4 November 2021
Third Point
Investors Limited
Monthly Update:
October 2021 NAV Performance
October
2021 Performance Highlights
- Third Point Investors Limited returned +4.7% on a NAV basis in
October 2021, bringing full-year NAV
performance to +37.9%.
- During the month the Company’s share price rose +3.4%, bringing
full-year share price returns to +43.4% to date.
- Positive performance during the period was led by the
Fundamental & Event Equities segment of the portfolio, and in
particular by endpoint cybersecurity company SentinelOne Inc., a
long-held private position that listed in June 2021. Utility company Pacific Gas &
Electric Co. and software solutions provider Intuit Inc. also
contributed.
- Detractors were led by the firm’s activist position in
semiconductor design and manufacturing company Intel Corp., media
and entertainment company Endeavor Group Holdings Inc., and Cano
Health Inc., a healthcare services company.
Full portfolio detail is available at
thirdpointlimited.com/portfolio-updates
Net Performance
|
MTD |
QTD |
YTD |
Third Point
Investors Ltd. (NAV)1 |
4.7% |
4.7% |
37.9% |
Third Point
Investors Ltd. (Price)2 |
3.4% |
3.4% |
43.4% |
Third Point Offshore
Fund, Ltd. |
4.3% |
4.3% |
35.1% |
MSCI World Index
(Total Return) |
5.7% |
5.7% |
19.9% |
S&P 500 (Total
Return) |
7.0% |
7.0% |
24.0% |
Key Statistics and AUM Summary
TPIL Leverage
Factor3 |
1.08x |
Premium/(Discount) to
NAV |
(15.8%) |
Third Point Offshore
Fund, Ltd. AUM |
$9.1
B |
Third Point
Investors Ltd. AUM4 |
$1.2
B |
Portfolio Detail5
The net weightings of the strategy at period-end were 76.5% in
Equity, 24.1% in Credit, 5.1% in Privates and 2.2% in Other. A
breakdown of positions, including major contributors and
detractors, is provided below, for further detail please visit:
thirdpointlimited.com/portfolio-updates
|
EXPOSURE |
GROSS MTD P&L6 |
GROSS YTD P&L6 |
|
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
|
Equity |
112.2% |
-35.8% |
76.5% |
6.5% |
-1.7% |
4.9% |
46.6% |
-9.7% |
36.9% |
|
|
Credit |
24.3% |
-0.2% |
24.1% |
0.1% |
0.0% |
0.1% |
5.4% |
0.1% |
5.6% |
|
|
Privates |
5.1% |
0.0% |
5.1% |
0.1% |
0.0% |
0.1% |
3.7% |
0.0% |
3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Other7 |
2.2% |
0.0% |
2.2% |
0.2% |
0.0% |
0.1% |
0.1% |
-0.3% |
-0.2% |
|
|
Total
Portfolio |
143.8% |
-35.9% |
107.9% |
6.9% |
-1.7% |
5.2% |
55.8% |
-9.9% |
46.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Detail
MTD Contributors8
SentinelOne Inc. (endpoint cybersecurity company)
Pacific Gas & Electric Co. (utility company)
Intuit Inc. (software company)
Microsoft Corp. (software company)
Upstart Holdings, Inc. (AI-driven lending platform)
MTD Detractors8
Intel Corp. (semiconductor design/manufacturing company)
Endeavor Group Holdings Inc. (media/entertainment company)
Cano Health Inc. (healthcare services company)
Meta Platforms Inc. (social technology company)
Macro A (macro position)
YTD Contributors8
Upstart Holdings, Inc. (AI-driven lending platform)
SentinelOne Inc. (endpoint cybersecurity company)
Intuit Inc. (software company)
Alphabet Inc. (internet-based services company)
Social Finance, Inc. (financial services
platform)
YTD Detractors8
Paysafe Ltd. (integrated payments platform)
Uber Technologies Inc. (mobility company)
IAA Inc. (auto retailer)
Pacific Gas and Electric Co. (utility company)
JD.com (e-commerce company)
Top Gross Equity Longs8
Upstart Holdings, Inc. (AI-driven lending company)
SentinelOne Inc. (endpoint cybersecurity company)
Prudential PLC (global insurance company)
Pacific Gas and Electric Co. (utility company)
Danaher Corp. (diversified life sciences and diagnostics
company)
Top Gross Corporate Credit
Longs8,9
Boeing Co/The (aviation manufacturer and servicer)
Occidental Petroleum Corp. (energy company)
American Airlines Inc. (airline company)
Callon Petroleum Co. (energy company)
Latam Airlines Group SA (airline 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 hedge
fund. TPIL’s assets under management are currently $1.2
billion.
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 $20.4 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. |
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 hedges and EU MAR related
positions. |
9 |
Does not include
ventures-related debt. |
Important Notes and Disclaimers
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 Fund, 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 Fund’s 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 Fund 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 Fund whose holdings, performance and volatility
may differ significantly from the securities that comprise the
indices. 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, offer
or solicitation to buy or sell securities including those of the
Company in the United States or in any other jurisdiction, nor
shall it, or the fact of its distribution, form the basis of, or be
relied upon, in connection with any contract therefor. 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.
The Company has not been and will not be registered under the US
Investment Company Act of 1940, as amended (the “Investment Company
Act”). In addition, the shares in the Company have not been and
will not be registered under the US Securities Act of 1933, as
amended (the “Securities Act”). Consequently, shares in the Company
may not be offered, sold or otherwise transferred within the United
States or to, or for the account or benefit of, US Persons (as
defined in the Securities Act). No public offering of any shares in
the Company is being, or has been, made in the United States.
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