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

Third Point InvestorsAnnouncement

06/06/2022 07:15

6 June 2022

Third Point Investors Limited

Monthly Update: May 2022 NAV Performance

May 2022 Performance Highlights
* Third Point Investors Limited returned -1.5% on a NAV basis in May 2022.
* During the month the Company’s share price fell -0.8%, reflecting a slight
narrowing in the discount to NAV from 12.3% to 11.4%.
* Positive contributors were led by energy positions Shell PLC and EQT Corp.,
as well as a short position.
* Detractors were led by cybersecurity company SentinelOne Inc., software
services company Zendesk Inc., and personal care products retailer Bath & Body
Works Inc.
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)    -1.5%  -3.0%  -15.9%  
 Third Point Investors Ltd. (Price) (2)  -0.8%  -3.6%  -13.3%  
 Third Point Offshore Fund, Ltd.         -1.3%  -2.8%  -14.2%  
 MSCI World Index (Total Return)          0.1%  -8.1%  -12.8%  
 S&P 500 (Total Return)                   0.2%  -8.6%  -12.8%  

Key Statistics and AUM Summary

 TPIL Leverage Factor (3)              1.18x   
 Premium/(Discount) to NAV            (11.4%)  
 Third Point Offshore Fund, Ltd. AUM   $7.0 B  
 Third Point Investors Ltd. AUM (4)    $0.8 B  

Portfolio Detail(5)

The net weightings of the strategy at period-end were 33.9% in Equity, 28.9%
in Credit, 10.0% in Privates and 0.2% 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              63.9%      -30.0%    33.9%   -2.2%   1.2%    -1.1%    -19.8%      6.4%    -13.4%       
                                                                                                            
 Credit              30.6%       -1.6%    28.9%   0.3%    -0.2%   0.1%      -1.9%      0.6%     -1.4%       
                                                                                                            
 Privates            10.0%       0.0%     10.0%   -0.1%   0.0%    -0.1%     -0.6%      0.0%     -0.6%       
                                                                                                            
 Other (7)           0.2%        0.0%      0.2%   0.0%    0.0%    -0.1%     1.3%       0.5%     1.8%        
                                                                                                            
 Total Portfolio    104.7%      -31.6%    73.0%   -2.1%   0.9%    -1.2%    -21.0%      7.4%    -13.6%       
                                                                                                            

Portfolio Detail

MTD Contributors(8)

Shell PLC (energy company)

EQT Corp. (energy company)

Short Position

Ovintiv Inc. (energy company)

Cenovus Energy (energy company)

MTD Detractors(8)

SentinelOne Inc. (endpoint cybersecurity company)

Zendesk (software services company)

Bath & Body Works Inc. (personal care products company)

S&P Global Inc. (financial information services company)

Pacific Gas & Electric Co. (utilities company)

YTD Contributors(8)

Shell PLC (energy company)

EQT Corp. (energy company)

Macro A (macro position)

Macro B (macro position)

Credit Interest Rate Hedges

YTD Detractors(8)

SentinelOne Inc. (endpoint cybersecurity company)

Intuit Inc. (software company)

Rivian Automotive Inc. (electric vehicle manufacturer)

Amazon.com Inc. (e-commerce company)

Prudential PLC (global insurance company)

Top Gross Equity Longs(8)

Shell PLC (energy company)

Pacific Gas and Electric Co. (utility company)

Danaher Corp. (diversified life sciences and diagnostics company)

SentinelOne Inc. (endpoint cybersecurity company)

EQT Corp. (energy company)

Top Gross Corporate Credit Longs(8,9)

Boeing Co/The (aviation manufacturer and servicer)

American Airlines Inc. (airline company)

Occidental Petroleum Corp. (energy company)

Endo Pharmaceuticals (healthcare company)

Energy Transfer LP (energy 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 $800       
 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 $15.1 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.                                                                                                                                                                                                                                                                                          
 (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 equity hedges and EU MAR related positions.                                                                                                                                                                                                                                                                                                                                                                
 (9)                                                                                                                                                                       Does not include ventures-related debt.                                                                                                                                                                                                                                                                                                                                                                                                                         



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