Third Point Offshore : un hedge fund accessible aux particuliers

C’est confirmé, AVI Global Trust a liquidé sa position :

AVI Global Trust a écrit :

Third Point Investors (Discount: 21.2%/Contribution: -0.53%)

Third Point Investors (‘TPOU’) materially underperformed with its NAV falling by -4% versus +16% and +18% gains for the S&P 500 and MSCI AC World indices respectively. A widening discount (from 17% to 20%) compounded matters and resulted in a share price decline of -8%.

While the credit book was a solid contributor to returns, woeful underperformance on both the long and short equity strategies more than offset this with mark-downs in the VC portfolio adding to the pain.

AGT also owns a direct position in the Third Point Offshore Master Fund that underlies TPOU. This was acquired as a result of our participation in an exchange facility offered to TPOU shareholders in early 2022, that allowed qualifying shareholders to exchange a portion of their TPOU shareholding for shares in the Master Fund at a 2% discount to NAV.

This saw 43% of our position exchanged for shares in the Master Fund, and we have since redeemed this holding at the maximum permissible rate and will have exited entirely by the end of June 23.

Source : https://www.assetvalueinvestors.com/con … A-2023.pdf