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 $700
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 44-person investment team, a robust
quantitative data and analytics team, and a deep, tenured business
team. Third Point manages approximately $11.0
billion10
in assets
for sovereign wealth funds, endowments, foundations, corporate
& public pensions, high-net-worth individuals, and
employees.
Footnotes
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
|
The net
P&L figures are included because of the SEC’s new marketing
rule and guidance. Third Point does not believe that this metric
accurately reflects net P&L for the referenced sub-portfolio
group of investments as explained more fully below. Specifically,
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
|
Includes
broad-based market and equity-based hedges.
|
|
8
|
Excludes
any confidential positions, portfolio level equity hedges and EU
MAR related positions.
|
|
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 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.
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.
While the
performance of the Fund has been compared here with the performance
of well-known and widely recognized indices, whose performance
reflects the investment of dividends, 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. 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, 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.
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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