit 39.8% -0.7% 39.1% 0.3% -0.2% 0.1% 0.1% 1.5% 0.3% 1.8% 1.4%
Privates 8.0% 0.0% 8.0% 3.6% 0.0% 3.6% 3.6% 4.6% 0.0% 4.6% 4.5%
Other (7) 1.3% 0.0% 1.3% 0.0% 0.0% 0.0% 0.0% -0.6% -0.6% -1.2% -1.2%
Total 158.7% -38.3% 120.4% 3.0% -1.9% 1.2% 1.1% 18.4% -6.4% 12.1% 10.5%
Portfolio Detail
MTD Contributors(8)
Private
Pacific Gas and Electric Co. (utility company)
London Stock Exchange Group PL (financial company)
Cinemark Holdings Inc (movie theatre company)
Vistra Corp. (energy company)
MTD Detractors(8)
Amazon.com Inc. (e-commerce company)
Bath & Body Works Inc. (consumer goods company)
Advance Auto Parts Inc (automotive aftermarket parts company)
Ferguson Enterprises Inc. (industrials and materials company)
Alphabet Inc (internet and technology company)
YTD Contributors(8)
Private
Vistra Corp. (energy company)
Meta Platforms Inc. (media and internet company)
TSMC (semiconductor manufacturing company)
Pacific Gas and Electric Co. (utility company)
YTD Detractors(8)
Bath & Body Works Inc. (consumer goods company)
Advance Auto Parts Inc (automotive aftermarket parts company)
Glencore PLC (industrials and materials company)
DuPont de Nemours Inc. (industrials and materials company)
Short
Top Gross Equity Longs(8)
Pacific Gas and Electric Co. (utility company)
Amazon.com Inc. (e-commerce company)
Danaher Corp. (diversified life sciences and diagnostics company)
Covestro AG (industrials and materials company)
Microsoft Corp. (infrastructure software company)
Top Gross Corporate Credit Longs(8,9)
Radiate Holdco LLC (cable company)
Polaris Newco LLC (software company)
Community Health Systems Inc. (healthcare company)
CSC Holdings LLC (cable and telecommunications company)
Michaels Cos Inc/The (consumer goods company)
Press Enquiries
Buchanan PR
Charles Ryland charlesr@buchanan.uk.comTel: +44 (0)20 7466 5107Henry Wilson henryw@buchanan.uk.com Tel: +44 (0)20 7466 5111 Notes to EditorsAbout 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 $500 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 47-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $11.3 billion (10)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) 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.
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