5 October 2021
Third Point
Investors Limited
Monthly Update:
September 2021 NAV Performance
September
2021 Performance Highlights
· Third Point Investors Limited returned +3.7%
on a NAV basis in September 2021,
bringing full-year NAV performance to +31.6%.
· During the month the Company’s share price
rose +5.8%, bringing full-year share price returns to +38.7% to
date.
· The strong positive performance during the
period was led by the Fundamental & Event Equities segment of
the portfolio, and in particular by the continued strong
performance of Artificial Intelligence (AI)-focused non-bank lender
Upstart Holdings, Inc. Utility company Pacific Gas & Electric
Co. and IT services company Dell Technologies Inc. also
contributed.
· Detractors were led by endpoint
cybersecurity company SentinelOne Inc., media company The Walt
Disney Co., and Danaher Corp., a diversified life sciences and
diagnostics firm.
Full portfolio detail is available at
thirdpointlimited.com/portfolio-updates
Net Performance
|
MTD |
QTD |
YTD |
Third Point
Investors Ltd. (NAV)1 |
3.7% |
12.9% |
31.6% |
Third Point
Investors Ltd. (Price)2 |
5.8% |
8.9% |
38.7% |
Third Point Offshore
Fund, Ltd. |
3.6% |
12.5% |
29.5% |
MSCI World Index
(Total Return) |
-4.1% |
0.1% |
13.4% |
S&P 500 (Total
Return) |
-4.7% |
0.6% |
15.9% |
Key Statistics and AUM Summary
TPIL Leverage
Factor3 |
1.04x |
Premium/(Discount) to
NAV |
(14.7%) |
Third Point Offshore
Fund, Ltd. AUM |
$8.6
B |
Third Point
Investors Ltd. AUM4 |
$1.1
B |
Portfolio Detail5
The net weightings of the strategy at period-end were 77.6% in
Equity, 24.4% in Credit, 5.5% in Privates and 2.8% in Other. A
breakdown of positions, including major contributors and
detractors, is provided below, for further detail please visit:
thirdpointlimited.com/portfolio-updates
|
EXPOSURE |
GROSS MTD P&L6 |
GROSS YTD P&L6 |
|
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
LONG |
SHORT |
NET |
|
Equity |
113.6% |
-36.1% |
77.6% |
2.4% |
1.5% |
3.8% |
37.6% |
-7.4% |
30.2% |
|
|
Credit |
24.5% |
-0.1% |
24.4% |
0.3% |
0.1% |
0.4% |
5.2% |
0.2% |
5.4% |
|
|
Privates |
5.5% |
0.0% |
5.5% |
0.1% |
0.0% |
0.1% |
3.5% |
0.0% |
3.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Other7 |
2.8% |
0.0% |
2.8% |
0.1% |
0.0% |
0.1% |
-0.1% |
-0.2% |
-0.3% |
|
|
Total
Portfolio |
146.5% |
-36.1% |
110.3% |
2.9% |
1.5% |
4.4% |
46.2% |
-7.4% |
38.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Detail
MTD Contributors8
Upstart Holdings, Inc. (AI-driven lending platform)
Pacific Gas & Electric Co. (utility company)
Dell Technologies Inc. (IT services company)
Kadmon Holdings LLC (biopharmaceutical company)
Macro A (macro position)
MTD Detractors8
SentinelOne Inc. (endpoint cybersecurity company)
The Walt Disney Co. (media and entertainment company)
Danaher Corp. (diversified life sciences and diagnostics
company)
Alphabet Inc. (internet-based services company)
The Estee Lauder Cos. (personal care products company)
YTD Contributors8
Upstart Holdings, Inc. (AI-driven lending platform)
SentinelOne Inc. (endpoint cybersecurity company)
Social Finance, Inc. (financial services
platform)
Danaher Corp. (diversified life sciences and diagnostics
company)
Alphabet Inc. (internet-based services company)
YTD Detractors8
Paysafe Ltd. (integrated payments platform)
Pacific Gas and Electric Co. (utility company)
Uber Technologies Inc. (mobility company)
IAA Inc. (auto retailer)
Global Blue Group Holding AG (information technology and
payments services company)
Top Gross Equity Longs8
Upstart Holdings, Inc. (AI-driven lending company)
SentinelOne Inc. (endpoint cybersecurity company)
Prudential PLC (global insurance company)
Danaher Corp. (diversified life sciences and diagnostics
company)
Pacific Gas and Electric Co. (utility company)
Top Gross Corporate Credit
Longs8,9
Boeing Co/The (aviation manufacturer and servicer)
American Airlines Inc. (airline company)
Occidental Petroleum Corp. (energy company)
Callon Petroleum Co. (energy company)
Latam Airlines Group SA (airline company)
Press Enquiries
Buchanan PR |
Charles Ryland
charlesr@buchanan.uk.com
Tel: +44 (0)20 7466 5107
Henry Wilson
henryw@buchanan.uk.com
Tel: +44 (0)20 7466 5111
Notes to Editors
About Third Point Investors
Limited
www.thirdpointlimited.com
Third Point Investors Limited (LSE: TPOU) was listed on the
London Stock Exchange in 2007 and is a feeder fund that invests in
the Third Point Offshore Fund (the Master Fund), offering investors
a unique opportunity to gain direct exposure to founder Daniel S.
Loeb’s investment strategy. The Master Fund employs an
event-driven, opportunistic strategy to invest globally across the
capital structure and in diversified asset classes to optimize
risk-reward through a market cycle. TPIL’s portfolio is 100%
aligned with the Master Fund, which is Third Point’s largest hedge
fund. TPIL’s assets under management are currently $1.1
billion.
About Third Point LLC
Third Point LLC is an institutional investment manager that
actively engages with companies across their lifecycle, using
dynamic asset allocation and an ethos of continuous learning to
drive long-term shareholder return. Led by Daniel S. Loeb since its
inception in 1995, the Firm has a 37-person investment team, a
robust quantitative data and analytics team, and a deep, tenured
business team. Third Point manages approximately $19.3 billion in
assets for sovereign wealth funds, endowments, foundations,
corporate & public pensions, high-net-worth individuals, and
employees.
Footnotes
1 |
Reflects the levered
NAV return of Third Point Investors Limited. |
2 |
Reflects the total
share price return of Third Point Investors Limited. |
3 |
Reflects the leverage
factor applied to Third Point Investors Limited's investment into
Third Point Offshore Fund, Ltd. |
4 |
Reflects the net AUM
of Third Point Investors Limited. The AUM figure for Third Point
Investors Limited is included in the AUM of Third Point Offshore
Fund, Ltd. |
5 |
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. |
6 |
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. |
7 |
Primarily broad-based
market and equity-based hedges. |
8 |
Excludes any
confidential positions, portfolio level hedges and EU MAR related
positions. |
9 |
Does not include
ventures-related debt. |
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.
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