Third Point Offshore Investors Ltd - Third Point April Monthly Report

Third Point Offshore Investors Limited (the" Company")
(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 47181)

LEI: 549300WXTCG65AQ7V644

Third Point April 2018 Performance

5/2/2018

Monthly Commentary

In April, all strategies of the Third Point Offshore Fund generated positive results.  April performance was primarily driven by positive performance in core long equity positions across the TMT, Consumer, and Healthcare sectors.  Within Credit, gains from investments in Distressed and Asset-Backed Securities contributed to the fund's overall returns for the month.

Monthly Performance

	April	YTD
Third Point Offshore Fund, Ltd.	0.7%	0.1%
S&P 500	0.4%	-0.4%

Historical Performance¹

	Third Point Offshore Fund Ltd.	S&P 500
Annualized Return	15.5%	8.0%

Exposure and Performance²

	Exposure			P&L
	Long	Short	Net	Long	Short	Net
Total L/S Equity	91.0%	-31.4%	59.6%	0.7%	-0.4%	0.3%
Total Credit	14.1%	-3.7%	10.4%	0.3%	-0.1%	0.2%
Total Other3	9.9%	-1.0%	8.9%	-0.4%	0.6%	0.2%

Geographic Exposure

	Long	Short	Net
Americas	91%	-34%	57%
EMEA	19%	-2%	17%
Asia	5%	0%	5%

Top Positions⁴

Baxter International Inc.                                                                                                                                                        

Nestlé SA               

United Technologies Corp.                                                                                                                                     

DowDuPont Inc.                                   

Alibaba Group Holding Ltd.                                                                                                              

Market Capitalization⁵

<$5B: 10%

$5-10B: 8%

>$10B: 82%

Position Concentration

	Top 10	Top 20
Long	50%	69%
Short	16%	21%

1          All performance since inception, December 1996 (net of fees).              

2          Relates to the Third Point Offshore Master Fund L.P.

3          Rates and FX excluded from the Exposure columns but included in the P&L columns.

4          Single issuer positions only; excludes any confidential positions.

5          Market capitalization reflects only those holdings that are exchange-listed equity or any synthetic equity with an underlying reference instrument market capitalization.

Explanatory Note

Third Point Offshore 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. 

All performance results are based on the NAV of fee paying investors only and are presented net of management fees, brokerage commissions, administrative expenses, 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 only annually or upon withdrawal.  The performance results represent fund-level returns, and are not an estimate of any specific investor’s actual performance, which may be materially different from such performance depending on numerous factors.  All performance results are estimates and should not be regarded as final until audited financial statements are issued.  

While the performances of the Fund have 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 Fund whose holdings, performance and volatility may differ significantly from the securities that comprise the index.  Investors cannot invest directly in an index (although one can invest in an index fund designed to closely track such 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 Offshore Investors Limited, a feeder fund listed on the London Stock Exchange, and accordingly dealing or trading in the shares of that fund on the basis of such information may violate securities laws in the United Kingdom and elsewhere.

Website:      www.thirdpointoffshore.com

Enquiries:

Company Secretary – Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: [phone]
Email: [e-mail]

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