REG-Third Point Investors Ltd: Monthly Update: May 2023 NAV Performance
06/06/2023 07:15
6 June 2023
Third Point Investors Limited
Monthly Update: May 2023 NAV Performance
May 2023 Performance Highlights
* Third Point Investors Limited returned -0.9% on a NAV basis in May 2023,
compared with a
-0.9% return for the MSCI World Index and a 0.4% return for the S&P 500 Index.
* During the month the Company’s share price returned -1.3%, reflecting a
widening in the discount to NAV from 17.6% to 18.0%.
* The top contributors for the month included media and internet company
Alphabet Inc., e-commerce company Amazon.com Inc., and infrastructure software
company Microsoft Inc.
* The top detractors for the month included industrials and materials company
International Flavors & Fragrances Inc., media company Vivendi SE, and a short
position.
Full portfolio detail is available at
https://www.thirdpointlimited.com/resources/portfolio-updates
Net Performance
MTD QTD YTD
Third Point Investors Ltd. (NAV) 1 -0.9% -0.1% -5.1%
Third Point Investors Ltd. (Price) 2 -1.3% 3.0% -8.0%
Third Point Offshore Fund, Ltd. -0.6% 0.0% -4.2%
MSCI World Index (Total Return) -0.9% 0.9% 8.8%
S&P 500 (Total Return) 0.4% 2.0% 9.6%
Key Statistics and AUM Summary
TPIL Gearing Factor 3 1.25x
Premium/(Discount) to NAV (18.0%)
Third Point Offshore Fund, Ltd. AUM $4.6 B
Third Point Investors Ltd. Net AUM 4 $0.6 B
Portfolio Detail5
The net weightings of the strategy at period-end were 50.5% in Equity, 39.4%
in Credit, 8.7% 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&L6 NET MTD P&L7 GROSS YTD P&L6 NET YTD P&L7
LONG SHORT NET LONG SHORT NET NET LONG SHORT NET NET
Equity 84.2% -33.7% 50.5% -1.4% 1.0% -0.4% -0.5% -0.9% -3.8% -4.7% -5.2%
Credit 39.9% -0.5% 39.5% 0.0% 0.2% 0.2% 0.1% 2.0% 0.0% 2.0% 1.7%
Privates 8.7% 0.0% 8.7% -0.2% 0.0% -0.2% -0.2% -0.4% 0.0% -0.4% -0.4%
Other 8 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% -0.1% -0.2% -0.2%
Total 132.9% -34.2% 98.7% -1.6% 1.1% -0.4% -0.6% 0.7% -3.9% -3.2% -4.2%
Portfolio Detail
MTD Contributors9
Alphabet Inc. (media and internet company)
Amazon.com Inc. (e-commerce company)
Microsoft Corp. (infrastructure software company)
Short
TSMC (semiconductor manufacturing company)
MTD Detractors9
International Flavors & Fragrances Inc. (industrials and materials company)
Vivendi SE (media company)
Short
Catalent Inc. (healthcare company)
Teck Resources (metals and mining company)
YTD Contributors9
Salesforce Inc. (software company)
Microsoft Corp. (infrastructure software company)
Advanced Micro Devices (semiconductor company)
The Walt Disney Co. (entertainment and media company)
LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company)
YTD Detractors9
Fidelity National Info Services (financials company)
Danaher Corp. (diversified life sciences and diagnostics company)
Bath & Body Works Inc. (consumer goods company)
American International Group Inc. (insurance company)
International Flavors & Fragrances Inc. (industrials and materials company)
Top Gross Equity Longs9
Pacific Gas and Electric Co. (utility company)
Danaher Corp. (diversified life sciences and diagnostics company)
Microsoft (infrastructure software company)
Bath & Body Works Inc. (consumer goods company)
Amazon.com Inc. (e-commerce company)
Top Gross Corporate Credit Longs9,10
Radiate Holdco LLC (cable company)
Frontier Communications Holdings (telecommunications company)
The Michaels Cos Inc. (consumer goods company)
PNC Financial Services Group (financials 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 $12.0 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.
2 Reflects the total share price return of Third Point Investors Limited.
3 The Company introduced a gearing mechanism in 2021 and chose to discontinue it as of 2 June 2023. The Investment Manager does not charge a management fee on the original
net proceeds invested in the Master Fund as a result of such gearing. Gearing factor is defined as total assets divided by the total assets less debt.
4 Reflects the total AUM less borrowings and other liabilities of Third Point Investors Limited. The net AUM figure for Third Point Investors Limited is included in the AUM
of Third Point Offshore Fund, Ltd.
5 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.
6 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.
7 8 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.
Includes broad-based market and equity-based hedges.
9 Excludes any confidential positions, portfolio level equity hedges and EU MAR related positions.
10 Does not include private debt.
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