Last checked at 4 Feb 2022 07:00
Third Point Investors Ltd - Monthly Update: January 2022 NAV PerformanceThird Point Investors Ltd - Monthly Update: January 2022 NAV Performance
PR Newswire
London, February 4
4 February 2022
Third Point Investors Limited
Monthly Update: January 2022 NAV Performance
January 2022 Performance Highlights
Third Point Investors Limited returned -8.7% on a NAV basis in January 2022. During the month the Company’s share price declined -12.9%. Underperformance during the period was led by the Fundamental & Event Equities segment of the portfolio, and in particular by AI-driven lending platform Upstart Holdings Inc. and cybersecurity company SentinelOne Inc. Danaher, a diversified life sciences and diagnostics company, was also a detractor. Positive contributors were led by energy company Shell PLC, utility company Pacific Gas & Electric, and a macro position.Full portfolio detail is available at thirdpointlimited.com/portfolio-updates
Net Performance
| MTD | QTD | YTD | |
| Third Point Investors Ltd. (NAV)1 | -8.7% | -8.7% | -8.7% |
| Third Point Investors Ltd. (Price)2 | -12.9% | -12.9% | 12.9% |
| Third Point Offshore Fund, Ltd. | -7.6% | -7.6% | -7.6% |
| MSCI World Index (Total Return) | -5.3% | -5.3% | -5.3% |
| S&P 500 (Total Return) | -5.2% | -5.2% | -5.2% |
Key Statistics and AUM Summary
| TPIL Leverage Factor3 | 1.15x |
| Premium/(Discount) to NAV | (18.1%) |
| Third Point Offshore Fund, Ltd. AUM | $7.6 B |
| Third Point Investors Ltd. AUM4 | $1.0 B |
Portfolio Detail5
The net weightings of the strategy at period-end were 54.9% in Equity, 30.1% in Credit, 10.1% in Privates and 1.7% 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 | 98.8% | -43.9% | 54.9% | -9.9% | 2.2% | -7.7% | -9.9% | 2.2% | -7.7% | |||||
| Credit | 30.3% | -0.2% | 30.1% | -0.3% | 0.1% | -0.2% | -0.3% | 0.1% | -0.2% | |||||
| Privates | 10.1% | 0.0% | 10.1% | 0.2% | 0.0% | 0.2% | 0.2% | 0.0% | 0.2% | |||||
| Other7 | 1.7% | 0.0% | 1.7% | 0.2% | 0.0% | 0.2% | 0.2% | 0.0% | 0.2% | |||||
| Total Portfolio | 141.0% | -44.1% | 96.9% | -9.8% | 2.3% | -7.5% | -9.8% | 2.3% | -7.5% | |||||
Portfolio Detail
MTD Contributors8
Shell PLC (energy company)
Pacific Gas & Electric Co. (utility company)
Macro A
Activision Blizzard (video game company)
Private
MTD Detractors8
Upstart Holdings Inc. (AI-driven lending platform)
SentinelOne Inc. (endpoint cybersecurity company)
Danaher Corp. (diversified life sciences and diagnostics company)
Rivian Automotive Inc. (electric vehicle company)
Intuit Inc. (software company)
YTD Contributors8
Shell PLC (energy company)
Pacific Gas & Electric Co. (utility company)
Macro A
Activision Blizzard (video game company)
Private
YTD Detractors8
Upstart Holdings Inc. (AI-driven lending platform)
SentinelOne Inc. (endpoint cybersecurity company)
Danaher Corp. (diversified life sciences and diagnostics company)
Rivian Automotive Inc. (electric vehicle company)
Intuit Inc. (software company)
Top Gross Equity Longs8
SentinelOne Inc. (endpoint cybersecurity company)
Pacific Gas and Electric Co. (utility company)
Prudential PLC (global insurance company)
Danaher Corp. (diversified life sciences and diagnostics company)
Amazon.com Inc. (e-commerce company)
Top Gross Corporate Credit Longs8,9
Boeing Co/The (aviation manufacturer and servicer)
Occidental Petroleum Corp. (energy company)
Latam Airlines Group SA (airline company)
International Consolidated Air (airline company)
American Airlines Inc. (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 $1.0 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 38-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $16.7 billion in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees. Footnotes
Important Notes and Disclaimers 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 Fund, 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 Fund’s 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 Fund 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 Fund whose holdings, performance and volatility may differ significantly from the securities that comprise the indices. 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, offer or solicitation to buy or sell securities including those of the Company in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with any contract therefor. 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. The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the shares in the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently, shares in the Company may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US Persons (as defined in the Securities Act). No public offering of any shares in the Company is being, or has been, made in the United States. |