Third Point Investors Ltd

Interim / Quarterly Report • May 5, 2021

National Storage Mechanism | Additional information

Third Point Investors Ltd - Third Point April 2021 Monthly Report

PR Newswire

London, May 5

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 April 2021 Performance

5/5/2021

Net Performance

	MTD	QTD	YTD
Third Point Offshore Fund, Ltd.	1.7%	1.7%	13.0%
MSCI World Index (Total Return)	4.7%	4.7%	10.0%
S&P 500 (Total Return)	5.3%	5.3%	11.8%

AUM Breakdown

Third Point Offshore Fund, Ltd.	$7.7 B
Firm1	$16.9 B

Portfolio Detail2

	EXPOSURE					GROSS MTD P&L3			GROSS YTD P&L3
	LONG	SHORT		NET		LONG	SHORT	NET	LONG	SHORT		NET
Equity
Activism/Constructivism4	17.4%		-4.7%		12.7%	-0.5%	-0.1%	-0.6%	2.4%		-1.0%		1.4%
Fundamental & Event	101.2%		-13.2%		88.0%	3.5%	-0.2%	3.2%	14.1%		-2.5%		11.6%
Portfolio Hedges5	0.0%		-21.6%		-21.6%	0.0%	-1.0%	-1.0%	0.0%		-2.1%		-2.1%
Total Equity	118.6%		-39.5%		79.2%	2.9%	-1.4%	1.5%	16.5%		-5.6%		10.9%
Credit
Corporate & Sovereign	11.9%		-0.1%		11.9%	0.4%	-0.1%	0.3%	1.4%		0.3%		1.7%
Structured	19.3%		-0.1%		19.3%	0.3%	0.0%	0.3%	1.4%		0.0%		1.4%
Total Credit	31.3%		-0.1%		31.1%	0.7%	-0.1%	0.6%	2.8%		0.3%		3.1%
Privates	7.7%		0.0%		7.7%	0.2%	0.0%	0.1%	2.4%		0.0%		2.4%
Side Pocket Privates	0.0%		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%		0.0%
Other6	4.3%		0.0%		4.3%	0.1%	-0.1%	0.0%	0.8%		-0.2%		0.6%
Total Portfolio	162.0%		-39.6%		122.3%	3.8%	-1.5%	2.3%	22.4%		-5.5%		17.0%

Equity Detail2

	EXPOSURE			GROSS MTD P&L3			GROSS YTD P&L3
EQUITY SECTORS	LONG	SHORT	NET	LONG	SHORT	NET	LONG	SHORT	NET
Consumer Discretionary	13.2%	-1.3%	11.9%	1.1%	0.0%	1.1%	1.3%	-0.1%	1.3%
Consumer Staples	1.8%	-1.4%	0.4%	0.1%	0.0%	0.1%	0.3%	-0.1%	0.2%
Utilities	6.4%	-2.4%	4.0%	-0.2%	-0.1%	-0.2%	-0.6%	-0.2%	-0.8%
Energy	1.8%	0.0%	1.8%	0.1%	0.0%	0.1%	0.2%	0.0%	0.2%
Financials	36.8%	-3.6%	33.2%	-1.1%	-0.1%	-1.2%	9.5%	-0.5%	9.0%
Healthcare	9.7%	-1.0%	8.7%	0.9%	0.0%	0.9%	1.3%	0.0%	1.3%
Industrials & Materials	13.4%	-2.4%	11.0%	0.8%	-0.1%	0.7%	0.9%	-0.8%	0.1%
Enterprise Technology	14.2%	-3.0%	11.2%	0.1%	-0.1%	-0.1%	1.7%	-0.7%	1.0%
Media & Internet	21.3%	-2.8%	18.5%	1.0%	0.1%	1.0%	2.0%	-1.2%	0.8%
Portfolio Hedges5	0.0%	-21.6%	-21.6%	0.0%	-1.0%	-1.0%	0.0%	-2.1%	-2.1%
Total	118.6%	-39.5%	79.2%	2.9%	-1.4%	1.5%	16.5%	-5.6%	10.9%

Equity Geographic Exposure

	LONG	SHORT	NET
Americas	97.9%	-33.8%	64.1%
EMEA	19.0%	-4.6%	14.4%
Asia ex-Japan	1.7%	-0.5%	1.2%
Japan	0.0%	-0.6%	-0.6%
Total	118.6%	-39.5%	79.2%

Equity Market Capitalization7

	LONG	SHORT	NET
>$50 billion	51.8%	-3.4%	48.5%
$25-50 billion	19.6%	-1.8%	17.8%
$10-25 billion	16.9%	-4.0%	12.9%
<$10 billion	30.3%	-1.5%	28.7%
Indices & Other	0.0%	-28.7%	-28.7%
Total	118.6%	-39.5%	79.2%

Equity Exposure8

	LONG	SHORT	NET
Delta-Adjusted	118.5%	-39.3%	79.2%
Beta-Adjusted	120.7%	-32.4%	88.3%
Dollar-Adjusted	118.8%	-36.2%	82.5%

Position9

	LONG	SHORT	TOTAL
Equity Positions	78	53	131
Top 10 Positions	48%	-26%
Top 20 Positions	73%	-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%	0.0%	0.0%		0.3%		0.4%
Investment Grade	3.3%		0.0%		3.3%	0.1%	0.0%	0.1%	0.0%		0.0%		0.0%
High Yield	5.0%		-0.1%		4.9%	0.1%	0.0%	0.1%	0.4%		0.0%		0.3%
Distressed	3.7%		0.0%		3.7%	0.2%	0.0%	0.2%	1.0%		0.0%		1.0%
Total Credit	11.9%		-0.1%		11.9%	0.4%	-0.1%	0.3%	1.4%		0.3%		1.7%
ABS
Residential Mortgages	14.8%		-0.1%		14.7%	0.3%	0.0%	0.3%	1.1%		0.0%		1.1%
Consumer ABS	4.0%		0.0%		4.0%	0.0%	0.0%	0.0%	0.3%		0.0%		0.3%
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	19.3%		-0.1%		19.3%	0.3%	0.0%	0.3%	1.4%		0.0%		1.4%

Corporate Credit Sectors

	EXPOSURE
SECTORS	LONG	SHORT	NET
Consumer Discretionary	3.6%	0.0%	3.6%
Consumer Staples	0.2%	0.0%	0.2%
Utilities	0.3%	0.0%	0.3%
Energy	2.8%	-0.1%	2.7%
Financials	0.9%	0.0%	0.9%
Healthcare	0.8%	0.0%	0.8%
Industrials & Materials	2.3%	0.0%	2.3%
Enterprise Technology	0.6%	0.0%	0.6%
Media & Internet	0.4%	0.0%	0.4%
Government	0.0%	0.0%	0.0%
Total	11.9%	-0.1%	11.9%

Structured Credit Tranches10

Exposure
Tranche	Net
Senior	7.4%
Mezz	9.1%
Junior	2.3%
Other	0.5%

Total Portfolio Positions Detail

MTD Winners11

Danaher Corp

IQVIA Holdings Inc

Alphabet Inc

IAA Inc

Amazon.com Inc.

MTD Losers11

Upstart Holdings, Inc.

Intel Corp

Macro A

Pacific Gas and Electric Co

JD.com Inc

YTD Winners11

Upstart Holdings, Inc.

Private

Social Finance, Inc.

Prudential PLC

Alphabet Inc

YTD Losers11

Pacific Gas and Electric Co

Short

Short

Short

JD.com Inc

Top Gross Equity Longs11

Upstart Holdings, Inc.

Prudential PLC

Pacific Gas and Electric Co

Intel Corp

Danaher Corp

Top Gross Corporate Credit Longs11,12

Boeing Co/The

American Airlines Inc

Callon Petroleum Co

Dell Technologies Inc

Vallourec SA

Historical Performance (Since Dec 1996)

Third Point Offshore Fund, Ltd.	15.1%
MSCI World Index (TR)	7.8%
S&P 500 (TR)	9.1%

ASC Topic 820 Assets13	PROFORMA OPT-OUT14	MASTER FUND
Level I	63%	63%
Level II	30%	30%
Level III	7%	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%	2.3%	1.7%										13.0%
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 collateral and other assets managed for SiriusPoint Ltd.
2	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, digital assets, and macro investments. Rates and FX related investments are excluded from exposure figures. MTD and YTD P&L of Other includes net attribution of macro investments, digital assets, 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 14	ASC Levels provided are as of March 31, 2021. Proforma Opt-Out ASC Levels show the percentage breakdown of the total absolute value of all leveled investments held by the fund as of March 31, 2021 excluding the absolute value of private investments held only by side pocket classes.

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 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.

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 well-known and widely recognized indices, the indices have 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 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 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 SiriusPoint 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]