Third Point Master Fund1 Monthly Update: December 2025 Performance
Third Point Master Fund reported a 2.1% return for January 2026, with the Third Point Offshore Fund also achieving a 2.1% net monthly, quarterly, and year-to-date performance. Key contributors to the month's performance included Siemens Energy AG, SK Square Co. Ltd., and ASM International NV, while Constellation Energy Corp., CoStar Group Inc., and Capital One Financial Corp. were detractors. The asset mix for Malibu Life consists of 80% in the Third Point Offshore Fund and 20% in Malibu Life Reinsurance SPC, with the overall strategy weighted 68.0% in Equity, 32.9% in Credit, 4.7% in Privates, and 3.0% in Other.
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Monthly Update: December 2025 Performance
January 2026 Performance Highlights
Third Point Offshore Fund, Ltd. returned 2.1% in January 2026.
The top contributors for the month included industrials and materials company Siemens Energy AG, enterprise technology company SK Square Co. Ltd., and semiconductor company ASM International NV.
The top detractors for the month included utility company Constellation Energy Corp., financial company CoStar Group Inc., and financial company Capital One Financial Corp.
Net Performance
| MTD | QTD | YTD | |
|---|---|---|---|
| Third Point Offshore Fund, Ltd. 2 | 2.1% | 2.1% | 2.1% |
| Current Malibu Life Asset Mix | |||
| 3 | |||
| Third Point Offshore Fund, Ltd. | 80% | ||
| Malibu Life Reinsurance SPC | 20% | ||
Portfolio Detail
4
The net weightings of the strategy at period-end were 68.0% in Equity, 32.9% in Credit, 4.7% in Privates and 3.0% 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 | 115.9% | -47.9% | 68.0% | 3.3% | -0.6% | 2.7% | 2.2% | 3.3% | -0.6% | 2.7% | 2.2% |
| Credit | 33.1% | -0.1% | 32.9% | 0.3% | 0.0% | 0.3% | 0.2% | 0.3% | 0.0% | 0.3% | 0.2% |
| Privates | 4.7% | 0.0% | 4.7% | -0.1% | 0.0% | -0.1% | -0.1% | -0.1% | 0.0% | -0.1% | -0.1% |
| Other 7 | 3.0% | 0.0% | 3.0% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% |
| Total | 156.7% | -48.0% | 108.7% | 3.4% | -0.6% | 2.8% | 2.1% | 3.4% | -0.6% | 2.8% | 2.1% |
Portfolio Detail
MTD Contributors8
Siemens Energy AG (industrials and materials company)
SK Square Co. Ltd. (enterprise technology company)
ASM International NV (semiconductor company)
Ebara Corp. (industrials and materials company)
SK Hynix (memory semiconductor company)
MTD Detractors8
Constellation Energy Corp. (utility company)
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Microsoft Corp. (infrastructure software company)
adidas AG (consumer discretionary company)
YTD Contributors8
Siemens Energy AG (industrials and materials company)
SK Square Co. Ltd. (enterprise technology company)
ASM International NV (semiconductor company)
Ebara Corp. (industrials and materials company)
SK Hynix (memory semiconductor company)
YTD Detractors8
Constellation Energy Corp. (utility company)
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Microsoft Corp. (infrastructure software company)
adidas AG (consumer discretionary company)
Top Gross Equity Longs8
Nvidia Corp. (enterprise technology company)
Amazon.com Inc. (e-commerce company)
Union Pacific Corp. (industrials and materials company)
Siemens Energy AG (industrials and materials company)
DSV A/S (transportation company)
Top Gross Corporate Credit Longs8,9
Bausch Health Cos Inc. (healthcare company)
X Corp. (enterprise technology company)
X.AI Corp. (enterprise technology company)
Connect Holding II LLC (telecommunications company)
MPH Acquisition Holdings LLC (healthcare company)
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