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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 investment strategy.
TPIL’s assets under management are currently $500
million.
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 46-person investment team, a robust
quantitative data and analytics team, and a deep, tenured business
team. Third Point manages approximately $11.3
billion10
in assets
for sovereign wealth funds, endowments, foundations, corporate
& public pensions, high-net-worth individuals, and
employees.
Footnotes
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1
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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
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Reflects
the total share price return of Third Point Investors
Limited.
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3
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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
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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
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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
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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 an assumed
operating expense ratio (0.3%), to the aggregate underlying
positions in the referenced sub-portfolio group’s gross P&L.
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
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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
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Excludes
any confidential positions, portfolio level equity hedges and EU
MAR related positions.
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9
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Does not
include private debt.
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10
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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 Disclaimers
Third 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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