TPOE Third Poi. E

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RNS Number : 4097T

Third Point Offshore Investors Ltd

19 November 2013

Third Point Offshore Investors Limited (the "Company")

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 47161)

Interim Management Statement

19 November 2013

This Interim Management Statement relates to the period from 1 July 2013 to 30 September 2013.

This Interim Management statement has been produced solely to provide additional information to shareholders of Third Point Offshore Investors Limited to meet the relevant requirements of the U.K. Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose. This statement has not been audited.

Investment Objective

The Company invests substantially all of its capital in Third Point Offshore Master Fund L.P. (the "Master Partnership") via Third Point Offshore Fund, Ltd. (the "Master Fund" or the "Fund"). The Master Partnership and Master Fund's investment objective is to provide its investors with consistent long-term capital appreciation, by using an event-driven, bottom-up fundamental approach to evaluate various types of securities throughout companies' capital structure.

Performance Summary to 30 September 2013

 
USD Class             30-Jun-2013  30-Sep-2013  % Change 
--------------------  -----------  -----------  -------- 
Share Price              13.87        14.91      7.50% 
--------------------  -----------  -----------  -------- 
Net asset value per 
 share                   15.76        16.58      5.20% 
--------------------  -----------  -----------  -------- 
Premium/(discount)      -12.0%       -10.1% 
--------------------  -----------  -----------  -------- 
 
EUR Class             30-Jun-2013  30-Sep-2013  % Change 
--------------------  -----------  -----------  -------- 
Share Price              13.70        14.25      4.01% 
--------------------  -----------  -----------  -------- 
Net asset value per 
 share                   15.15        15.91      5.02% 
--------------------  -----------  -----------  -------- 
Premium/(discount)       -9.6%       -10.4% 
--------------------  -----------  -----------  -------- 
 
GBP Class             30-Jun-2013  30-Sep-2013  % Change 
--------------------  -----------  -----------  -------- 
Share Price              13.75        14.75      7.27% 
--------------------  -----------  -----------  -------- 
Net asset value per 
 share                   15.16        15.94      5.15% 
--------------------  -----------  -----------  -------- 
Premium/(discount)       -9.3%        -7.5% 
--------------------  -----------  -----------  -------- 
 

As announced on 4 November 2013, the estimated 31 October 2013 NAVs of the USD Class, EUR Class and GBP Class were USD16.83, EUR16.14 and GBP16.19, representing an increase in the period since 30 September 2013 of 1.5%, 1.4% and 1.6% respectively.

Investment Manager's Review

Third Point LLC (the "Investment Manager" or the "Manager") generated solid risk-adjusted returns across each portfolio strategy in the third quarter of 2013. Performance was driven by profits in several active positions as well as by many smaller investments across sectors and geographies. Although various macro-economic concerns dampened the Investment Manager's outlook during the quarter, the Manager continued to find compelling new investment opportunities across the portfolio.

In the third quarter, the Fund returned 4.8%, slightly underperforming the market with approximately half of the market's equity exposure. Returns were led by the equity portfolio, which contributed 80% of total gains. Equity returns were largely attributable to successful single name stock selection resulting in significant alpha generation with modest volatility. Despite a limited amount of exposure, the credit strategy performed strongly across both the distressed and performing credit portfolios. The Manager's structured credit positions also generated positive returns.

The Investment Manager expects exposures to remain relatively consistent with current levels. The portfolio continues to be made up of compelling, attractively-valued, catalyst oriented situations which are appropriately sized to the Investment Manager's convictions. Risk management remains a core focus, and the portfolio is well-hedged using single-name shorts and a variety of macro, tail-risk hedges.

The Investment Manager provides additional transparency to the Master Fund's investors. On a monthly basis the Investment Manager discloses (via a RNS release) the Master Partnership's sector exposure and performance attribution, geographic exposure, exposure by market cap, and position concentrations.

Material Events

Other than those previously disclosed, the Board of the Company is not aware of any material events or transactions that have occurred between 30 June 2013 and the date of the publication of this statement, which would have a material impact on the financial position of the Company.

   Website:   www.thirdpointpublic.com 

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

   Tel:       +44 (0) 1481 745368 
   Email:   arm7@ntrs.com 

This information is provided by RNS

The company news service from the London Stock Exchange

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