Third Point Investors Third Point April 2021 Monthly Report

 
TIDMTPOU TIDMTPOS 
 
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      1.7%     1.7%    13.0% 
Fund, Ltd. 
 
MSCI World Index (Total   4.7%     4.7%    10.0% 
Return) 
 
S&P 500 (Total Return)    5.3%     5.3%    11.8% 
 
AUM Breakdown 
 
Third Point Offshore      $7.7 B 
Fund, Ltd. 
 
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/           17.4%     -4.7%    12.7%   -0.5%   -0.1%   -0.6%    2.4%    -1.0%    1.4% 
Constructivism4 
 
 Fundamental &      101.2%   -13.2%    88.0%   3.5%    -0.2%   3.2%    14.1%    -2.5%    11.6% 
Event 
 
 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 &        11.9%     -0.1%    11.9%   0.4%    -0.1%   0.3%     1.4%     0.3%    1.7% 
Sovereign 
 
 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          0.0%     0.0%     0.0%    0.0%    0.0%    0.0%     0.0%     0.0%    0.0% 
Privates 
 
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          13.2%   -1.3%   11.9%   1.1%    0.0%    1.1%    1.3%    -0.1%   1.3% 
Discretionary 
 
 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 &     13.4%   -2.4%   11.0%   0.8%    -0.1%   0.7%    0.9%    -0.8%   0.1% 
Materials 
 
 Enterprise        14.2%   -3.0%   11.2%   0.1%    -0.1%   -0.1%   1.7%    -0.7%   1.0% 
Technology 
 
 Media & Internet  21.3%   -2.8%   18.5%   1.0%    0.1%    1.0%    2.0%    -1.2%   0.8% 
 
 Portfolio         0.0%   -21.6%  -21.6%   0.0%    -1.0%   -1.0%   0.0%    -2.1%   -2.1% 
Hedges5 
 
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        14.8%     -0.1%    14.7%   0.3%    0.0%    0.3%     1.1%     0.0%    1.1% 
Mortgages 
 
 Consumer ABS        4.0%     0.0%     4.0%    0.0%    0.0%    0.0%     0.3%     0.0%    0.3% 
 
Commercial           0.6%     0.0%     0.6%    0.0%    0.0%    0.0%     0.0%     0.0%    0.0% 
Mortgages 
 
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          3.6%    0.0%    3.6% 
Discretionary 
 
 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 &     2.3%    0.0%    2.3% 
Materials 
 
 Enterprise        0.6%    0.0%    0.6% 
Technology 
 
 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       15.1% 
Fund, Ltd. 
 
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 ASC Levels provided are as of March 31, 2021. 
14 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:                [phone] 
Email:            [e-mail] 
 
 
 
END 
 
 

(END) Dow Jones Newswires

May 05, 2021 02:00 ET (06:00 GMT)