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Third Point Investors Ltd - Monthly Update: December 2022 NAV Performance

6 January 2023

Third Point Investors Limited

Monthly Update: December 2022 NAV Performance

December 2022 Performance Highlights

  • Third Point Investors Limited returned -0.4% on a NAV basis in December 2022, compared with a -4.2% return for the MSCI World Index and a -5.8% return for the S&P 500 Index.

  • During the month the Company’s share price rose 1.7%, reflecting a narrowing in the discount to NAV from 17.2% to 15.5%.

  • The top detractors for the month included entertainment and media company The Walt Disney Co., a private position, and diversified life sciences and diagnostics company Danaher Corp.

  • The top contributors for the month included utility company Pacific Gas & Electric Co., a short position, and ABS interest rate hedges.

Full portfolio detail is available at thirdpointlimited.com/portfolio-updates

Net Performance

MTD

QTD

YTD

Third Point Investors Ltd. (NAV)1

-0.4%

1.7%

-24.3%

Third Point Investors Ltd. (Price)2

1.7%

3.5%

-25.5%

Third Point Offshore Fund, Ltd.

-0.3%

1.2%

-21.8%

MSCI World Index (Total Return)

-4.2%

9.9%

-17.7%

S&P 500 (Total Return)

-5.8%

7.5%

-18.1%

Key Statistics and AUM Summary

TPIL Leverage Factor3

1.23x

Premium/(Discount) to NAV

(15.5%)

Third Point Offshore Fund, Ltd. AUM

$5.3 B

Third Point Investors Ltd. Net AUM4

$0.7 B

Portfolio Detail5

The net weightings of the strategy at period-end were 41.5% in Equity, 40.2% in Credit, 8.3% in Privates and -0.2% 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

67.6%

-26.1%

41.5%

-1.1%

1.4%

0.2%

-22.7%

6.5%

-16.2%

Credit

40.8%

-0.6%

40.2%

-0.1%

0.1%

0.0%

-4.2%

1.7%

-2.5%

Privates

8.3%

0.0%

8.3%

-0.4%

0.0%

-0.4%

-3.3%

0.0%

-3.3%

Other7

0.0%

-0.3%

-0.2%

0.0%

0.0%

0.0%

1.5%

0.5%

2.0%

Total Portfolio

116.7%

-27.0%

89.8%

-1.6%

1.5%

-0.1%

-28.6%

8.6%

-20.0%

Portfolio Detail

MTD Contributors8

Pacific Gas and Electric Co. (utility company)

Short A

ABS Interest Rate Hedges

Ferguson PLC (industrial supplies company)

Colgate-Palmolive Co. (consumer staples company)

MTD Detractors8

The Walt Disney Co. (entertainment and media company)

Private A

Danaher Corp. (diversified life sciences and diagnostics company)

Ovintiv Inc. (energy company)

LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company)

YTD Contributors8

Pacific Gas and Electric Co. (utility company)

Macro A (macro position)

Shell PLC (energy company)

ABS Interest Rate Hedges

Credit Interest Rate Hedges

YTD Detractors8

SentinelOne Inc. (endpoint cybersecurity company)

Intuit Inc. (software company)

Amazon.com Inc. (e-commerce company)

Rivian Automotive Inc. (electric vehicle manufacturer)

The Walt Disney Co. (entertainment and media company)

Top Gross Equity Longs8

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)

American International Group Inc. (insurance company)

Top Gross Corporate Credit Longs8,9

Carnival Corp. (consumer travel company)

Endo Pharmaceuticals (healthcare company)

The Michaels Cos Inc. (consumer goods company)

Frontier Communications Holdings (communications company)

Western Midstream Operating LP (energy 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 $700 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 36-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $12.6 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. AUM.

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, incentive allocations customarily charged by Adviser. Net P&L is available upon request.

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.

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.

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 and incentive allocations 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. 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. 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.