Charles
Rylandcharlesr@buchanan.uk.comTel:
+44 (0)20 7466 5107Henry
Wilsonhenryw@buchanan.uk.comTel:
+44 (0)20 7466 5111Notes to
EditorsAbout Third Point
Investors Limitedwww.thirdpointlimited.comThird
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 investment strategy.
TPIL’s assets under management are currently $500
million.About Third Point
LLCThird 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 46-person investment team, a robust quantitative data and
analytics team, and a deep, tenured business team. Third Point
manages approximately $11.6 billion10 in assets for
sovereign wealth funds, endowments, foundations, corporate &
public pensions, high-net-worth individuals, and
employees.Footnotes
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1 |
Reflects the NAV return of
Third Point Investors Limited inclusive of gearing the Company
introduced in 2021 and chose to discontinue as of June
2023. |
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2 |
Reflects the total share
price return of Third Point Investors
Limited. |
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3 |
The net AUM figure for
Third Point Investors Limited is included in the AUM of Third Point
Offshore Fund,
Ltd. |
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4 |
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. |
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5 |
Gross P&L attribution
does not reflect the deduction of management fees, incentive
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 and incentive allocations customarily charged by
Adviser. |
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6 |
Net P&L attribution
reflects the allocation of the highest management fee (2% per
annum), in addition to leverage factor multiple, if applicable, and
incentive allocation rate (20%), and pro rata share of expenses
paid by the Fund during the applicable period, to the aggregate
underlying positions in the referenced sub-portfolio group’s gross
P&L, or referenced individual position level gross P&L, as
applicable. The management fees and operating expenses are
allocated for the period proportionately based on the average gross
exposure of the aggregate underlying positions of the referenced
sub-portfolio group. The implied incentive allocation is based on
the deduction of management fee and expense ratio from the Fund
level gross P&L attribution for the period. The incentive
allocation is accrued for each period to only those positions
within the referenced sub-portfolio group with i) positive P&L
and ii) if during the current MTD period there is an incentive
allocation. In MTD periods where there is a reversal of previously
accrued incentive allocation, the impact of the reversal will be
based on the previous month’s YTD accrued incentive allocation. The
assume operating expense ratio noted herein is applied uniformly
across all underlying positions in the referenced sub-portfolio
group given the inherent difficulty in determining and allocating
the expenses on a sub-portfolio group basis. If expenses were to be
allocated on a sub-portfolio group basis, the net P&L would
likely be different for each referenced sub-portfolio group, as
applicable. |
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7 |
Includes currency hedges,
macro investments, and receivables.
Interest rate swaptions,
rates and FX related investments are excluded from exposure
figures. MTD and YTD P&L of Other includes net attribution of
macro investments and certain P&L components not directly
attributed to individual sub-asset classes such as gains and losses
attributable to unhedged currency movements relative to USD,
interest income and expense on cash balances, financing income and
expense, etc. |
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8 |
Excludes any confidential
positions, portfolio level equity hedges and EU MAR related
positions. |
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9 |
Does not include private
debt. |
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10 |
Includes all funds and
separately managed accounts managed by Third Point and its
affiliates and participation notes issued by the applicable Third
Point-managed funds relating to legacy private
investments. |
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Important Notes
and
DisclaimersThird
Point Investors Limited (the “Company”) 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.
Neither the
securities regulatory authority of any state nor the SEC have
approved the Funds and investments described herein and have not
passed on the accuracy or adequacy of this document. Any
representation to the contrary is
unlawful.
Unless otherwise stated,
information relates to the Third Point Offshore Master Fund L.P.
(the "Fund") inclusive of legacy private investments.
Exposures are categorized
in a manner consistent with the Investment Manager's
classifications for portfolio and risk management purposes in its
sole discretion.
Performance results
include the performance of legacy private investments and are
presented net of management fees, brokerage commissions,
administrative expenses, and accrued incentive allocation, if any,
and include the reinvestment of all dividends, interest, and
capital gains. While incentive allocations are accrued monthly,
they are deducted from investor balances only annually or upon
withdrawal. From Fund inception through December 31, 2019, Third
Point Offshore Fund, Ltd.'s historical performance has been
calculated using the actual management fees, incentive allocations,
and expenses paid by the Fund. The actual management fees and
incentive allocations paid by the Fund reflect a blended rate of
management fees and incentive allocations based on the weighted
average of amounts invested in different share classes subject to
different management fee and/or incentive allocation terms. Such
management fee rates have ranged over time from 1.25% to 3% per
annum. The amount of incentive allocations applicable to any one
investor in the Fund will vary materially depending on numerous
factors, including without limitation: the specific terms, the date
of initial investment, the duration of investment, the date of
withdrawal, and market conditions. As such, the net
performance shown for the Fund from inception through December 31,
2019 is not an estimate of any specific investor’s actual
performance. During this period, had the highest management fee and
incentive allocation been applied solely, performance results would
likely be lower. For the period beginning January 1, 2020, the
Fund’s historical performance shows indicative performance for a
new issues eligible investor in the highest management fee (2% per
annum) and incentive allocation rate (20%) class of the Fund, who
has participated in all side pocket private investments (as
applicable) from March 1, 2021 onward. Net performance reflects the
deduction of operating expenses paid by the Fund during the period.
An individual investor’s performance may vary based on timing of
capital transactions. The inception date for Third Point Offshore
Fund, Ltd. is December 1, 1996. All performance results are
estimates and 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. 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. The performance results of the
Funds include unrealized gains and are based on valuations, which
are not certain. Third Point values the securities and other
instruments comprising the assets and liabilities of each Fund
pursuant to Third Point’s written valuation policy, as it may be
amended from time to time. A summary of Third Point’s valuation
policy is available to any limited partner or potential investor
upon request. Valuations assigned to an asset are not necessarily
equivalent to the value that would be realized on the sale of that
asset, if sold. Please see the applicable Fund’s offering documents
for additional information about
valuations.
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, among other things, may differ
significantly from the securities that comprise the indices. The
indices include the reinvestment of dividends, interest and other
earnings and have not been adjusted for management fees or
expenses. 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.
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.
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, and accordingly dealing or trading in
the shares of the listed instrument on the basis of such
information may violate securities laws in the United Kingdom,
United States and elsewhere.
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