REG-Malibu Life Holdings Limited: Replacement : Third Point Master Fund Monthly Update: January 2026 Performance

Third Point InvestorsAnnouncement

05/02/2026 14:45

This announcement replaces the announcement made at 07:00 today. The headline
of the announcement has been updated to reflect the correct month, January
2026 instead of December 2025. All other content below remains unchanged.

5 February 2026

Third Point Master Fund                               1

Monthly Update: January 2026 Performance

 

January 2026 Performance Highlights
*            Third Point Offshore Fund, Ltd. returned 2.1% in January 2026.   
      
*            The top contributors for the month included industrials and
materials company Siemens Energy AG, enterprise technology company SK Square
Co. Ltd., and semiconductor company ASM International NV.           
*            The top detractors for the month included utility company
Constellation Energy Corp., financial company CoStar Group Inc., and financial
company Capital One Financial Corp.
 

Net Performance

                                     MTD   QTD   YTD   
 Third Point Offshore Fund, Ltd.  2  2.1%  2.1%  2.1%  

 

Current Malibu Life Asset Mix                               3

 Third Point Offshore Fund, Ltd.  80%  
 Malibu Life Reinsurance SPC      20%  

 

Portfolio Detail                               4

The net weightings of the strategy at period-end were 68.0% in Equity, 32.9%
in Credit, 4.7% in Privates and 3.0% in Other. A breakdown of positions,
including major contributors and detractors, is provided below. For further
detail please visit:

https://www.malibulifeinsurance.com/resources/

 

 



 

           EXPOSURE                        GROSS MTD P&L   5       NET MTD P&L   6  GROSS YTD P&L   5              NET YTD P&L   6  
           LONG  SHORT       NET           LONG    SHORT   NET     NET              LONG  SHORT       NET          NET              
                                                                                                                                    
 Equity    115.9%      -47.9%      68.0%   3.3%    -0.6%   2.7%    2.2%             3.3%        -0.6%       2.7%   2.2%             
                                                                                                                                    
 Credit    33.1%       -0.1%       32.9%   0.3%    0.0%    0.3%    0.2%             0.3%        0.0%        0.3%   0.2%             
                                                                                                                                    
 Privates  4.7%        0.0%        4.7%    -0.1%   0.0%    -0.1%   -0.1%            -0.1%       0.0%        -0.1%  -0.1%            
                                                                                                                                    
 Other  7  3.0%        0.0%        3.0%    -0.1%   -0.1%   -0.1%   -0.1%            -0.1%       -0.1%       -0.1%  -0.1%            
                                                                                                                                    
 Total     156.7%      -48.0%      108.7%  3.4%    -0.6%   2.8%    2.1%             3.4%        -0.6%       2.8%   2.1%             
                                                                                                                                    

 

Portfolio Detail

MTD Contributors                               8

Siemens Energy AG (industrials and materials company)

SK Square Co. Ltd. (enterprise technology company)

ASM International NV (semiconductor company)

Ebara Corp. (industrials and materials company)

SK Hynix (memory semiconductor company)

MTD Detractors                               8

Constellation Energy Corp. (utility company)

CoStar Group Inc. (financial company)

Capital One Financial Corp. (financial company)

Microsoft Corp. (infrastructure software company)

adidas AG (consumer discretionary company)

YTD Contributors                               8

Siemens Energy AG (industrials and materials company)

SK Square Co. Ltd. (enterprise technology company)

ASM International NV (semiconductor company)

Ebara Corp. (industrials and materials company)

SK Hynix (memory semiconductor company)

 

YTD Detractors                               8

Constellation Energy Corp. (utility company)

CoStar Group Inc. (financial company)

Capital One Financial Corp. (financial company)

Microsoft Corp. (infrastructure software company)

adidas AG (consumer discretionary company)

Top Gross Equity Longs                               8

Nvidia Corp. (enterprise technology company)

Amazon.com Inc. (e-commerce company)

Union Pacific Corp. (industrials and materials company)

Siemens Energy AG (industrials and materials company)

DSV A/S (transportation company)

Top Gross Corporate Credit Longs                               8,9

Bausch Health Cos Inc. (healthcare company)

X Corp. (enterprise technology company)

X.AI Corp. (enterprise technology company)

Connect Holding II LLC (telecommunications company)

MPH Acquisition Holdings LLC (healthcare company)

 

Press Enquiries

 Kekst CNC  (PR Adviser to the Company)                                                                                                                                                                                                         
 Richard Campbell   Tel: +44 7775 784933   Guy Bates   Tel: +44 7581 056415   Katherine Kilgallen   Tel: +44 7581 068251     Footnotes                                                                                                          
 1                                                                    This report is being furnished to shareholders of Malibu Life Holdings Limited (the “Company”). The Company completed the acquisition of Malibu Life Reinsurance SPC on     
                                                                      September 12, 2025, and changed its name to Malibu Life Holdings Limited on September 22, 2025. Currently, the Company invests a majority of its assets into Third Point    
                                                                      Offshore Fund, Ltd. (the “Fund”). The Fund is a feeder fund in a master-feeder structure to the Third Point Master Fund LP.                                                 
 2                                                                    Net MTD, QTD and YTD performance shows indicative performance for a new issues eligible investor in the highest management fee (2% per annum), in addition to leverage      
                                                                      factor multiple, if applicable, and incentive allocation rate (20%) class of each Fund, who has participated in all side pocket private investments (as applicable). Net    
                                                                      performance reflects the deduction of operating expenses paid by the Fund during the period, and, unless otherwise noted, is inclusive of legacy private investments. New   
                                                                      Series performance excludes legacy venture and other private-related investments and was launched on June 1, 2023. An individual investor’s performance may vary based on   
                                                                      timing of capital transactions.                                                                                                                                             
 3                                                                    Data provided represents the percentage of the assets of the Company and are as of December 31, 2025.                                                                       
 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                                                                    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 pro rata share of expenses paid by the Fund during the applicable period, 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. 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 currency hedges, macro investments, and receivables. Interest rate swaptions, rates and FX related investments are excluded from exposure figures. MTD and YTD     
                                                                      P&L of Other includes net attribution of macro investments and certain P&L components not directly attributed to individual sub-asset classes such as gains and losses      
                                                                      attributable to unhedged currency movements relative to USD, interest income and expense on cash balances, financing income and expense, etc.                               
 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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