Third Point Investors has announced results for the year ended 31 December 2014. Over the year the NAV total return was 6.5% for the US dollar share class and 6.8% for the Sterling share class (all of the Euro class was merged in with the dollar class during the year). Most of that return was generated in the first half of the year. They say that in the first quarter of 2015, the fund has delivered returns of 3.5% for the dollar class and 3.3% for the Sterling class.
The report says returns for the year were largely due to the equity and structured credit strategies, together contributing nearly 100% of 2014 gains. Investments in the performing credit and macro portfolios detracted modestly for the year. The manager’s report says they dodged losses in the energy market in Q4 2014. They have reduced the gross and net exposures of the fund in anticipation of greater volatility in 2015.
TPOU / TPOG : Third Point flat in H2 2014 but better start to current year