Fund Research

Third Point Offshore

Last update 02 March 2018

Third Point Offshore Investors Ltd (TPOIL) is a £728m Guernsey registered, London-listed investment company that is a feeder fund into the Third Point Offshore Master Fund. Third Point describe themselves as “opportunistic multi-asset investors”, best known for their event driven, value-oriented approach, which the management team apply opportunistically and dynamically across asset classes. Daniel Loeb is the portfolio manager who oversees all investment activity and is supported by an investment team of approximately 30.

The fund takes both long and short positions across special situation equities, corporate and sovereign credit, asset-backed securities, venture investments, risk arbitrage, and macroeconomic events. The manager blends bottom-up stockpicking with macroeconomic insights, aiming to deliver strong risk-adjusted returns over the longer term. Daniel is not restricted by region or asset class, allocating in a flexible manner, and is happy to take concentrated positions in his best ideas. Whilst combining a variety of strategies, the largest contributor to returns since inception has been through taking an activist/constructivist approach, often involving interaction with company management to enact corporate change and unlock value.

Recently, the board of TPOIL announced a number of corporate changes in an effort to tackle the company’s persistent discount, which has averaged 16% over the last two years. Whilst exact details are yet to be confirmed, the proposals are likely to include the replacement of the previously uncertain dividend policy with increased clarity around opportunistic share purchases by the Master Fund, a premium listing on the LSE to improve liquidity and enhanced investor communication and engagement.

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