During 2015, the Third Point Offshore’s net asset value depreciated approximately 3% across both share classes (-2.58% on the US dollar share class and -2.92% on the Sterling share class). The performance was driven primarily by negative returns in the long equity portfolio managed by Third Point LLC (the “Investment Manager”) in the volatile investment environment late in the year. Losses were counterbalanced by strong performance in short equity positions, structured credit and sovereign credit.
The discount between the NAV and the share price for each class widened substantially over the past few months. The change in the discount during 2015 significantly outpaced the change in NAV. The company was unable to declare a dividend in 2015 due to insufficient NAV performance in the Master Fund. They believe the lack of dividend also contributed to the wider discount.
TPOU / TPOG : Third Point Offshore NAV slips in 2015