Third Point Offshore Third Point September 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 September 2019 Performance 
 
10/2/2019 
 
Monthly Commentary 
 
In September, losses for Third Point Offshore Fund were primarily driven by 
Equities. Within Equities, the long portfolio was flat while the short book 
detracted meaningfully. Gains from the Credit strategy were offset by losses 
from the Other strategy. Within Credit, all subsectors generated gains with 
investments in Corporate Credit, Sovereign and ABS providing positive 
performance. 
 
Monthly Performance 
 
                          September         YTD 
 
Third Point Offshore        -2.2%          12.7% 
Fund, Ltd. 
 
MSCI World Index (Total      2.2%          18.2% 
Return) 
 
S&P 500 (Total Return)       1.9%          20.6% 
 
Historical Performance1 
 
                          Third Point 
                         Offshore Fund    MSCI World        S&P 500 
                             Ltd.        Index (Total   (Total Return) 
                                            Return) 
 
Annualized Return            14.5%           6.8%            8.2% 
 
Exposure and Performance2 
 
                        Exposure                           P&L 
 
                  Long      Short        Net       Long      Short        Net 
 
   Total L/S     95.9%     -56.7%      39.2%      -0.1%      -2.2%      -2.3% 
      Equity 
 
Total Credit     25.2%      -1.0%      24.2%       0.5%       0.0%       0.5% 
 
Total Other3     16.0%      -1.8%      14.2%      -0.2%      -0.2%      -0.4% 
 
Geographic Exposure 
 
                  Long      Short        Net 
 
    Americas      106%       -43%        63% 
 
        EMEA       20%        -7%        13% 
 
        Asia       11%        -9%         2% 
 
Top Positions4 
 
Baxter International Inc. 
 
Sony 
Corp. 
 
Nestlé SA 
 
United Technologies Corp. 
 
Campbell Soup Co. 
 
Market Capitalization5 
 
<$5B:   8% 
 
$5-10B: 8% 
 
>$10B: 84% 
 
Position Concentration 
 
                Top 10     Top 20 
 
        Long       53%        76% 
 
       Short       19%        28% 
 
1          All performance since inception, December 1996 (net of fees). 
 
 
2          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          Rates and FX excluded from the Exposure columns but included in the 
P&L columns. 
 
4          Single issuer positions only; excludes any confidential positions 
and EU MAR related 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 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 due to factors such as the 
performance of new issues. 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 
 

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October 02, 2019 02:00 ET (06:00 GMT)