Third Point Investors Ltd on Monday said its net asset value per share fell, citing a technology firms and an electric vehicle carmaker as the main detractors.
Third Point Investors is a Guernsey-based feeder fund that invests in the Third Point Offshore Fund. Its investment manager is New-York based Third Point LLC, whose chief executive officer and founder is billionaire Daniel Loeb.
In the six months to June 30, Third Point Investor’s NAV per share decreased by 23% to $25.04 at June 30 from $32.37 at December 31, 2021.
Third Point generated a NAV total return of negative 23%, underperforming against its benchmarks, the MSCI World and the S&P 500 indices posting a negative 20% return.
The main detractors were cybersecurity firm SentinelOne Inc, business software company Intuit Inc, and EV carmaker Rivian Inc.
The top contributors were energy companies Shell PLC and ETQ Corp.
‘The economic and geopolitical storm clouds that began to gather at the end of 2021 broke in 2022. More persistent and intense inflation hardened central bankers’ resolve to tighten monetary policy aggressively against a backdrop of war in Ukraine and a Chinese economy that remained in tight lockdown. Rising rates, an ascendant USD and the threat of a looming recession all weighed heavily on risk assets. Equity markets tumbled across the globe, while treasuries and other debt securities sold off in tandem,’ Chair Rupert Dorey explained.
Looking ahead, he said: ‘While uncertainty is pervasive now, there is still much that the investment team is focused on. In addition to the looming turn in the credit cycle, other opportunities present themselves such as activism, where Third Point can forge its own catalyst’.
Third Point Investors shares were untraded, last quoted at 1,819.43 pence each in London on Monday morning.
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