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REG-Third Point Investors: Third Point May 2021 Monthly Report

Third Point Investors Limited (the" Company")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 47161)

LEI: 549300WXTCG65AQ7V644

Third Point May 2021 Performance

6/3/2021

Third Point Investors Limited

Feeder Fund into Third Point Offshore Fund, Ltd.

Net Performance

                                   MTD   QTD   YTD   
 Third Point Offshore Fund, Ltd.  1.4%  3.3%  14.8%  
 MSCI World Index (Total Return)  1.5%  6.3%  11.6%  
 S&P 500 (Total Return)           0.7%  6.1%  12.6%  

AUM Breakdown

 Third Point Offshore Fund, Ltd.   $7.9 B  
 Firm (1)                         $17.3 B  

Portfolio Detail(2)

                                         EXPOSURE                GROSS MTD P&L (3)          GROSS YTD P&L (3)        
                              LONG     SHORT         NET       LONG    SHORT    NET   LONG     SHORT        NET      
 Equity                                                                                                              
 Activism/Constructivism (4)     17.0%       -4.5%     12.5%   -0.4%   0.0%    -0.4%     1.9%        -1.0%     1.0%  
 Fundamental & Event             99.7%      -13.6%     86.1%   2.3%    -0.7%   1.7%      16.9%       -3.3%    13.6%  
 Portfolio Hedges (5)            0.0%       -20.9%    -20.9%   0.0%    0.0%    0.0%      0.0%        -2.1%    -2.1%  
 Total Equity                   116.7%      -39.0%     77.7%   2.0%    -0.7%   1.3%      18.8%       -6.4%    12.4%  
                                                                                                                     
 Credit                                                                                                              
 Corporate & Sovereign           11.4%       -0.1%     11.3%   0.1%    0.0%    0.1%      1.5%        0.3%      1.8%  
 Structured                      17.3%       -0.1%     17.3%   0.2%    0.0%    0.2%      1.9%        0.0%      1.9%  
 Total Credit                    28.7%       -0.1%     28.6%   0.3%    0.0%    0.3%      3.4%        0.3%      3.7%  
                                                                                                                     
 Privates                        8.3%        0.0%      8.3%    0.5%    0.0%    0.5%      3.0%        0.0%      2.9%  
                                                                                                                     
 Side Pocket Privates            0.0%        0.0%      0.0%    0.0%    0.0%    0.0%      0.0%        0.0%      0.0%  
                                                                                                                     
 Other (6)                       4.4%        0.0%      4.4%    -0.2%   -0.1%   -0.3%     0.5%        -0.2%     0.3%  
                                                                                                                     
 Total Portfolio                158.1%      -39.2%    118.9%   2.7%    -0.8%   1.9%      25.6%       -6.3%    19.3%  
                                                                                                                     

Equity Detail(2)

                                 EXPOSURE            GROSS MTD P&L (3)       GROSS YTD P&L (3)    
 EQUITY SECTORS            LONG    SHORT    NET    LONG    SHORT    NET    LONG    SHORT    NET   
 Consumer Discretionary    11.7%   -1.5%   10.2%   -0.5%   -0.2%   -0.7%   0.7%    -0.3%   0.4%   
 Consumer Staples          1.9%    -1.6%   0.3%    0.0%    -0.1%   -0.1%   0.2%    -0.2%   0.0%   
 Utilities                 5.7%    -1.9%   3.8%    -0.6%   0.0%    -0.6%   -1.3%   -0.2%   -1.5%  
 Energy                    1.4%    0.0%    1.4%    0.1%    0.0%    0.1%    0.3%    0.0%    0.3%   
 Financials                38.6%   -3.7%   34.9%   2.7%    -0.1%   2.6%    12.6%   -0.6%   12.0%  
 Healthcare                9.7%    -1.1%   8.6%    0.2%    -0.1%   0.1%    1.5%    -0.1%   1.4%   
 Industrials & Materials   13.7%   -2.6%   11.2%   0.5%    -0.1%   0.4%    1.5%    -1.0%   0.6%   
 Enterprise Technology     14.4%   -3.1%   11.3%   0.3%    0.0%    0.3%    2.0%    -0.7%   1.3%   
 Media & Internet          19.5%   -2.6%   16.9%   -0.6%   0.0%    -0.6%   1.2%    -1.2%   0.1%   
 Portfolio Hedges (5)      0.0%   -20.9%  -20.9%   0.0%    0.0%    0.0%    0.0%    -2.1%   -2.1%  
 Total                    116.7%  -39.0%   77.7%   2.0%    -0.7%   1.3%    18.8%   -6.4%   12.4%  

Equity Geographic Exposure

                 LONG    SHORT   NET   
 Americas        95.4%  -32.8%  62.6%  
 EMEA            19.9%   -4.8%  15.1%  
 Asia ex-Japan   1.4%    -0.8%   0.6%  
 Japan           0.0%    -0.6%  -0.6%  
 Total          116.7%  -39.0%  77.7%  

Equity Market Capitalization(7)

                   LONG    SHORT    NET   
 >$50 billion      51.9%   -3.3%   48.7%  
 $25-50 billion    18.7%   -1.9%   16.8%  
 $10-25 billion    26.5%   -4.3%   22.2%  
 <$10 billion      19.5%   -2.1%   17.3%  
 Indices & Other   0.0%   -27.5%  -27.4%  
 Total            116.7%  -39.0%   77.7%  

Equity Exposure(8)

                   LONG    SHORT   NET   
 Delta-Adjusted   116.4%  -38.7%  77.7%  
 Beta-Adjusted    120.6%  -33.2%  87.4%  
 Dollar-Adjusted  116.9%  -36.3%  80.6%  

Position(9)

                   LONG  SHORT  TOTAL  
 Equity Positions   78     58    136   
 Top 10 Positions   49%   -25%         
 Top 20 Positions   73%   -31%         

Credit Detail(2)

                                 EXPOSURE              GROSS MTD P&L (3)          GROSS YTD P&L (3)       
                        LONG    SHORT       NET      LONG    SHORT    NET   LONG     SHORT        NET     
 Credit                                                                                                   
 Sovereign                 0.0%      0.0%     0.0%   0.0%    0.0%    0.0%      0.0%        0.3%     0.3%  
 Investment Grade          2.8%      0.0%     2.8%   0.0%    0.0%    0.0%      0.0%        0.0%     0.0%  
 High Yield                4.6%      -0.1%    4.5%   0.0%    0.0%    0.0%      0.4%        0.0%     0.4%  
 Distressed                4.0%      0.0%     4.0%   0.0%    0.0%    0.0%      1.0%        0.0%     1.0%  
 Total Credit             11.4%      -0.1%   11.3%   0.1%    0.0%    0.1%      1.5%        0.3%     1.8%  
                                                                                                          
 ABS                                                                                                      
 Residential Mortgages    13.0%      -0.1%   13.0%   0.2%    0.0%    0.2%      1.5%        0.0%     1.5%  
 Consumer ABS              3.6%      0.0%     3.6%   0.0%    0.0%    0.0%      0.3%        0.0%     0.3%  
 Commercial Mortgages      0.7%      0.0%     0.7%   0.0%    0.0%    0.0%      0.0%        0.0%     0.0%  
 CLO                       0.0%      0.0%     0.0%   0.0%    0.0%    0.0%      0.0%        0.0%     0.0%  
 Total ABS                17.3%      -0.1%   17.3%   0.2%    0.0%    0.2%      1.9%        0.0%     1.9%  
                                                                                                          

Corporate Credit Sectors

                                EXPOSURE       
 SECTORS                   LONG  SHORT   NET   
 Consumer Discretionary    3.5%   0.0%   3.5%  
 Consumer Staples          0.1%   0.0%   0.1%  
 Utilities                 0.3%   0.0%   0.3%  
 Energy                    2.4%  -0.1%   2.3%  
 Financials                1.0%   0.0%   1.0%  
 Healthcare                0.8%   0.0%   0.8%  
 Industrials & Materials   2.3%   0.0%   2.3%  
 Enterprise Technology     0.6%   0.0%   0.6%  
 Media & Internet          0.4%   0.0%   0.4%  
 Government                0.0%   0.0%   0.0%  
 Total                    11.4%  -0.1%  11.3%  

Structured Credit Tranches(10)

       Exposure 
 Tranche   Net  
 Senior   4.5%  
 Mezz     9.6%  
 Junior   2.8%  
 Other    0.4%  

Total Portfolio Positions Detail

MTD Winners(11)

Upstart Holdings, Inc.

Social Finance, Inc.

Private

Intuit Inc

Endeavor Group Holdings Inc.

MTD Losers(11)

Paysafe Ltd

Pacific Gas and Electric Co

IAA Inc

Amazon.com Inc.

Macro A

YTD Winners(11)

Upstart Holdings, Inc.

Social Finance, Inc.

Private

Prudential PLC

Alphabet Inc

YTD Losers(11)

Pacific Gas and Electric Co

Paysafe Ltd

IAA Inc

Short

Short

Top Gross Equity Longs(11)

Upstart Holdings, Inc.

Prudential PLC

Pacific Gas and Electric Co

Intel Corp

Danaher Corp

Top Gross Corporate Credit Longs(11,12)

Boeing Co/The

American Airlines Inc

Callon Petroleum Co

Mallinckrodt International Fin

Dell Technologies Inc

Historical Performance (Since Dec 1996)

 Third Point Offshore Fund, Ltd.   15.1% 
 MSCI World Index (TR)              7.8% 
 S&P 500 (TR)                       9.3% 

   

 ASC Topic 820 Assets (13)  PROFORMA OPT-OUT (14)  MASTER FUND  
 Level I                                       63%          63% 
 Level II                                      30%          30% 
 Level III                                      7%           7% 

Third Point Offshore Fund, Ltd. Historical Performance (Net)

  YEAR    JAN    FEB     MAR    APR    MAY    JUN   JULY    AUG    SEPT     OCT    NOV    DEC     YTD 
  2021   1.9%   2.3%    6.5%   1.9%   1.4%                                                      14.8% 
  2020   1.1%  -6.6%  -11.3%   7.1%   1.5%   1.9%   3.8%   8.5%   -0.6%   -0.8%   9.3%   7.1%   20.5% 
  2019   3.0%   2.8%    2.9%   1.8%  -1.8%   3.8%   2.3%  -0.2%   -2.3%   -1.2%   2.9%   2.1%   17.0% 
  2018   3.8%  -3.0%   -1.3%   0.8%   1.1%  -0.5%  -0.3%   0.2%    0.0%   -7.0%   1.2%  -6.4%  -11.3% 
  2017   2.6%   2.4%    0.8%   1.6%   2.2%   0.7%   0.9%   1.4%    1.2%    3.0%   0.1%  -0.2%   17.9% 
  2016  -3.5%  -0.6%    1.9%   1.9%   1.8%   0.8%   3.0%   0.8%    1.1%   -0.7%  -0.8%   0.5%    6.1% 
  2015  -2.3%   4.8%    0.9%   0.5%   1.9%  -0.8%   0.7%  -5.3%   -4.5%    4.7%  -0.2%  -1.2%   -1.4% 
  2014  -1.9%   4.4%    0.9%  -1.1%   1.8%   1.9%  -1.3%   1.7%   -0.3%   -1.4%   2.4%  -1.3%    5.7% 
  2013   4.7%   1.2%    2.9%   1.5%   3.6%  -1.8%   2.9%  -0.7%    2.6%    1.2%   2.6%   2.3%   25.2% 
  2012   3.9%   1.0%    1.5%  -0.1%  -2.6%   0.2%   1.5%   1.7%    3.4%    2.5%   2.9%   3.4%   19.2% 
  2011   3.9%   3.5%    0.9%   1.4%  -0.4%  -2.8%   0.2%  -2.8%   -3.6%    0.8%  -0.3%  -0.6%    0.0% 
  2010   3.5%   3.2%    7.9%   3.5%  -5.7%  -2.1%   3.4%   0.6%    4.0%    4.9%   0.1%   6.8%   33.7% 
  2009   0.4%   0.3%   -3.3%   0.8%   7.3%   1.7%   6.6%   6.4%    5.6%   -1.0%   4.3%   4.6%   38.6% 
  2008  -3.8%   1.4%   -1.9%   1.1%   3.3%   1.6%  -9.2%  -0.6%  -11.1%  -10.1%  -2.7%  -5.6%  -32.7% 
  2007   4.1%  -0.7%    4.2%   2.2%   6.1%  -1.5%   1.2%  -8.2%    2.6%    5.0%   0.9%   1.1%   17.5% 
  2006   5.1%   2.2%    2.3%   3.7%  -6.2%  -1.3%  -1.0%   1.0%   -0.6%    2.3%   5.2%   1.4%   14.4% 
  2005   1.9%   7.4%   -0.8%  -4.9%   0.7%   3.7%   8.0%   2.5%    3.8%  -10.2%   2.8%   3.1%   17.9% 
  2004   3.6%   3.8%    0.0%  -0.2%  -2.6%   6.3%   0.0%   1.4%    3.0%    0.5%   9.2%   1.4%   29.1% 
  2003   2.6%   0.2%   -2.3%   0.8%   8.2%   5.4%   5.9%   3.8%    1.5%    6.2%   3.5%   8.2%   53.0% 
  2002   1.6%   1.8%    0.5%   1.7%   1.0%  -0.6%  -8.2%  -1.7%    3.1%   -7.2%   0.1%   0.7%   -7.8% 
  2001   2.2%   3.1%    2.0%  -3.9%   2.1%  -1.0%   0.9%   1.6%   -2.1%    0.1%   1.3%   5.7%   12.3% 
  2000   1.8%   8.3%    1.6%  -3.6%  -0.3%   0.0%   2.4%   2.0%    1.2%    2.3%   1.9%  -0.9%   17.4% 
  1999   5.4%  -4.0%   -1.5%   5.9%   4.7%   7.0%   2.6%  -2.2%    2.2%    2.2%   7.6%   6.3%   41.7% 
  1998   1.3%   5.0%    4.3%  -0.1%  -3.1%  -2.7%  -3.5%   0.4%   -2.8%    3.5%   3.5%   3.5%    8.9% 
  1997   3.5%   4.5%   -0.3%   0.6%   5.7%  10.8%   8.2%  -1.9%   11.0%   -4.5%   0.0%   4.1%   48.8% 
  1996                                                                       Inception   2.0%    2.0% 

   

 (1)        Firm AUM does not include collateral and other assets managed for SiriusPoint Ltd.                                                                                                                                                                                                                                                                                                                                                                            
 (2)        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.                                                                            
 (3)        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.    
 (4)        Includes constructivism, activism and post-activism positions. “Constructivism” is defined as communications with an issuer regarding Third Point ideas to increase shareholder value that conclude without activism. “Activism” is defined as an active campaign currently ongoing.                                                                                                                                                                          
 (5)        Primarily broad-based market and equity-based hedges.                                                                                                                                                                                                                                                                                                                                                                                                         
 (6)        Includes currency hedges, digital assets, and macro investments. Rates and FX related investments are excluded from exposure figures. MTD and YTD P&L of Other includes net attribution of macro investments, digital assets, as well as residual gains and losses attributable to unhedged currency movements relative to USD, and interest, income and expense on cash balances.                                                                            
 (7)        Market capitalization reflects only those holdings that are exchange-listed equity or any synthetic equity with an underlying reference instrument market capitalization.                                                                                                                                                                                                                                                                                     
 (8)        Beta-adjusted exposures are calculated relative to the S&P based on one-year of historical daily returns for USD denominated assets and weekly returns for foreign denominated assets. Dollar-adjusted exposures are calculated with option positions shown at current market value in lieu of delta-adjusted exposure.                                                                                                                                       
 (9)        Equity positions do not include SPAC holdings and related transactions that have not yet announced a business combination.                                                                                                                                                                                                                                                                                                                                    
 (10)       Other includes non-tranched ABS, CDS, and direct asset investments.                                                                                                                                                                                                                                                                                                                                                                                           
 (11)       Excludes any confidential positions, portfolio level hedges and EU MAR related positions.                                                                                                                                                                                                                                                                                                                                                                     
 (12)       Does not include ventures-related debt.                                                                                                                                                                                                                                                                                                                                                                                                                       
 (13) (14)  ASC Levels provided are as of March 31, 2021. Proforma Opt-Out ASC Levels show the percentage breakdown of the total absolute value of all leveled investments held by the fund as of March 31, 2021 excluding the absolute value of private investments held only by side pocket classes.                                                                                                                                                                    

Important Notes and Disclaimers

Third Point Investors Limited is a feeder fund listed on the London Stock
Exchange that invests substantially all of its assets in Third Point Offshore
Fund, Ltd (“Third Point Offshore”).  Third Point Offshore is managed by
Third Point LLC (“Third Point” or “Investment Manager”), an
SEC-registered investment adviser headquartered in New York. 

Unless otherwise stated, information relates to the Third Point Offshore
Master Fund L.P. Exposures are categorized in a manner consistent with the
Investment Manager's classifications for portfolio and risk management
purposes in its sole discretion.

All fund level net profit and loss or performance results are based on the net
asset value of fee paying investors only and are presented net of management
fees (which may vary depending on share class), brokerage commissions,
administrative expenses, any other expenses of the Funds, and accrued
performance allocation, if any, and include the reinvestment of all dividends,
interest, and capital gains. While performance allocations are accrued
monthly, they are deducted from investor balances annually or upon withdrawal.
The net performance results represent fund-level returns (reflecting blended
rates of management fees and performance allocations based on the weighted
average of the amounts invested in each share class), and are not an estimate
of any specific investor’s actual performance, which may be materially
different from such performance depending on numerous factors. For example,
had the highest management fee been applied solely, performance results would
likely be lower. The Funds’ performance information shown within includes
net gains and losses from “new issues.” The market price for new issues is
often subject to significant fluctuation, and investors who are eligible to
participate in new issues may experience significant gains or losses. An
investor who invests in a class of Interests that does not participate in new
issues may experience performance that is different, perhaps materially, from
the performance reflected above. All performance results are estimates and
should not be regarded as final until audited financial statements are issued.

While the performance of the Funds has been compared here with the performance
of well-known and widely recognized indices, the indices have not been
selected to represent an appropriate benchmark for the Funds whose holdings,
performance and volatility may differ significantly from the securities that
comprise the indices. Historical net performance for Third Point Offshore
Fund, Ltd. is available upon request. Past performance is not necessarily
indicative of future results. All information provided herein is for
informational purposes only and should not be deemed as a recommendation to
buy or sell securities. All investments involve risk including the loss of
principal. This transmission is confidential and may not be redistributed
without the express written consent of Third Point LLC and does not constitute
an offer to sell or the solicitation of an offer to purchase any security or
investment product. Any such offer or solicitation may only be made by means
of delivery of an approved confidential offering memorandum.

Information provided herein, or otherwise provided with respect to a potential
investment in the Funds, may constitute non-public information regarding Third
Point Investors Limited, a feeder fund listed on the London Stock Exchange, or
SiriusPoint Ltd., and accordingly dealing or trading in the shares of either
listed instrument on the basis of such information may violate securities laws
in the United Kingdom, United States and elsewhere.  
                                                                                                                                                               

Website: 
www.thirdpointlimited.com

Enquiries:
Company Secretary – Northern Trust International Fund Administration
Services (Guernsey) Limited
Tel:                +44 148-174-5385
Email:            sw171@ntrs.com



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