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Third-Point-November

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					                                                                                                                    AUM: US$10.0 Billion | November 30, 2012
                                                                                                                               Event-Driven, Value Investing


Performance                                                                                             Performance Statistics1
                                                       November                YTD  AUM(m)                                                                   Offshore           S&P 500
Third Point Offshore Fund, Ltd.                               2.9%          17.0%         $5,046        Annualized Return                                       17.4%              5.9%
S&P 500                                                       0.6%          15.0%                   ‐   Cumulative Performance                                 1201%              150%
                                                                                                        Annual Standard Deviation                               13.2%            16.3%
                                                                                                        Annual Downside Deviation                                   7.7%         11.3%
Exposure & Performance                                                                                  Correlation to S&P 500                                      0.42           1.00
                                          Exposure                              P&L                     Sharpe Ratio                                                1.28           0.43
Long/Short Equity                  Long      Short          Net       Long      Short         Net
Consumer                           6.8%      ‐4.2%         2.6%       0.0%      ‐0.1%       ‐0.1%
Energy & Utilities                 6.5%      ‐2.4%         4.1%       0.1%       0.0%        0.1%       Gross Asset Allocation By Strategy
Financials                       11.9%       ‐2.9%         9.0%      ‐0.6%       0.0%       ‐0.6%       200%
Healthcare                         1.9%      ‐3.3%        ‐1.4%       0.3%      ‐0.1%        0.2%
                                                                                                        180%
Ind. & Comdty.                   14.3%       ‐3.7%       10.6%        0.5%      ‐0.1%        0.4%                                                  Other
                                                                                                        160%                              ABS
TMT                              21.9%       ‐2.3%       19.6%        1.1%      ‐0.1%        1.0%
Market Hedges                      7.5% ‐14.0%            ‐6.5%       0.5%      ‐0.5%        0.0%       140%               Arb              Macro
Total L/S Equity                 70.8% ‐32.8%            38.0%        1.9%      ‐0.9%        1.0%       120%
                                                                                                                                          Credit
Credit                                                                                                  100%
Distressed                         4.4%       0.0%         4.4%       0.1%       0.0%        0.1%       80%
Performing                       12.7%       ‐5.9%         6.8%       0.3%      ‐0.1%        0.2%
                                                                                                        60%                               Long/Short 
ABS3                             18.2%       ‐1.7%       16.5%        0.3%       0.0%        0.3%
                                                                                                        40%                                 Equity
Total Credit                     35.3%       ‐7.6%       27.7%        0.7%      ‐0.1%        0.6%
Macro                                                                                                   20%

Gold                               5.5%      ‐0.5%         5.0%       0.0%       0.0%        0.0%        0%
                                                                                                           May‐12      Jun‐12    Jul‐12      Aug‐12        Sep‐12      Oct‐12     Nov‐12
Government                         8.8% ‐19.8%          ‐11.0%        1.5%      ‐0.2%        1.3%
Tail Risk                          0.2%       0.0%         0.2%       0.0%       0.0%        0.0%
Total Macro                      14.5% ‐20.3%             ‐5.8%       1.5%      ‐0.2%        1.3%
Other                                                                                                   Geographic Exposure
Risk Arbitrage                     2.6%       0.0%         2.6%       0.0%       0.0%        0.0%                                                    Long            Short         Net
Privates                           2.3%       0.0%         2.3%       0.0%       0.0%        0.0%       Americas                                    104%              ‐41%         63%
Currency4                          0.0%       0.0%         0.0%       0.0%       0.0%        0.0%       EMEA                                          19%             ‐12%          7%
Total Other                        4.9%       0.0%         4.9%       0.0%       0.0%        0.0%       Asia                                           3%              ‐8%         ‐5%



Top Winners2                                             Top Losers2                                    Top Positions2                             Position Concentration
Greek Government Bonds                                   American International Group                   Yahoo! Inc.                                                 Top 10       Top 20
Yahoo! Inc.                                              Short A                                        Greek Government Bonds                     Long               49%          63%
Delphi Corp.                                             Apple Inc.                                     American International Group               Short              25%          33%
Aveta Inc.                                               Liberty Global Inc.                            Gold
Ally Financial (Mult Sec)                                Short B                                        Murphy Oil Corp.




1
  All performance since inception, December 1996.
2
  Excludes currency, hedge, and any 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
                                                                                                                                              November 30, 2012 | Page 2



All 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 information
contained 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 by
Third 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 are deducted
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 actual performance, which
may be materially different from such performance depending on numerous factors. All performance results are estimates and should not be regarded as final until audited 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 an
appropriate benchmark for the Funds whose holdings, performance and volatility may differ significantly from the securities that comprise the indices. The CS and HFRI historical
performance 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 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. 
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

				
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