Third Point Investors Monthly Update: March 2023 NAV Performance
2023年4月6日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMTPOU TIDMTPOS
6 April 2023
Third Point Investors Limited
Monthly Update: March 2023 NAV Performance
March 2023 Performance Highlights
* Third Point Investors Limited returned -1.8% on a NAV basis in March 2023,
compared with a 3.2% return for the MSCI World Index and a 3.7% return for
the S&P 500 Index.
* During the month the Company's share price fell 7.5%, reflecting a widening
in the discount to NAV from 15.4% to 20.3%.
* The top contributors for the month included software company Salesforce
Inc., enterprise technology company Advanced Micro Devices, and utility
company Pacific Gas & Electric Co.
* The top detractors for the month included financials company Fidelity
National Info Services, insurance company American International Group
Inc., and ABS Interest Rate Hedges.
Full portfolio detail is available at https://www.thirdpointlimited.com/
resources/portfolio-updates
Net Performance
MTD QTD YTD
Third Point Investors Ltd. (NAV)1 -1.8% -5.1% -5.1%
Third Point Investors Ltd. (Price)2 -7.5% -10.6% -10.6%
Third Point Offshore Fund, Ltd. -1.4% -4.2% -4.2%
MSCI World Index (Total Return) 3.2% 7.9% 7.9%
S&P 500 (Total Return) 3.7% 7.5% 7.5%
Key Statistics and AUM Summary
TPIL Gearing Factor3 1.24x
Premium/(Discount) to NAV (20.3%)
Third Point Offshore Fund, Ltd. AUM $4.8 B
Third Point Investors Ltd. Net AUM4 $0.6 B
Portfolio Detail5
The net weightings of the strategy at period-end were 45.3% in Equity, 43.5% in
Credit, 8.8% in Privates and 0.0% 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
EXPOSURE GROSS MTD P&L6 NET MTD P GROSS YTD P&L6 NET YTD
&L7 P&L7
LONG SHORT NET LONG SHORT NET NET LONG SHORT NET NET
Equity 68.2% -22.9% 45.3% -0.8% -0.5% -1.3% -1.4% -1.1% -4.0% -5.1% -5.5%
Credit 44.4% -0.9% 43.5% 0.8% -0.6% 0.3% 0.2% 1.9% -0.2% 1.7% 1.5%
Privates 8.8% 0.0% 8.8% -0.1% 0.0% -0.1% -0.1% -0.1% 0.0% -0.1% -0.2%
Other8 0.0% 0.0% 0.0% -0.1% -0.1% -0.1% -0.1% -0.1% 0.1% -0.1% -0.1%
Total 121.5% -23.8% 97.6% -0.2% -1.1% -1.3% -1.4% 0.6% -4.2% -3.7% -4.2%
Portfolio Detail
MTD Contributors9
Salesforce Inc. (software company)
Advanced Micro Devices (enterprise technology company)
Pacific Gas and Electric Co. (utility company)
Microsoft Corp. (infrastructure software company)
Alibaba Group Holding Ltd. (e-commerce company)
MTD Detractors9
Fidelity National Info Services (financials company)
American International Group Inc. (insurance company)
ABS Interest Rate Hedges
Bath & Body Works Inc. (consumer goods company)
Shell PLC (energy company)
YTD Contributors9
Salesforce Inc. (software company)
Advanced Micro Devices (enterprise technology company)
LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company)
The Walt Disney Co. (entertainment and media company)
Microsoft Corp. (infrastructure software company)
YTD Detractors9
Fidelity National Info Services (financials company)
American International Group Inc. (insurance company)
Bath & Body Works Inc. (consumer goods company)
Glencore International (metals & mining company)
Alphabet Inc. (media and internet company)
Top Gross Equity Longs9
Pacific Gas and Electric Co. (utility company)
Colgate-Palmolive Co. (consumer staples company)
Danaher Corp. (diversified life sciences and diagnostics company)
Bath & Body Works Inc. (consumer goods company)
Alphabet Inc. (media and internet company)
Top Gross Corporate Credit Longs9,10
Credit Suisse AG (institutional brokerage firm)
Uniti Group LP (financials company)
Frontier Communications Holdings (communications company)
The Michaels Cos Inc. (consumer goods company)
Carnival Corp. (consumer travel 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 investment strategy. TPIL's assets under
management are currently $600 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 39-person investment
team, a robust quantitative data and analytics team, and a deep, tenured
business team. Third Point manages approximately $12.1 billion in assets for
sovereign wealth funds, endowments, foundations, corporate & public pensions,
high-net-worth individuals, and employees.
Footnotes
1 Reflects the NAV return of Third Point Investors Limited inclusive
of gearing.
2 Reflects the total share price return of Third Point Investors
Limited.
3 Management and incentive fees are charged at the Master Fund level.
The Company introduced a gearing mechamism in 2021 as part of a
multi-pronged approach to enhance shareholder value. The Investment
Manager does not charge a management fee on the original net
proceeds invested in the Master Fund as a result of such gearing.
Gearing factor is defined as total assets divided by the total
assets less debt.
4 Reflects the total AUM less borrowings and other liabilities of
Third Point Investors Limited. The net 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, 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.
7 The net P&L figures are included because of the SEC's new marketing
rule and guidance. Third Point does not believe that this metric
accurately reflects net P&L for the referenced investment or
sub-portfolio group of investments as explained more fully below.
Specifically, 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 an assumed operating expense ratio (0.3%), 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, or referenced individual position, as
applicable. The implied incentive allocation is based on the
deduction of management fee and expense ratio from the Fund level
8 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, or referenced individual position,
as applicable, 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 or referenced individual
investment, as applicable, given the inherent difficulty in
determining and allocating the expenses on an investment or
sub-portfolio group basis. If expenses were to be allocated on an
investment or sub-portfolio group basis, the net P&L would likely be
different for each referenced investment or sub-portfolio group, as
applicable.
Includes broad-based market and equity-based hedges.
9 Excludes any confidential positions, portfolio level equity hedges
and EU MAR related positions.
10 Does not include private debt.
Important Notes and Disclaimers
Third Point Investors Limited (the "Company") 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. (the "Fund"). Exposures are categorized in a manner consistent with
the Investment Manager's classifications for portfolio and risk management
purposes in its sole discretion.
Performance results are presented net of management fees, brokerage
commissions, administrative expenses, and accrued incentive allocation, if any,
and include the reinvestment of all dividends, interest, and capital gains.
While incentive allocations are accrued monthly, they are deducted from
investor balances only annually or upon withdrawal. From Fund inception through
December 31, 2019, Third Point Offshore Fund, Ltd.'s historical performance has
been calculated using the actual management fees, incentive allocations, and
expenses paid by the Fund. The actual management fees and incentive allocations
paid by the Fund reflect a blended rate of management fees and incentive
allocations based on the weighted average of amounts invested in different
share classes subject to different management fee and/or incentive allocation
terms. Such management fee rates have ranged over time from 1.25% to 3% per
annum. The amount of incentive allocations applicable to any one investor in
the Fund will vary materially depending on numerous factors, including without
limitation: the specific terms, the date of initial investment, the duration of
investment, the date of withdrawal, and market conditions. As such, the net
performance shown for the Fund from inception through December 31, 2019 is not
an estimate of any specific investor's actual performance. During this period,
had the highest management fee and incentive allocation been applied solely,
performance results would likely be lower. For the period beginning January 1,
2020, the Fund's historical performance shows indicative performance for a new
issues eligible investor in the highest management fee (2% per annum) and
incentive allocation rate (20%) class of the Fund, who has participated in all
side pocket private investments (as applicable) from March 1, 2021 onward. Net
performance reflects the deduction of operating expenses paid by the Fund
during the period. An individual investor's performance may vary based on
timing of capital transactions. The inception date for Third Point Offshore
Fund, Ltd. is December 1, 1996. All performance results are estimates and 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. 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 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. 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, 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.
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, and
accordingly dealing or trading in the shares of the listed instrument on the
basis of such information may violate securities laws in the United Kingdom,
United States and elsewhere.
END
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