Third Point Investors Ltd Monthly Update: May 2023 NAV Performance

 
TIDMTPOU TIDMTPOS 
 
6 June 2023 
 
Third Point Investors Limited 
 
Monthly Update: May 2023 NAV Performance 
 
May 2023 Performance Highlights 
 
  · Third Point Investors Limited returned -0.9% on a NAV basis in May 2023, 
compared with a 
 
-0.9% return for the MSCI World Index and a 0.4% return for the S&P 500 Index. 
 
  · During the month the Company's share price returned -1.3%, reflecting a 
widening in the discount to NAV from 17.6% to 18.0%. 
 
  · The top contributors for the month included media and internet company 
Alphabet Inc., e-commerce company Amazon.com Inc., and infrastructure software 
company Microsoft Inc. 
 
  · The top detractors for the month included industrials and materials company 
International Flavors & Fragrances Inc., media company Vivendi SE, and a short 
position. 
 
Full portfolio detail is available at 
https://www.thirdpointlimited.com/resources/portfolio-updates 
 
Net Performance 
 
+-----------------------------------+-----+-----+-----+ 
|                                   |MTD  |QTD  |YTD  | 
+-----------------------------------+-----+-----+-----+ 
|Third Point Investors Ltd. (NAV)1  |-0.9%|-0.1%|-5.1%| 
+-----------------------------------+-----+-----+-----+ 
|Third Point Investors Ltd. (Price)2|-1.3%|3.0% |-8.0%| 
+-----------------------------------+-----+-----+-----+ 
|Third Point Offshore Fund, Ltd.    |-0.6%|0.0% |-4.2%| 
+-----------------------------------+-----+-----+-----+ 
|MSCI World Index (Total Return)    |-0.9%|0.9% |8.8% | 
+-----------------------------------+-----+-----+-----+ 
|S&P 500 (Total Return)             |0.4% |2.0% |9.6% | 
+-----------------------------------+-----+-----+-----+ 
 
Key Statistics and AUM Summary 
 
+-----------------------------------+-------+ 
|TPIL Gearing Factor3               |1.25x  | 
+-----------------------------------+-------+ 
|Premium/(Discount) to NAV          |(18.0%)| 
+-----------------------------------+-------+ 
|Third Point Offshore Fund, Ltd. AUM|$4.6 B | 
+-----------------------------------+-------+ 
|Third Point Investors Ltd. Net AUM4|$0.6 B | 
+-----------------------------------+-------+ 
 
Portfolio Detail5 
 
The net weightings of the strategy at period-end were 50.5% in Equity, 39.4% in 
Credit, 8.7% in Privates and 0.0% in Other. A breakdown of positions, including 
major contributors and detractors, is provided below. For further detail please 
visit: https://www.thirdpointlimited.com/resources/portfolio-updates 
 
          EXPOSURE               GROSS MTD P&L6       NET MTD P&L7  GROSS YTD 
P&L6        NET YTD P&L7 
          LONG  SHORT  NET       LONG   SHORT  NET    NET           LONG  SHORT 
NET      NET 
 
Equity    84.2%   -33.7%  50.5%  -1.4%  1.0%   -0.4%  -0.5%         -0.9% 
-3.8%  -4.7%  -5.2% 
 
Credit    39.9%   -0.5%   39.5%  0.0%   0.2%   0.2%   0.1%          2.0%    0.0% 
2.0%   1.7% 
 
Privates  8.7%    0.0%    8.7%   -0.2%  0.0%   -0.2%  -0.2%         -0.4%   0.0% 
-0.4%  -0.4% 
 
Other8    0.0%    0.0%    0.0%   0.0%   0.0%   -0.1%  0.0%          -0.1% 
-0.1%  -0.2%  -0.2% 
 
Total     132.9%  -34.2%  98.7%  -1.6%  1.1%   -0.4%  -0.6%         0.7% 
-3.9%  -3.2%  -4.2% 
 
Portfolio Detail 
 
MTD Contributors9 
 
Alphabet Inc. (media and internet company) 
 
Amazon.com Inc. (e-commerce company) 
 
Microsoft Corp. (infrastructure software company) 
 
Short 
 
TSMC (semiconductor manufacturing company) 
 
MTD Detractors9 
 
International Flavors & Fragrances Inc. (industrials and materials company) 
 
Vivendi SE (media company) 
 
Short 
 
Catalent Inc. (healthcare company) 
 
Teck Resources (metals and mining company) 
 
YTD Contributors9 
 
Salesforce Inc. (software company) 
 
Microsoft Corp. (infrastructure software company) 
 
Advanced Micro Devices (semiconductor company) 
 
The Walt Disney Co. (entertainment and media company) 
 
LVMH Moet Hennessy Louis Vuitton (luxury consumer goods company) 
 
YTD Detractors9 
 
Fidelity National Info Services (financials company) 
 
Danaher Corp. (diversified life sciences and diagnostics company) 
 
Bath & Body Works Inc. (consumer goods company) 
 
American International Group Inc. (insurance company) 
 
International Flavors & Fragrances Inc. (industrials and materials company) 
 
Top Gross Equity Longs9 
 
Pacific Gas and Electric Co. (utility company) 
 
Danaher Corp. (diversified life sciences and diagnostics company) 
 
Microsoft (infrastructure software company) 
 
Bath & Body Works Inc. (consumer goods company) 
 
Amazon.com Inc. (e-commerce company) 
 
Top Gross Corporate Credit Longs9,10 
 
Radiate Holdco LLC (cable company) 
 
Frontier Communications Holdings (telecommunications company) 
 
The Michaels Cos Inc. (consumer goods company) 
 
PNC Financial Services Group (financials company) 
 
Community Health Systems Inc. (healthcare company) 
 
Press Enquiries 
 
Buchanan PR 
Charles Ryland 
 
[e-mail] ([e-mail]) 
 
Tel: [phone] 
 
Henry Wilson 
 
[e-mail] 
 
Tel: [phone] 
 
Notes to Editors 
 
About Third Point Investors Limited 
 
www.thirdpointlimited.com 
 
Third Point Investors Limited (LSE: TPOU) 
was listed on the London Stock Exchange in 
2007 and is a feeder fund that invests in 
the Third Point Offshore Fund (the Master 
Fund), offering investors a unique 
opportunity to gain direct exposure to 
founder Daniel S. Loeb's investment 
strategy. The Master Fund employs an event 
-driven, opportunistic strategy to invest 
globally across the capital structure and in 
diversified asset classes to optimize risk 
-reward through a market cycle. TPIL's 
portfolio is 100% aligned with the Master 
Fund, which is Third Point's largest 
investment strategy. TPIL's assets under 
management are currently $600 million. 
 
About Third Point LLC 
 
Third Point LLC is an institutional 
investment manager that actively engages 
with companies across their lifecycle, using 
dynamic asset allocation and an ethos of 
continuous learning to drive long-term 
shareholder return. Led by Daniel S. Loeb 
since its inception in 1995, the Firm has a 
39-person investment team, a robust 
quantitative data and analytics team, and a 
deep, tenured business team. Third Point 
manages approximately $12.0 billion in 
assets for sovereign wealth funds, 
endowments, foundations, corporate & public 
pensions, high-net-worth individuals, and 
employees. 
 
Footnotes 
 
1   Reflects the NAV return of Third Point 
Investors Limited inclusive of 
    gearing. 
2   Reflects the total share price return of 
Third Point Investors Limited. 
3   The Company introduced a gearing 
mechanism in 2021 and chose to 
    discontinue it as of 2 June 2023. The 
Investment Manager does not charge 
    a management fee on the original net 
proceeds invested in the Master 
    Fund as a result of such gearing. 
Gearing factor is defined as total 
    assets divided by the total assets less 
debt. 
4   Reflects the total AUM less borrowings 
and other liabilities of Third 
    Point Investors Limited. The net AUM 
figure for Third Point Investors 
    Limited is included in the AUM of Third 
Point Offshore Fund, Ltd. 
5   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. 
6   Gross P&L attribution does not reflect 
the deduction of management fees, 
    incentive 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 and incentive allocations 
    customarily charged by Adviser. 
7   The net P&L figures are included because 
of the SEC's new marketing rule 
    and guidance. Third Point does not 
believe that this metric accurately 
8   reflects net P&L for the referenced 
investment or sub-portfolio group of 
    investments as explained more fully 
below. Specifically, net P&L 
    attribution reflects the allocation of 
the highest management fee (2% 
    per annum), in addition to leverage 
factor multiple, if applicable, and 
    incentive allocation rate (20%), and an 
assumed operating expense ratio 
    (0.3%), to the aggregate underlying 
positions in the referenced sub 
    -portfolio group's gross P&L, or 
referenced individual position level 
    gross P&L, as applicable. The management 
fees and operating expenses are 
    allocated for the period proportionately 
based on the average gross 
    exposure of the aggregate underlying 
positions of the referenced sub 
    -portfolio group, or referenced 
individual position, as applicable. The 
    implied incentive allocation is based on 
the deduction of management fee 
    and expense ratio from the Fund level 
gross P&L attribution for the 
    period. The incentive allocation is 
accrued for each period to only 
    those positions within the referenced 
sub-portfolio group, or referenced 
    individual position, as applicable, with 
i) positive P&L and, ii) if 
    during the current MTD period there is 
an incentive allocation. In MTD 
    periods where there is a reversal of 
previously accrued incentive 
    allocation, the impact of the reversal 
will be based on the previous 
    month's YTD accrued incentive 
allocation. The assume operating expense 
    ratio noted herein is applied uniformly 
across all underlying positions 
    in the referenced sub-portfolio group or 
referenced individual 
    investment, as applicable, given the 
inherent difficulty in determining 
    and allocating the expenses on an 
investment or sub-portfolio group 
    basis. If expenses were to be allocated 
on an investment or sub 
    -portfolio group basis, the net P&L 
would likely be different for each 
    referenced investment or sub-portfolio 
group, as applicable. 
 

    Includes broad-based market and equity 
-based hedges. 
9   Excludes any confidential positions, 
portfolio level equity hedges and 
    EU MAR related positions. 
10  Does not include private debt. 
 
Important Notes and Disclaimers 
 
Third Point Investors Limited (the 
"Company") 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. 
(the "Fund"). Exposures are categorized in a 
manner consistent with the Investment 
Manager's classifications for portfolio and 
risk management purposes in its sole 
discretion. 
 
Performance results are presented net of 
management fees, brokerage commissions, 
administrative expenses, and accrued 
incentive allocation, if any, and include 
the reinvestment of all dividends, interest, 
and capital gains. While incentive 
allocations are accrued monthly, they are 
deducted from investor balances only 
annually or upon withdrawal. From Fund 
inception through December 31, 2019, Third 
Point Offshore Fund, Ltd.'s historical 
performance has been calculated using the 
actual management fees, incentive 
allocations, and expenses paid by the Fund. 
The actual management fees and incentive 
allocations paid by the Fund reflect a 
blended rate of management fees and 
incentive allocations based on the weighted 
average of amounts invested in different 
share classes subject to different 
management fee and/or incentive allocation 
terms. Such management fee rates have ranged 
over time from 1.25% to 3% per annum. The 
amount of incentive allocations applicable 
to any one investor in the Fund will vary 
materially depending on numerous factors, 
including without limitation: the specific 
terms, the date of initial investment, the 
duration of investment, the date of 
withdrawal, and market conditions.  As such, 
the net performance shown for the Fund from 
inception through December 31, 2019 is not 
an estimate of any specific investor's 
actual performance. During this period, had 
the highest management fee and incentive 
allocation been applied solely, performance 
results would likely be lower. For the 
period beginning January 1, 2020, the Fund's 
historical performance shows indicative 
performance for a new issues eligible 
investor in the highest management fee (2% 
per annum) and incentive allocation rate 
(20%) class of the Fund, who has 
participated in all side pocket private 
investments (as applicable) from March 1, 
2021 onward. Net performance reflects the 
deduction of operating expenses paid by the 
Fund during the period. An individual 
investor's performance may vary based on 
timing of capital transactions. The 
inception date for Third Point Offshore 
Fund, Ltd. is December 1, 1996. All 
performance results are estimates and 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. 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 Fund 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 Fund 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, offer or solicitation to buy 
or sell securities including those of the 
Company in the United States or in any other 
jurisdiction, nor shall it, or the fact of 
its distribution, form the basis of, or be 
relied upon, in connection with any contract 
therefor. 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. 
 
The Company has not been and will not be 
registered under the US Investment Company 
Act of 1940, as amended (the "Investment 
Company Act"). In addition, the shares in 
the Company have not been and will not be 
registered under the US Securities Act of 
1933, as amended (the "Securities Act"). 
Consequently, shares in the Company may not 
be offered, sold or otherwise transferred 
within the United States or to, or for the 
account or benefit of, US Persons (as 
defined in the Securities Act). No public 
offering of any shares in the Company is 
being, or has been, made in the United 
States. 
 
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, and accordingly 
dealing or trading in the shares of the 
listed instrument on the basis of such 
information may violate securities laws in 
the United Kingdom, United States and 
elsewhere. 
 
 
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June 06, 2023 02:00 ET (06:00 GMT)