Third Point Investors Share Discussion Threads

[spectoacc] 05/12/2022 08:39

No posts for over a year, appears they've given back (almost exactly in the past 12 months what they'd gained in the previous?

[grahamg8] 15/11/2021 17:21

Bought on Friday. Part of the story was the new Shell holding. Lo and behold Shell go for simplifying the business on Monday. Just as TPOU wanted. Timing right for once.

[rambutan2] 03/11/2021 02:07

The estimated NAV of the under mentioned class of shares of no par value in the
Company, as at the close of business on 31st October 2021 is:

CLASS NAV MTD Performance YTD Performance

USD Shares USD $36.09 4.7% 37.9%

[rambutan2] 27/10/2021 20:41

And to complete, the now more detailed monthly:

[rambutan2] 27/10/2021 20:23

Onwards and upwards as the 3rd quarter investor letter is published today, including some suggestions for Shell:



Early evening acknowledgement:

[rambutan2] 11/8/2021 20:28

2nd quarter investor letter out last week:

[pugugly] 14/7/2021 08:46

Discount narrowed significanly - Too late to get on board?

[rambutan2] 01/7/2021 20:43

1 July 2021

SentinelOne Completes Successful NYSE IPO

· TPIL has backed the company with both capital and board expertise since
becoming an early investor in 2015, and added to its position on the IPO

· Cybersecurity company's AI-powered technology is seeing rapid growth

· Highlights compelling value proposition of private markets exposure as
part of TPIL's flexible investment mandate

Third Point, the Investment Manager of the London-listed, multi-strategy Third
Point Investors Limited ("TPIL" or the "Company"), is pleased to announce that
portfolio holding SentinelOne, Inc. ("SentinelOne") executed a successful
initial public offering on 30 June 2021, representing an important milestone in
the cybersecurity company's trajectory.

At SentinelOne's (NYSE: S) closing valuation of $42.50 per share on 30 June,
implying a market capitalization of approximately $11 billion, the Company
estimates the resulting uplift to its 31 May NAV to be 1.9%. SentinelOne
comprises about 6% of Third Point's flagship Cayman fund (the "Master Fund")
portfolio as of the end of June and with the appreciation is now a Top 5
position.

Led by Co-Founder and CEO Tomer Weingarten, SentinelOne pioneered the world's
first purpose-built, AI-powered extended detection and response cybersecurity
platform, helping make defence truly autonomous. Its Singularity Platform
instantly defends against cyberattacks, performing at a rapid speed, great
scale, and high accuracy. The speed of pinpointing digital threats is an
increasingly critical global need, underscored by several recent high-profile
ransomware attacks. SentinelOne currently serves more than 4,700 corporate,
government and non-profit customers, and is growing annual recurring revenue
(ARR) by more than 100% based on Q1 2021 year-over-year figures.

Third Point's venture arm first invested in SentinelOne in 2015, leading its
Series B funding round and taking a board seat. Since that time, the Investment
Manager has advised the company on go-to-market strategy and capital markets
approach, as well as having participated pro-rata in subsequent funding rounds.
Importantly, Third Point chose to add to its position on the IPO, reflecting
the enduring conviction it holds in management and in the prospects of the
firm. The market capitalization of SentinelOne based on its first day of
trading is more than 100 times the value of where Third Point led the Series B
round.

SentinelOne's public market debut marks the second high-profile traditional IPO
of Third Point's 2015 expansion stage venture capital vintage in the past six
months, with AI-driven lender Upstart (NASDAQ: UPST) having been listed since
December 2020 and appreciating more than five times in value since. Upstart is
now the Master Fund portfolio's largest position and has been a significant
performance contributor on a year-to-date basis.

The Company considers the flexibility to invest in private market opportunities
to be a differentiated feature of the security and is an area where the
Investment Manager can apply the same shareholder engagement it is known for
across public equities and credit. This aligns with the Company's recent
announcement of 1 April 2021 to allow an increased allocation to venture
capital and private equity investments, to up to 20% of NAV.

[rambutan2] 29/6/2021 20:08

From a few months ago in the 1st quarter newsletter:

Our three top winners in Q1 were born out of our private investing efforts – Upstart, which went public last December; SentinelOne, which is still private but was marked up based on recent secondary transactions and an independent valuation; and SoFi, which agreed to go public via a SPAC transaction in January. These investments were made approximately six years ago, when the companies had relatively new products and scant revenues. It has been gratifying to see each of them grow and their management teams evolve and mature as they innovated, met customer needs, and added significant returns and alpha to our portfolio. These companies also highlight our approach to lifecycle investing. Entering early allows us to acquire significant ownership in great companies at an entry price that is a small fraction of their ultimate public valuations. We own approximately 15% of Upstart and 10% of SentinelOne. We initially invested in Upstart at a $145 million valuation (currently a $7 billion market cap) and SentinelOne at a $73 million valuation (still privately held). We sat on their boards throughout their journey from start-ups to mature businesses, adding value in a variety of areas from talent acquisition to go-to-market strategies to navigating capital markets. Unlike a traditional VC firm, we see an IPO as just another stage in the company’s lifecycle and can continue both our board involvement and financial investment in these world-class companies following their public listings.

[sirrux] 28/5/2021 11:43

Haha, it's a bargain - might help if the NAVs could be issued daily like they are for other trusts. I view this fund very differently than the 5 years pre-COVID which if anyone's looking at the past (2014 - 2019) might think there's a justification for the discount but going forwards it looks very strong to me.

[rambutan2] 26/5/2021 18:46

This will be fun!

...We, and we believe other shareholders (“Shareholders”) in TPIL, have significant concerns with the performance of TPIL in terms of the persistent discount at which the Ordinary Shares have traded, and continue to trade, to their underlying Net Asset Value ("NAV"). We also believe the recommendations of the strategic review announced by TPIL on 1 April 2021 ("Strategic Review") fall woefully short of the structural changes that we believe are necessary to cure TPIL's continuing trading discount to NAV problem. In the second part of this letter, we give further background to the action we now wish to take and provide our substantive critique of the Strategic Review.

We believe the best way in which to address the persistent discount to NAV is to take more drastic action in terms of a change to TPIL's investment policy. We propose that the investment policy of TPIL be changed such that - to the extent required by Shareholders wishing to realise part or all their investments in TPIL - TPIL should seek to redeem its Class E and Class N Shares in the Master Fund (subject to the quarterly investor level redemption gate) and utilise the proceeds in offering Shareholders who wish to realise their investments in TPIL periodic opportunities to do so at the discretion of the TPIL Board (by way of tender offer, share buy-back or otherwise) at a price as near as possible to NAV (less related costs)...

[rambutan2] 23/4/2021 20:29

AR published:

[sirrux] 08/4/2021 15:21

Can't really fault this one.

[rambutan2] 14/2/2021 20:57

A good 4th quarter leaving TPOU nav up 20% for the year:



Noted from letter that owns approx 18% of recent IPO Upstart (UPST), which has been on a tear since listing:

ir.upstart.com/investor-relations

[rambutan2] 17/12/2020 20:45

The estimated NAV of the under mentioned class of shares of no par value in the
Company, as at the close of business on 15th December 2020 is:

CLASS NAV MTD Performance YTD Performance

USD Shares USD 25.20 3.4% 19.1%

[rambutan2] 20/11/2020 22:10

Having a very good month, so far:

The following figures are estimated net returns of Third Point Offshore Fund,
Ltd. for the month of November and for the year 2020 as of November 18, 2020:

November YTD 2020

+8.1% +11.3%

[rambutan2] 24/10/2020 21:20

Bought a few in April as remembered how well Mr Leob had performed coming out of the GFC. In particular, his success in distressed credit. This time, thanks to the Fed, the credit opp hasn't really come about, but TPOU has done ok and the shares better as the discount has come in. I'm happy to hold for the time being.

[rambutan2] 05/12/2018 18:05

Had rubbish performance and currently at big discount. Will continue to watch.

[rambutan2] 30/7/2018 18:30

Trading in sterling of the U.S. Dollar Shares is expected to take effect from 8:00 am on 27 July 2018.

[rambutan2] 30/7/2018 18:24

Worth noting:

25th July 2018

Completion of 30th June 2018 Share Conversion and Additional Sterling Quote

(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)

Following the publication on 25th July 2018 of final month-end net asset values for

30th June 2018 the following share conversion ratios have been determined in accordance with the Articles of Incorporation of the Company for the purposes of the 30th June 2018 share conversion date:
1.241194 US Dollar shares for each Sterling share
0.8056798 Sterling shares for each US Dollar share

On the basis of aggregate applications received and using the conversion ratios listed above, the following shares will be converted:

USD 0 shares of no par value into 0 GBP shares

GBP 1,553,767 shares of no par value into 1,928,433 USD shares

The Company’s Articles of Incorporation provide that whenever a number of shares is converted from one currency class to another, a corresponding number of unlisted B shares shall be converted so as to maintain the set ratio of B shares to ordinary shares. On this basis, the following B shares will be converted:

1,035,860 Sterling B shares of no par value into 1,285,703 US Dollar shares

0 US Dollar B shares of no par value into 0 Sterling B shares

Following conversion of the relevant shares, the total number of shares in issue in each class will be as follows:

50,004,787 US Dollar shares; and
0 Sterling shares

33,336,625 Dollar B shares; and
0 Sterling B shares

Application has been made to the Financial Conduct Authority (“FCA”) for the 1,928,433 new US Dollar shares to be admitted to the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange’s main market for listed securities on or around 27th July 2018

The Share conversion took place on 23rd July 2018

The Company announced on 20 June 2018 that in order to simplify its share capital structure, the Company’s ordinary shares denominated in sterling are to be converted into ordinary shares denominated in U.S. dollars to create a share class with a single denomination (“U.S. Dollar Shares”).

The Company today announces that is has made an application to the London Stock Exchange for a dual quote structure to be adopted allowing the U.S. Dollar Shares to be quoted in both sterling (the “Sterling Quote”) and US dollars (the “U.S. Dollar Quote”). Trading in sterling of the U.S. Dollar Shares is expected to take effect from 8:00 am on 27 July 2018.

As set out in the table below:

The existing TPOU ISIN will apply for the U.S. Dollar Quote and the Sterling Quote;
The existing SEDOL and TIDM will continue to apply for the U.S. Dollar Quote;
A new SEDOL and TIDM will be introduced for the Sterling Quote:

U.S. Dollar Quote Sterling Quote
ISIN GG00B1YQ7219 GG00B1YQ7219
SEDOL B1YQ721 BD2Z0L4
TIDM TPOU TPOS

[atholl91] 31/8/2017 13:08

Picked up a few today as 14.7% disc to NAV too wide for Daniel Loeb's quality.

[jonwig] 28/2/2014 06:20

Loeb pushes for board seats at Sotheby's:

[jonwig] 14/11/2013 07:22

Right on time: 84c, xd 20/11 pay 05/12.

[jonwig] 13/11/2013 12:13

Yup - 500 only.