REG-Third Point Investors Ltd: Monthly Update: May 2024 NAV Performance
06/06/2024 07:15
6 June 2024
Third Point Investors Limited
Monthly Update: May 2024 NAV Performance
May 2024 Performance Highlights
* Third Point Investors Limited returned 5.6% on a NAV basis in May 2024,
compared with a
4.5% return for the MSCI World Index and a 5.0% return for the S&P 500 Index.
* During the month the Company’s share price returned -0.4%, reflecting a
widening in the discount to NAV from 16.3% to 21.0%.
* The top contributors for the month included energy company Vistra Corp.,
consumer goods company Bath & Body Works Inc., and utility company Pacific Gas
and Electric Co.
* The top detractors for the month included financials company Corpay Inc. and
two short positions.
Full portfolio detail is available at
https://www.thirdpointlimited.com/resources/portfolio-updates
Net Performance
MTD QTD YTD
Third Point Investors Ltd. (NAV) 1 5.6% 1.8% 10.5%
Third Point Investors Ltd. (Price) 2 -0.4% -2.0% 13.8%
MSCI World Index (Total Return) 4.5% 0.7% 9.8%
S&P 500 (Total Return) 5.0% 0.7% 11.3%
Key Statistics and AUM Summary
Premium/(Discount) to NAV (21.0%)
Third Point Investors Ltd. Net AUM 3 $0.5 B
Portfolio Detail4
The net weightings of the strategy at period-end were 86.8% in Equity, 38.9%
in Credit, 7.2% 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&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 122.0% -35.2% 86.8% 6.9% -1.7% 5.2% 5.2% 12.2% -2.6% 9.6% 9.0%
Credit 39.4% -0.4% 38.9% 0.5% -0.1% 0.3% 0.3% 0.5% 0.9% 1.4% 1.1%
Privates 7.2% 0.0% 7.2% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% -0.1%
Other 7 0.0% 0.0% 0.0% -0.2% -0.2% -0.3% -0.3% -0.4% -0.5% -0.9% -0.9%
Total 168.6% -35.6% 133.0% 7.2% -2.1% 5.2% 5.1% 12.2% -2.2% 10.0% 9.1%
Portfolio Detail
MTD Contributors8
Vistra Corp (energy company)
Pacific Gas and Electric Co. (utility company)
Bath & Body Works Inc. (consumer goods company)
UBS Group AG (financials company)
Microsoft Corp (infrastructure software company)
MTD Detractors8
Corpay Inc (financials company)
Short
Short
Short
Short
YTD Contributors8
Vistra Corp (energy company)
Meta Platforms Inc (media and internet company)
Bath & Body Works Inc. (consumer goods company)
Amazon.com Inc. (e-commerce company)
Microsoft Corp (infrastructure software company)
YTD Detractors8
DuPont de Nemours Inc (industrials and materials company)
Short
Short
Humana Inc. (health insurance company)
Marvell Technology Inc (enterprise technology company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Amazon.com Inc. (e-commerce company)
Microsoft Corp (infrastructure software company)
Bath & Body Works Inc. (consumer goods company)
Meta Platforms Inc (media and internet company)
Top Gross Corporate Credit Longs8,9
Radiate Holdco LLC (cable company)
Community Health Systems Inc. (healthcare company)
Global Medical Response Inc (healthcare company)
Canadian Pacific Kansas City L (railway company)
Michaels Cos Inc/The (consumer goods 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 $500 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 43-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $11.2 billion 10 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 the Company introduced in 2021 and chose to discontinue as of June 2023.
2 Reflects the total share price return of Third Point Investors Limited.
3 The net AUM figure for Third Point Investors Limited is included in the AUM of Third Point Offshore Fund, Ltd.
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 an assumed operating expense ratio (0.3%), to the aggregate underlying positions in the referenced sub-portfolio group’s gross P&L. 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 broad-based market and equity-based hedges.
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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