Overview
Third Point Investors (formerly Third Point Offshore) is a feeder fund and invests all of its capital (net of expenses and short term working capital requirements) in Class E Shares of Third Point Offshore Fund Ltd (the “Master Fund”). The Master Fund’s investment objective is to achieve attractive returns by using an event-driven, bottom-up, fundamental approach to evaluate various types of securities throughout companies’ capital structures. The lead manager is Daniel S Loeb.
You can access the fund’s website here
Fundamentals
Price
Research History
-
07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
-
24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
-
15 Oct 2019 7 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
-
05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
-
07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
-
14 Sep 2018 2 min read
QuotedData’s Economic round up – September 2018
QuotedData’s Economic round up – September 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
-
1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
-
18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
News
-
21 May 2025 3 min read
Third Point Investors wants to become a reinsurance company but AVI strongly dissents
Third Point Investors (TPOU) has announced an all-share deal to acquire Malibu Life Reinsurance SPC (Malibu), marking a significant strategic pivot towards becoming what it describes a fast-growing, fully capitalised reinsurance operating company listed in London. The proposed acquisition – structured on a “NAV for NAV” basis – will see TPOU issue new ordinary shares […]
-
02 May 2025 3 min read
QuotedData’s morning briefing 2 May 2025 – CGL, APAX, TPOU/TPOS, PCTN, GCL
[QD comment MR: This marks a rare instance where a subscription exercise has been declined on valuation grounds and reflecting the sharp disconnect between the pre-set subscription terms and prevailing market conditions. Clearly GCL’s board are looking after its shareholders.] We also have: Stories you may have missed from yesterday:
-
17 Apr 2025 2 min read
Third Point Investors celebrates successful year as it looks forward to outcome of strategy review
Third Point Investors has published results for the year ended 31 December 2024. key highlights are as follows: On 22 April 2024, the board created a strategy committee tasked with conducting a strategy review to consider how the company may best deliver value to shareholders going forward. On 11 December 2024, the company announced that […]
-
05 Feb 2025 4 min read
QuotedData’s morning briefing 5 February 2025 – TPOU, RKW, MGCI, JEMA, CGL, DGN, OIG, CREI, AIRE, LABS, THRL, HGEN
In QuotedData’s morning briefing 5 February 2025: Third Point Investors has published its investor letter for Q4 2024. Third Point’s flagship Offshore Fund achieved a 9.1% gain in Q4 2024 and 24.2% for the full calendar year. Returns for the full year were driven by positive results across all strategies, including equities, corporate and structured […]
-
11 Dec 2024 2 min read
QuotedData’s morning briefing 11 December 2024 – TMI, HGEN, TPOU, CAL
In QuotedData’s morning briefing 11 December 2024: Taylor Maritime Investments (TMI) announced it is proposing to transfer the company’s equity shares listing from the closed-ended investment funds category to the equity shares (commercial companies) category of the official list. This follows the completion of the acquisition of Grindrod Shipping Holdings Ltd on 16 August 2024, […]
-
22 Apr 2024 3 min read
Third Point has disappointing 2023, but recovers in the final legs
Third Point Investors (TPOU) has released its annual results for the 12 months ending 31 December 2023. TPOU generated a NAV total return of 4.0% and a negative share price total return of -5.8%. This compared to the 24.4% return for the MSCI World Index and a 26.3% return for the S&P 500 Index over […]
-
12 Apr 2024 1 min read
QuotedData’s weekly news show 12th April 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Third Point Investors (0:30) • Literacy Capital (5:37) • Batteries – Gore Street Energy Capital (8:02) This week’s interview was with Phil Waller from JPMorgan Global […]
-
09 Apr 2024 2 min read
Radical action coming at Third Point Investors?
Third Point Investors (TPOU) has announced further details of its previously announced redemption offer, which was triggered because the average discount over the six months ended 31 March 2024 was over 10%. The 2024 offer is for up to 25% of the company’s issued share capital. The redemption price is the NAV on or around […]
-
02 Apr 2024 1 min read
QuotedData’s morning briefing 2 April 2024 – TPOU, RSE, SONG
In QuotedData’s morning briefing 2 April 2024: Third Point Investors (TPOU) has announced a redemption offer to shareholders for up to 25% of the issued share capital of the company at a discount of 2% NAV after its average discount over the six-month period ended 31 March 2024 exceeded 10%. Shareholders will be entitled to […]
-
01 Aug 2023 2 min read
QuotedData’s morning briefing 1 August 2023
Third Point (TPOU) published an investor letter for Q2 with the company returning 1.1% in the flagship Offshore Fund during the second quarter of 2023, compared with the S&P 500 Index return of 8.7% and the MSCI World Index return of 7.0% in the same period. The top five positive contributors for the quarter were […]
-
06 Jun 2023 1 min read
QuotedData’s morning briefing 6 June 2023
Marwyn Value Investors (MVI) announced the appointment of Will Self to the company’s board as CEO, leading the development and execution of MVI’s overall company strategy. James Corsellis, CIO commented: “We are delighted to be working with Will in his new role as CEO, alongside Mark Hodges as chairman, as the company continues in the […]
-
01 Jun 2023 1 min read
QuotedData’s morning briefing 1 June 2023
In QuotedData’s morning briefing 1 June 2023: ICG Enterprise (ICGT) has agreed a new €240m multicurrency revolving credit facility with SMC International and Lloyds Bank that matures on 30 May 2027 and costs 120 basis points (bps, equal to 1.2%) upfront, 115bps on undrawn amounts and 300bps over euro or sterling interest rate benchmarks (EURIBOR […]
-
26 Apr 2023 2 min read
Third Point Investors wraps up poor year
Third Point Investors Limited (TPOU) announced its annual results for the year ended December 2022. The company returned -24.4% on a NAV total return basis and -25.5% on a share price basis. This compares with a -17.7% return for the MSCI World Index and a -18.1% return for the S&P 500 Index. Despite the poor […]
-
24 Feb 2023 5 min read
Third Point Issues Letter to Bath & Body Works
Third Point LLC, the investment manager of Third Point Investors Limited (TPIL) issued a strongly worded letter to portfolio holding company Bath & Body Works (NYSE: BBWI), citing concerns around the company’s corporate governance and decision-making processes, and has chosen to force an election contest. The American specialty retailer has a market capitalization of approximately […]
-
09 Feb 2023 2 min read
Third Point says defensive positioning held it back in Q4 2022
Third Point Investors has published an investor letter for the finanl quarter of 2022. Third Point LLC returned 1.2% in the flagship Offshore Fund during the fourth quarter of 2022, compared with the S&P 500 Index return of 9.9% and the MSCI World Index return of 7.5% in the same period. It says: Results for […]
-
12 Sep 2022 3 min read
QuotedData’s morning briefing 12 September 2022
In QuotedData’s morning briefing 12 September 2022: HgCapital (HGT) has posted its interim results for the six months ended 30 June 2022. During that time, the NAV increased by 1.8% though its share price fell by 20.5%. This compares with its benchmark which also fell by 4.6%. The trust has declared an interim dividend of […]
-
26 Apr 2022 2 min read
Third Point gets some benefit from narrower discount but more to do
Third Point Investors beat the MSCI World Index in NAV terms over 2021, returning 23.6% to the index’s 22.4%. Shareholders also benefitted from some discount narrowing that occurred in the wake of the actions taken by shareholders such as AVI Global over 2021. The return to shareholders was 31.1%. Buying back 3.1m shares in 2021 […]
-
06 Apr 2022 1 min read
QuotedData’s morning briefing 6 April 2022
In QuotedData’s morning briefing 6 April 2022: Following the announcement of the preliminary results of its 2022 exchange facility last month, Third Point Investors (TPIL) will return from escrow approximately 50% of TPIL Shares to validly electing shareholders, leaving a small reserve to be held until the finalisation of the 31 March 2022 NAV in […]
-
19 Jan 2022 2 min read
AVI calls for review and appointment of new independent director in latest saga with Third Point
AVI calls for review and appointment of new independent director in latest saga with Third Point – Asset Value Investors, manager of the AVI Global Trust (AGT), and three other shareholders representing over 18% of Third Point Investors Limited (TPIL) ordinary shares, have requisitioned the board of TPIL to convene an EGM at which shareholders […]
-
07 Jan 2022 7 min read
A Christmas pantomime – Staude Capital’s open letter to Third Point Investors
Staude Capital’s Global Value Fund has published an open letter to the ordinary shareholders of Third Point Investors Limited, which has been reproduced below. 7 January 2022 Dear Fellow Ordinary Shareholders of Third Point Investors Limited (‘TPIL or the ‘Company’), A Christmas pantomime It was a piece of spin to put a smile […]
-
23 Dec 2021 2 min read
Third Point chairman steps down – “impossible to continue”
Third Point chairman steps down – “impossible to continue” This morning, the board of Third Point Investors announced that its chairman, Steve Bates, was leaving the board. The company issued the following statement: “The Board of Third Point Investors Ltd (“TPIL” or the “Company”) announces with regret that the Chairman, Mr Steve Bates, has determined […]
-
24 Nov 2021 3 min read
QuotedData’s morning briefing 24 November 2021
In QuotedData’s morning briefing 24 November 2021: Nippon Active Value (NAVF) has confirmed gross proceeds of £14m were raised from the recent issue of 10,021,432 new Ordinary Shares at 139.70 pence per share. This represents a 1.5% premium to the NAV per share at close of business on 22 November 2021. Shares will be issued […]
-
11 Nov 2021 2 min read
QuotedData’s morning briefing 11 November 2021
In QuotedData’s morning briefing 11 November 2021: Third Point Investors (TPOU) looks sets to benefit from the IPO of Rivian Automotive. It invested $10m in the electric vehicle maker in January 2021, followed by a subsequent $167m investment in the company’s convertible note financing in July 2021. Third Point added to its position in the […]
-
09 Nov 2021 2 min read
QuotedData’s morning briefing 9 November 2021
In QuotedData’s morning briefing 9 November 2021: AVI Global (AGT)’s asset manager says that “it and three other shareholders collectively owning over 18 per cent. of the ordinary shares requisitioned the [Third Point Investors (TPIL)] board on 2 November 2021 to convene an extraordinary general meeting (EGM) of TPIL at which shareholders will be asked […]
-
22 Oct 2021 3 min read
QD view – busy boards
I have long thought that one of the great strengths of the investment companies sector is the boards of independent directors working on investors’ behalf to keep managers and other service providers in check, keep a lid on overheads and ensuring that shareholders are treated fairly. While not every investment company is a shining example […]
-
3 min read
Third Point Investors responds to AVI’s EGM request
Third Point Investors (TPOU) has published a response to a letter that it received from Asset Value Investors (AVI) on 30 September 2021, in which AVI was pushing for an EGM in which it wanted to put forward proposals in relation to discount control. To summarise, AVI’s request for an EGM has been declined. Rather […]
-
20 Oct 2021 3 min read
Metage Capital opens new front against Third Point Investors
Metage Capital opens new front against Third Point Investors – following on from Asset Value Investors’ attempts, on behalf of clients such as AVI Global, to get Third Point Investors to tackle its discount, Metage Capital has today written to the board of Third Point Investors. We reproduce the letter in full. Dear Fellow Shareholders, […]
-
30 Sep 2021 3 min read
QuotedData’s morning briefing 30 September 2021
In QuotedData’s morning briefing 30 September 2021: International Public Partnerships (INPP) says its £40m investment in the Rampion OFTO project looks likely to complete in November after Ofgem approved it on Tuesday. The project relates to the transmission cable connection to the Rampion offshore wind farm located 13km off the Sussex coast. The wind farm […]
-
13 Sep 2021 3 min read
QuotedData’s morning briefing 13 September 2021
In QuotedData’s morning briefing 13 September 2021: Montanaro European Smaller Companies (MTE) is due to undertake a share split, whereby a sub-division of each ordinary share of 50 pence each will be split into 10 new ordinary shares of 5 pence each. The new ordinary shares are to be admitted to trading on the premium […]
-
01 Sep 2021 2 min read
Third Point Investors to borrow $150m as it declines second EGM requisition
Third Point Investors to borrow $150m as it declines second EGM requisition – Third Point Investors has entered into a loan agreement to employ gearing and will seek approval of an extension of its exchange facility as part of a previously announced package of changes aimed at enhancing shareholder value. The credit facility will see approximately $150m borrowed […]
-
25 Aug 2021 1 min read
AVI requisitions Third Point Investors to address ‘entrenched trading discount’
AVI requisitions Third Point Investors to address ‘entrenched trading discount’ – Asset Value Investors (AVI), which manages AVI Global, along with three other shareholders in Third Point Investors (TPIL) have requisitioned the TPIL board to consider steps and actions to address its discount, as revealed in a letter published today. The key shareholders collectively own more […]
-
13 Jul 2021 1 min read
QuotedData’s morning briefing 13 July 2021
In QuotedData’s morning briefing 13 July 2021: The Third Point Investors board has responded to AVI’s requisition and says that it will not convene the requested meeting as legal advice it has received says that “the resolution proposed in the Communication would fall under the legal definition of ineffective”. Basically, the argument is that the resolution […]
-
05 Jul 2021 1 min read
AVI requisitions Third Point Investors meeting
AVI requisitions Third Point Investors meeting – AVI and three other shareholders in Third Point Investors Limited, who between them owning over 17% of Third Point, have today requisitioned the Third Point Investors’ board to convene an extraordinary general meeting. At the meeting, shareholders would vote on a resolution to change Third Point’s investment policy. AVI […]
-
01 Jul 2021 3 min read
QuotedData’s morning briefing 1 July 2021
In QuotedData’s morning briefing 1 July 2021 LXi REIT (LXI) has raised gross proceeds of £100m as part of its placing after announcing its intention to raise £75m on 24 June. The placing was significantly oversubscribed and therefore a scaling back exercise was implemented. A further £4m of gross proceeds pursuant to the PrimaryBid offer was […]
-
11 Jun 2021 2 min read
Third Point Investors proposes exchange facility
Third Point Investors (TPOU) have issued proposals for what they describe as an innovative exchange facility. However, before we get carried away, these will not be of any use to smaller shareholders as “the minimum aggregate value of TPIL Shares which any one shareholder may tender for exchange will be US$10 million, based on the […]
-
27 May 2021 3 min read
AVI asks Third Point Investors to tackle its discount
AVI asks Third Point Investors to tackle its discount – Asset Value Investors, managers of AVI Global Trust, have written to the directors of Third Point Investors, the London-listed hedge fund, to ask them to convene a general meeting at which a resolution would be put to shareholders: THAT the existing investment policy of the […]
-
23 Apr 2021 1 min read
Third Point Investors has a ‘barnstormer’ in the second half
Third Point Investors (TPOU) has announced its annual results for the year ended 31 December 2020, in which its chairman, Steve Bates, describes the year as one of two halves – the first being an awkward adjustment to the reality of the pandemic – and, in his words, “The second half of the year was […]
-
01 Apr 2021 1 min read
Third Point looks to tackle discount
Third Point looks to tackle discount – Third Point Investors Limited says that, following a detailed strategic review in close partnership with the investment manager, the board is announcing several changes aimed at enhancing the strength of the company. The changes seek both to build on the manager’s track record and address the persistent discount to […]
-
02 Sep 2020 2 min read
QuotedData’s morning briefing 2 September 2020
In QuotedData’s morning briefing 2 September 2020: Temple Bar (TMPL) briefed that as per their announcements on 20 April and 9 June 2020, the board has instigated a review of the management arrangements. They anticipate that this review will be completed shortly, and the publication of the interim results has been delayed in order to […]
-
20 May 2020 2 min read
QuotedData’s morning briefing 20 May 2020
Rolls-Royce says it will shed 9,000 jobs in response to the covid-19 crisis – it expects any recovery in the airline industry to take several years (click here to read more). JPMorgan Asia Growth & Income (JAGI) reported interim results to end-March with the total market return coming in at (6.6%) compared with (9.3%) for the […]
-
29 Apr 2020 4 min read
Review of 2019 from Hedge fund trust Third Point Offshore Investors as it prepares name-change motion
Third Point Offshore Investors (TPOU), the events-driven bottom-up-focused hedge fund managed by Daniel S. Loeb’s Third Point LLC, focuses on four strategies where it believes it has a competitive advantage in markets: activist and governance-focused investments; credit securities; short selling; and identifying emerging compounder securities. . Long equity positions lead returns while exposure to Argentine default detracts […]
-
26 Sep 2019 2 min read
Third Point wants to narrow its discount with $200m buy back
Third Point wants to narrow its discount with $200m buy back – Third Point Offshore Investors, the hedge fund managed by Daniel S. Loeb’s Third Point LLC wants to improve the persistent discount that the share price trades at relative to NAV. The board intends to: increase communication and active marketing of Third Point Offshore Investors to existing […]
-
30 Apr 2019 1 min read
Hedge fund trust Third Point Offshore Investors has solid start to 2019
Hedge fund trust Third Point Offshore Investors has solid start to 2019 – Third Point Offshore Investors (TPOU) announced in December 2018 that it would migrate its entire portfolio into a newly-created share class of the underlying Master Fund managed by Dan Loeb and his team (you can read more about this story here). TPOU […]
-
1 min read
QuotedData’s other news 30 April 2019
British Empire Trust (BTEM) has entered into an agreement with Scotiabank Europe for a Japanese Yen 4.0bn revolving credit facility for a period of three years. The facility is equivalent to £27.7m at current exchange rates. BTEM wants to add some flexibility to the management of its gearing and the new facility will also bring […]
-
29 Apr 2019 1 min read
QuotedData’s other news 29 April 2019
RDL Realisation’s (RDL) board has requested that its ordinary shares and zero dividend preference shares be temporarily suspended from trading on the London stock exchange with immediate effect as the company is not in a position to publish its audited annual report by the end of tomorrow (30 April 2019), This delay is among other things due to […]
-
28 Dec 2018 1 min read
Third Point Offshore restructures to cut fees
Third Point Offshore restructures to cut fees – Third Point Offshore Investors has announced that, as of January 1, 2019, it will switch its entire portfolio into a newly-created share class of the underlying Master Fund managed by Dan Loeb and his team. The new share class will be subject to a 25% quarterly redemption gate. […]
-
01 Mar 2018 2 min read
Third Point to sort out its discount
Third Point to sort out its discount – The board of Third Point Offshore Investors says it is committed to maximising shareholder value and protecting the interests of all the company’s stakeholders. The plan includes: a move to the Official List qualification for the FTSE UK Index Series conversion of sterling shares to US dollar shares a new […]
-
28 Apr 2017 1 min read
Third Point Offshore returns 6% for 2016
Third Point Offshore Investors Limited has announced its full year results for the twelve months ended 31 December 2016. The net asset value appreciated 6.1% for the U.S. Dollar and 5.6% for the Sterling share classes, respectively, in 2016. They say that performance was driven primarily by positive returns in the Master Fund’s corporate and sovereign credit positions. Gains […]
-
15 Nov 2016 2 min read
Dolphin sells Playa Grande golf resort
Dolphin Capital Investors has entered into an agreement for the disposal of its Playa Grande Golf and Resort project, including the Amanera resort, in the Dominican Republic to Third Point LLC. The deal is being done an enterprise value of EUR140 million which represents a 10% discount to the project’s carrying gross asset value as at […]
-
19 Apr 2016 1 min read
Third Point Offshore NAV slips in 2015
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 […]
-
15 Apr 2015 1 min read
Third Point flat in H2 2014 but better start to current year
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 […]
Upcoming Events
Videos
In The Press
-
08 Jul 2021 1 min read
Follow investment trust shareholder activist
Mary McDougall, Investors Chronicle, July 7, 2021 There’s an interesting tussle going on at Third Point Investors (TPOS), where manager and activist investor Daniel Loeb is facing a taste of his own medicine. Third Point Investors is an investment trust with assets worth £736m which listed on London Stock Exchange (LSEG) in 2007. It invests directly into Third Point’s largest hedge fund […]
-
06 Apr 2021 1 min read
Investment trust insider on hedge funds
Investment trust insider on hedge funds – James Carthew: Hedge funds proved their worth last year if you can stomach the fees A few of the listed hedge funds have published results recently. Pershing Square (PSH) and the two Brevan Howard funds – BH Global (BHGG) and BH Macro (BHMG) – had bumper years, largely on […]
