Third Point Offshore Third Point October Monthly Report
04 Noviembre 2019 - 1:00AM
UK Regulatory
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 October 2019 Performance
11/4/2019
Monthly Commentary
In October, losses for Third Point Offshore Fund were primarily driven by
Equity investments. Equity shorts detracted meaningfully while the long
portfolio was flat as losses in Healthcare and Consumer investments outweighed
modest gains in Industrial and Financial sector positions. The Other strategy
posted a small net gain due to investments in Risk Arbitrage. In Credit, ABS
investments generated profits while investments in Distressed Credit detracted,
resulting in a net loss in the strategy for the month.
Monthly Performance
October YTD
Third Point Offshore -1.2% 11.3%
Fund, Ltd.
MSCI World Index (Total 2.6% 21.2%
Return)
S&P 500 (Total Return) 2.2% 23.2%
Historical Performance1
Third Point
Offshore Fund MSCI World S&P 500
Ltd. Index (Total (Total Return)
Return)
Annualized Return 14.4% 6.9% 8.3%
Exposure and Performance2
Exposure P&L
Long Short Net Long Short Net
Total L/S 94.7% -55.9% 38.8% 0.0% -1.1% -1.1%
Equity
Total Credit 26.5% -1.1% 25.4% -0.3% 0.0% -0.3%
Total Other3 16.6% -1.9% 14.7% 0.4% -0.2% 0.2%
Geographic Exposure
Long Short Net
Americas 105% -41% 64%
EMEA 21% -8% 13%
Asia 12% -10% 2%
Top Positions4
Sony Corp.
Baxter International Inc.
Nestlé SA
United Technologies Corp.
EssilorLuxottica SA
Market Capitalization5
<$5B: 6%
$5-10B: 9%
>$10B: 85%
Position Concentration
Top 10 Top 20
Long 51% 75%
Short 19% 26%
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: +44 148-174-5385
Email: sw171@ntrs.com
END
(END) Dow Jones Newswires
November 04, 2019 02:00 ET (07:00 GMT)
Third Point Investors (LSE:TPOS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Third Point Investors (LSE:TPOS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
