REG-Malibu Life Holdings Limited: Third Point Master Fund September 2025 Performance

Third Point InvestorsAnnouncement

06/10/2025 16:30

6 October 2025

Third Point Master Fund1

Monthly Update: September 2025 Performance

 

September 2025 Performance Highlights
* Third Point Offshore Fund, Ltd. returned 0.2% in September 2025.
* The top contributors for the month included semiconductor company TSMC,
consumer staples company Caseys General Stores Inc., and enterprise technology
company Nvidia Corp.
* The top detractors for the month consumer staples company Kenvue Inc.,
consumer discretionary company Flutter Entertainment PLC, and transportation
company DSV A/S.
Net Performance

                                    MTD   QTD   YTD   
 Third Point Offshore Fund, Ltd. 2  0.2%  3.3%  7.0%  

 

Current Malibu Life Asset Mix3

 Third Point Offshore Fund, Ltd.  88%  
 Malibu Life Reinsurance SPC      12%  

 

Portfolio Detail4

The net weightings of the strategy at period-end were 73.5%% in Equity, 34.6%
in Credit, 4.8% in Privates and 3.3% 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.

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

 

 
 
           EXPOSURE                        GROSS MTD P&L5       NET MTD P&L6  GROSS YTD P&L5              NET YTD P&L6  
           LONG  SHORT       NET           LONG   SHORT  NET    NET           LONG  SHORT     NET         NET           
                                                                                                                        
 Equity    125.7%      -52.3%      73.5%   0.3%   0.0%   0.3%   0.1%          11.3%      -2.4%     8.9%   5.9%          
                                                                                                                        
 Credit    34.7%       -0.1%       34.6%   0.5%   0.0%   0.5%   0.5%          2.3%       -0.1%     2.2%   1.6%          
                                                                                                                        
 Privates  4.8%        0.0%        4.8%    0.0%   0.0%   0.0%   -0.1%         -0.2%      -0.2%     -0.4%  -0.6%         
                                                                                                                        
 Other 7   3.3%        0.0%        3.3%    -0.2%  -0.1%  -0.3%  -0.3%         0.0%       0.0%      0.1%   0.0%          
                                                                                                                        
 Total     168.5%      -52.4%      116.1%  0.6%   -0.1%  0.4%   0.2%          13.4%      -2.7%     10.7%  7.0%          
                                                                                                                        

 

Portfolio Detail
 

MTD Contributors8

TSMC (semiconductor company)

Caseys General Stores Inc. (consumer staples company)

Nvidia Corp. (enterprise technology company)

Siemens Energy AG (energy company)

Norfolk Southern Corp. (industrials and materials company)

MTD Detractors8

Kenvue Inc. (consumer staples company)

Flutter Entertainment PLC (consumer discretionary company)

DSV A/S (transportation company)

CoStar Group Inc. (financial company)

Amazon.com Inc. (e-commerce company)

YTD Contributors8

Siemens Energy AG (energy company)

Nvidia Corp. (enterprise technology company)

United States Steel Corp. (industrials and materials company)

TSMC (semiconductor company)

Phoenix Financial Ltd. (financial company)

 

YTD Detractors8

Kenvue Inc. (consumer staples company)

Pacific Gas and Electric Co. (utility company)

London Stock Exchange Group PL (financial company)

Carvana Co. (online used automobile retailer)

Glencore PLC (industrials and materials company)

Top Gross Equity Longs8

Pacific Gas and Electric Co. (utility company)

Kenvue Inc. (consumer staples company)

Amazon.com Inc. (e-commerce company)

Microsoft Corp. (infrastructure software company)

Nvidia Corp. (enterprise technology company)

Top Gross Corporate Credit Longs8,9

X Corp. (enterprise technology company)

Bausch Health Cos Inc. (healthcare company)

Connect Holding II LLC (telecommunications company)

X.AI Corp. (enterprise technology 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 August 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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