Third Point Master Fund September 2025 Performance
Third Point Master Fund reported that the Third Point Offshore Fund, Ltd. returned 0.2% in September 2025, bringing the quarter-to-date performance to 3.3% and the year-to-date performance to 7.0%. The fund's net weightings at the period-end were 73.5% in Equity, 34.6% in Credit, 4.8% in Privates, and 3.3% in Other. In Equity, the gross MTD P&L was 0.3% and the net MTD P&L was 0.1%, while the gross YTD P&L was 11.3% and the net YTD P&L was 5.9%. In Credit, the gross MTD P&L was 0.5% and the net MTD P&L was 0.5%, while the gross YTD P&L was 2.3% and the net YTD P&L was 1.6%. The current Malibu Life Asset Mix consists of 88% in Third Point Offshore Fund, Ltd. and 12% in Malibu Life Reinsurance SPC.
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September 2025 Performance Highlights
Third Point Offshore Fund, Ltd. returned 0.2% in September 2025.
The top contributors for the month included semiconductor company TSMC, consumer staples company Caseys General Stores Inc., and enterprise technology company Nvidia Corp.
The top detractors for the month consumer staples company Kenvue Inc., consumer discretionary company Flutter Entertainment PLC, and transportation company DSV A/S.
Net Performance
| MTD | QTD | YTD | |
|---|---|---|---|
| Third Point Offshore Fund, Ltd. 2 | 0.2% | 3.3% | 7.0% |
| Current Malibu Life Asset Mix3 | |||
| Third Point Offshore Fund, Ltd. | 88% | ||
| Malibu Life Reinsurance SPC | 12% | ||
Portfolio Detail4
The net weightings of the strategy at period-end were 73.5%% in Equity, 34.6% in Credit, 4.8% in Privates and 3.3% in Other. A breakdown of positions, including major contributors and detractors, is provided below. For further detail please visit:
| EXPOSURE | GROSS MTD P&L 5 | NET MTD P&L 6 | GROSS YTD P&L 5 | NET YTD P&L 6 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| LONG | SHORT | NET | LONG | SHORT | NET | NET | LONG | SHORT | NET | NET | |
| Equity | 125.7% | -52.3% | 73.5% | 0.3% | 0.0% | 0.3% | 0.1% | 11.3% | -2.4% | 8.9% | 5.9% |
| Credit | 34.7% | -0.1% | 34.6% | 0.5% | 0.0% | 0.5% | 0.5% | 2.3% | -0.1% | 2.2% | 1.6% |
| Privates | 4.8% | 0.0% | 4.8% | 0.0% | 0.0% | 0.0% | -0.1% | -0.2% | -0.2% | -0.4% | -0.6% |
| Other 7 | 3.3% | 0.0% | 3.3% | -0.2% | -0.1% | -0.3% | -0.3% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total | 168.5% | -52.4% | 116.1% | 0.6% | -0.1% | 0.4% | 0.2% | 13.4% | -2.7% | 10.7% | 7.0% |
Portfolio Detail
MTD Contributors8
TSMC (semiconductor company)
Caseys General Stores Inc. (consumer staples company)
Nvidia Corp. (enterprise technology company)
Siemens Energy AG (energy company)
Norfolk Southern Corp. (industrials and materials company)
MTD Detractors8
Kenvue Inc. (consumer staples company)
Flutter Entertainment PLC (consumer discretionary company)
DSV A/S (transportation company)
CoStar Group Inc. (financial company)
Amazon.com Inc. (e-commerce company)
YTD Contributors8
Siemens Energy AG (energy company)
Nvidia Corp. (enterprise technology company)
United States Steel Corp. (industrials and materials company)
TSMC (semiconductor company)
Phoenix Financial Ltd. (financial company)
YTD Detractors8
Kenvue Inc. (consumer staples company)
Pacific Gas and Electric Co. (utility company)
London Stock Exchange Group PL (financial company)
Carvana Co. (online used automobile retailer)
Glencore PLC (industrials and materials company)
Top Gross Equity Longs8
Pacific Gas and Electric Co. (utility company)
Kenvue Inc. (consumer staples company)
Amazon.com Inc. (e-commerce company)
Microsoft Corp. (infrastructure software company)
Nvidia Corp. (enterprise technology company)
Top Gross Corporate Credit Longs8,9
X Corp. (enterprise technology company)
Bausch Health Cos Inc. (healthcare company)
Connect Holding II LLC (telecommunications company)
X.AI Corp. (enterprise technology company)
MPH Acquisition Holdings LLC (healthcare company)
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