Third Point Master Fund November 2025 Performance
Third Point Master Fund reported a net monthly return of -0.5% for November 2025, bringing the year-to-date performance to 7.9% and the quarter-to-date performance to 0.9%. The fund's asset mix consists of 88% in Third Point Offshore Fund, Ltd. and 12% in Malibu Life Reinsurance SPC. Key contributors to the monthly performance included Kenvue Inc., Rocket Cos Inc., and Somnigroup International Inc., while Nvidia Corp., Primo Brands Corp., and Amazon.com Inc. were the top detractors. The portfolio's net weightings at period-end were 72.5% in Equity, 33.0% in Credit, 4.9% in Privates, and 2.8% in Other.
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November 2025 Performance Highlights
Third Point Offshore Fund, Ltd. returned -0.5% in November 2025.
The top contributors for the month included consumer staples company Kenvue Inc., financial company Rocket Cos Inc., and consumer discretionary company Somnigroup International Inc.
The top detractors for the month included enterprise technology company Nvidia Corp., beverage company Primo Brands Corp, and e-commerce company Amazon.com Inc.
Net Performance
| MTD | QTD | YTD | |
|---|---|---|---|
| Third Point Offshore Fund, Ltd. 2 | -0.5% | 0.9% | 7.9% |
| 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 72.5%% in Equity, 33.0% in Credit, 4.9% in Privates and 2.8% 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 | 116.5% | -44.0% | 72.5% | 0.1% | -0.6% | -0.4% | -0.9% | 13.0% | -2.7% | 10.4% | 6.4% |
| Credit | 33.1% | -0.1% | 33.0% | 0.1% | 0.0% | 0.1% | 0.0% | 2.7% | -0.1% | 2.5% | 1.8% |
| Privates | 4.9% | 0.0% | 4.9% | 0.1% | 0.0% | 0.1% | 0.1% | 0.0% | -0.1% | -0.2% | -0.4% |
| Other 7 | 2.8% | 0.0% | 2.8% | 0.2% | 0.1% | 0.3% | 0.3% | 0.0% | 0.1% | 0.1% | 0.0% |
| Total | 157.3% | -44.1% | 113.2% | 0.5% | -0.4% | 0.1% | -0.5% | 15.6% | -2.8% | 12.8% | 7.9% |
Portfolio Detail
MTD Contributors8
Kenvue Inc. (consumer staples company)
Rocket Cos Inc. (financial company)
Somnigroup International Inc. (consumer discretionary company)
Caseys General Stores Inc. (consumer staples company)
Quebecor Inc. (media and internet company)
MTD Detractors8
Nvidia Corp. (enterprise technology company)
Primo Brands Corp. (beverage company)
Amazon.com Inc. (e-commerce company)
Microsoft Corp. (infrastructure software company)
TSMC (semiconductor company)
YTD Contributors8
Siemens Energy AG (energy company)
United States Steel Corp. (industrials and materials company)
TSMC (semiconductor company)
Nvidia Corp. (enterprise technology company)
Phoenix Financial Ltd. (financial company)
YTD Detractors8
Kenvue Inc. (consumer staples company)
Pacific Gas and Electric Co. (utility company)
Primo Brands Corp. (beverage company)
London Stock Exchange Group PL (financial company)
Carvana Co. (online used automobile retailer)
Top Gross Equity Longs8
Microsoft Corp. (infrastructure software company)
Kenvue Inc. (consumer staples company)
Pacific Gas and Electric Co. (utility company)
Nvidia Corp. (enterprise technology company)
Amazon.com Inc. (e-commerce company)
Top Gross Corporate Credit Longs8,9
X Corp. (enterprise technology company)
Bausch Health Cos Inc. (healthcare company)
X.AI Corp. (enterprise technology company)
Connect Holding II LLC (telecommunications company)
Michael Cos Inc/The (consumer goods company)
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