REG-Third Point Investors: Monthly Update: March 2023 NAV Performance
06/04/2023 07:15
6 April 2023
Third Point Investors Limited
Monthly Update: March 2023 NAV Performance
March 2023 Performance Highlights
* Third Point Investors Limited returned -1.8% on a NAV basis in March 2023,
compared with a 3.2% return for the MSCI World Index and a 3.7% return for the
S&P 500 Index.
* During the month the Company’s share price fell 7.5%, reflecting a
widening in the discount to NAV from 15.4% to 20.3%.
* The top contributors for the month included software company Salesforce
Inc., enterprise technology company Advanced Micro Devices, and utility
company Pacific Gas & Electric Co.
* The top detractors for the month included financials company Fidelity
National Info Services, insurance company American International Group Inc.,
and ABS Interest Rate Hedges.
Full portfolio detail is available at
https://www.thirdpointlimited.com/resources/portfolio-updates
Net Performance
MTD QTD YTD
Third Point Investors Ltd. (NAV) (1) -1.8% -5.1% -5.1%
Third Point Investors Ltd. (Price) (2) -7.5% -10.6% -10.6%
Third Point Offshore Fund, Ltd. -1.4% -4.2% -4.2%
MSCI World Index (Total Return) 3.2% 7.9% 7.9%
S&P 500 (Total Return) 3.7% 7.5% 7.5%
Key Statistics and AUM Summary
TPIL Gearing Factor (3) 1.24x
Premium/(Discount) to NAV (20.3%)
Third Point Offshore Fund, Ltd. AUM $4.8 B
Third Point Investors Ltd. Net AUM (4) $0.6 B
Portfolio Detail(5)
The net weightings of the strategy at period-end were 45.3% in Equity, 43.5%
in Credit, 8.8% 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&L (6) NET MTD P&L (7) GROSS YTD P&L (6) NET YTD P&L (7)
LONG SHORT NET LONG SHORT NET NET LONG SHORT NET NET
Equity 68.2% -22.9% 45.3% -0.8% -0.5% -1.3% -1.4% -1.1% -4.0% -5.1% -5.5%
Credit 44.4% -0.9% 43.5% 0.8% -0.6% 0.3% 0.2% 1.9% -0.2% 1.7% 1.5%
Privates 8.8% 0.0% 8.8% -0.1% 0.0% -0.1% -0.1% -0.1% 0.0% -0.1% -0.2%
Other (8) 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% -0.1% -0.1%
Total 121.5% -23.8% 97.6% -0.2% -1.1% -1.3% -1.4% 0.6% -4.2% -3.7% -4.2%
Portfolio Detail
MTD Contributors(9)
Salesforce Inc. (software company)
Advanced Micro Devices (enterprise technology company)
Pacific Gas and Electric Co. (utility company)
Microsoft Corp. (infrastructure software company)
Alibaba Group Holding Ltd. (e-commerce company)
MTD Detractors(9)
Fidelity National Info Services (financials company)
American International Group Inc. (insurance company)
ABS Interest Rate Hedges
Bath & Body Works Inc. (consumer goods company)
Shell PLC (energy company)
YTD Contributors(9)
Salesforce Inc. (software company)
Advanced Micro Devices (enterprise technology company)
LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company)
The Walt Disney Co. (entertainment and media company)
Microsoft Corp. (infrastructure software company)
YTD Detractors(9)
Fidelity National Info Services (financials company)
American International Group Inc. (insurance company)
Bath & Body Works Inc. (consumer goods company)
Glencore International (metals & mining company)
Alphabet Inc. (media and internet company)
Top Gross Equity Longs(9)
Pacific Gas and Electric Co. (utility company)
Colgate-Palmolive Co. (consumer staples company) (null)
Danaher Corp. (diversified life sciences and diagnostics company)
Bath & Body Works Inc. (consumer goods company)
Alphabet Inc. (media and internet company)
Top Gross Corporate Credit Longs(9,10)
Credit Suisse AG (institutional brokerage firm)
Uniti Group LP (financials company)
Frontier Communications Holdings (communications company)
The Michaels Cos Inc. (consumer goods company)
Carnival Corp. (consumer travel 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 $12.1 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) Management and incentive fees are charged at the Master Fund level. The Company introduced a gearing mechamism in 2021 as part of a multi-pronged approach to enhance
shareholder value. 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.
Copyright (c) 2023 PR Newswire Association,LLC. All Rights ReservedRecent news on Third Point Investors
See all newsREG-Third Point Investors Ltd: Weekly Estimate Net Asset Value - June 2025
AnnouncementREG-Third Point Investors Ltd: Weekly Estimate Net Asset Value - June 2025
AnnouncementREG-Third Point Investors Ltd: Weekly Estimate Net Asset Value - June 2025
AnnouncementREG-Third Point Investors Ltd: Monthly Update: May 2025 NAV Performance
AnnouncementREG-Third Point Investors Ltd: Monthly Estimate Net Asset Value - May 2025
Announcement