REG-Third Point Investors: Monthly Update: March 2022 NAV Performance

Third Point InvestorsAnnouncement

06/04/2022 07:15

6 April 2022

Third Point Investors Limited

Monthly Update: March 2022 NAV Performance

March 2022 Performance Highlights
* Third Point Investors Limited returned -1.6% on a NAV basis in March 2022.
* During the month the Company’s share price fell -2.3%, reflecting a slight
widening in the discount to NAV from 10.4% to 11.1%.
* NAV underperformance during the period was led by the Fundamental & Event
Equities segment of the portfolio, and in particular by luxury goods maker Cie
Financiere Richemont SA, cybersecurity company SentinelOne Inc. and electric
vehicle manufacturer Rivian Automotive Inc.
* Positive contributors were led by energy company EQT Corp., as well as two
macro positions.
Full portfolio detail is available at thirdpointlimited.com/portfolio-updates
(https://thirdpointlimited.com/portfolio-updates)

Net Performance

                                          MTD     QTD     YTD   
 Third Point Investors Ltd. (NAV) (1)    -1.6%  -13.2%  -13.2%  
 Third Point Investors Ltd. (Price) (2)  -2.3%  -10.1%  -10.1%  
 Third Point Offshore Fund, Ltd.         -1.3%  -11.5%  -11.5%  
 MSCI World Index (Total Return)          2.8%   -5.0%   -5.0%  
 S&P 500 (Total Return)                   3.7%   -4.6%   -4.6%  

Key Statistics and AUM Summary

 TPIL Leverage Factor (3)              1.16x   
 Premium/(Discount) to NAV            (11.1%)  
 Third Point Offshore Fund, Ltd. AUM   $7.2 B  
 Third Point Investors Ltd. AUM (4)    $0.9 B  

Portfolio Detail(5)

The net weightings of the strategy at period-end were 46.9% in Equity, 29.6%
in Credit, 10.0% in Privates and 2.5% in Other. A breakdown of positions,
including major contributors and detractors, is provided below. For further
detail please visit: thirdpointlimited.com/portfolio-updates
(https://thirdpointlimited.com/portfolio-updates)

                             EXPOSURE               GROSS MTD P&L (6)            GROSS YTD P&L (6)          
                  LONG     SHORT        NET       LONG    SHORT    NET   LONG    SHORT           NET        
                                                                                                            
 Equity              88.8%      -41.8%    46.9%   0.5%    -1.2%   -0.7%    -12.7%      2.0%    -10.6%       
                                                                                                            
 Credit              30.7%       -1.1%    29.6%   -0.7%   0.3%    -0.4%     -1.1%      0.4%     -0.8%       
                                                                                                            
 Privates            10.0%       0.0%     10.0%   -0.9%   0.0%    -0.9%     -0.5%      0.0%     -0.5%       
                                                                                                            
 Other (7)           2.5%        0.0%      2.5%   0.4%    0.4%    0.8%      0.6%       0.1%     0.8%        
                                                                                                            
 Total Portfolio    131.9%      -43.0%    89.0%   -0.6%   -0.6%   -1.2%    -13.6%      2.5%    -11.1%       
                                                                                                            

Portfolio Detail

MTD Contributors(8)

EQT Corp. (energy company)

Macro A (macro position)

Macro B (macro position)

Danaher Corp. (diversified life sciences and diagnostics company)

Pacific Gas & Electric Co. (utility company)

MTD Detractors(8)

Cie Financiere Richemont SA (luxury goods maker)

SentinelOne Inc. (endpoint cybersecurity company)

Rivian Automotive Inc. (electric vehicle manufacturer)

Expedia Inc. (e-commerce company)

Short Position

YTD Contributors(8)

Shell PLC (energy company)

EQT Corp. (energy company)

Macro B (macro position)

Macro C (macro position)

Zendesk (software services company)

YTD Detractors(8)

SentinelOne Inc. (endpoint cybersecurity company)

Intuit Inc. (software company)

Upstart Holdings Inc. (AI-driven lending platform)

Rivian Automotive Inc. (electric vehicle manufacturer)

Cie Financiere Richemont SA (luxury goods maker)

Top Gross Equity Longs(8)

SentinelOne Inc. (endpoint cybersecurity company)

Pacific Gas and Electric Co. (utility company)

Shell PLC (energy company)

Danaher Corp. (diversified life sciences and diagnostics company)

Prudential PLC (global insurance company)

Top Gross Corporate Credit Longs(8,9)

Boeing Co/The (aviation manufacturer and servicer)

Occidental Petroleum Corp. (energy company)

American Airlines Inc. (airline company)

Latam Airlines Group SA (airline company)

NAC Aviation (aircraft leasing 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 $900 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 37-person investment team, a robust quantitative data and analytics team, and a deep, tenured business  
 team. Third Point manages approximately $16.0 billion in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees. Footnotes                                                          
 (1)                                                                                                                                                                                                                                                             Reflects the levered NAV return of Third Point Investors Limited.                                                                                                                                                                                                                                                                                                                                                                                             
 (2)                                                                                                                                                                                                                                                             Reflects the total share price return of Third Point Investors Limited.                                                                                                                                                                                                                                                                                                                                                                                       
 (3)                                                                                                                                                                                                                                                             Reflects the leverage factor applied to Third Point Investors Limited's investment into Third Point Offshore Fund, Ltd.                                                                                                                                                                                                                                                                                                                                       
 (4)                                                                                                                                                                                                                                                             Reflects the net AUM of Third Point Investors Limited. The AUM figure for Third Point Investors Limited is included in the AUM of Third Point Offshore Fund, Ltd. AUM and NAV is not reflective of the $75mm exchange facility, which is an April 1, 2022 event. The exchange facility will allow for certain shareholders to exchange a portion of their shares in Third Point Investors Limited for interests in 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, performance 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, incentive fees and performance allocations customarily charged by Adviser. Net P&L is available upon request.    
 (7)                                                                                                                                                                                                                                                             Primarily broad-based market and equity-based hedges.                                                                                                                                                                                                                                                                                                                                                                                                         
 (8)                                                                                                                                                                                                                                                             Excludes any confidential positions, portfolio level hedges and EU MAR related positions.                                                                                                                                                                                                                                                                                                                                                                     
 (9)                                                                                                                                                                                                                                                             Does not include ventures-related debt.                                                                                                                                                                                                                                                                                                                                                                                                                       



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