REG-Third Point Investors Ltd: Monthly Update: June 2023 NAV Performance
07/07/2023 07:15
7 July 2023
Third Point Investors Limited
Monthly Update: June 2023 NAV Performance
June 2023 Performance Highlights
* Third Point Investors Limited returned 1.3% on a NAV basis in June 2023,
compared with a
6.1% return for the MSCI World Index and a 6.6% return for the S&P 500 Index.
* During the month the Company’s share price returned 3.7%, reflecting a
narrowing in the discount to NAV from 18.0% to 16.1%.
* The top contributors for the month included ABS Interest Rate Hedges,
e-commerce company Amazon.com Inc., and healthcare company HCA Inc.
* The top detractors for the month included two short positions and software
company Salesforce 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 1.3% 1.3% -3.8%
Third Point Investors Ltd. (Price) 2 3.7% 6.8% -4.6%
Third Point Offshore Fund, Ltd. 1.2% 1.2% -3.0%
MSCI World Index (Total Return) 6.1% 7.0% 15.4%
S&P 500 (Total Return) 6.6% 8.7% 16.9%
Key Statistics and AUM Summary
Premium/(Discount) to NAV (16.1%)
Third Point Investors Ltd. Net AUM 3 $0.6 B
Portfolio Detail4
The net weightings of the strategy at period-end were 41.8% in Equity, 40.1%
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 87.1% -45.4% 41.8% 3.5% -2.7% 0.8% 0.7% 2.5% -6.4% -3.9% -4.6%
Credit 40.5% -0.4% 40.1% 0.4% 0.4% 0.8% 0.7% 2.3% 0.4% 2.7% 2.3%
Privates 8.5% 0.0% 8.5% -0.1% 0.0% -0.1% -0.1% -0.5% 0.0% -0.5% -0.6%
Other 7 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% -0.1% 0.0% -0.1% -0.1% -0.2%
Total 136.0% -45.8% 90.3% 3.7% -2.3% 1.4% 1.2% 4.2% -6.1% -1.9% -3.0%
Portfolio Detail
MTD Contributors8
ABS Interest Rate Hedges
Amazon.com Inc. (e-commerce company)
HCA Inc (healthcare company)
Bath & Body Works Inc. (consumer goods company)
Danaher Corp. (diversified life sciences and diagnostics company)
MTD Detractors8
Short
Short
Salesforce Inc (software company)
Private
Short
YTD Contributors8
Microsoft Corp. (infrastructure software company)
Salesforce Inc. (software company)
LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company)
Pacific Gas and Electric Co. (utility company)
Advanced Micro Devices (semiconductor company)
YTD Detractors8
Fidelity National Info Services (financials company)
Danaher Corp. (diversified life sciences and diagnostics company)
International Flavors & Fragrances Inc. (industrials and materials company)
Glencore International PLC (materials company)
Bath & Body Works Inc. (consumer goods company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Danaher Corp. (diversified life sciences and diagnostics company)
Amazon.com Inc. (e-commerce company)
Bath & Body Works Inc. (consumer goods company)
Microsoft Corp (infrastructure software 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 39-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $11.5 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 investment or 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, 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, or referenced individual position, as applicable. 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, or referenced individual position, as applicable, 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 or referenced individual
investment, as applicable, given the inherent difficulty in determining and allocating the expenses on an investment or sub-portfolio group basis. If expenses were to be
allocated on an investment or sub-portfolio group basis, the net P&L would likely be different for each referenced investment or 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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