Third Point Offshore Third Point April Monthly Report

 
TIDMTPOG TIDMTPOU 
 
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          0.7%             0.1% 
Fund, Ltd. 
 
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     91.0%     -31.4%      59.6%       0.7%      -0.4%       0.3% 
      Equity 
 
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] 
 
 
 
END 
 

(END) Dow Jones Newswires

May 02, 2018 02:00 ET (06:00 GMT)