29th Aug 2019 10:43
(Alliance News) - Third Point Offshore Investors Ltd on Thursday said its net asset value rose in the first half of the year, with its master fund boosted by equities.
The closed-end hedge fund posted a USD19.85 NAV per share as at June 30, up from USD17.24 per share a year before.
The company said its master fund "performance was largely driven by equities, including core long positions and those with an activist component". This was attributed to a repositioning of the investment manager's portfolio at the start of 2019.
The share price discount to NAV widened in the period to 25% from 19%, an issue the fund said it intends to fix. In the past year, the company has tried a number of measures to shrink its discount, including a buyback programme, removal of the dividend, and rolling its GBP share class into its USD shares.
Third Point Offshore Chair Steve Bates said: "I am pleased to see the positive initiatives enacted by the Investment Manager at the start of the year bear fruit with double-digit NAV per share growth in the first half of 2019, much of which has come from activist investments, a strategy in which it specializes.
"The board and the investment manager recognise that the company's persistent discount to NAV remains too high. Further to the initiatives implemented last year, the board is committed to exploring and enacting other measures, such as increased communication to existing and prospective investors, in an effort to substantially narrow the company's discount."
Shares in Third Point Offshore were down 0.3% at USD15.00 in London on Thursday.
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