REG-Third Point Investors: Third Point Releases Q1 2022 Investor Letter

Third Point InvestorsAnnouncement

09/05/2022 07:15

9 May 2022

Third Point Releases Q1 2022 Investor Letter

Details Portfolio Changes in Q1 and Comments on Current Holdings, including
Shell plc Investment

Third Point LLC, the Investment Manager of Third Point Investors Limited
(“TPIL” or the “Company”) has published its quarterly investor letter
for Q1 2022. The full letter can be accessed at the Company’s website:
https://thirdpointlimited.com/portfolio-updates

Performance Highlights:
* Third Point (or the “Investment Manager”) returned -11.5% in the
flagship Offshore Fund (the “Master Fund”) during the first quarter of
2022.
* The top five positive contributors for the quarter were Shell plc, EQT
Corp., two macro positions, and Zendesk Inc.
* The top five negative contributors for the quarter were SentinelOne Inc.,
Intuit Inc., Upstart Holdings, Inc., Rivian Automotive, Inc., and Cie
Financiere Richemont SA.
Outlook and Market Commentary:
* The Investment Manager adopted a significantly more defensive posture during
the first quarter and continuing into April, reflecting concerns about
valuations in the current interest rate environment, geopolitical uncertainty,
and emerging weakness in important global economies.
* As of the time of writing, the beta-adjusted net exposure of the Master Fund
was lower and the fund’s buying power was higher than at any time during the
previous 10 years.
* This was accomplished by exiting several large equity positions, as well as
trimming exposure to and substantially hedging its second-largest and most
volatile position, SentinelOne.
* The Investment Manager has also added to single name shorts, replacing some
of its basket and market hedges.
* Beginning with its large investment last fall in Shell plc, Third Point has
found additional interesting opportunities in energy and other cyclical
stocks. The Investment Manager initiated positions in oil and natural gas
companies in Q1, as well as in other materials companies that it believes will
benefit from inflation, supply shortages, and the adoption of EVs and other
renewable sources of energy.
* These moves helped to insulate the portfolio from further losses in April, a
month in which the Master Fund lost approximately 1% versus losses of 8% and
13% for the S&P 500 and NASDAQ indices, respectively.
Position Updates:
* Shell plc
* Glencore plc
* Pacific Gas & Electric Co.
* ConsenSys Inc.
- Ends –

Press Enquiries

 Third Point Elissa Doyle, Chief Communications Officer and Head of ESG Engagement edoyle@thirdpoint.com Tel: +1 212-715-4907  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. As of 30 April 2022, Third Point manages approximately
$15.9 billion in assets for sovereign wealth funds, endowments, foundations,
corporate & public pensions, high-net-worth individuals, and employees.



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