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Third point-exposure-report
 

Third point-exposure-report

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    Third point-exposure-report Third point-exposure-report Document Transcript

    • AUM: US$11.7 Billion | March 31, 2013 Event-Driven, Value InvestingPerformance Performance Statistics1 March YTD  AUM(m)  Offshore S&P 500Third Point Offshore Fund, Ltd. 2.9% 9.0% $5,684  Annualized Return  17.9% 6.5%S&P 500 3.8% 10.6% ‐ Cumulative Performance 1367% 179% Annual Standard Deviation 13.1% 16.2% Annual Downside Deviation 7.6% 11.2%Exposure & Performance Correlation to S&P 500 0.43 1.00 Exposure  P&L  Sharpe Ratio 1.33 0.47Long/Short Equity  Long Short Net Long Short NetConsumer 7.9% ‐2.8% 5.1% 0.4% ‐0.2% 0.2%Energy & Utilities 4.8% ‐1.8% 3.0% 0.4% ‐0.2% 0.2% Gross Asset Allocation By StrategyFinancials  7.2% ‐1.2% 6.0% 0.1% 0.0% 0.1% 200%Healthcare 2.5% ‐2.9% ‐0.4% 0.0% 0.0% 0.0%Ind. & Comdty. 11.5% ‐1.7% 9.8% 0.1% ‐0.1% 0.0% 180% OtherTMT 32.7% ‐7.6% 25.1% 2.1% ‐0.1% 2.0% 160% ABS ArbMarket Hedges 6.5% ‐10.0% ‐3.5% 0.5% ‐0.5% 0.0% 140% MacroTotal L/S Equity  73.1% ‐28.0% 45.1% 3.6% ‐1.1% 2.5% 120%Credit 100% CreditDistressed  8.7% 0.0% 8.7% 0.1% 0.0% 0.1% 80%Performing  10.1% ‐8.4% 1.7% 0.0% ‐0.1% ‐0.1% 60% Long/Short ABS3 18.5% ‐1.4% 17.1% 0.4% 0.0% 0.4% Equity 40%Total Credit  37.3% ‐9.8% 27.5% 0.5% ‐0.1% 0.4%Macro 20%Gold 4.4% ‐0.2% 4.2% 0.0% 0.0% 0.0% 0% Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13Government 2.6% ‐9.6% ‐7.0% ‐0.2% ‐0.1% ‐0.3%Tail Risk  10.1% ‐5.9% 4.2% 0.4% ‐0.2% 0.2%Total Macro 17.1% ‐15.7% 1.4% 0.2% ‐0.3% ‐0.1%Other Geographic ExposureRisk Arbitrage 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Long Short NetPrivates 2.1% 0.0% 2.1% ‐0.1% 0.0% ‐0.1% Americas 100% ‐31% 69%Currency4 0.0% 0.0% 0.0% ‐0.1% 0.3% 0.2% EMEA 15% ‐12% 3%Total Other  2.1% 0.0% 2.1% ‐0.2% 0.3% 0.1% Asia 15% ‐11% 4%Top Winners2 Top Losers2 Top Positions2 Position ConcentrationYahoo! Inc. Greek Government Bonds Yahoo! Inc. Top 10 Top 20Japanese Macro Bond Street Holdings Inc. Virgin Media Inc. Long 45% 62%Cheniere Energy Inc. Volkswagen AG Gold Short 20% 26%Virgin Media Inc. Porsche Automobil Holding SE American International GroupDE Master Blenders 1753 NV Short A Ally Financial (Mult Sec)1  All performance since inception, December 1996.2  Excludes hedges and confidential positions.3  Includes RMBS, CMBS and related indices.4  Gains and losses of all positions that are attributable to f/x price movements vs US dollar. Third Point LLC  |  390 Park Avenue  |  New York, NY 10022  |  ir@thirdpoint.com
    • March 31, 2013 | Page 2All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The Third Point Offshore Fund,Ltd. is a feeder fund in a master feeder structure in which it is limited partner of, and contributes substantially all of its assets to, Third Point Offshore Master Fund L.P. All informationcontained herein relates to the TP Offshore Master Fund L.P. unless otherwise specified.  P&L and AUM information are presented at the feeder fund level. The information shown in the section entitled “Historical Performance” and “Comparative Historical Performance” represents that of Third Point Partners L.P., which has been managed byThird Point, its related persons and/or its predecessors since June 1995.  Sector and geographic categories are determined by Third Point in its sole discretion.  All P&L and performance results are based on the net asset value of fee‐paying investors only and are presented net of management fees, brokerage commissions, administrative expenses,and accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains.  While performance allocations are accrued monthly, they arededucted from investor balances only annually or upon withdrawal.  The performance above represents fund‐level returns, and is not an estimate of any specific investor’s actualperformance, which may be materially different from such performance depending on numerous factors. All performance results are estimates and should not be regarded as final untilaudited financial statements are issued.While the performances of the Funds have been compared here with the performance of well‐known and widely recognized indices, the indices have not been selected to represent anappropriate benchmark for the Funds whose holdings, performance and volatility may differ significantly from the securities that comprise the indices. The CS and HFRI historicalperformance data represent one‐month delayed figures due to reporting lag.Past performance is not necessarily indicative of future results.   All investments involve risk including the loss of principal.  This transmission is confidential and may not be redistributedwithout 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 offeror solicitation may only be made by means of delivery of an approved confidential offering memorandum. 1  Please refer to private placement memorandum for relevant fund terms and fees.  Third Point LLC  |  390 Park Avenue  |  New York, NY 10022  |  ir@thirdpoint.com