Third Point Investors Ltd

Major Shareholding Notification • Nov 4, 2020

National Storage Mechanism | Additional information

Third Point Investors Ltd - Third Point October 2020 Performance

PR Newswire

London, November 4

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 October 2020 Performance

11/4/2020**  

Net Performance

	MTD	QTD	YTD
Third Point Offshore Fund, Ltd.	-0.8%	-0.8%	3.0%
MSCI World Index (Total Return)	-3.0%	-3.0%	-1.0%
S&P 500 (Total Return)	-2.7%	-2.7%	2.8%

AUM Breakdown

Third Point Offshore Fund, Ltd.	$6.0 B
Firm1	$13.5 B

Portfolio Detail2

	EXPOSURE					GROSS MTD P&L3			GROSS YTD P&L3
	LONG	SHORT		NET		LONG	SHORT	NET	LONG	SHORT		NET
Equity
Activism/Constructivism4	19.5%		-5.9%		13.6%	-1.5%	0.1%	-1.4%	-3.6%		0.6%		-3.0%
Fundamental & Event	90.2%		-13.9%		76.3%	-0.8%	0.1%	-0.7%	1.5%		-2.2%		-0.7%
Portfolio Hedges5	0.0%		-18.3%		-18.3%	0.0%	0.3%	0.3%	0.1%		1.1%		1.2%
Total Equity	109.7%		-38.1%		71.6%	-2.3%	0.5%	-1.8%	-2.0%		-0.5%		-2.5%
Credit
Corporate & Sovereign	16.0%		-0.3%		15.7%	-0.1%	0.1%	0.0%	3.3%		-0.2%		3.1%
Structured	21.1%		-0.1%		21.0%	0.6%	0.0%	0.6%	3.3%		0.0%		3.3%
Total Credit	37.1%		-0.4%		36.7%	0.5%	0.1%	0.6%	6.6%		-0.2%		6.4%
Privates	10.4%		0.0%		10.4%	0.4%	0.0%	0.4%	1.5%		-0.1%		1.4%
Other6	2.0%		0.0%		2.0%	0.1%	-0.1%	0.0%	-0.2%		-0.2%		-0.4%
Total Portfolio	159.2%		-38.5%		120.7%	-1.3%	0.5%	-0.8%	5.9%		-1.0%		4.9%

Equity Detail

	EXPOSURE			GROSS MTD P&L3			GROSS YTD P&L3
EQUITY SECTORS	LONG	SHORT	NET	LONG	SHORT	NET	LONG	SHORT	NET
Consumer Discretionary	17.0%	-2.6%	14.4%	-0.2%	0.1%	-0.1%	-1.7%	0.4%	-1.3%
Consumer Staples	1.4%	-0.7%	0.7%	0.0%	0.0%	0.0%	0.1%	-0.2%	-0.1%
Utilities	7.0%	-2.6%	4.4%	0.1%	0.0%	0.1%	0.2%	-0.3%	-0.1%
Energy	1.2%	0.0%	1.2%	-0.2%	0.0%	-0.2%	-1.0%	-0.5%	-1.5%
Financials	21.9%	-4.0%	17.9%	-2.3%	0.1%	-2.2%	-4.2%	1.5%	-2.7%
Healthcare	5.0%	0.0%	5.0%	0.0%	0.0%	0.0%	0.2%	0.0%	0.2%
Industrials & Materials	13.8%	-3.9%	9.9%	0.2%	0.0%	0.2%	-2.8%	-0.8%	-3.6%
Enterprise Technology	11.8%	-2.2%	9.6%	-0.7%	0.1%	-0.6%	1.5%	-0.3%	1.2%
Media & Internet	30.6%	-3.8%	26.8%	0.8%	-0.1%	0.7%	5.6%	-1.4%	4.2%
Portfolio Hedges5	0.0%	-18.3%	-18.3%	0.0%	0.3%	0.3%	0.1%	1.1%	1.2%
Total	109.7%	-38.1%	71.6%	-2.3%	0.5%	-1.8%	-2.0%	-0.5%	-2.5%

Equity Geographic Exposure

	LONG	SHORT	NET
Americas	78.1%	-31.9%	46.2%
EMEA	19.8%	-5.0%	14.8%
Asia ex-Japan	9.1%	0.0%	9.1%
Japan	2.7%	-1.2%	1.5%
Total	109.7%	-38.1%	71.6%

Equity Market Capitalization7

	LONG	SHORT	NET
>$50 billion	58.6%	-3.3%	55.3%
$25-50 billion	21.0%	-1.4%	19.6%
$10-25 billion	17.9%	-2.6%	15.3%
<$10 billion	12.2%	-4.5%	7.7%
Indices & Other	0.0%	-26.3%	-26.3%
Total	109.7%	-38.1%	71.6%

Equity Exposure8

	LONG	SHORT	NET
Delta-Adjusted	109.7%	-38.1%	71.6%
Beta-Adjusted	105.1%	-35.6%	69.5%
Dollar-Adjusted	107.6%	-32.5%	75.1%

Equity Position

	LONG	SHORT	TOTAL
Equity Positions	69	45	114
Top 10 Positions	51%	-25%
Top 20 Positions	76%	-31%

Credit Detail

	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%		-0.2%		-0.2%
Investment Grade	6.2%		0.0%		6.2%	-0.1%	0.0%	-0.1%	2.0%		0.0%		2.0%
High Yield	6.5%		-0.3%		6.2%	0.0%	0.0%	0.0%	1.6%		0.0%		1.6%
Distressed	3.3%		0.0%		3.3%	0.0%	0.0%	0.0%	-0.3%		0.0%		-0.3%
Total Credit	16.0%		-0.3%		15.7%	-0.1%	0.1%	0.0%	3.3%		-0.2%		3.1%
ABS
Residential Mortgages	17.9%		-0.1%		17.8%	0.6%	0.0%	0.6%	3.2%		0.0%		3.2%
Consumer ABS	2.5%		0.0%		2.5%	0.0%	0.0%	0.0%	0.2%		0.0%		0.2%
Commercial Mortgages	0.7%		0.0%		0.7%	0.0%	0.0%	0.0%	-0.1%		0.0%		-0.1%
CLO	0.0%		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%		0.0%
Total ABS	21.1%		-0.1%		21.0%	0.6%	0.0%	0.6%	3.3%		0.0%		3.3%

Corporate Credit Sectors

	EXPOSURE
SECTORS	LONG	SHORT	NET
Consumer Discretionary	4.8%	-0.1%	4.7%
Consumer Staples	0.9%	0.0%	0.9%
Utilities	0.4%	0.0%	0.4%
Energy	4.4%	-0.2%	4.2%
Financials	0.8%	0.0%	0.8%
Healthcare	0.5%	0.0%	0.5%
Industrials & Materials	2.1%	0.0%	2.1%
Enterprise Technology	0.8%	0.0%	0.8%
Media & Internet	1.3%	0.0%	1.3%
Government	0.0%	0.0%	0.0%
Total	16.0%	-0.3%	15.7%

Structured Credit Tranches

Exposure
Tranche	Net
Senior	6.6%
Mezz	13.0%
Junior	0.9%
Other*	0.5%

Total Portfolio Positions Detail

MTD Winners9

Pinterest Inc

Private

IAA Inc

Danaher Corp

Sony Corp

MTD Losers9

Prudential PLC

Fidelity National Information Services

S&P Global Inc

Visa Inc.

Salesforce.com Inc.

YTD Winners9

Danaher Corp

Amazon.com Inc.

Alibaba Group Holding Ltd

Private

Short

YTD Losers9

Prudential PLC

Raytheon Technologies Corp

Airbus SE

Five Below Inc

Air Canada

Top Gross Equity Longs9

Prudential PLC

Pacific Gas & Electric Co

Alibaba Group Holding Ltd

The Walt Disney Co.

Danaher Corp

Top Gross Corporate Credit Longs9,10

Boeing Co/The

Carnival Corp

Petroleo Brasileiro SA

Marathon Petroleum Corp

Dell Inc.

Historical Performance (Since Dec 1996)

Third Point Offshore Fund, Ltd.	14.1%
MSCI World Index (TR)	6.8%
S&P 500 (TR)	8.3%

ASC Topic 820 Assets11

Level I	64%
Level II	26%
Level III	10%

Third Point Offshore Fund, Ltd. Historical Performance (Net)

YEAR	JAN	FEB	MAR	APR	MAY	JUN	JULY	AUG	SEPT	OCT	NOV	DEC	YTD
2020	1.1%	-6.6%	-11.3%	7.1%	1.5%	1.9%	3.8%	8.5%	-0.6%	-0.8%			3.0%
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 $1.7B 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. Any re-categorization of a position's exposure month-over-month will result in a change of classification for the associated attribution on a year-to-date basis.
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	Excludes any confidential positions, portfolio level hedges and EU MAR related positions.
10	Does not include ventures-related debt.
11	ASC Levels provided are as of September 30, 2020 for Third Point Offshore Master Fund, LP.
*	Other includes non-tranched ABS, CDS, and direct asset investments.

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:             [email protected]