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Third Point Offshore (TPOU)

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Friday 03 July, 2020

Third Point Offshore

Third point June 2020 monthly report

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 June 2020 Performance

7/3/2020

Net Performance

MTD YTD
Third Point Offshore Fund, Ltd. 1.8% -7.3%
MSCI World Index (Total Return) 2.7% -5.5%
S&P 500 (Total Return) 2.0% -3.1%

AUM Breakdown

Third Point Offshore Fund, Ltd. $5.4 B
Firm1 $12.7 B

Portfolio Detail2

EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
LONG SHORT NET LONG SHORT NET LONG SHORT NET
Equity
 Activism4 28.4% -7.5% 20.9% 1.5% -0.4% 1.1% -4.9% 1.1% -3.8%
 Fundamental & Event 71.0% -22.2% 48.8% -0.1% -1.1% -1.2% -4.7% -1.0% -5.7%
 Portfolio Hedges5 0.0% -3.9% -3.9% 0.0% -0.1% -0.1% 0.1% 0.8% 0.9%
Total Equity 99.4% -33.6% 65.8% 1.4% -1.6% -0.2% -9.5% 0.9% -8.6%
Credit
 Corporate & Sovereign 17.0% -0.2% 16.8% 0.9% 0.0% 0.9% 2.4% -0.3% 2.1%
 Structured 25.8% -0.1% 25.7% 0.8% 0.0% 0.8% 1.1% 0.0% 1.1%
Total Credit 42.8% -0.3% 42.5% 1.7% 0.0% 1.7% 3.5% -0.3% 3.2%
Privates 8.9% 0.0% 8.9% 0.3% 0.0% 0.3% -0.9% 0.0% -0.9%
Other6 0.0% 0.0% 0.0% 0.1% 0.0% 0.1% 0.0% -0.3% -0.3%
Total Portfolio 151.1% -33.9% 117.2% 3.5% -1.6% 1.9% -6.9% 0.3% -6.6%

Equity Detail

EXPOSURE GROSS MTD P&L3 GROSS YTD P&L3
EQUITY SECTORS LONG SHORT NET LONG SHORT NET LONG SHORT NET
 Consumer Discretionary 16.5% -2.3% 14.2% 0.2% -0.2% 0.0% -3.4% 0.4% -3.0%
 Consumer Staples 3.3% -0.7% 2.6% 0.1% 0.0% 0.1% 0.0% -0.1% -0.1%
 Utilities 7.2% -3.1% 4.1% -0.9% 0.1% -0.8% -0.8% 0.0% -0.8%
 Energy 1.2% -0.6% 0.6% 0.1% 0.0% 0.1% -0.8% -0.1% -0.9%
 Financials 23.2% -4.8% 18.4% 1.3% -0.6% 0.7% -1.5% 0.8% -0.7%
 Healthcare 5.7% -2.7% 3.0% -0.4% -0.1% -0.5% 0.1% 0.3% 0.4%
 Industrials & Materials 10.5% -6.7% 3.8% 0.2% -0.4% -0.2% -4.3% 0.1% -4.2%
 Enterprise Technology 9.4% -3.0% 6.4% 0.5% -0.1% 0.4% 0.4% 0.1% 0.5%
 Media & Internet 22.4% -5.8% 16.6% 0.3% -0.2% 0.1% 0.7% -1.4% -0.7%
 Portfolio Hedges5 0.0% -3.9% -3.9% 0.0% -0.1% -0.1% 0.1% 0.8% 0.9%
Total 99.4% -33.6% 65.8% 1.4% -1.6% -0.2% -9.5% 0.9% -8.6%

Equity Geographic Exposure

LONG SHORT NET
Americas 64.3% -21.4% 42.9%
EMEA 24.5% -8.0% 16.5%
Asia ex-Japan 6.1% -0.2% 5.9%
Japan 4.5% -4.0% 0.5%
Total 99.4% -33.6% 65.8%

Equity Market Capitalization7

LONG SHORT NET
>$50 billion 56.7% -6.1% 50.6%
$25-50 billion 22.6% -2.1% 20.5%
$10-25 billion 6.0% -3.0% 3.0%
<$10 billion 13.6% -6.2% 7.4%
Indices & Other 0.5% -16.2% -15.7%
Total 99.4% -33.6% 65.8%

Equity Exposure8

LONG SHORT NET
Delta-Adjusted 99.4% -33.6% 65.8%
Beta-Adjusted 99.2% -31.4% 67.8%
Dollar-Adjusted 97.9% -33.2% 64.7%

Equity Position

LONG SHORT TOTAL
Equity Positions 50 55 105
Top 10 Positions 53% -16%
Top 20 Positions 79% -23%

MTD Winners9
Prudential PLC
Amazon.com Inc.
Sony Corp
Adobe Systems Inc
Danaher Corp

MTD Losers9
Pacific Gas & Electric Co (Multi-Strat)
The Walt Disney Co.
Short
IAA Inc
Short

YTD Winners9
Amazon.com Inc.
Short
Danaher Corp
Baxter International Inc
Adobe Systems Inc

YTD Losers9
Raytheon Technologies Corp
Prudential PLC
Airbus SE
Five Below Inc
Air Canada

Top Gross Longs9
Prudential PLCPacific Gas & Electric Co (Multi-Strat)
Amazon.com Inc.
Danaher Corp
Sony Corp.

ASC Topic 820 Assets10

Level I 52%
Level II 35%
Level III 13%

Third Point Offshore Fund, Ltd. Historical Performance (Net)

YEAR JAN FEB MAR APR MAY JUN JULY AUG SEPT OCT NOV DEC YTD
2020 1.1% -6.6% -11.3% 7.1% 1.5% 1.8% -7.3%
2019 3.0% 2.8% 2.9% 1.8% -1.8% 3.8% 2.3% -0.2% -2.3% -1.2% 2.9% 2.1% 17.0%
2018 3.8% -3.0% -1.3% 0.8% 1.1% -0.5% -0.3% 0.2% 0.0% -7.0% 1.2% -6.4% -11.3%
2017 2.6% 2.4% 0.8% 1.6% 2.2% 0.7% 0.9% 1.4% 1.2% 3.0% 0.1% -0.2% 17.9%
2016 -3.5% -0.6% 1.9% 1.9% 1.8% 0.8% 3.0% 0.8% 1.1% -0.7% -0.8% 0.5% 6.1%
2015 -2.3% 4.8% 0.9% 0.5% 1.9% -0.8% 0.7% -5.3% -4.5% 4.7% -0.2% -1.2% -1.4%
2014 -1.9% 4.4% 0.9% -1.1% 1.8% 1.9% -1.3% 1.7% -0.3% -1.4% 2.4% -1.3% 5.7%
2013 4.7% 1.2% 2.9% 1.5% 3.6% -1.8% 2.9% -0.7% 2.6% 1.2% 2.6% 2.3% 25.2%
2012 3.9% 1.0% 1.5% -0.1% -2.6% 0.2% 1.5% 1.7% 3.4% 2.5% 2.9% 3.4% 19.2%
2011 3.9% 3.5% 0.9% 1.4% -0.4% -2.8% 0.2% -2.8% -3.6% 0.8% -0.3% -0.6% 0.0%
2010 3.5% 3.2% 7.9% 3.5% -5.7% -2.1% 3.4% 0.6% 4.0% 4.9% 0.1% 6.8% 33.7%
2009 0.4% 0.3% -3.3% 0.8% 7.3% 1.7% 6.6% 6.4% 5.6% -1.0% 4.3% 4.6% 38.6%
2008 -3.8% 1.4% -1.9% 1.1% 3.3% 1.6% -9.2% -0.6% -11.1% -10.1% -2.7% -5.6% -32.7%
2007 4.1% -0.7% 4.2% 2.2% 6.1% -1.5% 1.2% -8.2% 2.6% 5.0% 0.9% 1.1% 17.5%
2006 5.1% 2.2% 2.3% 3.7% -6.2% -1.3% -1.0% 1.0% -0.6% 2.3% 5.2% 1.4% 14.4%
2005 1.9% 7.4% -0.8% -4.9% 0.7% 3.7% 8.0% 2.5% 3.8% -10.2% 2.8% 3.1% 17.9%
2004 3.6% 3.8% 0.0% -0.2% -2.6% 6.3% 0.0% 1.4% 3.0% 0.5% 9.2% 1.4% 29.1%
2003 2.6% 0.2% -2.3% 0.8% 8.2% 5.4% 5.9% 3.8% 1.5% 6.2% 3.5% 8.2% 53.0%
2002 1.6% 1.8% 0.5% 1.7% 1.0% -0.6% -8.2% -1.7% 3.1% -7.2% 0.1% 0.7% -7.8%
2001 2.2% 3.1% 2.0% -3.9% 2.1% -1.0% 0.9% 1.6% -2.1% 0.1% 1.3% 5.7% 12.3%
2000 1.8% 8.3% 1.6% -3.6% -0.3% 0.0% 2.4% 2.0% 1.2% 2.3% 1.9% -0.9% 17.4%
1999 5.4% -4.0% -1.5% 5.9% 4.7% 7.0% 2.6% -2.2% 2.2% 2.2% 7.6% 6.3% 41.7%
1998 1.3% 5.0% 4.3% -0.1% -3.1% -2.7% -3.5% 0.4% -2.8% 3.5% 3.5% 3.5% 8.9%
1997 3.5% 4.5% -0.3% 0.6% 5.7% 10.8% 8.2% -1.9% 11.0% -4.5% 0.0% 4.1% 48.8%
1996 Inception 2.0% 2.0%

   

1 Firm AUM does not include $1.6B in collateral and other assets managed for TPRE.
2 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.
3 Gross P&L attribution does not reflect the deduction of management fees, performance 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, incentive fees and performance allocations customarily charged by Adviser. Net P&L is available upon request.
4 Includes activism and post-activism positions.  “Activism” is defined as an active campaign currently ongoing.
5 Primarily broad-based market and equity-based hedges.
6 Primarily currency hedges and speculative macro investments. Speculative rates and macro FX excluded from the exposure figures. Corresponding net exposure is 0.0% for rates and 0.0% for FX. MTD and YTD P&L of Other includes net attribution of speculative macro investments as well as residual gains and losses attributable to unhedged currency movements relative to USD, and interest, income and expense on cash balances.
7 Market capitalization reflects only those holdings that are exchange-listed equity or any synthetic equity with an underlying reference instrument market capitalization.
8 Beta-adjusted exposures are calculated relative to the S&P based on one-year of historical daily returns for USD denominated assets and weekly returns for foreign denominated assets. Dollar-adjusted exposures are calculated with option positions shown at current market value in lieu of delta-adjusted exposure.
9 Excludes any confidential positions, portfolio level hedges and EU MAR related positions.
10 ASC Levels provided are as of March 31, 2020 for Third Point Offshore Master Fund, LP.

Important Notes and Disclaimers

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. 

Unless otherwise noted, P&L, exposure, and position level information are presented at the master fund level where applicable. 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 Funds, 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 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 Funds has 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 Funds whose holdings, performance and volatility may differ significantly from the securities that comprise the 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, or Third Point Reinsurance Ltd., and accordingly dealing or trading in the shares of either listed instrument on the basis of such information may violate securities laws in the United Kingdom, United States and elsewhere.   

    .

Website: 

www.thirdpointoffshore.com

Enquiries:

Company Secretary – Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:    +44 148-174-5385
Email:   [email protected]


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