REG-Third Point Investors Ltd: Monthly Update: December 2024 NAV Performance
07/01/2025 07:15
7 January 2025
Third Point Investors Limited
Monthly Update: December 2024 NAV Performance
December 2024 Performance Highlights
* Third Point Investors Limited returned -1.2% on a NAV basis in December
2024, compared with a -2.6% 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 2.4%, reflecting a
narrowing in the discount to NAV from 24.2% to 21.4%.
* The top contributors for the month included e-commerce company Amazon.com
Inc., semiconductor manufacturing company TSMC, and automotive and clean
energy company Tesla Inc.
* The top detractors for the month included industrials and materials company
Ferguson Enterprises Inc., utility company Pacific Gas and Electric Co., and
industrials and materials company CRH PLC.
Full portfolio detail is available at
https://www.thirdpointlimited.com/resources/portfolio-updates
Net Performance
MTD QTD YTD
Third Point Investors Ltd. (NAV) 1 -1.2% 8.9% 25.6%
Third Point Investors Ltd. (Price) 2 2.4% 9.1% 28.7%
MSCI World Index (Total Return) -2.6% -0.1% 19.2%
S&P 500 (Total Return) -2.4% 2.4% 25.0%
Key Statistics and AUM Summary
Premium/(Discount) to NAV (21.4%)
Third Point Investors Ltd. Net AUM 3 $0.6 B
Portfolio Detail4
The net weightings of the strategy at period-end were 76.5% in Equity, 37.9%
in Credit, 5.3% in Privates and 2.3% 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&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 111.5% -35.0% 76.5% -3.4% 1.6% -1.8% -1.6% 26.4% -6.1% 20.3% 18.3%
Credit 38.5% -0.6% 37.9% 0.1% 0.0% 0.2% 0.2% 3.3% 0.5% 3.8% 3.1%
Privates 5.3% 0.0% 5.3% 0.0% 0.0% 0.1% 0.1% 3.0% 0.1% 3.1% 2.9%
Other 7 2.3% 0.0% 2.3% 0.0% 0.0% 0.0% 0.0% 0.8% -0.9% -0.1% -0.2%
Total 157.6% -35.5% 122.1% -3.2% 1.7% -1.6% -1.4% 33.5% -6.4% 27.1% 24.2%
Portfolio Detail
MTD Contributors8
Amazon.com Inc. (e-commerce company)
TSMC (semiconductor manufacturing company)
Tesla Inc. (automotive and clean energy company)
Short
Short
MTD Detractors8
Ferguson Enterprises Inc. (industrials and materials company)
Pacific Gas and Electric Co. (utility company)
CRH PLC (industrials and materials company)
Corpay Inc. (financial company)
Intercontinental Exchange Inc. (financial company)
YTD Contributors8
Private
Vistra Corp. (energy company)
Amazon.com Inc. (e-commerce company)
Meta Platforms Inc. (media and internet company)
TSMC (semiconductor manufacturing company)
YTD Detractors8
Bath & Body Works Inc. (consumer goods company)
Glencore PLC (industrials and materials company)
Advance Auto Parts Inc. (automotive aftermarket parts company)
Short
DuPont de Nemours Inc. (industrials and materials company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Amazon.com Inc. (e-commerce company)
TSMC (semiconductor manufacturing company)
Meta Platforms Inc. (media and internet company)
Danaher Corp. (diversified life sciences and diagnostics company)
Top Gross Corporate Credit Longs8,9
Radiate Holdco LLC (cable company)
CSC Holdings LLC (cable and telecommunications company)
LABL Acquisition Corp. (industrials and materials company)
Polaris Newco LLC (software company)
AMC Entertainment Holdings Inc. (movie theatre 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 46-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $11.7 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 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
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 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, interest income and expense on cash balances, financing income and expense, etc.
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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