23rd Aug 2016 08:54
LONDON (Alliance News) - Third Point Offshore Investors Ltd on Tuesday said its net asset value per share grew for both its US dollar and sterling share classes amid volatile markets.
The fund, an event-driven hedge fund managed by Third Point LLC, the hedge fund run by Daniel Loeb, said its net asset value per share in US dollars appreciated 1.6% in the first half to the end of June, while its sterling net asset value grew 1.4%.
Third Point Offshore said markets experienced significant volatility due to a series of macroeconomic events which fell in the first half, including the UK's Brexit vote. The result of the vote created "choppy" markets towards the end of the second quarter, the fund said.
The fund said its investment manager navigated through this volatility by monitoring and adjusting exposures carefully, posting positive returns as a good second quarter outweighed moderate losses in the first.
Returns made in the first half were primarily driven by strong corporate and sovereign credit portfolio holdings, Third Point Offshore said, while some core equity positions in the healthcare and industrial sectors also performed well.
"I am pleased to report a positive NAV performance from Third Point Offshore Investors for the first half of 2016, despite a highly volatile market environment. This was driven by the investment manager's thoughtful application of portfolio construction and nimble approach to shifting exposures," said Chairman Marc Antoine Autheman.
"The investment manager has an expectation of macroeconomic events leading to periodic market dislocations across a number of geographies in the second half of the year, it will therefore continue to monitor and shift exposures accordingly, while looking to identify compelling risk-adjusted opportunities for investment across the capital structure," he added.
Third Point Offshore's US dollar shares were down 0.1% at USD14.29 on Tuesday, while its sterling shares were down 1.4% to 1,405.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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