Third Point Offshore Third Point February 2020 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 2020 Performance 
 
3/4/2020 
 
Net Performance 
 
                           MTD     YTD 
 
Third Point Offshore      -6.6%   -5.6% 
Fund, Ltd. 
 
MSCI World Index (Total   -8.4%   -8.9% 
Return) 
 
S&P 500 (Total Return)    -8.2%   -8.3% 
 
AUM Breakdown 
 
Third Point Offshore      $6.0 B 
Fund, Ltd. 
 
Firm1                     $13.4B 
 
Portfolio Detail2 
 
                            EXPOSURE              GROSS MTD P&L3           GROSS YTD P&L3 
 
                    LONG    SHORT      NET     LONG    SHORT    NET    LONG    SHORT     NET 
 
Equity 
 
 Activism           50.0%    -10.9%    39.1%   -4.5%   1.0%    -3.5%   -4.2%     1.2%    -3.0% 
 
 Fundamental &      55.3%    -17.8%    37.5%   -4.2%   1.3%    -2.9%   -3.6%     1.2%    -2.4% 
Event 
 
 Portfolio Hedges4   0.0%     -6.5%    -6.5%   0.0%    0.3%    0.3%     0.0%     0.2%    0.2% 
 
Total Equity        105.3%   -35.2%    70.1%   -8.7%   2.6%    -6.1%   -7.8%     2.6%    -5.2% 
 
Credit 
 
 Corporate &         9.3%     0.0%     9.3%    -0.2%   -0.1%   -0.3%    0.0%    -0.1%    -0.1% 
Sovereign 
 
 Structured         14.5%     -0.1%    14.4%   0.0%    0.0%    0.0%     0.2%     0.0%    0.2% 
 
Total Credit        23.8%     -0.1%    23.7%   -0.2%   -0.1%   -0.3%    0.2%    -0.1%    0.1% 
 
Privates             9.9%     0.0%     9.9%    0.1%    0.0%    0.1%     0.2%     0.0%    0.2% 
 
Other5               0.0%     0.0%     0.0%    -0.2%   -0.1%   -0.3%   -0.3%    -0.1%    -0.4% 
 
Total Portfolio     139.0%   -35.3%   103.7%   -9.0%   2.4%    -6.6%   -7.7%     2.4%    -5.3% 
 
 
Equity Detail 
 
                         EXPOSURE             GROSS MTD P&L3          GROSS YTD P&L3 
 
EQUITY SECTORS     LONG    SHORT    NET    LONG    SHORT    NET    LONG    SHORT    NET 
 
 Consumer          16.3%   -3.0%   13.3%   -1.3%   0.4%    -0.9%   -1.5%   0.3%    -1.2% 
Discretionary 
 
 Consumer Staples  10.1%   -1.3%   8.8%    -0.7%   0.2%    -0.5%   -0.7%   0.2%    -0.5% 
 
 Energy            1.3%    -0.8%   0.5%    -0.3%   -0.1%   -0.4%   -0.4%   -0.1%   -0.5% 
 
 Financials        21.4%   -5.7%   15.7%   -1.0%   0.5%    -0.5%   -1.3%   0.5%    -0.8% 
 
 Healthcare        21.6%   -6.0%   15.6%   -1.4%   0.4%    -1.0%   -0.8%   0.5%    -0.3% 
 
 Industrials &     15.0%   -6.0%   9.0%    -2.1%   0.4%    -1.7%   -2.0%   0.4%    -1.6% 
Materials 
 
 Enterprise        9.4%    -4.9%   4.5%    -0.5%   0.4%    -0.1%   -0.1%   0.6%    0.5% 
Technology 
 
 Media & Internet  10.2%   -1.0%   9.2%    -1.4%   0.1%    -1.3%   -1.0%   0.0%    -1.0% 
 
 Portfolio         0.0%    -6.5%   -6.5%   0.0%    0.3%    0.3%    0.0%    0.2%    0.2% 
Hedges4 
 
Total             105.3%  -35.2%   70.1%   -8.7%   2.6%    -6.1%   -7.8%   2.6%    -5.2% 
 
Equity Geographic Exposure 
 
                   LONG   SHORT    NET 
 
Americas           61.8%  -24.4%  37.4% 
 
EMEA               33.9%  -6.9%   27.0% 
 
Asia ex-Japan      0.0%   -0.1%   -0.1% 
 
Japan              9.6%   -3.8%   5.8% 
 
Total             105.3%  -35.2%  70.1% 
 
Equity Market Capitalization6 
 
                   LONG    SHORT    NET 
 
>$50 billion       52.5%   -4.5%   48.0% 
 
$25-50 billion     33.4%   -2.1%   31.3% 
 
$10-25 billion     6.5%    -4.3%   2.2% 
 
<$10 billion       12.6%   -5.8%   6.8% 
 
Indices            0.3%   -18.5%  -18.2% 
 
Total             105.3%  -35.2%   70.1% 
 
Equity Exposure7 
 
                   LONG    SHORT   NET 
 
Delta-Adjusted    105.3%  -35.2%  70.1% 
 
Beta-Adjusted      94.4%  -30.0%  64.4% 
 
Dollar-Adjusted   102.6%  -33.9%  68.7% 
 
Equity Position 
 
                   LONG    SHORT  TOTAL 
 
Equity Positions       46      49     95 
 
Top 10 Long           60% 
Positions 
 
Top 20 Long           85% 
Positions 
 
MTD Winners8 
 
Short 
 
Short 
 
Short 
 
Everarc Holdings Ltd. 
 
Short 
 
MTD Losers8 
 
Sony Corp. 
 
Prudential plc 
 
Baxter International Inc. 
 
Centene Corp. 
 
Nestlé SA 
 
YTD Winners8 
 
Short 
 
Short 
 
Short 
 
Baxter International Inc. 
 
Private 
 
YTD Losers8 
 
Prudential plc 
 
Sony Corp. 
 
Centene Corp. 
 
EssilorLuxottica SA 
 
United Technologies Corp. 
 
Top Gross Longs8 
 
Prudential plc 
 
Sony Corp. 
 
Baxter International Inc. 
 
Nestlé SA 
 
EssilorLuxottica SA 
 
ASC Topic 820 Assets9 
 
Level I               73% 
 
Level II              19% 
 
Level III              8% 
 
Third Point Offshore Fund, Ltd. Historical Performance (Net) 
 
 YEAR   JAN   FEB   MAR   APR   MAY   JUN  JULY   AUG   SEPT    OCT   NOV   DEC    YTD 
 
 2020  1.1% -6.6%                                                                -5.6% 
 
 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 $1.7B in collateral and fixed income assets 
managed for TPRE. 
 
2. 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. 
 
 
 
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. Primarily broad-based market and equity-based 
hedges. 
 
 
5. Primarily currency hedges and speculative macro investments. Speculative 
rates and macro FX excluded from the exposure figures. Corresponding net 
exposure is 0.0% for rates and (6.53%) for FX. MTD and YTD P&L of Other 
includes attribution of speculative macro investments as well as residual gains 
and losses attributable to unhedged currency movements relative to 
USD. 
 
 
6. Market capitalization reflects only those holdings that are exchange-listed 
equity or any synthetic equity with an underlying reference instrument market 
capitalization. 
 
 
7. 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. 
 
 
8. Excludes any portfolio level hedges and EU MAR related 
positions. 
 
9. ASC Levels provided are as of December 31, 2019 for Third Point Offshore 
Master Fund, 
LP. 
 
 
Important Notes and Disclaimers 
 
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. 
 
Unless otherwise noted, P&L, exposure, and position level information are 
presented at the master fund level where applicable. 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 a well-known and widely recognized index, the index has 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 
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, or Third Point Reinsurance 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.thirdpointoffshore.com 
 
Enquiries: 
 
Company Secretary - Northern Trust International Fund Administration Services 
(Guernsey) Limited 
Tel:              [phone] 
Email:         [e-mail] 
 
 
 
END 
 

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March 04, 2020 02:00 ET (07:00 GMT)