REG-Third Point Investors Ltd: Monthly Update: October 2023 NAV Performance
06/11/2023 10:15
6 November 2023
Third Point Investors Limited
Monthly Update: October 2023 NAV Performance
October 2023 Performance Highlights
* Third Point Investors Limited returned -2.0% on a NAV basis in October 2023,
compared with a -2.9% return for the MSCI World Index and a -2.1% return for
the S&P 500 Index.
* During the month the Company’s share price returned -2.1%, reflecting the
discount to NAV staying relatively flat month-over-month.
* The top contributors for the month included infrastructure software company
Microsoft Corp, e-commerce company Amazon.com Inc., and one short position.
* The top detractors for the month included diversified life sciences and
diagnostics company Danaher Corp, consumer goods company Bath & Body Works
Inc, and vehicle rental company Hertz Global Holdings 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 -2.0% -2.0% -5.8%
Third Point Investors Ltd. (Price) 2 -2.1% -2.1% -10.7%
MSCI World Index (Total Return) -2.9% -2.9% 8.4%
S&P 500 (Total Return) -2.1% -2.1% 10.7%
Key Statistics and AUM Summary
Premium/(Discount) to NAV (19.8%)
Third Point Investors Ltd. Net AUM 3 $0.6 B
Portfolio Detail4
The net weightings of the strategy at period-end were 33.3% in Equity, 44.1%
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 75.5% -42.2% 33.3% -2.8% 1.1% -1.7% -1.8% -1.3% -4.6% -5.8% -6.9%
Credit 44.5% -0.3% 44.1% -0.3% 0.1% -0.2% -0.2% 1.9% 0.9% 2.8% 2.3%
Privates 8.5% 0.0% 8.5% 0.0% 0.0% 0.0% 0.0% -0.7% 0.0% -0.6% -0.7%
Other 7 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% -0.1% -0.2% -0.4% -0.6% -0.7%
Total 128.5% -42.6% 86.0% -3.2% 1.2% -2.0% -2.2% -0.2% -4.0% -4.2% -6.0%
Portfolio Detail
MTD Contributors8
Microsoft Corp (infrastructure software company)
Amazon.com Inc. (e-commerce company)
Short
ABS Interest Rate Hedges
Pacific Gas and Electric Co. (utility company)
MTD Detractors8
Danaher Corp. (diversified life sciences and diagnostics company)
Bath & Body Works Inc. (consumer goods company)
Hertz Global Holdings Inc (vehicle rental company)
Fidelity National Info Services (financials company)
Ferguson PLC (industrial supplies company)
YTD Contributors8
ABS Interest Rate Hedges
Microsoft Corp (infrastructure software company)
Salesforce Inc. (software company)
Amazon.com Inc. (e-commerce company)
The Walt Disney Co. (entertainment and media company)
YTD Detractors8
Bath & Body Works Inc. (consumer goods company)
Fidelity National Info Services (financials company)
Danaher Corp. (diversified life sciences and diagnostics company)
International Flavors & Fragrances Inc. (industrials and materials company)
Hertz Global Holdings Inc (vehicle rental company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Microsoft Corp (infrastructure software company)
Amazon.com Inc. (e-commerce company)
Bath & Body Works Inc. (consumer goods company)
Danaher Corp. (diversified life sciences and diagnostics company)
Top Gross Corporate Credit Longs8,9
Frontier Communications Holdings (telecommunications company)
Radiate Holdco LLC (cable company)
Community Health Systems Inc. (healthcare company)
Comstock Resources Inc (energy company)
PNC Financial Services Group (financials 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 44-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $10.5 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 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.
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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