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 January 2021 Performance
2/3/2021
Net Performance
|
MTD |
QTD |
YTD |
| Third Point Offshore
Fund, Ltd. |
1.9% |
1.9% |
1.9% |
| MSCI World Index
(Total Return) |
-1.0% |
-1.0% |
-1.0% |
| S&P 500 (Total
Return) |
-1.0% |
-1.0% |
-1.0% |
AUM Breakdown
| Third Point Offshore Fund, Ltd. |
$7.1 B |
|
Firm1 |
$16.0
B |
Portfolio Detail2
|
EXPOSURE |
GROSS MTD P&L3 |
GROSS YTD P&L3 |
|
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
|
Equity |
|
Activism/Constructivism4 |
20.0% |
-5.7% |
14.2% |
-1.1% |
-0.1% |
-1.2% |
-1.1% |
-0.1% |
-1.2% |
| Fundamental
& Event |
95.6% |
-13.6% |
82.0% |
3.7% |
-1.0% |
2.7% |
3.7% |
-1.0% |
2.7% |
| Portfolio
Hedges5 |
0.0% |
-19.1% |
-19.1% |
0.0% |
0.2% |
0.2% |
0.0% |
0.2% |
0.2% |
| Total
Equity |
115.6% |
-38.5% |
77.1% |
2.6% |
-0.9% |
1.8% |
2.6% |
-0.9% |
1.8% |
|
|
Credit |
| Corporate &
Sovereign |
12.4% |
-0.1% |
12.3% |
0.2% |
0.1% |
0.3% |
0.2% |
0.1% |
0.3% |
| Structured |
20.6% |
-0.1% |
20.6% |
0.4% |
0.0% |
0.4% |
0.4% |
0.0% |
0.4% |
| Total
Credit |
33.0% |
-0.2% |
32.9% |
0.6% |
0.1% |
0.7% |
0.6% |
0.1% |
0.7% |
|
| Privates |
5.9% |
0.0% |
5.9% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
Other6 |
0.8% |
0.0% |
0.8% |
0.1% |
0.0% |
0.0% |
0.1% |
0.0% |
0.0% |
|
| Total
Portfolio |
155.4% |
-38.7% |
116.7% |
3.3% |
-0.8% |
2.5% |
3.3% |
-0.8% |
2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Detail2
|
EXPOSURE |
GROSS MTD P&L3 |
GROSS YTD P&L3 |
| EQUITY SECTORS |
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
| Consumer
Discretionary |
12.7% |
-1.7% |
11.0% |
-0.5% |
-0.1% |
-0.6% |
-0.5% |
-0.1% |
-0.6% |
| Consumer
Staples |
0.6% |
-0.6% |
0.1% |
-0.1% |
0.0% |
0.0% |
-0.1% |
0.0% |
0.0% |
| Utilities |
6.9% |
-2.7% |
4.2% |
-0.6% |
0.0% |
-0.6% |
-0.6% |
0.0% |
-0.6% |
| Energy |
1.2% |
0.0% |
1.2% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
| Financials |
33.1% |
-3.9% |
29.2% |
3.7% |
0.1% |
3.8% |
3.7% |
0.1% |
3.8% |
| Healthcare |
9.3% |
-0.6% |
8.7% |
0.1% |
0.0% |
0.2% |
0.1% |
0.0% |
0.2% |
| Industrials
& Materials |
12.5% |
-2.4% |
10.1% |
-0.2% |
-0.2% |
-0.4% |
-0.2% |
-0.2% |
-0.4% |
| Enterprise
Technology |
17.1% |
-3.4% |
13.7% |
0.4% |
-0.4% |
0.0% |
0.4% |
-0.4% |
0.0% |
| Media &
Internet |
22.0% |
-4.1% |
17.9% |
-0.1% |
-0.6% |
-0.7% |
-0.1% |
-0.6% |
-0.7% |
| Portfolio
Hedges5 |
0.0% |
-19.1% |
-19.1% |
0.0% |
0.2% |
0.2% |
0.0% |
0.2% |
0.2% |
| Total |
115.6% |
-38.5% |
77.1% |
2.6% |
-0.9% |
1.8% |
2.6% |
-0.9% |
1.8% |
Equity Geographic Exposure
|
LONG |
SHORT |
NET |
| Americas |
94.8% |
-32.6% |
62.2% |
| EMEA |
17.0% |
-4.8% |
12.2% |
| Asia ex-Japan |
3.8% |
-0.5% |
3.4% |
| Japan |
0.0% |
-0.7% |
-0.7% |
| Total |
115.6% |
-38.5% |
77.1% |
Equity Market
Capitalization7
|
LONG |
SHORT |
NET |
| >$50 billion |
49.5% |
-3.8% |
45.8% |
| $25-50 billion |
22.0% |
-2.6% |
19.4% |
| $10-25 billion |
15.7% |
-1.6% |
14.1% |
| <$10 billion |
28.4% |
-2.2% |
26.2% |
| Indices &
Other |
0.0% |
-28.4% |
-28.4% |
| Total |
115.6% |
-38.5% |
77.1% |
Equity Exposure8
|
LONG |
SHORT |
NET |
| Delta-Adjusted |
115.6% |
-38.5% |
77.1% |
| Beta-Adjusted |
119.8% |
-36.2% |
83.6% |
| Dollar-Adjusted |
114.9% |
-30.4% |
84.5% |
Position9
|
LONG |
SHORT |
TOTAL |
| Equity Positions |
66 |
47 |
113 |
| Top 10 Positions |
53% |
-26% |
|
| Top 20 Positions |
78% |
-32% |
|
Credit Detail2
|
EXPOSURE |
GROSS MTD P&L3 |
GROSS YTD P&L3 |
|
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
|
Credit |
| Sovereign |
0.0% |
0.0% |
0.0% |
0.0% |
0.1% |
0.1% |
0.0% |
0.1% |
0.1% |
| Investment Grade |
4.9% |
0.0% |
4.9% |
-0.1% |
0.0% |
-0.1% |
-0.1% |
0.0% |
-0.1% |
| High Yield |
4.4% |
-0.1% |
4.4% |
0.1% |
0.0% |
0.1% |
0.1% |
0.0% |
0.1% |
| Distressed |
3.0% |
0.0% |
3.0% |
0.2% |
0.0% |
0.2% |
0.2% |
0.0% |
0.2% |
| Total
Credit |
12.4% |
-0.1% |
12.3% |
0.2% |
0.1% |
0.3% |
0.2% |
0.1% |
0.3% |
|
|
ABS |
| Residential
Mortgages |
16.5% |
-0.1% |
16.4% |
0.3% |
0.0% |
0.3% |
0.3% |
0.0% |
0.3% |
| Consumer
ABS |
3.5% |
0.0% |
3.5% |
0.1% |
0.0% |
0.1% |
0.1% |
0.0% |
0.1% |
| Commercial
Mortgages |
0.6% |
0.0% |
0.6% |
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 |
20.6% |
-0.1% |
20.5% |
0.4% |
0.0% |
0.4% |
0.4% |
0.0% |
0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
0.5% |
0.0% |
0.5% |
| Energy |
4.2% |
-0.1% |
4.1% |
| Financials |
0.7% |
0.0% |
0.7% |
| Healthcare |
0.6% |
0.0% |
0.6% |
| Industrials
& Materials |
1.8% |
0.0% |
1.8% |
| Enterprise
Technology |
0.7% |
0.0% |
0.7% |
| Media &
Internet |
0.5% |
0.0% |
0.5% |
| Government |
0.0% |
0.0% |
0.0% |
| Total |
12.4% |
-0.1% |
12.3% |
Structured Credit
Tranches10
| Exposure |
| Tranche |
Net |
| Senior |
8.5% |
| Mezz |
10.2% |
| Junior |
1.4% |
| Other* |
0.5% |
Total Portfolio Positions Detail
MTD Winners11
Social Finance, Inc. (Multi-Strat)
Upstart Holdings, Inc.
Intel Corp
Danaher Corp
ContextLogic Inc.
MTD Losers11
Prudential PLC
Pacific Gas & Electric Co
IAA Inc
The Walt Disney Co.
Short
YTD Winners11
Social Finance, Inc. (Multi-Strat)
Upstart Holdings, Inc.
Intel Corp
Danaher Corp
ContextLogic Inc.
YTD Losers11
Prudential PLC
Pacific Gas & Electric Co
IAA Inc
The Walt Disney Co.
Short
Top Gross Equity
Longs11
Prudential PLC
Pacific Gas & Electric Co
Intel Corp
The Walt Disney Co.
Upstart Holdings, Inc.
Top Gross Corporate Credit
Longs11,12
Boeing Co/The
Callon Petroleum Co
Dell Inc.
Energy Transfer Operating LP
United Airlines
Historical Performance (Since
Dec 1996)
| Third Point Offshore
Fund, Ltd. |
14.8% |
| MSCI World Index
(TR) |
7.4% |
| S&P 500 (TR) |
8.8% |
ASC Topic 820 Assets13
| Level I |
66% |
| Level II |
27% |
| Level III |
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% |
|
|
|
|
|
|
|
|
|
|
|
1.9% |
| 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 $1.8B in collateral and other assets managed for TPRE. |
| 2 |
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. 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 and speculative macro investments. Speculative rates and
macro FX excluded from the exposure figures. Corresponding net
exposure is 0.3% for rates and 0.0% for FX. MTD and YTD P&L of
Other includes net attribution of speculative macro investments 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 |
ASC Levels provided
are as of December 31, 2020 for Third Point Offshore Master Fund,
LP. |
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 noted, P&L, exposure, and position level
information are presented at the master fund level where
applicable. 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 a well-known and widely recognized index, the
index has 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 index. 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 Third Point Reinsurance
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