Docstoc

Third-Point-Exposure-Report

Document Sample
Third-Point-Exposure-Report Powered By Docstoc
					                                                                                                                             AUM: US$11.7 Billion | March 31, 2013
                                                                                                                                   Event-Driven, Value Investing


Performance                                                                                             Performance Statistics1
                                                           March             YTD  AUM(m)                                                                    Offshore        S&P 500
Third 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         0.47
Long/Short Equity                  Long      Short         Net       Long      Short         Net
Consumer                           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 Strategy
Financials                         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%
                                                                                                                     Other
TMT                              32.7%       ‐7.6% 25.1%             2.1%      ‐0.1%       2.0%         160%                              ABS              Arb
Market Hedges                      6.5% ‐10.0%          ‐3.5%        0.5%      ‐0.5%       0.0%         140%
                                                                                                                                          Macro
Total L/S Equity                 73.1% ‐28.0% 45.1%                  3.6%      ‐1.1%       2.5%         120%
Credit                                                                                                  100%                              Credit
Distressed                         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‐13
Government                         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 Exposure
Risk Arbitrage                     0.0%       0.0%       0.0%        0.0%       0.0%       0.0%                                                    Long            Short        Net
Privates                           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 Concentration
Yahoo! Inc.                                              Greek Government Bonds                         Yahoo! Inc.                                               Top 10     Top 20
Japanese 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 Group
DE 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 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

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:98
posted:4/2/2013
language:
pages:2