Third Point Offshore Third Point February 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 February 2018 Performance 
                                   3/2/2018 
 
 
Monthly Commentary 
February performance was primarily driven by negative performance in core long 
equity positions across several sectors including Consumer, Healthcare, and 
TMT.   Short equity positions generated positive returns.  Asset-backed 
securities contributed the majority of gains in Credit. 
 
Monthly Performance 
 
                            February           YTD 
 
Third Point Offshore         -3.0%             0.7% 
Fund, Ltd. 
 
S&P 500                      -3.7%             1.8% 
 
Historical Performance1 
 
                           Third Point Offshore Fund Ltd.       S&P 500 
 
Annualized Return                       15.7%                     8.2% 
 
Exposure and Performance2 
 
                        Exposure                           P&L 
 
                  Long      Short        Net       Long      Short        Net 
 
   Total L/S     94.9%     -21.5%      73.4%      -3.9%       0.8%      -3.1% 
      Equity 
 
Total Credit     14.9%      -2.8%      12.1%       0.4%       0.0%       0.4% 
 
Total Other3     11.1%      -2.3%       8.8%      -0.4%       0.1%      -0.3% 
 
Geographic Exposure 
 
                  Long      Short        Net 
 
    Americas       94%       -26%        68% 
 
        EMEA       21%        -1%        20% 
 
        Asia        6%         0%         6% 
 
Top Positions4 
Baxter International Inc. 
Nestlé SA 
DowDuPont Inc. 
Facebook Inc. 
Alibaba Group Holding Ltd. 
 
Market Capitalization5 
<$5B: 6% 
$5-10B: 8% 
>10B: 86% 
 
Position Concentration 
 
            Top 10    Top 20 
 
Long         56%        76% 
 
Short        14%        18% 
 
 
 
 
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

March 02, 2018 02:00 ET (07:00 GMT)