Third Point Master Fund[1] Monthly Update: March 2026 Performance
Third Point Master Fund reported a -5.0% return for March 2026, bringing the year-to-date performance to -0.6%. The fund's asset mix consists of 80% in Third Point Offshore Fund, Ltd. and 20% in Malibu Life Reinsurance SPC. Key contributors for the month included Quebecor Inc. and two short positions, while detractors included Indra Sistemas SA, Somnigroup International Inc., and Siemens Energy AG. The net exposure at period-end was 14.0% in Equity, 36.5% in Credit, 4.8% in Privates, and 3.2% in Other.
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Third Point Master Fund
1
Monthly Update: March 2026 Performance
March 2026 Performance Highlights
Third Point Offshore Fund, Ltd. returned -5.0% in March 2026.
The
top contributors for the month included media and internet company Quebecor Inc., and two short positions.
The top detractors for the month included enterprise technology company Indra Sistemas SA, consumer discretionary company Somnigroup International Inc., and industrials and materials company Siemens Energy AG.
Net Performance
| MTD | QTD | YTD | |
|---|---|---|---|
| Third Point Offshore Fund, Ltd. 2 | -5.0% | -0.6% | -0.6% |
| 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 14.0% in Equity, 36.5% in Credit, 4.8% in Privates and 3.2% 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 | 33.3% | -19.3% | 14.0% | -8.5% | 2.3% | -6.2% | -5.4% | -2.1% | 1.5% | -0.6% | -1.1% |
| Credit | 36.7% | -0.2% | 36.5% | -0.1% | 0.0% | -0.1% | -0.1% | 0.2% | 0.0% | 0.2% | 0.1% |
| Privates | 4.8% | 0.0% | 4.8% | -0.1% | 0.0% | 0.0% | -0.1% | -0.2% | 0.0% | -0.1% | -0.2% |
| Other 7 | 3.2% | 0.0% | 3.2% | 0.3% | 0.2% | 0.5% | 0.5% | 0.3% | 0.2% | 0.6% | 0.5% |
| Total | 78.0% | -19.5% | 58.5% | -8.4% | 2.6% | -5.8% | -5.0% | -1.7% | 1.8% | 0.1% | -0.6% |
Portfolio Detail
MTD Contributors
8
Short
Quebecor Inc. (media and internet company)
Short
Connect Holding II LLC (telecommunications company)
Short
MTD Detractors
8
Indra Sistemas SA (enterprise technology company)
Somnigroup International Inc. (consumer discretionary company)
Siemens Energy AG (industrials and materials company)
CRH PLC (industrials and materials company)
Rolls-Royce Holdings PLC (industrials and materials company)
YTD Contributors
8
MasTec Inc. (industrials and materials company)
Siemens Energy AG (industrials and materials company)
Keysight Technologies Inc. (enterprise technology company)
Carpenter Technology Corp. (industrials and materials company)
Caseys General Stores Inc. (consumer staples company)
YTD Detractors
8
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Somnigroup International Inc. (consumer discretionary company)
Amazon.com Inc. (e-commerce company)
CRH PLC (industrials and materials company)
Top Gross Equity Longs
8
Amazon.com Inc. (e-commerce company)
Telephone and Data Systems, Inc. (telecommunications company)
Quebecor Inc. (media and internet company)
CRH PLC (industrials and materials company)
Rolls-Royce Holdings PLC (industrials and materials company)
Top Gross Corporate Credit Longs
8,9
Bausch Health Cos Inc. (healthcare company)
Connect Holding II LLC (telecommunications company)
Coreweave Inc. (enterprise technology company)
Connect Holdings 2 LLC (telecommunications company)
Ardagh Group SA (industrials and materials company)
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