Third Point Investors Ltd - 31년 2023월 XNUMX일에 종료되는 기간의 연례 보고서 및 감사 재무제표
Third Point Investors Ltd - 31년 2023월 XNUMX일에 종료되는 기간의 연례 보고서 및 감사 재무제표
PR 뉴스 와이어
영국 런던, 22월 XNUMX일
22 4월 2024
Third Point Investors Limited(이하 "회사")
ANNUAL REPORT & AUDITED FINANCIAL STATEMENTS
종료된 기간 동안 31 년 2023 월 XNUMX 일
써드 포인트 인베스터스 리미티드(Third Point Investors Limited) 런던-listed, multi-strategy investment company managed by Third Point LLC (the “Investment Manager”), is pleased to announce its full-year results for the year ended 31 12월 2023.
재무 핵심 사항
- The Company produced a 4.0% NAV total return, and a -5.8% result on a share price basis. This compares with a 24.4% return for the MSCI World Index and a 26.3% return for the S&P 500 Index over the same period.
- While this represents a disappointing result, the Investment Manager repositioned the portfolio more towards high conviction and concentrated investment exposures, which led to a material improvement in performance in the second half of the year, when the NAV return outperformed broad market indices.
- This improved performance has continued in 2024, with the Company generating an 8.7% NAV return in Q1 2024 and 17.6% over the prior six months to 월 31 2024.
Portfolio Key Points
- While market strength broadened out as the year continued, 2023 was defined by relatively narrow leadership, with the so-called “Magnificent Seven” accounting for nearly half of the S&P 500’s full-year gains.
- Against this backdrop, Third Point underperformed the market for the full year, with its short equity positions weighing on performance, as well as more value-oriented long equity positions generally lagging the high-flying growth stocks that carried the market-cap weighted indices.
- However, performance in the equity portfolio was very much a “tale of two halves” for the Company. The Investment Manager retained conviction in some of the same holdings that underperformed the market in the first half, and several of these positions ended up rebounding in the second half, leading to better performance.
- Third Point also restructured its single name short equity portfolio to be far more diversified across industry, market cap, and factor profile, while tightly limiting risk in names with high short interest. This revised strategy yielded alpha in the second half, while also providing far less volatile returns during the major short squeezes, witnessed in both July and 2023년 일월.
- Meanwhile, both Corporate Credit and Structured Credit generated positive returns consistently throughout the year, adding valuable uplift to Third Point’s overall portfolio.
- Third Point sees a constructive backdrop in 2024, having addressed the issues that contributed to underperformance and also expects market forces to reward its approach to investing as the macroeconomic picture stabilises.
- The Investment Manager expects prospective returns to be driven by: a more stable interest rate environment, which should create more corporate activity, expanding opportunities for Third Point to engage with companies; Third Point’s long-term investment horizon, which it believes will continue to be a benefit in complex event-driven situations and mispriced high-quality companies; and active trading around idiosyncratic credit events and taking advantage of forced selling in the market in times of heightened stress.
운영 핵심 사항
할인 관리
- During the year, the discount to NAV widened from 15.4% to 23.3%, reflecting the disappointing NAV total return and the challenging environment across the wider investment trust sector. The discount has since tightened to around 18% at the current time.
- The Board has made strenuous efforts to seek to narrow the discount both via a substantial share buyback programme, and by offering a 25% stock tender at a 2% discount to NAV (the “Redemption Offer”) in 2024 and 2027, the former of which has now been triggered.
- In 2023, the Company bought back approximately 2.6 million shares, equivalent to $ 51.2 만 in value, which was accretive to the Company’s NAV by 44 센트 per share. Over the last five years, the Company has bought back 16.6 million shares for $ 311.1 만, which has been accretive by $2.13 주당.
- The Company will not repurchase shares for the duration of the 2024 Redemption Offer. However once the results of the Redemption Offer have been announced, the Company may repurchase up to US $ 20 만 of shares over the balance of 2024 if, in the Board’s view, it is in the best interests of the Company and shareholders to do so.
상환 제안
- As the average discount to NAV at which the shares traded in the six month period to 월 31 2024 was more than 10%, the Board is offering shareholders the opportunity to tender shares for redemption at a 2% discount to NAV in 2024월 XNUMX월. The Redemption Offer is for up to 25% of the Company’s issue share capital.
- The full details of the 2024 Redemption Offer are set out in a circular which was sent to shareholders earlier this month. The deadline to submit a redemption notice is 1pm 영국 시간 8 월 2024.
Master Fund Redemptions
- As was detailed in the 2023 Interim Report, during the year there was a change to the Investment Manager’s policy regarding redemptions from the Master Fund in respect of illiquid holdings in private investments. Under the new policy, redemptions will be settled approximately 93% in cash and 7% in participation notes, the latter reflecting the pro rata share of legacy private positions in the Master Fund.
- This percentage in participation notes will increase as redemptions from the Master Fund are affected via tenders and the use of the buyback programme. Assuming the Redemption Offer is fully subscribed, the holding in privates through these participation notes will increase from 7% to 9%, all other things being equal.
- Any realisation from the private portfolio will be reinvested in the Master Fund and will reduce the Company’s overall exposure to participation notes.
통치
- All resolutions at the 2023년 유월 AGM were passed.
- The Board noted that Resolution 7 concerning the reappointment of 조쉬 타고프 was opposed by over 20% of eligible votes cast. As a result, pursuant to UK Corporate Governance Code, the Board was required to engage directly with shareholders who voted against his appointment and report back to the market.
- Following this engagement, the Board’s Nomination & Remuneration Committee recommended to the Board that Mr. Targoff not be proposed for re-election to the Board at the next AGM in 2024, after which the Board will be comprised wholly of Independent Non-Executive Directors. However, the Board value highly Mr. Targoff’s contribution to the efficient management of the Company and he will continue to attend Board and relevant Committee meetings as an observer.
Future Strategy for the Company
- In conjunction with the Board’s ongoing efforts to address the Company’s discount to NAV, the Board is pleased to announce the appointment of 디미트리 굴란드리스 and Liad Meidar as directors, as soon as practicable. Their relevant experience is in markets, mergers and acquisitions, and asset management, and they will bring important new perspectives to the Board at this time.
- Mr. Goulandris and Mr. Meidar have been introduced by Third Point, but the Board has satisfied itself after due enquiries, including taking references using Cornforth Consulting, that they are independent of the Investment Manager. Both new directors will be put forward for re-election at the annual general meeting of the Company to be held in 2024년 XNUMX월, and the Board will recommend that shareholders vote in favour of both their respective elections.
- The expanded Board will create a Strategy Committee (“Committee”) comprised of the two new directors and Richard Boléat, chaired by Mr. Goulandris. The Committee will be responsible for commencing a full review to consider how the Company may best deliver value to shareholders going forward. The review will be concluded within a six-month period (the “Strategy Review”).
- The Strategy Review will be charged with evaluating all possible options, including offensive M&A opportunities, investment strategy mixes, corporate continuation votes or further tenders, and potentially other innovative options. The Committee will seek shareholder consultation and input.
- At the conclusion of the Strategy Review, the Committee will present its finding to the Board. If approved by the Board, the outcome will then be reported by the Board to shareholders, and any recommended new proposals will be put to shareholders and voted on by them as appropriate.
- If at the conclusion of the Strategy Review there are no new proposals recommended by the Board to shareholders, the Board expects that, in due course, it will invite shareholders to vote on the continuation, or otherwise, of the Company.
- Under those circumstances, the Board will take into account the performance of the Company over the relevant period based on NAV per share and other metrics that it considers appropriate in determining whether to recommend voting in favour of the continuation resolution.
루퍼트 도리, Chair of the Company, commented:
“The Board has been responsive to shifting market forces and structural issues that have been affecting TPIL and the investment trust sector. By authorising share buybacks, working with the Investment Manager to increase transparency in its reporting, and the implementation of exchange facility and tender offer programmes, we have made decisions that we believe are in the best interests of the Company and the shareholder base as a whole.
“The addition of two new Directors with different skills and experience and the Strategy Review should give shareholders further opportunities to profit from their investment in the Company.”
미디어 문의
찰스 라일랜드 / 헨리 윌슨
[이메일 보호] / Tel: Tel: +44 (0)20 7466 5107
[이메일 보호] / Tel: +44 (0)20 7466 5111
편집자 주
Third Point Investors Limited 정보
www.thirdpointlimited.com
Third Point Investors Limited (LSE: TPOU) was listed on the London Stock Exchange in 2007 and is a feeder fund that invests in the Third Point Offshore Fund (the Master Fund), offering investors a unique opportunity to gain direct exposure to founder Daniel S. Loeb’s investment strategy. The Master Fund employs an event-driven, opportunistic strategy to invest globally across the capital structure and in diversified asset classes to optimize risk-reward through a market cycle. TPIL’s portfolio is 100% aligned with the Master Fund, which is Third Point’s largest investment strategy. TPIL’s assets under management are currently $ 600 만.
서드포인트 LLC 소개
Third Point LLC is an institutional investment manager that actively engages with companies across their lifecycle, using dynamic asset allocation and an ethos of continuous learning to drive long-term shareholder return. Led by 다니엘 에스 로브 since its inception in 1995, the Firm has a 43-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $ 11.2 억 in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees.
Third Point Investors Limited (“TPIL”) offers a unique access point to Daniel Loeb’s Third Point LLC and its strong track record of delivering returns for investors since 1995. Third Point LLC adopts an active and engaged approach to global investing for investors wishing to diversify their portfolios. Unconstrained in style and free of benchmark confinement, Daniel Loeb’s investment speciality is to pivot opportunistically across asset classes, seeking to optimise risk-adjusted returns over the longer term.
Why Third Point Investors?
Exposure to the flagship
Third Point Master Fund As a UK-listed Company, TPIL offers UK investors a unique and efficient access point to Third Point LLC’s flagship Master Fund, which has delivered attractive risk-adjusted returns to investors since its inception in 1995.
Different pillars of investment strategy
The Third Point LLC (“Third Point” or the “Investment Manager”) investment strategy centres on four distinctive pillars: activism; fundamental and event-driven equities; credit; and private markets (ventures). CIO 다니엘 로브 is responsible for overall capital allocation across these strategies, according to his reading of market conditions.
Unconstrained and agile
The Investment Manager opportunistically pivots across asset classes, capital structure and geographic domicile according to where it sees good potential risk-adjusted returns. It is not a benchmark-driven fund and therefore it provides what it believes is a differentiated approach and outcome for global investors seeking diversification.
Constructivist engagement
Third Point aims to derive long-term value through various forms of constructivist engagement with companies in which it invests. It also pursues event-driven opportunities, identifying misunderstood catalysts such as M&A and special situations that we believe will unlock value.
Always striving to improve
The Investment Manager’s cultural philosophy values teamwork and improvement. It respects the Japanese business concept of Gemba Kaizen, which takes into consideration the skills of the entire organisation, with the understanding that even the smallest of adjustments will create value over time.
통치
TPIL is a 영국 해협에있는 작은 섬-domiciled, 런던-listed investment company which is a member of the Association of Investment Companies (AIC) in the UK. A majority of independent directors on a board is an important hallmark of good UK governance practice.
역사적 성과
~에서 31 12월 2023
Annualised Historical Performance (%) |
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| 1 년도 | 3 년도 | 5 년도 | 10 년도 | Since TPIL 처음 |
Third Point Investors Limited (NAV) | 4.0 | -0.9 | 8.1 | 5.6 | 7.3 |
Third Point Investors Limited (Share Price) | -5.8 | -2.7 | 6.9 | 3.6 | 6.1 |
S & P 500 지수 | 26.3 | 10.0 | 15.7 | 12.0 | 9.4 |
MSCI 세계 지수 | 24.4 | 7.8 | 13.4 | 9.2 | 6.9 |
주당 순자산 가치
4.0%
2023 : $25.43
2022 : $24.46
주가
-5.8 %
2023 : $19.50
2022 : $20.70
회장 성명서
주주 여러분,
During 2023, TPIL returned 4.0% on a NAV basis and -5.8% on a share price basis. This compares with returns of 24.4% and 26.3% for the MSCI World Index and S&P 500 Index, respectively, over the same period. This clearly represents a disappointing result following on from 2022, after which the Investment Manager re-positioned the portfolio. This entailed a move towards more high conviction and concentrated investment exposures, focussed on core areas of competency such as deep value, event driven and activist strategies. These changes were allied to Third Point’s deep strength in both traditional and structured credit markets. The re-positioning led to a material improvement in performance in the second half of the year, when the NAV return outperformed both the MSCI World Index and the S&P 500 Index.
Credit has remained a steady and reliable low risk, low volatility performer. The more concentrated equity exposure combined with greater discipline in short equity and hedge positions resulted in a sharp turnaround in overall equity attribution. This moved from -3.9% on a gross basis in the first half of the year to +7.3% in the second half.
While adverse geopolitical and economic events during 2023 continued to plague market sentiment, the expectation that a mild US recession was imminent proved unfounded. US economic statistics continued to be strong.
The dramatic third quarter rout in the bond markets was propagated by a belief – which proved unfounded – that the Fed would need to cut rates to stave off recessionary risks.
Real interest rates moved sharply upwards in the third quarter, from around 1.5% to 2.5%, putting an end to the dovish monetary policy of previous years. The interest rate landscape is returning to comparative historical norms.
포트폴리오 동인
During 2023, credit was the largest source of returns delivering 4.1% gross at the portfolio level. Of this, 2.3% was from Corporate Credit and 1.8% from Structured Credit. In absolute terms, the Corporate Credit portfolio returns of 18% exceeded those of the ICE Bank of America High Yield Index by 4%, as a result of active trading and security selection. Returns on Bank and Telecom credits proved to be particularly rewarding, with attractive capital structure arbitrage opportunities being exploited successfully.
The Structured Credit portfolio generated a 7.5% return in the year and outperformed the Bloomberg US Aggregate Index by over 2%. This was attributable to the effective hedging of interest rate risk, as well as taking advantage of technical opportunities in reperforming residential mortgage loan securities, and in the shorter duration auto and student debt sectors.
Gross equity returns were 3.2% in 2023. Overall, event driven strategies contributed 5.9% to gross return, while activist and hedging strategies detracted -0.4% and -2.3% respectively. The majority of the equity returns were achieved in the second half. Significantly, a modification in single name short equity positions to a more diversified pan-industry strategy assisted in limiting risk in certain stocks, yielding more consistent alpha with lower overall volatility.
TPIL continues to have around half of its net equity exposure to AI themed equities such as Microsoft, Amazon and Meta, in addition to concentrated positions in a diversified portfolio of companies it considers undervalued such as Danaher, PCG and UBS. These companies are anticipated to benefit from more positive news on lower inflation and lower rates in due course and some from upcoming catalyst events.
Net equity exposure during the year varied between 40% and 70%, ending the year at the higher end of the range. Exposure to corporate and structured debt remained between 40-45% during the year.
The Privates portfolio, including the Participation notes, detracted -0.8% on a gross basis at the portfolio level. There have been a limited number of liquidity events to date.
할인 관리
During the year the discount to NAV widened from 15.4% to 23.3%. Most of the investment trust sector has been subject to widening discounts in 2023, averaging around 15% on a market capitalisation-weighted basis.
The Board has made strenuous efforts to seek to narrow the discount both via a substantial share buyback programme, and by offering a 25% stock tender at a 2% discount to NAV in 2024 and in 2027. The $ 50m one-year buyback programme commenced in 2022년 XNUMX월 and was renewed in 2023년 XNUMX월 추가로 $ 25m available for buybacks until 2024월 XNUMX월. Despite some success in stabilising the discount in the first half of 2023 at around 15%, it has widened to around 23% before tightening to around 18% at the current time.
During 2023, the Company bought back 2.6 million shares equivalent to $ 51.2 만 of value, which was accretive by $0.44c to NAV per share. Over the last five years the Company has bought back 16.6 million shares for $ 311.1 만, which has been accretive by $2.13 주당.
The Company will not repurchase any of its Shares for the duration of the Redemption Offer (see below). Once the results of the Redemption Offer have been announced, the Company may repurchase up to US $ 20m of Shares over the balance of 2024 if, in the Board’s view, it is in the best interests of the Company and Shareholders to do so.
Borrowing Facility
In 2023년 유월, the Company repaid its $ 150 만 borrowing facility from J.P. Morgan in full, ahead of its technical maturity in 2023년 XNUMX월에. The Company now has no structural leverage.
상환 제안
On 1 4월 2021, the Board announced the implementation of two potential Redemption Offer opportunities, on 월 31 2024 및 월 31 2027 for Shareholders to tender shares for redemption if the average market price of the Shares has been more than 10 per cent. And 7.5 per cent. below NAV, respectively, for the six-month period preceding each Redemption Offer Date. The average discount to NAV at which the Shares traded in the six month period to 월 31 2024 was more than 10% and, accordingly, the Board is offering Shareholders the opportunity to tender Shares for redemption.
The Redemption Offer is for up to 25 per cent. of the Company’s issued share capital. Eligible Shareholders will be able to decide whether to tender some or all of their Shares within the overall limits of the Redemption Offer (but tenders in excess of a Shareholder’s Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement).
The full details of the Redemption Offer are set out in a Circular which was sent to shareholders earlier this month.
Master Fund Redemptions
In the 2023 Interim Report, I detailed a change to the policy for redemptions from the Master Fund in respect of the Company’s illiquid holdings in Private investments. Under the new policy, redemptions from the Master Fund will be settled approximately 93% in cash and 7% in participation notes. The participation notes, as a percentage of the Company’s net assets, will increase as redemptions from the Master Fund are affected via tenders and use of the buyback programme. Assuming the Redemption Offer is fully subscribed, the holding in Privates will increase from 7% to 9% all other things being equal. Any realisation from the Privates portfolio will be reinvested in the Master Fund and will reduce the Company’s overall exposure to participation notes. This policy was introduced to allow the Investment Manager to manage the underlying portfolio more effectively, by offering a more stable platform for investors by permitting the Manager to focus on its core strategies.
통치
All resolutions at the 2023년 유월 AGM were passed. The Board noted that Resolution 7 concerning the reappointment of 조쉬 타고프 was opposed by over 20% of eligible votes cast. As a result, pursuant to the UK Corporate Governance Code the Board was required to engage directly with shareholders who voted against his appointment and report back to the market within six months.
The Board engaged with, and sought feedback from, a wide variety of investors. This exercise indicated significant shareholder sentiment that the Board should be composed exclusively of independent directors, as is consistent with the vast majority of investment trusts listed on the London Stock Exchange.
Following a review, the Nomination & Remuneration Committee recommended to the Board that Mr. Targoff not be proposed for re-election to the Board at the next AGM, after which the Board will be comprised wholly of Independent Non-Executive Directors. However, the Board values highly Mr. Targoff’s contribution to the efficient management of the Company and he will continue to attend Board and relevant Committee meetings as an observer.
Future Strategy for the Company
As a Board we believe that TPIL offers a valuable access point to a set of differentiated strategies in equities and credit in a 런던-listed vehicle.
Investors have bought into the Company on the basis of 댄 로엡 and Third Point’s long-term performance track record. Returns in 2023 have been disappointing against the strength of the S&P 500 Index, which has been largely driven by the concentrated outperformance of tech stocks.
이에 대한 응답으로 댄 로엡 held meetings with investors in 2023년 유월 그리고 다시 2024월 XNUMX to outline his investment ideas in more detail. These meetings were well received by those who attended.
The Board is encouraged by the recent strong performance of the Investment Manager, with the Company generating an 8.7% NAV return in Q1 2023 and 17.6% over the prior six months to 월 31 2024. While past performance is not a predictor of future gains, the Board notes that the Investment Manager’s long-term track record, along with its flexible and opportunistic strategy, incorporating a broad range of equity and credit tools, can deliver favourable risk-adjusted returns in the current environment. Firstly, engaging in active trading around idiosyncratic credit events and acting as a provider of liquidity in times of heightened stress. Secondly, taking advantage of complex event driven situations in what are perceived to be mispricing opportunities in high quality companies, and finally catalyst driven corporate/activist opportunities.
최근의 강한 실적에도 불구하고 NAV에 대한 의미 있는 할인이 지속되고 있습니다. NAV 할인과 이에 대한 투자자의 우려는 상장 펀드 부문 전반에 걸쳐 문제가 되고 있으며, 이에 대해 적극적이고 창의적으로 대처하기 위해 이사회는 투자운용사와 협력하여 회사를 위한 추가 옵션을 모색해 왔습니다.
In conjunction with these efforts, the Board is pleased to announce the appointment of 디미트리 굴란드리스 and Liad Meidar as directors, to take place as soon as practicable. Their relevant experience is in markets, mergers and acquisitions, and asset management, and they will bring important new perspectives to the Board at this time. Mr. Goulandris and Mr. Meidar have been introduced by Third Point, but the Board has satisfied itself after due enquiries, including taking references using Cornforth Consulting, that they are independent of the Investment Manager and they have each confirmed to the Board that they understand the responsibilities of directors to act solely in the interest of the Company and thus of all Shareholders. In accordance with the Company’s Articles of Incorporation, both new directors will be put forward for election at the annual general meeting of the Company to be held in 2024년 XNUMX월, and the Board will recommend that Shareholders vote in favour of both their respective elections.
The expanded Board will create a Strategy Committee (“Committee”) comprised of the two new directors and Richard Boléat, chaired by Mr. Goulandris. This Committee will be responsible for commencing a full review to consider how the Company may best deliver value to Shareholders going forward, which will be concluded within a six-month period from the time the Committee is launched (the “Strategy Review”). The Strategy Review is not a formal sale process and the Company is not inviting offers for the Company to be acquired. The Committee will be charged with evaluating all possible options, including offensive M&A opportunities, investment strategy mixes, corporate continuation votes or further tenders, and potentially other innovative options. It will have the power to hire outside advisors as necessary so that it can consider the broadest range of possibilities. As part of the Strategy Review, the Company will seek shareholder consultation and input.
At the conclusion of the Strategy Review, the Committee will present its findings to the Board. If approved by the Board, the outcome will then be reported by the Board to Shareholders, and any recommended new proposals will be put to Shareholders, and voted on by them as appropriate. If at the conclusion of the Strategy Review there are no new proposals recommended by the Board to Shareholders, the Board expects that, in due course, it will invite shareholders to vote on the continuation, or otherwise, of the Company. Under those circumstances, the Board will take into account the performance of the Company over the relevant period based on the NAV per Share and other metrics that it considers appropriate in determining whether to recommend voting in favour of the continuation resolution.
요약
The Board has been responsive to shifting market forces and structural issues that have been affecting TPIL and the investment trust sector. By authorising share buybacks, working with the Investment Manager to increase transparency in its reporting, and the implementation of exchange facility and Redemption Offer programmes, we have made decisions that we believe are in the best interests of the Company and the shareholder base as a whole.
The addition of two new Directors with different skills and experience and the conduct of the Strategy Review should give shareholders further opportunities to profit from their investment in the Company. In the meanwhile, my colleagues and I would like to thank shareholders for their continuing support.
루퍼트 도리
의장
19 4월 2024
포트폴리오
투자 관리자의 검토
전략성과
As stated in the Chairman’s Statement, for the 12 months ended 31 12월 2023, Third Point Investors Limited’s net asset value (“NAV”) per share increased by 4.0%, while the corresponding share price fell 5.8%. This compares with the MSCI World Index and S&P 500 Index returns of 24.4% and 26.3%, respectively. The Company’s share price return included the effects of the discount to NAV widening from -15.4% to -23.3%.
After a bruising 2022, in which inflation took hold and tight monetary policy reigned, it was difficult to predict the force with which markets snapped back in 2023. While not without moments of uncertainty – including the regional bank crisis in March and lingering concerns about the economy tipping into a recession – 2023 turned out to be a strong year for headline equity performance. This had roots in moderating inflation and surprisingly strong job growth, making it more likely that the U.S. Federal Reserve would pivot from rate hikes to rate cuts in 2024. While the buoyancy broadened out as the year wore on, 2023 was defined by relatively narrow leadership: the so-called “Magnificent Seven” of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla accounted for nearly half of the S&P 500’s full year gains, and the tech-focused NASDAQ advanced by more than 50%. Underscoring this dynamic, the S&P 500 Index returned 26.3% for 2023, while the S&P 500 Equal Weighted Index returned 13.9%.
Against this backdrop, Third Point underperformed the broader market for the full year, with its short equity positions (-8.0% gross contribution to return for the Master Fund) weighing on performance, as well as more value-oriented long equity positions (11.2% gross contribution to return) generally lagging the high-flying growth stocks that carried the market-cap weighted indices. Both Corporate Credit (2.3% gross contribution to return) and Structured Credit (1.8% gross contribution to return), meanwhile, contributed consistent, positive returns throughout the year. Finally, as the public listing timeline for many venture companies continued to be extended, the Private portfolio (-0.8% gross contribution to return) saw modest markdowns.
2023 성과 검토
주식
Performance in the equity portion of the portfolio was very much a “tale of two halves”. Short equity positions were generally challenged during the market’s strength in 1H, especially in 2023년 XNUMX월, when the same higher growth, non-profitable technology stocks that were punished in 2022 came roaring back to life. On the long side of the equity portfolio, several event-driven positions provided conservative guidance during the first half of the year (including Danaher, IFF and Bath & Body Works). In addition, a couple of holdings (Fidelity National Information Services and AIG) were exposed to the financial sector during the Silicon Valley Bank failure in March and the short-lived contagion that followed.
In assessing the lessons learned from this period, Third Point’s efforts in 2023 to improve performance involved significant analysis and scrutiny of not just what it invests in, but how it invests. When the firm thinks about its competitive advantages in today’s investing landscape, duration, concentration, and an event-driven focus are top of its list.
On the long side of the equity portfolio, Third Point’s best outcomes have been in deeply researched names that represent a large portion of firm capital. Some of these investments have involved significant engagement with the company to improve performance and enhance returns. Having deep fundamental conviction has afforded Third Point with the patience to see these investments through, even when markets or factors cause temporary underperformance. Realising this was the case with several of its underperforming long positions in the first half of the year, the firm retained conviction in these names, which set the stage for the long equity portfolio’s outperformance in the second half of the year. First half laggards such as Danaher and Bath & Body Works delivered far better performances in the second half of the year.
Third Point applied a similar analytical framework to single name short-selling – focusing more on the how rather than the what. Analysis of historical results revealed some telling data on shorts: namely, the track record of identifying alpha-generating shorts has been excellent, but the monetisation of those ideas has been suboptimal, in part due to the extreme volatility in heavily shorted stocks that caused the firm to shorten duration. Third Point addressed this by restructuring its single name short portfolio to be far more diversified across industry, market cap, and factor profile, while tightly limiting risk in names with high short interest. This revised strategy not only yielded alpha since being implemented mid-year, but returns have also come with far less volatility, even during the major short squeezes witnessed in July and December of 2023.
Corporate Credit and Structured Credit
Both Corporate Credit and Structured Credit portfolios generated consistent, positive returns throughout the year, adding valuable ballast to Third Point’s overall portfolio.
Corporate credit generated approximately 18% gross return on assets in 2023, driven by active trading and security selection. First half performance was driven by successful investments in cruise lines and taking advantage of the March market selloff by buying regional banks and Credit Suisse/UBS debt securities, a joint venture with Third Point’s equity team that lead to a successful UBS equity investment. Second half performance was driven by exposure to healthcare and telecom credits, as well as a significant tailwind from the “everything rally” during the last two months of the year. The high yield market generated 9% of its total 13.5% annual performance during the last eight weeks of the year. While it was more difficult to generate alpha during this period, Third Point increased its corporate credit exposure to its 2023 peak near the October lows and so generated excellent returns on that basis.
The telecom sector is one of the largest in the credit markets and lately one of the most dynamic. During 2023, Third Point initiated sizeable positions in several names, with total exposure exceeding 5% of total fund NAV. The firm believes the sector is interesting because of a significant valuation derating due to concerns about competition with fixed wireless products (offered by wireless phone providers) and fibre upgrades by legacy and other carriers. This will likely impact credits differently depending on their technology, geography, and pre-existing competitive picture, creating a wealth of opportunities. These telecom positions were also important drivers of performance in 2023. For example, Frontier second lien bonds were up 24% on a price basis from the summer lows in addition to generating a 10% current yield in 2023.
Meanwhile, Third Point’s Structured Credit portfolio also outperformed the market in 2023, generating approximately 8% gross return versus the Bloomberg US Aggregate index’s 5.5% return. Each of the individual strategies within the portfolio were positive except marketplace loans, which were only 1.5% of the Master Fund NAV and experienced some mark-to-market losses based on perceived recessionary concerns. Reperforming securities in the residential mortgage space, comprising about 14% of NAV, delivered the largest contribution to return for the year. Firmness in the residential mortgage sector was led by strong continued credit performance and resilient home prices, which counteracted the negative effect of interest rate volatility on longer duration assets. Interest rate hedges were also a positive contributor, and Third Point actively traded the portfolio throughout the year.
Outlook
In Equities, Third Point sees a constructive backdrop in 2024, having addressed some of the issues that contributed to underperformance in 2023 and expects market forces to reward its approach to investing as the macroeconomic picture stabilises. While assets have certainly priced in some of the good news on inflation and rates, Third Point still believes headline equity market multiples exaggerate the valuation most companies are trading for and continues to find what it believes are high-quality companies trading at reasonable valuations. The firm expects prospective returns to be driven by: 1) a more stable interest rate environment, which should create more corporate activity, expanding opportunities for Third Point to invest in “self-help” situations or those that require more active engagement, and 2) Third Point’s duration as a holder, which it believes will continue to be a benefit in both complex event-driven situations, and mispriced, high quality companies. On the long side, going forward, Third Point expects to further concentrate the portfolio in its highest conviction names. On the short side, Third Point is encouraged by the results of imposing tighter risk parameters, and expects to increase the size of its single name short equity portfolio.
In Corporate Credit, the high yield market has been supported over the last few years by favourable supply and demand drivers that we believe are fading. The post-COVID recovery generated a significant volume of upgrades to credits that had been downgraded to high-yield during the pandemic, resulting in a net negative supply. Nearly all these names have been upgraded and returned to investment grade, so this impact is behind us. Second, new issue volumes have slowed to a relative trickle in the face of interest rate volatility as issuers were hesitant to look foolish locking in high rates or were holding out in the hope that rates would decline. Interest rates are stabilising and private equity is adjusting to the new environment, which should lead to higher new issuance. Third, larger private credit firms are competing very aggressively with public markets for new deals, making loans that would be very challenging to complete in the public markets and even offering issuers the ability to pay interest in kind. Third Point expects this source of capital to begin to dry up, as the vast sums of money raised in the last two years are spent and these investors begin to face widespread credit issues in their existing portfolios which were largely created during a period of trough interest rates and peak economic activity. Much like private equity, the expectation is that a vintage year will be an important driver of private credit performance.
On a fundamental basis, the impact of higher rates has the potential to create widespread credit stress in high yield. According to a recent Bank of America study, 40% of all B/CCC issuers (roughly half the market) will be free cash flow negative as they refinance maturing debt with more expensive debt due to higher interest rates. It is also worth noting that this analysis, done at the beginning of 2024, assumed that the U.S. Federal Reserve would cut interest rates by 250 basis points as was being projected by the market at the time. It is becoming more probable that that the Fed cuts do not match those expectations or, if they do, they are accompanied by economic weakness which would hamper corporate cash generation. This may or may not lead to large increases in defaults, but it is difficult to see how there will not be increasing credit stress. Third Point is equally happy investing in stressed performing debt as it is investing in distressed credits – the firm’s returns in both are relatively similar, so it expects to be busy either way. In Third Point’s view, credit will remain attractive for an extended period, with continuing periods of volatility generating good entry points.
In Structured Credit, Third Point remains constructive on the residential mortgage sector, and it comprises 65% of the firm’s exposure in this asset class. The U.S. mortgage market encompasses housing with $ 43 조 of market value with only $ 13 조 of mortgage debt. House prices were up close to 5% last year. While it’s fair to expect some price declines if rates fall and housing turnover increases, there is a significant amount of equity in borrowers’ hands.
Looking ahead to 2024, the banking crisis last March caused banks to try to optimise their portfolios and sell the easiest, shortest duration assets that are capital intensive. Third Point estimates there are $ 65 억 of consumer loans that banks want to sell over the next few years where unlevered loans are yielding 15% with capital appreciation upside. Spreads in structured credit look appealing versus public corporate credit and so Third Point expects that with more investors looking at structured credit for yield, spreads will tighten across many collateral types, particularly commercial mortgage-backed securities (CMBS) where real estate security selection is critical. The long-awaited opportunity in commercial real estate (CRE) looks more promising this year, as lower rates and a maturity wall of CRE debt should finally shake loose some distressed securities.
서드 포인트 LLC
포트폴리오 분석
~에서 31 12월 2023
노출 시간
포트폴리오 상세1 긴 짧은 그물
공평
행동주의/구성주의 8.2% -2.3 % 5.9%
기본 및 이벤트 82.3% -17.5 % 64.7%
포트폴리오 헤지스2 0.0% -0.2 % -0.2 %
총 자본 90.4% -20.0 % 70.4%
신용
기업 및 주권 17.4% -0.3 % 17.2%
구조화 된 25.0% -0.1 % 24.9%
총 크레딧 42.4% -0.3 % 42.1%
개인 7.8% 0.0% 7.8%
기타3 0.0% 0.0% 0.0%
총 포트폴리오 140.6% -20.3 % 120.3%
노출 시간
Equity Portfolio Detail1 긴 짧은 그물
주식 부문
소비자 재량 16.1% -3.0 % 13.1%
소비재 0.2% -0.7 % -0.5 %
유틸리티 14.1% -2.8 % 11.2%
에너지 0.9% -0.1 % 0.8%
재무 17.7% -3.8 % 13.8%
의료 6.5% -2.1 % 4.4%
산업재 및 소재 17.5% -4.6 % 12.8%
엔터프라이즈 기술 10.0% -2.0 % 8.0%
미디어 및 인터넷 7.6% -0.7 % 6.9%
포트폴리오 헤지스2 0.0% -0.2 % -0.2 %
금액 90.4% -20.0 % 70.4%
1 Unless otherwise stated, information relates to the Third Point Offshore Master Fund L.P. Exposures are categorised in a manner consistent with the Investment Manager’s classifications for portfolio and risk management purposes.
2 주로 광범위한 시장과 주식 기반 헤지입니다.
3 통화 헤지 및 거시 투자가 포함됩니다. 금리 및 FX 관련 투자는 노출 수치에서 제외됩니다.
The sum of long and short exposure percentages may not visually add to the corresponding net figure due to rounding.
Net equity exposure is defined as the long exposure minus the short exposure of all equity positions (including long/short, arbitrage, and other strategies), and can serve as a rough measure of the exposure to fluctuations in overall market levels. The Investment Manager continues to closely monitor the liquidity of the portfolio and is comfortable that the current composition is aligned with the redemption terms available to the Company by virtue of its holding of Class YSP shares.
투자팀
다니엘 에스 로브
CEO & CIO
다니엘 에스 로브 is CEO of Third Point LLC, founded in 1995. Daniel has served on five publicly traded company boards: Ligand Pharmaceuticals; POGO Producing Co.; Massey Energy; Yahoo!; and Sotheby’s. Daniel’s philanthropic activities are driven by principles of individual human rights, including fighting against inequality and discrimination and for policies that lead to greater economic opportunity for all. Daniel graduated from Columbia University with an A.B. in economics in 1983, endowed the Daniel S. Loeb Scholarship for undergraduate study there, and received the school’s 존 제이 Award for distinguished professional achievement. In 2020년 XNUMX월, he was awarded the 알렉산더 해밀턴 Award for his philanthropic service by the Manhattan Institute.
이안 월리스
Partner & Head of Credit
이안 월리스 joined Third Point in 2009. Prior to joining Third Point, Ian was the Managing Member of River Run Management, LLC, which he founded in 1999. River Run was a hedge fund focused on high yield and distressed investments and the firm shared office space with and partnered with Third Point on many successful distressed investments from 2000-2004. From 1989 to 1998, Ian was a Managing Director with Oak Hill, an affiliate of the Robert M. Bass Group. Prior to Oak Hill, Ian was a Vice President in the High-Yield Research group at First Boston, and a staff accountant at Arthur Andersen & Co. Ian graduated from the 워싱턴 대학 with a B.A. in Business Administration.
Shalini Sriram
Managing Director & Head of Structured Credit
Shalini Sriram is the Head of Structured Credit at Third Point and sits on the firm’s risk committee, overseeing a range of investments from residential and commercial mortgage-backed securities to the intersection of consumer finance and technology. Prior to joining Third Point in 2017, Shalini invested in structured credit at Scoggin Capital. From 2006 to 2012, Shalini was an Executive Director at Morgan Stanley, and Head of ABS CDO and RMBS trading. From 2002 to 2006, Shalini was an associate at Banc of America Securities on a proprietary ABS trading desk where she first structured and then traded CDOs. Shalini received a B.A. in Economics cum laude in three years from 웰 슬리 대학 그리고 MBA 컬럼비아 비즈니스 스쿨.
롭 슈워츠
Managing Partner, Third Point Ventures
이후 2000년 유월, Rob has been Managing Partner of Third Point Ventures, the 캘리포니아 멘로 파크 based venture capital arm of Third Point LLC. Rob is presently a director of NextSilicon, Verbit, Sysdig, Kentik, Kumu Networks, Aryaka, R2 Semiconductor, YellowBrick Data, Ushur, and Trullion. Previously, for 23 years, he was the President of RF Associates North, a privately held communications semiconductor manufacturer’s representative firm. Rob holds a multi-discipline engineering degree from the 캘리포니아 버클리 대학교.
GOVERNANCE
이사
루퍼트 도리 (의장)
Rupert is a 영국 해협에있는 작은 섬 resident and has over 35 years of experience in financial markets. Rupert was at CSFB for 17 years from 1988 to 2005 where he specialised in credit related products, including derivative instruments where his expertise was principally in the areas of debt distribution, origination and trading, covering all types of debt from investment grade to high yield and distressed debt. He held a number of positions at CSFB, including establishing CSFB’s high yield debt distribution business in 유럽, fixed income credit product coordinator for European offices and head of UK Credit and Rates Sales. Since 2005 he has been acting in a non-executive directorship capacity for a number of Hedge Funds, Private Equity & Infrastructure Funds, for both listed and unlisted vehicles. He is former President of the 영국 해협에있는 작은 섬 Chamber of Commerce and is a member of the Institute of Directors. Rupert has extensive experience as both Director and Chairman of exchange listed and unlisted funds. He has served on boards with 18 different managers, including Apollo, Aviva, Cinven, CQS, M&G and Partners Group.
기타 상장 기업의 이사직:
NB Global Monthly Income Fund Limited (London Stock Exchange).
리처드 볼레트
Richard Boléat는 저지 주민이며 영국 공인회계사협회 회원입니다. 영국 & 웨일즈, 저지의 Coopers & Lybrand에서 교육을 받았으며 영국. Richard는 저지에서 Capita Group plc의 금융 서비스 고객 업무를 이끌었습니다. 2007년 XNUMX월, when he left to establish Governance Partners, L.P., an independent corporate governance practice. He currently also acts as chairman of CVC Credit Partners European Opportunities Limited and audit committee chairman of M&G Credit Income Investment Trust plc, both of which are listed on the London Stock Exchange, along with a number of other substantial collective investment and investment management entities established in Jersey, the 케이맨 제도 및 룩셈부르크. He is regulated in his personal capacity by the Jersey Financial Services commission.
기타 상장 기업의 이사직:
CVC Credit Partners European Opportunities Limited, M&G Credit Income Investment Trust plc (both London Stock Exchange).
휴 에반스
휴 에반스 qualified as a Chartered Accountant with KPMG (then Peat Marwick Mitchell) in 1983. He subsequently worked for three years in the Corporate Finance department of Schroders before joining Phoenix Securities Limited in 1986. Over the next twelve years he advised a wide range of companies in financial services and other sectors on mergers and acquisitions and more general corporate strategy. Since moving to 영국 해협에있는 작은 섬 in 2005, he acted as a professional non-executive Director of a number of 영국 해협에있는 작은 섬 based companies and funds and is currently chair of VinaCapital Vietnam Opportunity Fund Limited. He holds an MA in Biochemistry from 캠브리지 대학. He moved back to the UK in 2023 and is now UK resident.
기타 상장 기업의 이사직:
VinaCapital Vietnam Opportunity Fund Limited (London Stock Exchange).
비비안 굴드
비비안 굴드 is a UK resident and the Senior Independent Director at The Lindsell Train Investment Trust PLC and a non-executive director of Barings Emerging EMEA Opportunities PLC, Schroder AsiaPacific Fund plc and National Philanthropic Trust UK. She has worked in the financial services sector since 1981. She was a founder director of River & Mercantile Investment Management Limited (1985) and served as a senior executive and Deputy Managing Director with the Group until 1994. She then worked as an independent consultant and served on the boards of a number of investment management companies, listed investment trusts, other financial companies and charitable trusts.
기타 상장 기업의 이사직:
The Lindsell Train Investment Trust PLC, Barings Emerging EMEA Opportunities PLC, Schroder AsiaPacific Fund plc, (all London Stock Exchange).
조슈아 L. 타고프
조슈아 L. 타고프 is a US resident and has been the Chief Operating Officer of the Investment Manager since 2009년 XNUMX월. 그는 법무 자문위원으로 합류했습니다. 2008년 XNUMX월. Previously, Joshua was the General Counsel of the Investment Banking Division of Jefferies & Co. Joshua spent seven years doing M & A transactional work at Debevoise & Plimpton LLP. Joshua graduated with a J.D. from Yale Law School, and holds a B.A. from 브라운 대학 (Brown University). In 2012, Joshua was made a Partner of the Investment Manager.
클레어 휘트
Claire is a 영국 해협에있는 작은 섬 resident with over 40 years’ experience in banking and finance. Following a degree in Geography from 에든버러 대학교, she started her career with Bank of 스코틀랜드 in lending and corporate finance and on moving to 영국 해협에있는 작은 섬 joined Bank of 버뮤다제도 becoming Global Head of Private Client Credit. In 2003, she joined Rothschild and Company Bank International as Director of Lending and was latterly Managing Director and Co-Head before becoming a Non-Executive Director in 2016, a role from which she retired in 2023. Over the last 10 years, she has held a variety of non-executive directorships and is an experienced non-executive Director of both listed and PE funds.
기타 상장 기업의 이사직:
Riverstone Energy Limited (London Stock Exchange), Eurocastle Investment Limited (Euronext).
다수의 이사는 다른 상장 펀드의 비상임 이사이기도 합니다. 이사회는 이들 자금 중 어느 것도 무역 회사가 아니라는 점을 지적하고 회사의 모든 비상임 이사가 회의 참석 및 참여를 통해 입증된 바와 같이 이 회사에 헌신할 충분한 시간과 헌신을 갖고 있음을 확인합니다.
전략 보고서
이사는 자산 및 부채 명세서, 운영 명세서, 순자산 변동 명세서, 현금 흐름표 및 종료 연도에 대한 Third Point Investors Limited(“회사”)의 관련 메모와 함께 연차 보고서를 제출합니다. 31 12월 2023 (“Annual Report and Audited Financial Statements”).
The Annual Report and Audited Financial Statements have been properly prepared, in accordance with applicable 영국 해협에있는 작은 섬 일반적으로 인정되는 법률 및 회계 원칙 미국, 회계 기록과 일치합니다.
Storets
회사는 다음에 통합되었습니다. 영국 해협에있는 작은 섬 on 19 6월 2007 승인된 폐쇄형 투자 계획으로 런던 증권 거래소("LSE")의 공식 목록에 14차 상장(제XNUMX장)이 허용되었습니다. 23 7월 2007. The proceeds from the initial issue of Ordinary Shares on listing amounted to approximately US $ 523 만. 회사는 LSE의 프리미엄 공식 목록 부문(“프리미엄 목록”)에 편입되었습니다. 10 9월 2018.
The Ordinary Shares of the Company are quoted on the LSE in two currencies, US Dollars and Pounds Sterling.
The Company is a member of the Association of Investment Companies (“AIC”).
세 번째 포인트 역외 독립 투표 회사 제한
At the time of its listing, the Company adopted a share structure which was common at that time, to mitigate the risk of the Company losing its status as a “foreign private issuer” under US securities laws.
The Company has two classes of shares in issue: (i) Ordinary Shares which have economic and voting rights and (ii) Class B Shares which have only voting rights. The Company’s articles of incorporation provide that the number of Class B Shares in issue shall be equal to 40 per cent. of the aggregate number of Ordinary Shares and Class B Shares in issue. Consequently, holders of Ordinary Shares can exercise 60 per cent., and holders of Class B Shares can exercise 40 per cent., of the voting power at general meetings of the Company.
The Class B Shares are held by Third Point Offshore Independent Voting Company Limited (“VoteCo”). VoteCo has its own Board of Directors and is completely independent of the Company and Third Point. The Board of VoteCo is governed by VoteCo’s Memorandum and Articles of Incorporation which provide that the votes attaching to the Class B Shares shall be exercised after taking into consideration the best interests of the Company’s shareholders as a whole.
VoteCo is specifically excluded from voting from any of the twelve Listing Rules Specified Matters, being those matters in relation to which the Listing Rules require a resolution to be passed only by holders of listed shares, the most notable of which are:
- „ any proposal to make a material change to the investment policy
- „ any proposal to approve the entry into a related party transaction
- „ the annual re-election of any non-independent director
At the time of the Company’s listing, it entered into a Support and Custody Agreement with VoteCo under which VoteCo agreed to hold the Class B Shares as custodian for the Ordinary Shareholders and the Company agreed to reimburse VoteCo for its running expenses.
투자 목적 및 정책
The Company’s investment objective is to provide its Shareholders with consistent long-term capital appreciation utilising the investment skills of Third Point LLC (the “Investment Manager”, “Manager”, or “Firm”). All of the Company’s capital (net of short term working capital requirements) is invested in shares of Third Point Offshore Fund, Ltd (the “Master Fund”), an exempted company formed under the laws of the 케이맨 제도 on 10월 21 1996.
마스터 펀드는 Third Point Offshore Master Fund LP(“마스터 파트너십”)의 유한 파트너이며, 법률에 따라 면제된 유한 파트너십입니다. 케이맨 제도, 이 중 집합투자업자의 계열사인 Third Point Advisors II LLC가 무한책임사원입니다. Third Point LLC는 회사, 마스터 펀드 및 마스터 파트너십의 투자 관리자입니다. 마스터펀드와 마스터파트너십은 투자목적, 투자전략, 투자제한사항이 동일합니다.
마스터 펀드와 마스터 파트너십의 투자 목표는 롱 포지션과 숏 포지션을 취함으로써 선별된 자산 클래스, 부문, 지역의 증권 및 기타 상품에 자본을 투자함으로써 일관된 장기 자산 가치 상승을 추구하는 것입니다. 집합투자업자의 마스터 펀드와 마스터 파트너십의 투자 정책 실행은 회사 성과의 주요 원동력입니다. 마스터 펀드의 감사 재무제표와 마스터 파트너십의 감사 재무제표는 회사의 감사 재무제표와 함께 읽어야 하지만 그 일부를 구성하지는 않습니다.
집합투자업자는 단일 증권 분석에 대한 근본적인 접근 방식과 포트폴리오 구성을 형성하고 위험 관리를 추진하는 글로벌, 정치 및 경제 사건에 대한 합리적인 관점을 결합하여 기회를 식별합니다.
집합투자업자는 시장 및 경제적 혼란을 활용하고 규모, 집중도, 위험 및 베타 등의 요소를 평가하여 특정 자산 클래스, 부문 및 지역 전반에 걸친 전반적인 노출 관리를 고려하여 분석을 보완합니다. 결과 포트폴리오는 알파 창출을 위한 집합투자업자의 최선의 아이디어와 글로벌 시장 상황을 고려한 위험에 대한 내성을 표현합니다. 집합투자업자는 기회주의적이며 종종 가치를 실현하거나 광범위한 시장이 특정 투자에 가치를 부여하는 렌즈를 변경할 촉매제를 찾습니다. 집합투자업자는 이 프레임워크의 측면을 의사결정 과정에 적용하고, 이 접근법은 각 투자 시기 및 관련 위험에 대해 알려줍니다.
The Company has substantially all of its holding in the Master Fund share class YSP, for which the Company has paid a management fee of 1.25% per annum. This share class is subject to a 25% quarterly investor level redemption gate.
월중에 거래되는 회사 계정(예: 환매 프로그램의 일부로)을 위해 구매한 보통주는 회사가 매월 말 이후 주식을 취소할 수 있을 때까지 마스터 파트너십에 의해 구매 및 보유됩니다. 법적, 물류적 요인으로 인해 월 중에는 주식을 취소할 수 없습니다. 회사와 마스터 파트너십은 이러한 요소를 준수하는 데 필요한 최소 기간(XNUMX개월 이내로 예상)보다 오랫동안 주식을 보유할 계획이 없습니다.
결과 및 자사주 매입
해당 연도의 결과는 운영 명세서에 명시되어 있습니다.
In 2019년 XNUMX월, 이사회는 상당 규모의 자사주 매입 프로그램을 시행한다고 발표했습니다. $ 200 만, with share purchases being made through the market at prices below the prevailing NAV per share. The scale of the buyback was designed to reduce the discount to net asset value, contain discount volatility and provide liquidity to the market. Meanwhile, the Company’s returns are bolstered by the accretion to NAV from buybacks. The buyback programme was extended in 2022년 XNUMX월 with the order of a further $ 50 만 allocated to buybacks in the subsequent 12 months and the Board authorised up to a further $ 25 만 for buybacks over the period to 2024월 XNUMX월.
The Company will not repurchase any of its Shares for the duration of the Redemption Offer. Once the results of the Redemption Offer have been announced, the Company may repurchase up to US $ 20m of Shares over the balance of 2024 if, in the Board’s view, it is in the best interests of the Company and Shareholders to do so.
In the year from 1월 1 2023 에 31 12월 2023, the total number of shares which were bought back was 2.6 million, with an approximate value of $ 51.2 만. The average discount at which purchases were made was 18.2%. The buybacks effected during the year led to an accretion to NAV per share of $ 0.44 센트.
핵심성과지표("KPI")
At each Board meeting, the Board considers a number of performance measures to assess the Company’s success in achieving its objectives. The KPIs which have been identified by the Board for determining the progress of the Company are:
- „ Net Asset Value (NAV);
- „ Discount to the NAV;
- „ Share price; and
- „ Ongoing charges.
실행 가능성 진술
영국 재무보고위원회(Financial Reporting Council)가 발표한 영국 기업지배구조법(UK Corporate Governance Code)의 원칙 31에 따라 2018년 XNUMX월 (“강령”), 이사들은 XNUMX년 동안 회사의 전망을 다음과 같이 평가했습니다. 31 12월 2026. 이사들은 회사의 투자 기간, 예상 현금 흐름, 관리 약정 및 회사의 마스터 펀드 투자 유동성을 검토하여 XNUMX년이 적절한 기간이라고 생각합니다.
회사의 성과와 운영은 마스터 펀드의 성과에 따라 달라지며, 이사들은 회사의 생존 가능성을 평가할 때 마스터 펀드가 직면한 위험에 특별한 주의를 기울입니다.
The Directors acknowledge the two year notice period to the Investment Manager serving notice under the Management Agreement. To mitigate against this risk, the Directors meet regularly with the Investment Manager to review the Company’s performance, and closely monitor the relationship with the Investment Manager.
In its assessment of the viability of the Company, the Directors have carried out a robust assessment of the principal risks facing the Company as set out in the Directors’ Report.
The Board has announced that it will carry out a Strategy Review over the next six months. At the conclusion of the Strategy Review, the Strategy Committee will present its findings to the Board. If approved by the Board, the outcome will then be reported by the Board to Shareholders, and any recommended new proposals will be put to Shareholders, and voted on by them as appropriate. On the assumption that the Committee is able to identify a positive direction for the Company, which is approved by Shareholders, the Company will continue into the future.
On that basis, the Board has a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period to 31 12월 2026.
관심가는
The Master Fund Shares can be converted to cash to meet liabilities in respect of, for example, Company expenses and the buyback programme, as they fall due.
In addition, the Redemption Offer for 25% of NAV, at a discount of 2% to NAV, will also be funded through redemption of shares in the Master Fund. The Redemption Offer is expected to be completed in 2024년 유월 and, on the assumption that the Redemption Offer is fully subscribed, this would imply further redemptions from the Master Fund of approximately $ 156 만. The Company has begun the process of redeeming shares in the Master Fund to satisfy the cash requirement of the Redemption Offer in order to stay within the investor level redemption limit of 25% each quarter.
The Board has announced that it will carry out a Strategy Review over the next six months. At the conclusion of the Strategy Review, the Strategy Committee will present its findings to the Board. If approved by the Board, the outcome will then be reported by the Board to Shareholders, and any recommended new proposals will be put to Shareholders, and voted on by them as appropriate. On the assumption that the Committee is able to identify a positive direction for the Company, which is approved by Shareholders, the Company will continue into the future.
On that basis, after due consideration, and having made due enquiry of Third Point, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these Audited Financial Statements for the period through 30 6월 2025 which is at least 12 months from the date of approval of the financial statements.
There were no other events during the financial year outside the ordinary course of business which, in the opinion of the Directors, may have had an impact on the Annual Financial Statements for the year ended 31 12월 2023.
제172조 신고
Section 172 of the Companies Act 2006 (“UK Companies Act”) applies directly to UK domiciled companies. Nonetheless, the intention of the AIC Code is that the matters set out in Section 172 are reported on by all 런던 단, 주소지에 관계없이 상장투자회사는 현지 회사법에 저촉되지 않아야 합니다.
Section 172 states that: A director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following:
장기적으로 어떤 결정이 가져올 수 있는 결과. | 회사를 관리함에 있어 이사회와 집합투자업자의 목표는 항상 회사의 장기적으로 지속 가능한 성공을 보장하는 것입니다. 따라서 모든 결정의 장기적인 결과는 주요 고려 사항입니다. 검토 대상 연도 동안 회사를 관리하면서 이사회는 회사의 장기적으로 지속 가능한 성공을 촉진하고 주주의 이익을 위한 더 넓은 목표를 달성할 가능성이 가장 높다고 선의로 고려하는 방식으로 행동했습니다. 전체적으로 회사의 광범위한 이해관계자와 영국 회사법 172조에 명시된 기타 문제를 고려했습니다. |
The interests of the Company’s employees. | 회사에는 직원이 없습니다. |
The need to foster the Company’s business relationships with suppliers, customers and others. | The Board’s approach is described under “Stakeholders”. |
The impact of the Company’s operations on the community and the environment. | The Board’s approach is described under Environmental, Social and Governance (ESG) Policies. |
회사가 높은 수준의 업무 수행에 대한 명성을 유지하는 것이 바람직합니다. | The Board’s approach is described under “Culture and Values”. |
회사의 구성원 간에 공정하게 행동할 필요가 있습니다. | The Board’s approach is described under “Stakeholders”. |
문화와 가치
The Directors’ overarching duty is to promote the success of the Company for the benefit of investors, with due consideration of other stakeholders’ interests. The Company’s approach to investment is explained in the Investment Manager’s Report. The Board applies various policies and practices to ensure that the Board’s culture is in line with the Company’s purpose and strategy. The Directors aim to achieve a supportive business culture combined with constructive challenge.
회사는 다양성, 뇌물 수수 금지(선물 및 접대 수수 포함), 탈세, 이해 상충 및 거래와 관련된 정책을 포함하여 올바른 거버넌스 문화를 유지하는 데 도움이 되는 다양한 정책과 절차를 갖추고 있습니다. 회사의 주식. 이사회는 이사회 회의와 연례 평가 과정을 통해 정기적으로 이러한 정책 준수 여부를 평가하고 모니터링합니다. 이사회는 회사의 필요에 가장 적합한 서비스 제공자를 선정하고 정기적으로 서비스를 평가합니다. 이사회는 정기적인 보고, 정기적인 프레젠테이션 및 임시 상호작용을 통해 집합투자업자와 기타 서비스 제공자의 문화를 고려합니다.
The Board also seeks to control the Company’s costs, thereby enhancing performance and returns for the Company’s Shareholders. The Directors consider the impact on the community and environment. The Board and Investment Manager work closely together in developing and monitoring the Company’s approach to Environmental, Social and Governance matters.
이해 관계자
회사는 모든 활동을 아웃소싱하는 외부 관리 투자 회사입니다. 직원이 없습니다. 이사회는 아래 표에 주요 이해관계자와 회사가 이들과 소통하는 방식을 식별했습니다.
주주 | 주요 고려 사항 | 약혼 |
주주 | As an investment company, Third Point Investors Limited’s Shareholders are, in effect, both its owners and its customers, seeking investment returns from the Company. A well-informed and supportive Shareholder base is crucial to the long-term sustainability of the Company. Understanding the views and priorities of Shareholders is, therefore, fundamental to retaining their continued support. In considering Shareholders, the Board’s key considerations are: „- Overall investment returns; „- Controlling the discount at which shares trade to net asset value; and „- Control of costs. | A detailed explanation of the Company’s approach is set out in the Director’s Report under Relations with Shareholders. 이사회는 집합투자업자로부터 정기적인 보고서를 받고 또한 Numis Securities Limited(“회사”)로부터 독립적인 보고서를 받습니다. Broker”) 주주와의 관계 및 주주가 표현한 견해에 관한 것입니다. At the AGM in June 2023, a significant minority of shareholders voted against the reappointment of Josh Targoff to the Board. The Chairman engaged with shareholders and, following these discussions, it has been agreed that Mr. Targoff will not stand for re-election to the Board at the AGM in May 2024. The Board has been under pressure for some time from a minority group of the Company’s shareholders to take action to reduce the discount at which the Company’s shares are trading and, more recently, to return capital at or close to NAV. This has culminated in the holding of a Redemption Offer for up to 25% of the issued shares at a discount of 2% of NAV expected to be completed in June 2024. |
투자 관리자 | 회사 투자의 관리는 집합투자업자에게 위임됩니다. 투자 성과는 회사의 장기적인 성공에 매우 중요합니다. | The Board engages in regular, open and close communication with the Investment Manager. It reviews in detail the overall performance of the Company and its underlying investment. The relationship with and performance of the Investment Manager is monitored and reviewed by the Management Engagement Committee. In agreeing the Redemption Offer arrangements – both the Redemption Offer expected to be completed in June 2024 and any future Redemption Offers – the Board engage with the Investment Manager in order to ensure a fair balance between the interests of shareholders and those of the Investment Manager. 투자 관리 수수료를 설정할 때 이사회는 지원 직원 및 인프라와 함께 강력하고 유능한 포트폴리오 관리 팀을 유지하기 위한 인센티브와 비용 대비 가치 사이의 적절한 균형을 달성하려고 노력합니다. |
Administrator and Corporate Secretary and other key service providers | 관리자와 기업 비서는 회사를 효과적으로 운영하는 데 핵심적인 역할을 합니다. 회사에는 다수의 주요 서비스 제공업체가 있으며, 각 제공업체는 회사와 궁극적으로 주주들에게 중요한 서비스를 제공합니다. | 행정관과 기업 비서는 모든 이사회 회의에 참석합니다. 경영 참여 위원회(Management Engagement Committee)는 성과, 서비스 수준 및 비용을 포함하여 주요 서비스 제공업체에 대한 연례 검토를 수행합니다. 각 공급업체는 확립된 기업이며, 높은 수준의 비즈니스 행동을 유지하고 고객을 공정하게 대우하며 기업 관리 모범 사례를 채택할 수 있도록 적절한 정책을 마련해야 합니다. 공급업체의 모든 청구서 및 비용 청구서는 관련 계약에 따라 적시에 전액 지불됩니다. |
Environmental, Social and Governance (“ESG”) Policies
The Board regards proper and effective governance a high priority for the Company.
As an investment company, the Company has a limited direct impact on the environment or on society. The Board has concluded specifically that climate change, including physical and transition risks, does not have a material impact on the recognition and separate measurement considerations of the assets and liabilities of the Company in the financial statements as at 31 12월 2023, but recognises that climate change may have an effect on the investments held in the Master Fund. The Board requires the Company’s service providers to have adopted and to follow appropriate ESG policies and the Investment Manager assesses and monitors any climate change risk on the investments held in the Master Fund.
The ESG policies of the Investment Manager are made up of the environmental, social, and governance factors considered in the investment process and the ESG initiatives undertaken within the business itself.
집합투자업자는 UN 책임투자원칙의 서명인입니다.
투자 프로세스
In 2020, Third Point started to incorporate ESG evaluation into certain of its investment strategies. The Investment
Manager’s process is designed to broadly identify ESG issues – both those that may create value and those likely to destroy it – and, when appropriate, to consider whether to engage company management in discussion about these topics. These standards are maintained through a four-step process – from pre-investment checklist to post-investment tracking – overseen by the Head of ESG Engagement, who stays abreast of developments in the portfolio and in the ESG community and engages with the investment team on ESG issues.
지속 가능성 위험 평가
지속가능성 위험은 발생할 경우 투자 가치에 실제적이거나 잠재적으로 중대한 부정적인 영향을 미칠 수 있는 환경, 사회 또는 거버넌스 사건 또는 조건을 의미합니다. 따라서 집합투자업자는 고객의 투자 가치에 중대한 부정적인 영향을 미칠 수 있는 잠재적인 사건을 식별하는 과정으로 지속가능성 위험 분석에 접근합니다.
집합투자업자는 거버넌스 사건 또는 조건과 관련된 위험에 초점을 맞춰 데이터 가용성이 분석을 허용하는 영역에서 환경, 사회 및 거버넌스 사건 또는 조건을 투자 프로세스의 일부로 고려합니다. 이는 집합투자업자의 주주 참여 이력을 고려할 때 마스터 펀드와 가장 관련성이 높습니다. 집합투자업자는 다음을 포함한 거버넌스 이벤트와 관련된 특정 지속가능성 위험을 식별, 관리 및 모니터링하는 절차를 실행했습니다.
식별: The Investment Manager has reviewed the sustainability risks relating to governance events or conditions which may cause a material negative impact on the value of its clients’ investments, should those risks occur.
: While the Investment Manager’s portfolio managers and analysts are provided with information on certain sustainability risks relating to governance events or conditions, and are encouraged to take such sustainability risks into account when making an investment decision, sustainability risk would not by itself prevent the Investment Manager from making any investment. Instead, sustainability risk relating to governance events or conditions forms part of the overall risk management process, and is one of many risks which may, depending on the specific investment opportunity, be relevant to a determination of risk. However, the Investment Manager does not apply any absolute risk limits or risk appetite thresholds which relate exclusively to sustainability risk relating to governance events or conditions as a separate category of risk.
모니터링: As part of ongoing monitoring, the Investment Manager’s portfolio managers may at times engage in Active Ownership. Active Ownership is the process of communicating with issuers on governance issues, with a view to monitor or influence governance outcomes within the issuer.
거버넌스 위험은 마스터 펀드가 투자하거나 노출될 수 있는 회사의 일상적인 관리 감독을 위한 품질, 효율성 및 프로세스와 관련됩니다. 이러한 위험은 회사 자체, 계열사 또는 공급망과 관련하여 발생할 수 있습니다. 완전하지는 않지만, 다음은 집합투자업자가 평가하고자 하는 위험의 예입니다:
- „ Lack of diversity at board or governing body level: the absence of a diverse and relevant skillset within a board or governing body may result in less well informed decisions being made. The absence of an independent chairperson of the board, particularly where such role is combined with the role of chief executive officer, may hamper the board’s ability to exercise its oversight responsibilities, challenge and discuss strategic planning and performance, input on issues such as succession planning and executive remuneration and otherwise set the board’s agenda.
- „ Inadequate external or internal audit: ineffective or otherwise inadequate internal and external audit functions may increase the likelihood that fraud and other issues within a company are not detected and/or that material information used as part of a company’s valuation and/or the Investment Manager’s investment decision making is inaccurate.
- „ Bribery and corruption: the effectiveness of a company’s controls to detect and prevent bribery and corruption both within the company and its governing body and also its suppliers, contractors and sub-contractors may have an impact on the extent to which a company is operated in furtherance of its business objectives.
- „ Lack of scrutiny of executive pay: failure to align levels of executive pay with performance and long-term corporate strategy in order to protect and create value may result in executives failing to act in the long-term interest of the company.
- „ Poor safeguards on personal data/IT security (of employees and/or customers): the effectiveness of measures taken to protect personal data of employees and customers, and, more broadly, IT and cybersecurity, will affect a company’s susceptibility to inadvertent data breaches and its resilience to “hacking.”
ESG within Third Point
또한 집합투자업자는 책임감 있고 지속 가능하며 건강한 직장이 되겠다는 약속을 지속적으로 개선하고 확대하기 위해 노력합니다. 1995년 창립 이래 직원 복지, 교육, 환경 지속 가능성을 장려해 왔으며 2019년에는 이러한 가치를 공식 ESG 정책에 성문화했습니다. 이러한 정책에는 환경, 사회 및 거버넌스 관행에 대한 업계 최고의 표준을 개발하려는 지속적인 노력이 포함됩니다. 다음은 집합투자업자가 수행한 내부 ESG 활동 및 이니셔티브의 주요 내용입니다.
환경 이니셔티브
Third Point의 재사용 및 재활용 관행은 플라스틱과 종이 재활용에 중점을 두고 있습니다. 컨테이너 폐기물 감소; 식품의 지속가능성을 촉진합니다.
Third Point의 사무실은 55 Hudson Yards에 위치해 있습니다. 맨해튼 미국 그린빌딩협의회(United States Green Building Council)가 친환경 인프라, 대중교통 연계, 보행자 친화적인 커뮤니티 디자인으로 수여하는 LEED-Gold 인증을 받았습니다. 이 동네는 25개의 에너지를 절약하는 XNUMX개의 열병합 발전소를 갖춘 최초의 마이크로그리드에서 운영됩니다.000 MT 연간 배출되는 CO2 온실가스(자동차 5,100대의 연간 배출량에 해당)입니다.
Hudson Yards is a model for stormwater reuse with rainfall collected from rooftops and public spaces and stored in a 60,000-gallon tank in the platform that forms the base of the neighbourhood. Stormwater is used to irrigate the more than 200 mature trees and 28,000 plants in the public park as well as in mechanical systems to conserve drinking water, reducing stress on New York’s sewer system.
사회적 이니셔티브
The Investment Manager believes engaged human capital management is essential for an asset manager, as trained employees increasingly drive value in the data driven economy. The Investment Manager takes a long term view of employee evolution and invests in its people. It is also committed to innovating and evolving to meet future employee needs, particularly in areas where talent is scarce, such as in data science and AI. Third Point is an Equal Opportunity Employer and has adopted fair chance hiring practices. The Investment Manager is committed to the benefits of a diverse workforce in perspective and background. Third Point offers internships to candidates through SEO, an organisation that introduces historically underrepresented students to financial services. It also participates in industry initiatives to bring more women into asset management via involvement with Girls Who Invest. The organisation’s goal is to have 30% of the world’s investable capital managed by women by 2030.
박애주의
Through the “Third Point Gives” programme, the Investment Manager offers its employees multiple opportunities to come together for service learning and contribute financially to the community. Consistent with Third Point values, Third Point Gives comprises three core elements:
- „ The Matching Gifts Programme seeks to encourage charitable giving by Third Point employees with matching eligible contributions up to $15,000 연간 직원당.
- „ The Individual Philanthropy Programme seeks to empower Third Point employees to maximise their impact on the issues they care about most by providing opportunities to learn valuable techniques, strategies and approaches to effective philanthropy.
- „ The Team Philanthropy Programme seeks to unlock the power of teamwork and collaboration among Third Point employees to improve the world around them through joint effort on a shared philanthropic endeavour.
In 2020, Third Point launched an innovative Team Philanthropy project in partnership with a non-profit organisation, the Ladies of Hope Ministries (“LOHM”), an organisation dedicated to helping previously incarcerated women and their families re-integrate into society. Third Point is not only donating personal philanthropic capital from the CEO and many employees, but is also offering intellectual expertise in areas such as marketing, accounting, investing and legal services to help the organisation scale more effectively.
기부자 자문 기금
In 2017, Third Point began to offer its employees a Donor Advised Fund (“DAF”) structure. A DAF allows an employee to set aside philanthropic capital in a structure that invests the charitable funds in Third Point’s hedge funds until the employee is prepared to allocate them to a non-profit. This allows employees to make annual contributions to a charitable foundation of their own, to have those funds grow over time, and to develop a philosophy around giving back.
거버넌스 이니셔티브
집합투자업자는 공식 및 비공식 참여를 통해 모든 피투자자 사업에서 올바른 지배구조 관행을 강력히 권장합니다. Third Point의 각 기금 구조에는 독립적인 이사회 또는 독립 자문 위원회가 있습니다. 회사 이사회 XNUMX명 중 XNUMX명은 집합투자업자로부터 독립되어 있습니다.
이사회를 대신하여 서명:
루퍼트 도리
의장
휴 에반스
책임자
19 4월 2024
이사 보고서
이사
The Directors of the Company during the year and to the date of this Report are as listed on this Annual Report.
이사의 관심사
회사와 각 이사 사이에 체결된 면책 문서에 따라 회사는 특정 제한에 따라 회사의 자산과 이익에서 모든 비용, 비용, 손실, 손해, 비용 및 비용에 대해 각 이사를 면책하기로 약속했습니다. 회사의 이사로서의 직무 수행과 관련하여 그들에 대한 청구로 인해 발생하는 책임.
루퍼트 도리 그리고 그의 아내 로즈마리 도리 현재 두 사람은 25,000주를 보유하고 있습니다. 31 12월 2023.
휴 에반스 현재 5,000주 보유 31 12월 2023.
Mr. Targoff holds the position of Chief Operating Officer, Chief Legal Officer and Partner of Third Point LLC.
클레어 휘트 남편 마틴 휘텟 현재 2,500주 보유 31 12월 2023 공동 퇴직 연금 신탁 제도(RATS)를 통해
기업 지배 구조
The Board is guided by the principles and recommendations of the Association of Investment Companies Code of Corporate Governance (“AIC Code”). The AIC Code addresses all the principles set out in the UK Corporate Governance Code (the “UK Code”), as well as setting out additional principles and recommendations on issues that are of specific relevance to investment companies. The UK Financial Reporting Council (“FRC”) has confirmed that investment companies which comply with the AIC Code will be treated as meeting their obligations under the UK Code and Section 9.8.10R(2) of the Listing Rules.
The Board has determined that reporting against the principles and recommendations of the AIC Code will provide appropriate information to Shareholders. The Company has complied with all the recommendations of the AIC Code and the relevant provisions of the UK Code, except as set out below.
영국 코드에는 다음과 관련된 조항이 포함됩니다.
- „ the role of the chief executive;
- „ executive Directors’ remuneration; and
- „ the need for an internal audit function.
이사회는 이러한 조항이 상임 이사나 직원이 없는 외부 자문 투자 회사인 회사의 입장과 관련이 없다고 생각합니다. 따라서 회사는 이러한 조항과 관련하여 추가 보고를 하지 않았습니다.
회사에는 직원이 없으므로 내부고발 정책이 필요하지 않습니다. 그러나 이사회는 경영참여위원회(“MEC”)를 통해 회사의 서비스 제공업체가 적절한 내부고발 정책 및 절차를 갖추고 있음을 확인했으며, 해당 정책 및 절차에 따라 어떠한 일도 발생하지 않았음을 서비스 제공업체로부터 확인 받았습니다. 이사회의 주의를 환기시켜야 한다. 또한 MEC는 매년 서비스 제공업체가 적절한 자금 세탁 방지, 재해 복구 및 위험 모니터링 정책을 갖추고 있는지 확인합니다.
기업 지배구조 강령(“건지 강령”)은 건지 금융 서비스 위원회(“GFSC”)로부터 허가를 받았거나 집합 투자 계획으로 등록 또는 승인된 모든 법인에 적용되는 프레임워크를 제공합니다. 영국 규정 또는 AIC 규정에 대해 보고하는 회사는 건지 규정을 준수하는 것으로 간주됩니다.
이사회는 감사 재무제표에 포함된 연도 내내 회사가 법률 및 운영 구조와 성격, 규모 및 복잡성을 기반으로 적용 가능한 범위 내에서 건지 강령을 준수했음을 확인합니다.
영국 코드는 FRC 웹사이트 www.frc.org.uk에서 확인할 수 있고 AIC 코드는 AIC 웹사이트 www.theaic.co.uk에서 확인할 수 있습니다.
이사회 구조
The Directors who served during the year are listed below. Ms. Whittet is the senior independent Director.
성함 위치 독립 임명된 날짜
리처드 볼레트 비상임 이사 가능 월 1 2022
루퍼트 도리 비상임이사 가능 5 2월 2019
휴 에반스 비상임 이사 가능 21 8월 2019
비비안 굴드 비상임 이사 가능 월 1 2022
조슈아 L 타고프 비상임 이사 아니 29 월 2009
클레어 휘트 비상임 이사 가능 27 4월 2017
Mr. Targoff, the Chief Operating Officer, Chief Legal Officer and Partner of the Investment Manager, is not considered independent of the Company’s Investment Manager. All other Directors are considered by the Board to be independent. Following discussions with shareholders following the AGM in 2023년 유월, it has been agreed that Mr. Targoff will not stand for re-election to the Board at the AGM in 2024년 XNUMX월, but he will continue to attend Board and relevant Committee meetings as an observer.
Since the year end, the Board has announced the appointment of 디미트리 굴란드리스 and Liad Meidar as directors to take place as soon as practicable. Their CVs are set out below. Mr. Goulandris and Mr. Meidar have been introduced by Third Point, but the Board has satisfied itself after due enquiries, including taking references using Cornforth Consulting, that they are independent of the Investment Manager and they have each confirmed to the Board that they understand the responsibilities of directors to act solely in the interest of the Company and thus of all Shareholders. They, together with Richard Boléat, will be the members of the Strategy Committee to be formed by the Board.
디미트리 굴란드리스
디미트리 굴란드리스 set up and runs The Cycladic Group, an investor in, and creator of businesses. Founded in 2002 to invest capital on behalf of his family and other investors, Cycladic has invested in over 60 businesses across the world, and founded eight in 유럽, 미국, 인도, 아프리카 및 라틴 아메리카. Cycladic works closely with its investee partners to help them develop and then achieve ambitious goals. Companies controlled by Cycladic have revenues of over $ 100 만 and are growing rapidly. Mr. Goulandris counts Premier Logistics (인도), Gemini Equipment & Rentals (인도), Knightsbridge School, 런던 and Knightsbridge Schools International (몰타) among the companies that he has founded.
In addition to founding businesses, Mr. Goulandris is also an active board member and investor in a number of businesses. In this capacity, he chairs several exciting emerging companies, including Plain English Finance Limited, Anemoi Marine Technologies and Talk Education, where Cycladic is typically the largest and most-active non-founder investor. He also holds significant stakes in a number of small public companies where he can be an influential and active shareholder.
Mr. Goulandris previously set up and managed The Cycladic Catalyst Fund, an investment fund focused on taking significant active positions in publicly quoted small cap companies and driving strategic change to create value for shareholders. He previously set up and ran the European operations of the private equity firm, Whitney & Company, and spent eight years at Morgan Stanley in its private equity group, structuring derivative products and executing mergers and acquisitions both in 뉴욕 으로 혹은 런던.
Mr. Goulandris received a Master’s degree in Electrical and Electronics Engineering from 캠브리지 대학 그리고 MBA 하버드 비즈니스 스쿨.
리아드 메이다르
Liad Meidar는 Gatemore Capital Management의 설립자이자 매니징 파트너로서 턴어라운드 및 활동가 전략의 포트폴리오 관리자로 활동하고 있습니다. Meidar 씨는 초기 단계 청정 기술 투자에 중점을 둔 Gatemore의 자회사인 GVP Climate의 공동 창립자이기도 합니다.
2005년에 Meidar 씨는 고액 순자산 가족과 기업 확정 혜택 연금 기금에 서비스를 제공하는 투자 고문으로 Gatemore를 설립했습니다. 그 일환으로 그는 기관 투자자들이 단일 수단을 통해 높은 샤프 비율 수익에 접근할 수 있도록 하는 것을 목표로 하는 개방형 고도로 다각화된 펀드인 Gatemore Multi-Asset Fund(GMAF)의 최고 투자 책임자(CIO)를 역임했습니다. 그의 지휘 하에 GMAF는 올해의 UK Pensions DB 다중 자산 관리자, FT 연금 및 투자 제공자 올해의 다중 자산 펀드 관리자, Pensions Age 올해의 다중 자산 관리자 등 수많은 업계 상을 수상했습니다. 2020년에 Gatemore는 다중 자산 펀드 관리와 함께 투자 자문 사업을 매각했습니다.
2015년에 Meidar씨는 Gatemore의 턴어라운드 및 행동주의 전략을 시작하여 소비자, 산업, 미디어 및 기술 부문에 걸쳐 상장된 중소형주에서 집중적으로 자리를 잡고 경영진, 이사회 및 동료 주주들과 협력하여 주주 가치의 상당한 회복을 달성합니다. 2018년에 Gatemore는 전략을 수용하기 위해 Gatemore Special Opportunities Fund라는 공동 혼합 펀드를 출시했으며, Meidar 씨가 포트폴리오 관리자로 활동하고 있습니다.
In 2021, Mr. Meidar formed GVP Climate as a subsidiary in partnership with its Chairman and CIO, Brett Olsher, to invest in early-stage clean technology companies. Mr. Meidar is currently a board member of three Gatemore portfolio companies: GSE Worldwide, Inc., a fully integrated talent management and sports agency where he is Chairman; Factorial, Inc., developer of a breakthrough solid-state battery technology; and SurvivorNet, Inc., an oncology-focused digital media and pharma services company.
Mr. Meidar serves on the Dean’s Advisory Council at Princeton University and on the Board of Trustees of the American School in 런던. He received an AB in economics from Princeton University.
이사회는 XNUMX년에 최소 XNUMX회 회의를 가지며, 추가로 이사회, 투자운용사 및 Northern Trust International Fund Administration Services(Northern Trust International Fund Administration Services) 간에 정기적인 접촉이 이루어집니다.영국 해협에있는 작은 섬) 제한적(“관리자” 및 “기업 비서”). 이사회는 자산운용사, 관리자, 기업 비서 및 기타 자문가로부터 직무를 수행할 수 있는 적절한 형식과 품질의 정보를 적시에 제공받아야 합니다. Mr. Targoff를 제외한 이사회는 정기적으로 자산운용사와 마스터 펀드의 성과를 검토하여 성과가 만족스럽고 관련 임명 및 투자설명서의 조건에 부합하는지 확인합니다. 이 검토는 다양한 객관적이고 주관적인 기준을 고려하고 성과를 평가하고 약점을 식별하며 회사 주주를 위한 금전적 가치를 보장할 목적으로 고문 임명 조건의 검토를 통해 수행됩니다.
회사는 사내이사 또는 직원이 없습니다. 전략, 투자 및 배당 정책, 기어링 및 기업 지배구조 절차를 포함한 모든 문제는 이사회의 승인을 받아야 합니다. 이사회는 이사회 개최에 앞서 회사의 투자 실적, 자산, 부채 및 기타 관련 정보에 대한 전체 정보를 받습니다.
이사회 임기 및 승계 계획
AIC 규정에 따라 모든 이사는 매년 주주에 의해 재선될 수 있습니다. 이전 AGM 이후 이사회에 임명된 모든 이사도 은퇴하고 선출됩니다. 사외이사는 우선 추천보상위원회를 통해 이사 선임 또는 재선임과 관련된 모든 논의를 주도하고, 신규 이사를 모집할 때에는 독립적인 채용 회사를 이용할 수 있습니다.
회의 참석 기록
아래 표에는 해당 연도 동안 이사들의 회의 참석 내용이 나열되어 있습니다.
성함 Scheduled Board Meetings Attended 감사위원회 참석
리처드 볼레트 4 페이지 중 4 페이지 4 페이지 중 4 페이지
루퍼트 도리1 4 페이지 중 4 페이지 N / A
휴 에반스 4 페이지 중 4 페이지 4 페이지 중 4 페이지
비비안 굴드 4 페이지 중 4 페이지 4 페이지 중 4 페이지
조슈아 L 타고프1 4 페이지 중 4 페이지 N / A
클레어 휘트 4 페이지 중 4 페이지 4 페이지 중 4 페이지
1 Mr. Dorey and Mr. Targoff are not members of the Audit Committee.
A number of other ad hoc meetings of the Board were held during the year which were attended by those Directors who were available at the time.
이사회위원회
The AIC Code requires the Company to appoint Nomination, Remuneration and Management Engagement Committees and the independent directors of the Board act as these committees. The Nomination and Remuneration Committee considers the composition of, and recruitment to, the Board. When determining remuneration levels of the Directors, the Committee takes into account market practice, peer group statistics and the requirements of the role. 비비안 굴드 is Chairman of the Nomination and Remuneration Committee.
Before the commencement of any recruitment process, the Nomination and Remuneration Committee evaluate the balance of skills, knowledge, experience and diversity on the Board and, in the light of this evaluation, prepare a description of the role and capabilities required for a particular appointment. Appointments to the Board will continue to be based on the individual’s skills, experience and character, and will always be based on merit. New Directors receive an induction from the Investment Manager on joining the Board, and all Directors undertake relevant training as necessary.
The Company annually reviews its policy on the structure, size and composition of the Board. The Board is cognisant of the recommendations of the Parker Review in relation to targets for ethnic diversity, the FTSE Women Leaders Review in relation to targets for women on boards and the new FCA Listing Rules requirements on board diversity targets, which require companies to report against the following:
- „ At least 40% of individuals on the Board are women;
- „ At least one senior Board position is held by a woman; and
- „ At least one individual on the Board is from a minority ethnic background
As an externally managed investment trust, with no Chief Executive Officer or Chief Financial Officer, the Board considers that the Chair of the Company, the Senior Independent Director and the Chair of the Audit Committee to be senior positions. The role of Senior Independent Director is held by a woman, 클레어 휘트.
~에서 31 12월 2023, the Company did not meet the target of at least 40% of the individuals on its board of directors being women, nor at least one individual on its board of directors being from a minority ethnic background. Since the financial year end, the Company has announced the appointment of Mr. Goulandris and Mr. Meidar as directors of the Company as soon as practicable. As set out in the Chairman’s Statement, these new directors will be members of the Strategy Committee alongside Mr. Boléat. The Strategy Review requires a very particular skill set, including experience in markets, mergers and acquisitions and asset management, which Mr. Goulandris and Mr. Meidar possess. The Board envisages that, on completion of the Strategy Review and after consideration of its recommendations and the initiation of any appropriate steps for implementation, the composition and size of the Board would be reviewed. As succession planning of the Board progresses, the Company will seek to achieve the requirements on board diversity targets.
수 비율 선배 수
성 정체성 이사회 구성원 보드 positions on the Board
남성 컬렉션 4 66.6% 2
여성 컬렉션 2 33.3% 1
수 비율 선배 수
민족 배경 이사회 구성원 보드 positions on the Board
White British or other 6 100% 3
other White (including
minority white Groups)
The function of the Management Engagement Committee is to ensure that the Company’s management agreement is competitive and reasonable for the Shareholders, along with the Company’s agreements with all other third party service providers (other than the external auditors). The Committee also reviews annually the performance of the Investment Manager with a view to determining whether to recommend to the Board that the Investment Manager’s mandate be renewed, subject to the specific notice period requirement of the agreement. The other third party service providers are also reviewed on an annual basis. Richard Boléat is Chairman of the Management Engagement Committee.
감사위원회
The Company’s Audit Committee conducts formal meetings at least three times a year. Its functions include monitoring the Company’s internal control and risk management systems, oversight of the relationship with the External Auditor, including consideration of the appointment, independence, effectiveness of the audit, and remuneration of the auditors, and to review and recommend the Annual Report and audited financial statements, and the Interim Report and unaudited condensed interim financial statements to the Board of Directors. 휴 에반스 is Chairman of the Audit Committee.
선임 독립 이사
클레어 휘트 is the Senior Independent Director.
이사의 의무와 책임
이사들은 이사회의 주요 목적을 설정하고 주요 임무를 자세히 설명하는 일련의 유보된 권한을 채택했습니다. 이러한 임무에는 다음과 같은 책임 영역이 포함됩니다.
- „ Statutory obligations and public disclosure;
- „ Strategic matters and financial reporting;
- „ Board composition and accountability to Shareholders;
- „ Risk assessment and management, including reporting, compliance, monitoring, governance and control; and
- „ Other matters having material effects on the Company.
이사회의 이러한 유보된 권한을 통해 이사는 수탁 책임을 수행하고 활동의 효율성을 측정하고 모니터링하기 위한 일련의 매개변수를 제공할 수 있습니다.
이사는 회사 업무의 전반적인 관리와 방향을 담당합니다. 회사에는 사내이사 또는 직원이 없습니다. 회사는 모든 자산을 마스터 펀드의 주식에 투자하고 Third Point LLC는 마스터 펀드의 투자 관리자 역할을 하며 마스터 펀드 투자 설명서의 조건에 따라 마스터 펀드 투자 포트폴리오의 임의 투자 관리를 담당합니다.
Northern Trust International Fund Administration Services(영국 해협에있는 작은 섬) Limited acts as Administrator (the “Administrator”) and Company Secretary and is responsible to the Board under the terms of the Administration Agreement. The Administrator is also responsible to the Board for ensuring compliance with the Rules and Regulations of The Companies (영국 해협에있는 작은 섬) 법률, 런던 증권 거래소 상장 요구 사항 및 이사회 유보 권한에 대한 관찰 및 이와 관련하여 이사회는 자세한 분기별 보고서를 받습니다.
이사는 이사회 절차가 준수되고 회사의 해당 규칙 및 규정을 준수하는지 확인하기 위해 이사회를 담당하는 회사 비서의 조언과 서비스에 접근할 수 있습니다(영국 해협에있는 작은 섬) 법률, GFSC 및 런던 증권 거래소. 개별 이사는 회사의 비용으로 자신의 직무 수행과 관련된 모든 문제에 대해 독립적인 전문 조언을 구할 수 있습니다. 회사는 이사에 대한 법적 조치와 관련하여 적절한 이사 및 임원 책임 보험을 지속적으로 유지하고 있으며 일년 내내 적절한 이사 책임 보험을 유지해 왔습니다.
이사회는 또한 회사의 자산을 보호하고 사기 및 기타 부정 행위를 예방하고 적발하기 위한 합리적인 조치를 취할 책임이 있습니다.
내부 통제 및 재무 보고
이사들은 회사의 내부 통제 시스템을 수립 및 유지하고 그 효율성을 검토할 책임이 있음을 인정합니다. 내부 통제 시스템은 비즈니스 목표 달성 실패를 제거하기보다는 관리하도록 설계되었으며 중요한 왜곡이나 손실에 대해 합리적이지만 절대적이지는 않은 보증만 제공할 수 있습니다.
이사는 운영, 규정 준수, 위험 관리를 포함한 모든 통제 수단을 검토합니다. 내부 통제를 제공하기 위해 확립된 주요 절차는 다음과 같습니다.
- „ Investment advisory services are provided by the Investment Manager. The Board is responsible for setting the overall investment policy, ensuring compliance with the Company’s Investment Strategy and monitoring the action of the Investment Manager and Master Fund at regular Board meetings. The Board has also delegated administration and company secretarial services to Northern Trust International Fund Administration Services (영국 해협에있는 작은 섬) Limited (“NT”); however, it retains accountability for all functions it has delegated;
- „ The Board considers the process for identifying, evaluating and managing any significant risks faced by the Company on an on-going basis. It seeks to ensure that effective controls are in place to mitigate these risks and that a satisfactory compliance regime exists to ensure all local and international laws and regulations are upheld;
- „ The Board clearly defines the duties and responsibilities of its agents and advisors and appointments are made by the Board after due and careful consideration. The Board monitors the ongoing performance of such agents and advisors;
- „ The Investment Manager and NT maintain their own systems of internal control, on which they report to the Board. The Company, in common with other investment companies, does not have an internal audit function. The Audit Committee has considered the need for an internal audit function, but because of the internal control systems in place at the Investment Manager and NT, has decided it appropriate to place reliance on their systems and internal control procedures; and
- „ The systems are designed to ensure effectiveness and efficient operation, internal control and compliance with laws and regulations. In establishing the systems of internal control, regard is paid to the materiality of relevant risks.
이사회 실적
The Board and Committees evaluation process was undertaken during the year, using Lintstock, an independent third-party agency, and the evaluation concluded in 2023년 XNUMX월. The results of the evaluation confirmed that the Chairman continues to lead the Board in a proactive and effective manner. It also confirmed that the Committees of the Board were rated highly, operating to a high standard. The Directors are satisfied from the results that the Board has the appropriate balance of skills and experience for the effective management of the Company. No material weaknesses or concerns were reported. Key priorities for the Board over the coming year were identified as considering strategic issues and shareholder engagement.
연말을 맞아 2024년 일월, the Board will be evaluating the performance of the Board, Committees, individual Directors and third-party service providers using a structured questionnaire without recourse to an external facilitator.
주요 위험 및 불확실성 관리
회사가 직면한 위험과 불확실성을 고려하여 감사위원회는 주요 위험과 새로운 위험을 문서화한 매트릭스를 정기적으로 검토하고 그 결과를 이사회에 보고합니다.
이 규율은 FRC가 발행한 위험 관리, 내부 통제 및 관련 재무 및 비즈니스 보고에 대한 지침을 따르며 검토 대상 연도 및 감사 재무제표 승인일까지 시행되었습니다.
위험 매트릭스 문서는 다음 정보를 고려합니다.
- „ Reviewing the risks faced by the Company and the controls in place to address those risks;
- „ Identifying and reporting changes in the risk environment;
- „ Identifying and reporting changes in the operational controls; and
- „ Identifying and reporting on the effectiveness of controls and remediation of errors arising.
The Directors have acknowledged they are responsible for establishing and maintaining the Company’s system of internal control and reviewing its effectiveness by focusing on four key areas:
- „ Consideration of the investment advisory services provided by the Investment Manager;
- „ Consideration of the process for identifying, evaluating and managing any significant current and emerging risks faced by the Company on an ongoing basis;
- „ Clarity around the duties and responsibilities of the agents and advisors engaged by the Directors; and
- „ Reliance on the Investment Manager and Administrator maintaining their own systems of internal controls.
내부 통제에 대한 추가 논의는 위에 명시된 "내부 통제 및 재무 보고" 항목에 문서화되어 있습니다.
위험 매트릭스는 회계연도 동안 회사가 노출된 모든 중요한 위험을 고려하며, 이 중에서 이사들은 다음과 같은 주요 위험과 불확실성에 특별한 주의를 기울였습니다.
- „ Discount to the NAV. The Board monitors the discount to NAV and maintains regular contact with the Investment Manager and Corporate Broker to assess the market for the Company’s shares. In addition, the Investment Manager, Corporate Broker and the Directors maintain regular contact with significant Shareholders in the Company. The Board has adopted a substantial buyback programme under which the Company has bought back approximately $ 250 만 worth of its stock in the four year period to 2023년 XNUMX월. Despite this, the discount has remained stubbornly high and the Company is now offering shareholders the opportunity to tender 25% of their stock at a discount of 2% to NAV. This Redemption Offer is expected to be completed in 2024년 유월. The Company will not repurchase any of its Shares for the duration of the Redemption Offer. Once the results of the Redemption Offer have been announced, the Company may repurchase up to US $ 20m of Shares over the balance of 2024 if, in the Board’s view, it is in the best interests of the Company and Shareholders to do so;
- „ Concentration of the Investor Base. The Directors receive quarterly reports on the shareholder base from the Corporate Broker 이사와 회사 간에 정기적인 의사소통이 이루어집니다. Broker to identify any significant changes in the share register;
- „ Shareholder relations. The Board monitors key shareholder reports provided by the Corporate Broker 각 이사회 회의에서. 집합투자업자는 마스터펀드를 대신하여 월별 업데이트를 준비하고 회사 웹사이트를 유지관리합니다. 이사회는 기업으로부터 분기별 보고서를 받습니다. Broker and the Investment Manager on the major shareholdings. The Board and the Investment Manager’s investor relations personnel have continued its policy of active engagement with shareholders over the year;
- „ Underlying investment performance of the Master Fund. The Directors receive monthly updates from the Investment Manager on the performance of the Master Fund and review the detailed performance at quarterly Board Meetings. The Board has been concerned over the year under review that the Investment Manager has found it difficult to produce competitive performance although improved performance at the end of 2023 and into 2024 has been encouraging;
- „ Performance of the Investment Manager. Through the Management Engagement Committee, the Directors review the performance of the Investment Manager on an annual basis. 다니엘 로브 is CEO and CIO of the Investment Manager and his continuing involvement is a critical element of its success. The Board representatives conduct annual visits to the Investment Manager in 뉴욕, the most recent being in 2023월 XNUMX월;
- „ Geopolitical and economic risk. The Investment Manager monitors local and international risks and adjusts the portfolio of investments in the Master Fund accordingly;
- „ Valuation of investments. The valuation of the Company’s investment in the Master Fund is confirmed by the Administrator of the Master Fund, is checked by the Investment Manager and is reviewed as part of the Company’s annual audit. The Board makes enquiries of the Investment Manager to satisfy itself that there are satisfactory controls in place over the valuation processes within the Master Fund and the Master Partnership. The accounts of the Master Fund and the Master Partnership are both subject to annual audit; and
- „ Liquidity of shares in the Master Fund. The Company relies on the redemption of shares in the Master Fund in order to meet its monthly expenses and share buybacks. The Directors receive reports from the Administrator each month as this takes place.
It is expected that the principal risks and uncertainties listed above will apply to the Company for a minimum of the next six months. However, the Board will be carrying out a Strategy Review over the balance of 2024 and, depending on the outcome of this exercise, it is possible that the principal risks and uncertainties may change.
중요한 이벤트
In 2023년 XNUMX월, the Third Point Master Fund (Master Fund) announced a change to its redemption policy to accommodate the comparative illiquidity in its legacy Privates portfolio. This was introduced to allow the Investment Manager to manage the underlying portfolio more effectively, permitting it to offer a more stable platform for investors while enhancing investor exposure to its core strategies and competencies. From the end of 2023년 유월, redemptions from the Master Fund are being settled with approximately 93% in cash and 7% in participation notes, the latter representing redeeming investors’ pro rata share of Privates in the Master Fund. Over time, the Company’s holding of participation notes will increase as Master Fund shares are redeemed to fund expenses, the Company’s buyback programme and, in due course, any Redemption Offers. Any realisation of Privates via the participation notes will be reinvested in the Master Fund and will reduce the Company’s percentage exposure to Privates.
On 2 6월 2023, the Company terminated its two-year $ 150 만 credit facility without penalty ahead of its maturity in 2023년 XNUMX월에.
On 22 9월 2023, the Company announced an extension to its buyback programme authorising up to a further $ 25 만 for buybacks over the period to 2024월 XNUMX월. 연말에 31 12월 2023, a total of almost 2.6 million shares were repurchased under the buyback programme with a value of approximately $ 51.2 만, at a weighted average discount to NAV of 18.2%.
On 2 4월 2024, the Board announced a Redemption Offer to shareholders under which they will have the opportunity to tender up to 25% of their shares at a discount of 2% to the NAV as at 30 4월 2024. The Redemption Offer is expected to be completed in 2024년 유월.
On 9 4월 2024, the Board announced the appointment of 디미트리 굴란드리스 and Liad Meidar as Directors to take place as soon as practicable.
There were no other events outside the ordinary course of business which, in the opinion of the Directors, may have had an impact on the Audited Financial Statements for the year ended 31 12월 2023.
주주와의 관계
The Board welcomes Shareholders’ views and places great importance on communication with its Shareholders. The Board receives regular reports on the views of Shareholders and the Chairman and other Directors are available to meet Shareholders. Shareholders who wish to communicate with the Board should, in the first instance contact the Administrator, whose contact details can be found on the Company’s website (www.thirdpointlimited.com). The Annual General Meeting of the Company provides a forum for Shareholders to meet and discuss issues with the Directors of the Company. The sixteenth Annual General Meeting was held on 7 6월 2023 제안된 모든 결의안은 주주들에 의해 통과되었습니다.
국제조세신고
미국 해외 계좌 납세 준수법("FATCA")의 목적에 따라 회사는 미국 국세청("IRS")에 다음과 같이 등록되어 있습니다. 영국 해협에있는 작은 섬 외국 금융 기관("FFI")을 보고합니다. 회사는 글로벌 중개인 식별 번호를 받았으며 IRS FFI 목록에서 찾을 수 있습니다.
Common Reporting Standard("CRS")는 경제 협력 개발 기구("OECD")에서 개발한 금융 계좌 정보 자동 교환을 위한 글로벌 표준으로, 영국 해협에있는 작은 섬 에 발효된 1월 1 2016.
이사회는 회사가 규정을 준수하는지 확인하기 위해 필요한 조치를 취했습니다. 영국 해협에있는 작은 섬 이와 관련하여 규정 및 지침.
형사 재정법 2017
'탈세 촉진을 방지하기 위한 합리적인 조치를 취하지 못한 것'이라는 새로운 기업 형사 범죄(“CCO”)를 도입한 영국 형사 재정법 2017과 관련하여 위원회는 범죄자에 대해 무관용을 약속함을 확인합니다. 탈세 촉진.
이사회는 또한 기타 사회, 환경 및 규제 문제와 관련된 개발 상황을 지속적으로 검토하고 회사 운영과 관련이 있다고 간주되는 범위 내에서 이를 보고할 것입니다.
상당한 지분
~에서 16 4월 2024, the Company had been notified that the following had significant shareholdings in excess of 5% in the Company:
성함 보유 주식 총계 수업 중 % 보유
Goldman Sachs Securities (후보) Limited 5,355,577 22.16%
체이스 후보 제한 2,996,167 12.40%
Vidacos 후보 제한 2,833,852 11.73%
BBHISL 후보자 제한 1,722,261 7.13%
이사회를 대신하여 서명:
루퍼트 도리
의장
휴 에반스
책임자
19 4월 2024
Statement of Directors’ Responsibilities in Respect of the Audited Financial Statements
이사는 해당 건지 법과 일반적으로 인정되는 회계 원칙에 따라 감사 재무제표를 준비할 책임이 있습니다. 미국. 건지 회사법에 따르면 이사는 각 회계 기간에 대해 회사의 상황과 해당 연도의 회사 순이익 또는 지출에 대한 진실되고 공정한 견해를 제공하는 재무제표를 준비해야 합니다.
감사 재무제표를 준비할 때 이사는 다음을 수행해야 합니다.
- „ select suitable accounting policies and then apply them consistently;
- „ make judgements and estimates that are reasonable and prudent;
- „ state whether the applicable accounting standards have been followed subject to any material departures disclosed and explained in the Audited Financial Statements; and
- „ prepare the Audited Financial Statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.
이사는 언제든지 회사의 재무 상태를 합리적으로 정확하게 공개하는 적절한 회계 기록을 유지하고 감사된 재무제표가 회사의 규정을 준수하도록 할 책임이 있습니다.영국 해협에있는 작은 섬) Law, 2008. 그들은 또한 내부 통제 시스템, 회사 자산 보호 및 사기 및 기타 부정 행위의 예방 및 탐지를 위한 합리적인 조치를 취할 책임이 있습니다.
이사는 다음을 확인할 책임이 있습니다.
- „ there is no relevant audit information of which the Company’s Auditor is unaware and each Director has taken all the steps he/she ought to have taken as a Director to make himself aware of any relevant information and to establish that the Company’s Auditor is aware of that information;
- „ this Annual Report and Audited Financial Statements have been prepared in accordance with accounting principles generally accepted in 미국 회사의 재무 상태에 대해 진실되고 공정한 견해를 제공합니다.
- „ this Annual Report and Audited Financial Statements, taken as a whole, are fair, balanced and understandable and provide information necessary for the Shareholders to assess the Company’s performance, business model and strategy; and
- „ this Annual Report and Audited Financial Statements include information detailed in the Directors’ Report, the Investment Manager’s Review and Notes to the Audited Financial Statements, which provide a fair review of the information required by:
a) DTR 4.1.8 of the Disclosure Guidance and Transparency Rules (“DTR”), being a fair review of the Company business and a description of the principal risks and uncertainties facing the Company; and
b) DTR 4.1.11 DTR은 회계연도 종료 이후 발생한 중요한 사건과 회사의 향후 발전 가능성을 나타냅니다.
루퍼트 도리
의장
휴 에반스
책임자
19 4월 2024
이사 보수 보고서
이사회는 이사회 보고서에 기술된 바와 같이 회사가 재무보고위원회(Financial Reporting Council)에서 발표한 영국 기업지배구조 규정의 주요 요구사항을 준수할 수 있도록 하는 기업지배구조 프레임워크의 일부로 이 보고서를 준비했습니다.
An ordinary resolution for the approval of this Report will be put to the Shareholders at the forthcoming AGM.
보상위원회
The Board has appointed a Nomination and Remuneration Committee and the independent directors act as this committee. 비비안 굴드 is Chair of the Committee. The Committee considers the composition of and recruitment to the Board, taking into account market practice, peer group statistics and the requirements of the role when determining remuneration levels of the Directors.
보상 정책
The Company’s policy is that the fees payable to the Directors should reflect the time spent by the Directors on the Company’s affairs and the responsibilities borne by the Directors be sufficient to attract, retain and motivate directors of quality required to run the Company successfully. Fees for the Directors are determined by the Board within the limits approved by shareholders. The maximum limit currently is £500,000 in aggregate per annum. Directors’ fees are reviewed annually, although such a review will not necessarily result in any changes to the rates, and account is taken of fees paid to directors of comparable companies.
Directors are entitled to be reimbursed for any reasonable expenses properly incurred by them in connection with the performance of their duties and attendance at board and general meetings and committee meetings.
회사는 장기 인센티브 제도를 제공하지 않으며, 이사에게 성과보수를 지급하지 않습니다.
Directors do not have service contracts with the Company. Each Director is appointed by a letter of appointment which sets out the main terms of their appointment. Director appointments can also be terminated in accordance with the Company’s Articles of Association. Should Shareholders vote against a Director standing for re-election, the Director affected will not be entitled to any compensation.
Component Parts of the Directors’ Remuneration
연말 연말
31 12월 2023 31 12월 2022
£ £
Chairman’s base fee 76,000 76,000
Non-Executive Director base fee 48,000 48,000
Additional fee for the Senior Independent Director 3,000 3,000
Additional fee for the Chairman of the Audit Committee 9,000 9,000
Additional fee for the Chairman of the Management
참여위원회 3,000 3,000
Additional fee for the Chairman of the Nomination
and Remuneration Committee 3,000 3,000
It is the Company’s policy that the Chairman, Senior Independent Director and Chairman of the Committees be paid higher fees to reflect their additional responsibilities.
Prior to the year end, the Nomination and Remuneration Committee carried out a review of the level of fees. Directors’ fees were last increased in 2022년 XNUMX월. Following the annual review, which included reviewing Directors’ fees against those of the Company’s peer group of investment companies, supported by a review of published research by Nurole Limited and Trust Associates Limited, it was concluded that there would be no increase in Directors’ fees at present.
이사 수수료
2023년과 2022년에 재임한 각 이사와 관련하여 회사가 지불할 수수료는 다음과 같습니다.
2023 2022
£ £
Richard Boléat (Management Engagement Committee Chairman) 51,000 42,500
루퍼트 도리 (의장)1 76,000 76,000
휴 에반스 (감사위원장) 57,000 57,000
비비안 굴드 (Nomination and Remuneration Committee Chairman) 51,000 42,500
조슈아 L 타고프2 - -
클레어 휘트 (선임사외이사) 51,000 51,000
금액 286,000 269,000
미화 상당 US $ 356,091 US $ 331,634
1 Mr. Dorey was appointed as Chairman on 18 2월 2022. It was agreed by the Board that as Mr. Dorey had been Acting Chairman following Mr. Bates’ resignation on 22 12월 2021, that Mr. Dorey be duly recompensed.
2 비독립 이사이자 투자 운용사의 파트너로서 Joshua L Targoff는 이사 수수료를 면제했습니다.
퍼포먼스
The financial highlights detail the share price returns over the year.
이사회를 대신하여 서명:
루퍼트 도리
의장
휴 에반스
책임자
19 4월 2024
감사위원회 보고
결산년도 감사위원회(이하 “감사위원회”) 보고서를 제출합니다. 31 12월 2023, setting out the Audit Committee’s structure and composition, principal duties and key activities during the year.
As in previous years, the Audit Committee has reviewed the Company’s financial reporting, the independence and effectiveness of the independent auditor, and the internal control and risk management systems of service providers. The Board is satisfied that for the year under review and thereafter the Audit Committee has recent and relevant commercial and financial knowledge.
구조 및 구성
감사위원회 위원장은 휴 에반스, and during the year, its other members were Richard Boléat, 비비안 굴드 및 클레어 휘트. 감사위원회는 명확하게 정의된 권한 범위 내에서 운영됩니다.
감사위원회 위임사항에 따르면 감사위원회 임명 기간은 최대 XNUMX년이며, 추가로 XNUMX년씩 연장될 수 있으며, 그 이후에는 매년 임명 대상 이사가 다음과 같이 유지되어야 합니다. 연장기간 동안 사외이사.
The tenure of the current members of the Committee is set out below.
약속 날짜 다음 날짜
감사위원회 위원의 성명 to Audit Committee 검토용
리처드 볼레트 월 1 2022 2025월 XNUMX
휴 에반스 28 8월 2019 2025년 XNUMX월에
비비안 굴드 월 1 2022 2025월 XNUMX
클레어 휘트 27 4월 2017 2026월 XNUMX월
The Audit Committee conducts formal meetings at least three times a year. The Directors’ Report sets out the number of Audit Committee meetings held during the year ended 31 12월 2023 각 위원회 구성원이 참석한 회의 횟수. 독립 감사인은 연례 보고서와 중간 보고서가 검토되는 회의에 참석하도록 초대됩니다. 독립 감사인과 감사 위원회는 필요하다고 판단하는 경우 관리인이나 자산운용사의 대표가 참석하지 않은 채 함께 모일 것입니다.
교장
감사위원회의 역할은 다음과 같습니다.
- „ monitoring the integrity of the published financial statements of the Company;
- „ keeping under review the consistency and appropriateness of accounting policies on a year to year basis. Satisfying itself that the annual accounts, the interim statement of financial results and any other major financial statements issued by the Company follow generally accepted accounting principles in 미국 and, in respect of the annual accounts, give a true and fair view of the Company and any associated undertakings’ affairs; matters raised by the external auditors about any aspect of the accounts or of the Company’s control and audit procedures are appropriately considered and, if necessary, brought to the attention of the Board for resolution;
- „ monitoring and reviewing the quality and effectiveness of the independent auditors and their independence;
- „ considering and making recommendations to the Board on the appointment, reappointment, replacement and remuneration of the Company’s independent auditor;
- „ monitoring and reviewing the internal control and risk management systems of the Company and its service providers; and
- „ considering at least once a year whether there is a need for an internal audit function.
감사위원회의 공식적인 임무와 책임에 대한 자세한 내용은 회사 웹사이트에서 확인할 수 있는 감사위원회 위임사항에 명시되어 있습니다.
독립 감사인
감사위원회는 독립감사인(“감사인”)이 이사회에 보고하는 의당이기도 합니다. 감사인의 객관성은 감사위원회에서 검토되며, 감사위원회는 감사인이 비감사 서비스를 수행하도록 임명되는 조건도 검토합니다. 감사위원회는 감사의 범위와 결과, 감사의 비용 효율성, 감사인의 독립성과 객관성을 특히 비감사 수수료와 관련하여 검토합니다. 감사위원회는 비감사 서비스를 제공하기 위해 Ernst & Young LLP의 참여에 대한 사전 승인 정책과 절차를 확립했습니다.
Ernst & Young LLP는 런던 증권 거래소에 처음 상장된 날부터 독립 감사인이었습니다.
매년 감사인이 제안하는 감사수수료는 해당 연도 동안 회사의 구조, 운영 및 기타 요구사항을 고려하여 감사위원회에서 검토되고, 감사위원회는 이사회에 권고합니다.
Non-audit fees were paid to Ernst & Young LLP during the year in respect of the interim review of the Company’s condensed accounts to 30 6월 2023. Ernst & Young LLP also provided UK reporting fund status services. The Audit Committee considers Ernst & Young LLP to be independent of the Company.
연중 실시된 평가 또는 사정
다음 섹션에서는 해당 연도에 감사 위원회가 수행한 평가에 대해 설명합니다.
재무제표의 중요한 초점 영역
중간 및 연간 재무제표에 대한 감사위원회의 검토는 마스터 펀드에 대한 회사 투자의 가치 평가에 중점을 두었습니다. 이는 회사의 실질적으로 모든 순자산을 의미하므로 감사 재무제표의 정확성과 관련하여 가장 큰 요소입니다. 마스터 펀드 보유가 회사 관리자 및 마스터 펀드를 통해 확인되었습니다. 이 투자는 감사 재무제표 주석 3에 명시된 회계 정책에 따라 평가되었습니다. 감사위원회는 마스터 펀드의 재무제표와 회계 정책을 검토하고 투자의 공정 가치를 결정했습니다. 31 12월 2023 합리적이다. 종료 연도의 마스터 펀드 및 마스터 파트너십 재무제표 31 12월 2023 were audited by Ernst & Young LLP in the US who issued an unmodified audit opinion dated 월 18 2024.
감사의 효과
감사위원회는 해당 연도 동안 Ernst & Young LLP와 공식 회의를 가졌습니다. 1) 감사가 시작되기 전 공식 계획을 논의하고 잠재적인 문제를 논의하고 다루게 될 범위에 대해 합의했으며 2) 감사 작업이 끝난 후 발생할 수 있는 중요한 문제를 논의하기 위해 결론을 내렸습니다.
이사회는 다음을 포함하되 이에 국한되지 않는 다양한 조치를 사용하여 Ernst & Young LLP의 효율성과 독립성을 고려했습니다.
- „ the audit plan presented to them before the start of the audit;
- „ the audit results report including where appropriate, explanation for any variations from the original plan;
- „ changes to audit personnel;
- „ the auditor’s own internal procedures to identify threats to independence;
- „ feedback from both the Investment Manager and the Administrator; and
- „ confirmation from Ernst & Young LLP on their independence as additional comfort for the Audit Committee.
또한, 2023년 감사의 실질적 결론이 나온 시점에 감사위원회는 외부감사인의 성과에 대해 구체적인 평가를 실시했습니다. 이는 감사팀의 품질, 비즈니스 이해, 감사 접근 방식 및 관리와 같은 영역을 다루면서 감사위원회가 작성한 설문지 결과에 의해 뒷받침됩니다.
이번 평가에서는 불리한 결과가 발견되지 않았습니다.
Under the Crown Dependency rules, ethical standards require the Board to consider the outsourcing of any non-audit services such as interim review, tax compliance, tax structuring, private letter rulings, accounting advice, quarterly reviews and disclosure on an annual basis. Although the review of the Interim Report and Unaudited Condensed Interim Financial Statements is deemed to be a non-audit service, the Board considers it most appropriate for the external auditors to carry out this review. The budget for the annual audit, the interim review and UK reporting fund status services work carried out by Ernst & Young LLP was pre-approved by the Audit Committee.
비감사 서비스에 대한 감사 수수료 및 보호 장치
The table below summarises the remuneration payable by the Company to Ernst & Young LLP during the years ended 31 12월 2023 및 31 12월 2022.
| 2023 £ 금액 | 2022 £ 금액 |
감사 서비스 | 95,000 | 85,000 |
Non-audit Services – interim review and UK reporting fund status services* | 62,316 | 57,316 |
* Non-audit services in 2023 includes a £7,316 UK reporting fund status service fee (2022 £7,316) that has been approved but for which the work has not yet been performed.
감사 입찰
It is best practice, as well as a legal requirement for public companies in the UK, that the audit of the Company is put out to tender at least every 10 years. Consequently, during 2021 the Audit Committee invited each of the big four accounting firms (including Ernst & Young LLP as the current auditor) to participate in a tender. With the exception of Ernst & Young LLP, the other firms declined to participate on the basis that they would not want to audit a feeder fund, such as the Company, if they did not also audit the Master Fund. The Board subsequently wrote to the Board of the Master Fund, which is domiciled in the 케이맨 제도 감사인 순환에 대한 요구 사항이 없는 경우, 마스터 펀드 이사회가 감사 입찰 수행을 고려한다면 회사도 그 과정에 참여하기를 원합니다.
내부 통제
감사위원회는 내부 감사 기능의 필요성을 검토했습니다. 감사위원회는 내부 감사 기능을 포함하여 집합투자업자와 투자관리회사가 채택한 시스템과 절차가 회사 자산을 보호하는 건전한 내부 통제 시스템이 유지된다는 것을 충분히 보장한다고 판단했습니다. 따라서 회사 고유의 내부 감사 기능은 불필요한 것으로 간주됩니다.
감사위원회는 위임 조건에 따라 직무를 수행할 수 있도록 회사 관리자 및 마스터 펀드 관리자로부터 SOC1 또는 서비스 제공업체 평가 보고서와 같은 이에 상응하는 보고서를 요청하고 받았습니다. 감사인, 자산운용사 및 관리자의 대표자는 관행상 감사위원회 회의에 참석하며, 필요한 경우 참석자들이 프레젠테이션을 진행합니다.
결론 및 권고
운영 및 위험 관리 프레임워크, 경영진의 성과 보고서 등 다양한 보고서를 검토하고, 필요한 경우 Ernst & Young LLP와 연락하고, 재무제표 문제에 대한 중요한 초점 영역을 평가한 후, 감사 위원회는 이 감사 재무제표가 적절하다고 확신합니다. (보고된 금액과 공개에 관한) 비판적 판단과 주요 추정치를 다룹니다.
감사위원회는 또한 자산과 부채의 가치를 결정하는 데 사용된 중요한 가정이 적절하게 조사되고, 이의가 제기되었으며, 충분히 견고하다는 점에 만족합니다.
독립감사인은 감사위원회에 감사위원회에 업무수행 과정에서 중요한 허위표시가 발견되지 않았다고 보고했습니다. 또한, 집합투자업자와 투자관리회사는 표시와 관련된 사항을 포함하여 어떠한 중대한 왜곡표시도 인지하지 못했다는 점을 감사위원회에 확인하였습니다. 감사위원회는 독립감사인이 성실하고 전문적인 의구심으로 책임을 이행한 것에 만족함을 확인합니다.
독립 감사의 효율성에 대한 검토 과정과 감사 서비스 검토에 따라 감사 위원회는 Ernst & Young LLP를 다음 회계연도에 재선임할 것을 권고했습니다.
Ernst & Young LLP는 2007년 회사 설립 이후부터 감사를 맡아 왔으며, 현재 감사 파트너는 다음과 같습니다. 크리스 매튜스 who is in his first year in the role.
위에 언급되지 않은 감사위원회 활동에 관한 질의사항에 대해서는 감사위원회 위원이 매 정기총회에 참석하여 질의에 답변합니다.
휴 에반스
감사위원장
19 4월 2024
독립된 감사인의 보고서
의견
We have audited the financial statements of Third Point Investors Limited (the “Company”) for the year ended 31 12월 2023 이는 자산 및 부채 명세서, 영업 명세서, 순자산 변동 명세서, 현금 흐름표 및 중요한 회계 정책 요약을 포함한 관련 주석 1~14로 구성됩니다. 준비에 적용된 재무보고 프레임워크는 일반적으로 인정되는 해당 법률 및 회계 원칙입니다. 미국.
우리의 의견으로는 재무 제표는 다음과 같습니다.
► 현재와 같이 회사 업무의 상태에 대해 진실하고 공정한 견해를 제공합니다. 31 12월 2023 그리고 종료된 해의 결과;
► have been properly prepared in accordance with accounting principles generally accepted in 미국및
► have been properly prepared in accordance with the requirements of The Companies (영국 해협에있는 작은 섬) 법률, 2008.
의견의 근거
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
독립
우리는 상장 공익 법인에 적용되는 영국 FRC의 윤리 기준을 포함하여 재무제표 감사와 관련된 윤리적 요구 사항에 따라 회사로부터 독립적이며 이러한 요구 사항에 따라 다른 윤리적 책임을 다했습니다. .
FRC의 윤리 기준에서 금지하는 비감사 서비스는 회사에 제공되지 않았으며 우리는 감사를 수행함에 있어 회사로부터 독립적입니다.
계속기업에 관한 결론
재무제표 감사에서 우리는 이사들이 재무제표 작성 시 계속기업 회계기준을 사용하는 것이 적절하다고 결론지었습니다. 회계의 계속 기업 기준을 계속 채택할 수 있는 회사의 능력에 대한 이사들의 평가에 대한 우리의 평가에는 다음이 포함됩니다.
- The audit engagement partner directed and supervised the audit procedures on going concern;
- We assessed the determination made by the Board of Directors of the Company and the Investment Manager that the Company is a going concern and hence the appropriateness of the financial statements to be prepared on a going concern basis;
- We obtained the going concern assessment prepared by the Investment Manager for the period up until 30 6월 2025 산술적 정확성과 합리성을 테스트했습니다.
- We independently assessed the appropriateness of the assumptions by reviewing historical forecasting accuracy; performing an evaluation of the levels of liquidity of the Company’s investments in the Master Partnership (Third Point Offshore Master Fund L.P.) through the Master Fund (Third Point Offshore Fund, Ltd.) for future share buyback plans, the Redemption Offer announced on 09 4월 2024 and ongoing operating expenses; and applied a stress test to understand the impact on liquidity of the Company as a whole;
- We assessed whether the liquidity of the Master Partnership at the year end, taking account of the level of redemptions, potential gating and its ability to meet periodic discretionary redemptions of its investors, cast significant doubt over the going concern status of the Company; and
- We assessed the disclosures in the annual report and financial statements relating to going concern to ensure they were fair, balanced and understandable.
우리가 수행한 업무에 근거하여, 우리는 개별적으로나 집합적으로 회사의 계속기업으로서의 존속 능력에 중대한 의문을 제기할 수 있는 사건이나 조건과 관련된 어떠한 중대한 불확실성도 확인하지 못했습니다. 30 6월 2025.
영국 기업지배구조법을 어떻게 적용했는지에 대한 회사의 보고와 관련하여, 이사들이 계속 기업을 채택하는 것이 적절하다고 생각했는지 여부에 대한 재무제표의 이사 진술과 관련하여 추가하거나 주의를 환기시킬 중요한 내용이 없습니다. 회계의 기초.
계속기업에 대한 우리의 책임과 이사의 책임은 이 보고서의 관련 섹션에 설명되어 있습니다. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.
감사 접근 방식 개요
주요 감사 사항 | ► 투자 가치 ► Investment Existence and Ownership | |
감사 범위 | ► We performed an audit of the complete financial information of the Company for the year ended 31 December 2023. | |
유형 | ► Overall materiality of US$12.8m which represents 2% of net assets. | |
감사 범위 개요
범위 조정
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for the Company. This enables us to form an opinion on the financial statements. We take into account size, risk profile, the organisation of the Company and effectiveness of controls, including controls and changes in the business environment and the potential impact of climate change when assessing the level of work to be performed.
모든 감사 작업은 감사 업무 팀에서 직접 수행했습니다. 감사는 영국 해협에있는 작은 섬, 감사팀에는 다음의 개인이 포함되었습니다. 영국 해협에있는 작은 섬 및 뉴욕 Ernst & Young의 사무실로 통합 감사팀으로 운영됩니다.
기후 변화
The Company has explained in the “Section 172 Report” of their annual report climate-related risks and this forms part of the “Other information,” rather than the audited financial statements. Our procedures on these disclosures therefore consisted solely of considering whether they are materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated.
Our audit effort in considering climate change was focused on the adequacy of the Company’s disclosures in the financial statements as set out in Note 3 and the conclusion that there was not a material impact on the recognition and separate measurement considerations of the assets and liabilities of the Company as at 31 12월 2023.
주요 감사 사항
핵심감사사항은 우리의 전문가적 판단에 따라 당기 재무제표감사에서 가장 유의적이었고 우리가 식별한 중요한 왜곡표시위험(부정으로 인한 것인지 여부를 불문)을 포함하는 문제들입니다. 이러한 문제에는 다음에 가장 큰 영향을 미치는 것들이 포함됩니다. 전체 감사 전략, 감사 자원 할당; 참여 팀의 노력을 지휘합니다. 해당 사항은 재무제표 전체에 대한 감사의 관점에서 다루어진 사항이며 우리는 이러한 사항에 대하여 별도의 의견을 제공하지는 않습니다.
위험 | 위험에 대한 우리의 대응 | 감사위원회에 전달된 주요 관찰 사항 | |
투자 가치 평가 (US$634m, PY 비교 US$822m) Refer to the Report of the Audit Committee; Accounting policies). 보유 투자는 당기손익을 통해 공정가치로 측정되며, 그 공정가치는 독립적인 관리자가 계산한 피투자자 펀드의 공시된 주당 NAV를 참조하여 결정됩니다. 평가 위험은 회사 투자의 공정 가치를 계산할 때 피투자자 펀드의 독립적인 관리자로부터 얻은 공시된 주당 순자산 가치 적용 시 오류가 발생할 위험과 게이팅/평가에 미치는 영향을 고려합니다. 피투자자 펀드의 환매 정지. | Our response comprised of substantive audit testing of the investment valuation, including: ► Agreeing the valuation per share of the Company’s investments in the investee fund to the NAV per share of the investee fund in the confirmation obtained from its independent Administrator; ► Agreeing the valuation per share of the Company’s investments in the investee fund to the NAV per share of the investee fund per its audited financial statements for the year ended 31 December 2023, which were approved on 18 March 2024; ► Directing Ernst & Young in New York to perform testing on our behalf and reporting that no material adjustments to the NAV were required; and ► Reviewing the subscriptions and redemptions schedule of the investee fund around the year-end date to assess the liquidity of the Company’s investments in the investee fund. | We confirm that there were no matters identified during our work on valuation of investments that we wanted to bring to the attention of the Audit Committee. | |
Investment existence and ownership (US$634m, PY comparative US$822m) Refer to the Report of the Audit Committee; Accounting policies. 재무제표에 표시된 투자가 존재하지 않거나 회사가 그로부터 파생된 현금흐름에 대한 권리를 갖지 못할 위험입니다. 좋은 소유권을 획득하지 못하면 회사는 심각한 손실 위험에 노출됩니다.
| 우리의 대응은 다음을 포함하여 투자 존재 및 소유권에 대한 실질적인 감사 테스트의 성과로 구성되었습니다. ► Obtaining a confirmation, as at 31 December 2023, of the Company’s holdings in the investee fund into which the Company invests, from the independent Administrator of the investee fund, and agreeing it to the accounting records of the Company; and ► Agreeing supporting documentation for all additions and disposals of holdings in the investee fund that took place during the year ended 31 December 2023 and agreeing the details to the accounting records of the Company. | We confirm there were no matters identified during our audit work on existence and ownership of investments that we wanted to bring to the attention of the Audit Committee.
| |
중요성의 적용
우리는 감사를 계획하고 수행하고, 식별된 왜곡표시가 감사에 미치는 영향을 평가하고, 감사의견을 형성할 때 중요성 개념을 적용합니다.
유형
개별적으로나 종합적으로 재무제표 이용자의 경제적 의사결정에 영향을 미칠 것으로 합리적으로 예상되는 누락이나 왜곡표시의 정도. 중요성은 감사 절차의 성격과 범위를 결정하는 기준을 제공합니다.
우리는 회사의 중요도를 다음과 같이 결정했습니다. US $ 12.8million (2022 : US $ 13.5million), which is approximately 2% (2022: 2%) of net assets. We believe that net assets provide us with an appropriate basis for audit materiality as it is a key published performance measure and is a key metric used by management in assessing and reporting on overall performance.
성과의 중요성
개별 계정 또는 잔액 수준에서 중요도 적용. 미수정 및 발견되지 않은 왜곡표시의 총합이 중요성을 초과할 확률을 적절하게 낮은 수준으로 낮추기 위한 금액으로 설정됩니다.
위험 평가와 회사의 전반적인 통제 환경에 대한 평가를 바탕으로 우리는 성과 중요성이 계획 중요성의 75%(2022년: 75%)라고 판단했습니다. US $ 9.6m (2022 : US $ 10.2m). 우리는 왜곡이 발생할 가능성이 낮다고 판단하여 성과 중요성을 이 비율로 설정했습니다. 우리는 예상되는 왜곡표시 수준을 결정하고 이 수준에서 성과 중요성을 설정할 때 정량적, 질적 요소를 모두 고려했습니다.
보고 임계값
확인된 왜곡표시가 명백히 사소한 것으로 간주되는 금액 미만입니다.
우리는 다음을 초과하는 모든 수정되지 않은 감사 차이를 감사 위원회에 보고하기로 감사 위원회와 합의했습니다. US $ 0.6m (2022 : US $ 0.7m), which is set at 5% (2022: 5%) of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.
우리는 위에서 논의한 중요성의 양적 측정과 우리의 의견을 형성할 때 다른 관련 질적 고려 사항에 비추어 수정되지 않은 왜곡을 평가합니다.
기타 정보
기타 정보는 재무제표 및 그에 대한 감사보고서를 제외하고 연차보고서에 포함된 정보로 구성됩니다. 이사는 연례 보고서에 포함된 기타 정보에 대한 책임이 있습니다.
재무제표에 대한 우리의 의견은 기타 정보를 포함하지 않으며, 이 보고서에 명시적으로 기술된 범위를 제외하고는 어떠한 형태의 보증 결론도 표명하지 않습니다.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
이와 관련하여 보고할 사항이 없습니다.
예외적으로 보고해야 하는 사항
당사는 회사(영국 해협에있는 작은 섬) 2008년 법률에 따라 다음과 같은 경우 보고해야 합니다.
► 회사가 적절한 회계 기록을 보관하지 않았습니다. 또는
► the financial statements are not in agreement with the Company’s accounting records and returns; or
► 감사에 필요한 모든 정보와 설명을 받지 못했습니다.
기업지배구조 선언문
We have reviewed the directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review by the Listing Rules.
우리가 수행한 감사의 일환으로 수행한 작업에 근거하여 우리는 기업지배구조보고서의 다음 각 요소가 감사 중에 얻은 재무제표 또는 우리의 지식과 실질적으로 일치한다고 결론지었습니다.
► Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified;
► Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate;
► Director’s statement on whether it has a reasonable expectation that the Company will be able to continue in operation and meets its liabilities;
► Directors’ statement on fair, balanced and understandable;
► Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks;
► The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and;
► 감사위원회의 업무를 설명하는 섹션.
이사의 책임
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 사기나 오류로 인한 중대한 왜곡표시가 없는 재무제표를 작성하는 데 필요하다고 이사가 결정한 내부 통제.
재무제표를 준비할 때 이사는 계속기업으로 존속할 수 있는 회사의 능력을 평가하고, 해당하는 경우 계속기업과 관련된 문제를 공개하고, 회사를 청산하거나 회사를 청산할 의도가 없는 한 계속기업 회계 기준을 사용할 책임이 있습니다. 운영을 중단하거나 그렇게 하는 것 외에는 현실적인 대안이 없습니다.
재무제표 감사에 대한 감사인의 책임
우리의 목적은 재무제표에 전체적으로 사기나 오류로 인한 중요한 왜곡표시가 없는지에 대하여 합리적인 확신을 얻어 우리의 의견이 포함된 감사보고서를 발행하는데 있습니다. 합리적인 보증은 높은 수준의 보증이지만 ISA(영국)에 따라 수행된 감사가 중요한 왜곡표시가 존재할 때 항상 이를 발견할 것이라는 보장은 아닙니다. 허위 진술은 사기 또는 오류로 인해 발생할 수 있으며 개별적으로 또는 전체적으로 이러한 재무제표를 기반으로 사용자가 취하는 경제적 결정에 영향을 미칠 것으로 합리적으로 예상되는 경우 중요한 것으로 간주됩니다.
감사가 사기를 포함한 부정행위를 탐지할 수 있는 것으로 간주되는 정도에 대한 설명
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
그러나 사기를 예방하고 적발하는 일차적인 책임은 회사의 지배구조를 담당하는 사람과 경영진 모두에게 있습니다.
► We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are:
- Financial Conduct Authority("FCA") 상장 규칙
- FCA의 공개 지침 및 투명성 규칙("DTR")
- 영국 기업지배구조규정
- 2019 AIC 기업 지배 구조 강령
- 회사(영국 해협에있는 작은 섬) Law, 2008
► 우리는 회사가 다음을 통해 이러한 프레임워크를 준수하는 방법을 이해했습니다.
- 관련 프레임워크의 준수를 보장하기 위해 이사, 집합투자업자, 회사 비서 및 관리자가 사용하는 프로세스 및 절차에 대해 논의합니다.
- 분기별 규정 준수 테스트를 입증하는 내부 보고서 검토 그리고
- Inspecting any correspondence with regulators
► We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by undertaking the audit procedures set out in Key Audit Matters section above and reading the financial statements to check that the disclosures are consistent with the relevant regulatory requirements; and
► 이러한 이해를 바탕으로 우리는 그러한 법률 및 규정의 비준수를 식별하기 위한 감사 절차를 설계했습니다. 관련된 절차:
- Making enquiries and gaining an understanding of how those charged with governance, the Investment Manager, the Company Secretary and Administrator identify instances of non-compliance by the Company with relevant laws and regulations;
- 이해를 돕기 위해 관련 정책, 프로세스 및 절차를 검사합니다.
- Enquiring of the Company’s nominated Compliance Officer;
- 내부 규정 준수 보고, 이사회 및 감사 위원회 회의록 검토
- 규제 기관과의 서신 검사
- 이사회로부터 관련 서면 진술을 얻습니다. 그리고
- 저널 항목 테스트를 수행합니다.
재무제표 감사에 대한 우리의 책임에 대한 자세한 설명은
Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
기타 처리해야 할 사항
- Following the recommendation from the Audit Committee, we were appointed by the Company to audit the financial statements for the year ending 31 12월 2007 and subsequent financial periods. We signed an initial engagement letter on 12 11월 2007.
- The period of total uninterrupted engagement including previous renewals and reappointments is seventeen years, covering the years ending 31 12월 2007 에 31 12월 2023.
- 감사의견은 감사위원회 추가보고와 일치합니다.
보고서 사용
이 보고서는 The Companies의 섹션 262에 따라 회사 구성원에게만 제공됩니다.영국 해협에있는 작은 섬) Law, 2008. 우리의 감사 작업은 감사 보고서에 명시해야 하는 사항을 다른 목적으로 회사 구성원에게 명시할 수 있도록 수행되었습니다. 법이 허용하는 최대 범위 내에서 우리는 감사 업무, 이 보고서 또는 우리가 형성한 의견에 대해 회사 및 회사 구성원이 아닌 다른 사람을 하나의 기관으로 받아들이거나 책임을 지지 않습니다.
Christopher James Matthews, FCA
Ernst & Young LLP를 대신하여
영국 해협에있는 작은 섬, 채널 아일랜드
19 4월 2024
배송 시 요청 사항:
(1) The maintenance and integrity of the Company’s website is the sole responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditor accepts no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.
(2) 입법 영국 해협에있는 작은 섬 재무제표의 작성 및 배포에 관한 규정은 다른 관할권의 법률과 다를 수 있습니다.
재무 제표
자산 및 부채 명세서
31월 XNUMX일 현재
|
| 2023 | 2022 |
| 노트 | 미국 달러$ | 미국 달러$ |
자산 |
|
|
|
Investment in Third Point Offshore Fund Ltd at fair value |
| 628,751,973 | 822,440,287 |
Investment in Participation Note | 3 | 5,005,646 | - |
현금 및 현금성 자산 |
| 190,603 | 64,597 |
에서 기인 broker |
| 12,538 | 11,944 |
환매채권 |
| 4,258,882 | 6,121,484 |
기타 자산 |
| 81,405 | 79,388 |
총자산 |
| 638,301,047 | 828,717,700 |
|
|
|
|
부채 |
|
|
|
발생 비용 및 기타 부채 |
| 330,194 | 344,792 |
대출시설 | 4 | - | 149,425,845 |
대출 이자 |
| - | 2,101,177 |
관리비 납부 |
| 3,187 | 3,007 |
총 부채 |
| 333,381 | 151,874,821 |
순자산 |
| 637,967,666 | 676,842,879 |
|
|
|
|
발행보통주식수 | 7 |
|
|
미국 달러 주식 |
| 25,089,924 | 27,666,789 |
보통주당 순자산가치 | 9, 12 |
|
|
미국 달러 주식 |
| $25.43 | $24.46 |
Number of Ordinary B Shares in issue | 7 |
|
|
미국 달러 주식 |
| 16,726,618 | 18,444,526 |
재무제표는 이사회에서 승인되었습니다. 19 4월 2024 다음과 같이 서명했습니다.
루퍼트 도리
의장
휴 에반스
책임자
See accompanying notes and Audited Financial Statements of Third Point Offshore Fund Ltd. and Third Point Offshore Master Fund L.P.
운영 명세서
31 월 XNUMX 일 종료 연도
|
| 2023 | 2022 |
| 노트 | 미국 달러$ | 미국 달러$ |
Realised and unrealised gain/(loss) from investment transactions allocated from Master Fund |
|
|
|
Net realised (loss)/gain from securities, derivative contracts and foreign currency translations |
| (18,804,101) | 58,236,092 |
Net change in unrealised gain/(loss) on securities, derivative contracts and foreign currency translations |
| 25,304,602 | (326,475,586) |
Net gain from currencies allocated from Master Fund |
| 181,370 | 3,118,956 |
Total net realised and unrealised gain/(loss) from investment transactions allocated from Master Fund |
| 6,681,871 | (265,120,538) |
|
|
|
|
Net investment gain allocated from Master Fund |
|
|
|
이자 소득 |
| 27,705,576 | 38,342,786 |
배당금(원천징수세 제외 금액: US$1,090,325) (31년 2022월 1,102,843일: US$XNUMX) |
| 3,596,783 | 2,572,298 |
다른 수입 |
| 2,136,533 | 995,033 |
Stock borrowing fees |
| (208,393) | (841,041) |
투자 관리 수수료 |
| (7,923,740) | (10,295,508) |
아직 구매하지 않은 매도 유가증권에 대한 배당금 |
| (1,452,886) | (2,322,396) |
이자 비용 |
| (10,288,315) | (5,090,386) |
기타 경비 |
| (2,152,415) | (2,891,319) |
Total net investment gain allocated from Master Fund1 |
| 11,413,143 | 20,469,467 |
|
|
|
|
회사 비용 |
|
|
|
관리비 | 5 | (128,497) | (138,382) |
이사 수수료 | 6 | (356,091) | (331,634) |
기타 수수료 |
| (861,214) | (1,129,755) |
대출이자 비용 | 4 | (5,218,020) | (7,328,928) |
Expenses paid on behalf of Third Point Offshore Independent Voting Company Limited2 |
| (111,940) | (83,087) |
총 회사 비용 |
| (6,675,762) | (9,011,786) |
순 이득 |
| 4,737,381 | 11,457,681 |
영업으로 인한 순자산의 순증가/감소 |
| 11,419,252 | (253,662,857) |
1 Net gain/(loss) components allocated from the Master Fund are inclusive of gain/loss on the underlying activity of the Participation Notes.
2 Third Point Offshore Independent Voting Company Limited는 이사 수수료, 감사 수수료 및 일반 비용으로 구성됩니다.
See accompanying notes and Audited Financial Statements of Third Point Offshore Fund Ltd. and Third Point Offshore Master Fund L.P.
순자산 변동 내역서
31 월 XNUMX 일 종료 연도
|
| 2023 | 2022 |
| 노트 | 미국 달러$ | 미국 달러$ |
Increase/(decrease) in net assets resulting from operations |
|
|
|
Net realised (loss)/gain from securities, commodities, derivative contracts and foreign currency translations allocated from Master Fund |
| (18,804,101) | 58,236,092 |
Net change in unrealised gain/(loss) on securities, derivative contracts and foreign currency translations allocated from Master Fund |
| 25,304,602 | (326,475,586) |
Net gain from currencies allocated from Master Fund |
| 181,370 | 3,118,956 |
Total net investment gain allocated from Master Fund |
| 11,413,143 | 20,469,467 |
총 회사 비용 |
| (6,675,762) | (9,011,786) |
영업으로 인한 순자산의 순증가/감소 |
| 11,419,252 | (253,662,857) |
|
|
|
|
Increase in net assets resulting from capital share transactions |
|
|
|
상환 공유 | 7 | (50,294,465) | (126,736,786) |
연초순자산 |
| 676,842,879 | 1,057,242,522 |
연말 순자산 |
| 637,967,666 | 676,842,879 |
See accompanying notes and Audited Financial Statements of Third Point Offshore Fund Ltd. and Third Point Offshore Master Fund L.P.
현금 흐름표
31 월 XNUMX 일 종료 연도
|
| 2023 | 2022 |
| 노트 | 미국 달러$ | 미국 달러$ |
영업 활동으로 인한 현금 흐름 |
|
|
|
운영 비용 |
| (878,393) | (1,452,090) |
이자 지급 |
| (6,735,881) | (5,020,348) |
이사 수수료 |
| (356,091) | (331,634) |
관리비 |
| (128,317) | (138,761) |
Third Point Independent Voting Company Limited¹ |
| (111,940) | (83,087) |
마스터펀드 투자 변동 |
| 158,336,628 | 6,624,925 |
영업활동으로 인한 현금유입/(유출) |
| 150,126,006 | (400,995) |
|
|
|
|
금융 활동으로 인한 현금 흐름 |
|
|
|
신용시설 상환 |
| (150,000,000) | - |
재무활동으로 인한 현금유출 |
| (150,000,000) | - |
|
|
|
|
현금 순증가/(감소) |
| 126,006 | (400,995) |
연초의 현금 및 현금성자산 |
| 64,597 | 465,592 |
현금 및 현금성자산 연말정산 |
| 190,603 | 64,597 |
1 Third Point Offshore Independent Voting Company Limited는 이사 수수료, 감사 수수료 및 일반 비용으로 구성됩니다.
|
| 2023 | 2022 |
| 노트 | 미국 달러$ | 미국 달러$ |
다음의 비현금 거래에 대한 추가 공개: |
|
|
|
영업 활동 |
|
|
|
구독 |
| (54,429,821) | - |
마스터 펀드로부터 회사 주식의 환매 | 7 | 104,724,286 | 126,736,786 |
Receipt of Participation Note |
| 5,181,538 | - |
금융 활동 |
|
|
|
상환 공유 | 7 | (50,294,465) | (126,736,786) |
대출비용 상각 |
| 574,155 | 862,415 |
See accompanying notes and Audited Financial Statements of Third Point Offshore Fund Ltd. and Third Point Offshore Master Fund L.P.
감사 재무제표에 대한 참고사항
연말 31 12월 2023
1. 그 회사
Third Point Investors Limited(이하 “회사”)는 인가받은 폐쇄형 투자 회사입니다. 영국 해협에있는 작은 섬 on 19 6월 2007 기간 제한 없이 등록 번호 47161로 운영됩니다. 회사는 다음 날짜에 영업을 시작했습니다. 25 7월 2007.
2. 조직
투자 목적 및 정책
The Company’s investment objective is to provide its Shareholders with consistent long-term capital appreciation, utilising the investment skills of the Investment Manager, through investment of all of its capital (net of short-term working capital requirements) through a master-feeder structure in shares of Third Point Offshore Fund, Ltd. (the “Master Fund”), an exempted company formed under the laws of the 케이맨 제도 on 10월 21 1996.
The Master Fund’s investment objective is to seek to generate consistent long-term capital appreciation, by investing capital in securities and other instruments in select asset classes, sectors and geographies, by taking long and short positions. The Master Fund is managed by the Investment Manager and the Investment Manager’s implementation of the Master Fund’s investment policy is the main driver of the Company’s performance.
The Master Fund is a limited partner of, and invests all of its investable capital in, Third Point Offshore Master Fund L.P. (the “Master Partnership”), an exempted limited partnership organised under the laws of the 케이맨 제도, 이 중 집합투자업자의 계열사인 Third Point Advisors II LLC가 무한책임사원입니다. Third Point LLC는 회사, 마스터 펀드 및 마스터 파트너십의 투자 관리자입니다. 마스터 펀드와 마스터 파트너십은 위에서 설명한 것과 동일한 투자 목표, 전략 및 제한 사항을 공유합니다.
투자 관리자
집합투자업자는 다음에 설립된 유한책임회사입니다. 10월 28 1996 법률에 따라 델라웨어 주. 투자운용사는 다음과 같이 임명되었습니다. 29 6월 2007 회사 이사회의 통제와 특정 차입 및 활용 제한에 따라 회사의 투자 목적을 추구하기 위해 재량에 따라 회사 자산의 관리 및 투자를 담당합니다.
연말 연시 31 12월 2023, the Company paid to the Investment Manager at the level of the Master Partnership a fixed management fee of 1.25 percent of NAV per annum. The Investment Manager has granted a management fee discount of 0.50% on the indirect portion of the Company's interest that is invested in Legacy Private Investments. This 0.50% discount also applies to the Company's management fee on their Participation Note balance. Under the Investment Management Agreement, had the NAV of the Master Fund increased over the year, the Investment Manager would also have been entitled to a general partner incentive allocation of 20 percent of the Master Fund’s NAV growth (“Full Incentive Fee”) invested in the Master Partnership, subject to certain conditions and related adjustments, by the Master Fund. The general partner receives an incentive allocation equal to 20% of the net profit allocated to each Shareholder invested in each series of Class YSP shares. If a Shareholder invested in Third Point Offshore Fund, Ltd. (the “Feeder Fund”) has a net loss during any fiscal year and, during subsequent years, there is a net profit attributable to such Shareholder, the Shareholder must recover the amount of the net loss attributable in the prior years before the General Partner is entitled to incentive allocation. Class YSP shares are subject to a 25% investor level gate. The Company’s investment in the Master Fund is subject to an investor-level gate whereby a Shareholder’s aggregate redemptions will be limited to 25%, 33.33%, 50%, and 100% of the cumulative net asset value of such Class YSP shares held by the Shareholder as of any four consecutive quarters. Redemptions are permitted on a monthly basis but not to exceed these thresholds.
Additionally, the Master Fund has a 20% fund-level gate. The fund level gate allows for redemptions up to 20% of the Master Fund’s assets on a quarterly basis, subject to the discretion of the Board of Directors of the Master Fund. The Company was allocated US$nil (31 12월 2022: US$nil) of incentive fees at the Master Fund level for the year ended 31 12월 2023.
3. 중요한 회계정책
발표의 기초
These Financial Statements have been prepared in accordance with relevant accounting principles generally accepted in 미국 (“미국 GAAP”). 회사의 기능통화 및 표시통화는 미국달러(“$US”)입니다.
The Directors have determined that the Company is an investment company in conformity with US GAAP. Therefore, the Company follows the accounting and reporting guidance for investment companies in the Financial Accounting Standards Board (‘‘FASB’’) Accounting Standards Codification (‘‘ASC’’) 946, Financial Services — Investment Companies (‘‘ASC 946’’).
회사가 채택하고 있는 중요한 회계정책은 다음과 같습니다.
현금 및 현금성 자산
자산 및 부채표와 현금흐름표의 현금은 제한이 없으며 은행 현금과 보유 현금으로 구성됩니다.
에서 기인 broker
에서 기인 broker 회사의 청산소에 보관된 현금 잔액을 포함합니다. broker at 31 12월 2023. 회사는 주요 국제 증권회사인 UBS(“프라임”)를 통해 모든 증권 거래를 청산합니다. Broker”), 회사와 Prime 간의 계약에 따라 Broker.
미수금 환매
미수금 환매는 요청되었으나 아직 결제되지 않은 마스터 펀드의 자본 인출입니다. 31 12월 2023.
투자 가치 평가
The Company records its investment in the Master Fund at fair value. The Board has concluded specifically that climate change, including physical and transition risks, does not have a material impact on the recognition and separate measurement considerations of the assets and liabilities of the Company in the financial statements as at 31 12월 2023, but recognises that climate change may have an effect on the investments held in the Master Fund. Fair values are generally determined utilising the net asset value (“NAV”) provided by, or on behalf of, the underlying Investment Manager of the investment fund. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurement”, fair value is defined as the price the Company would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. During the year, the Company owned Class YSP shares of the Master Fund. During the year, the Company recorded non-cash redemptions of US $ 105,358,341 (505,045 shares) for the cancellation of the Company shares under the share buyback programme. The Company also redeemed US $ 155,840,000 (868,683 shares) to pay Company expenses and to repay the loan facility. During the year the Company recorded a noncash subscription of US $ 54,429,821 (544,298 shares) for expected future redemption needs.
The following schedule details the movements in the Company’s holdings in the Master Fund over the year.
| 공유 에서 개최 된 1 1월 2023 | 공유 압연 Up | 공유 양도 In | 공유 양도 아웃 | 공유 발행 | 공유 사용됨 | Share adjustments* | 공유 에서 개최 된 31 XNUMX월 2023 | 순자산 당 가치 공유 위치 31 XNUMX월 2023 ** | 순자산 가치 31 XNUMX월 2023 |
Class YSP - 1.25, 시리즈 1 | 490,000 | - | - | - | - | (490,000) | - | - | - | - |
Class YSP - 1.25, 시리즈 1-1 | 2,077,599 | - | - | - | - | (548,872) | (18) | 1,528,709 | 343.84 | 525,635,128 |
Class YSP - 1.25, 시리즈 1-2 | 22,699 | - | - | - | - | (22,699) | - | - | - | - |
Class YSP - 1.25, 시리즈 1-3 | 451 | - | - | - | - | (451) | - | - | - | - |
Class YSP - 1.25, 시리즈 1.4 | 441,000 | - | - | - | - | - | (5) | 440,995 | 78.50 | 34,616,564 |
Class YSP - 1.25, 시리즈 1.5 | 450,000 | - | - | - | - | - | (5) | 449,995 | 74.64 | 33,589,202 |
Class YSP - 1.25, 2 시리즈. | 49,000 | - | - | - | - | - | (1) | 48,999 | 78.50 | 3,846,250 |
Class YSP - 1.25, 시리즈 2-1 | 53,839 | - | - | - | - | (53,839) | - | - | - | - |
Class YSP - 1.25, 시리즈 2-2 | 50,000 | - | - | - | - | - | (1) | 49,999 | 74.64 | 3,732,100 |
Class YBSP-125, Series 1 | - | - | - | - | 197,860 | (197,860) | - | - | - | - |
Class YBSP-125, 시리즈 2 | - | - | - | - | 114,725 | (76,481) | - | 38,244 | 108.81 | 4,161,429 |
Class YBSP-125, 시리즈 3 | - | - | - | - | 231,713 | - | - | 231,713 | 100.00 | 23,171,300 |
금액 |
|
|
|
|
|
|
|
|
| 628,751,973 |
* Share adjustments relate to transfers from the portion of shareholders' capital attributable to Legacy Private Investments.
** Rounded to two decimal places.
A portion of the Company’s investment in the Master Fund redemptions after 1 6월 2023 redemption were satisfied through the issuance of Participation Notes (the “Notes” or each a “Note”) in lieu of cash. Interests in the Master Fund prior to 1 6월 2023 are subject to the Note issuance upon redemption. The Master Fund issued Notes through Third Point Offshore Fund Vehicle, Ltd. (the “Issuing Entity”), which holds interests in the Notes issued by the Master Partnership that are described in further detail in the Master Partnership’s financial statements and are considered to be a Level 3 investment per the fair value hierarchy. The Company has elected to carry the Notes at fair value. The Notes have no stated maturity date and as payments in respect of the Notes issued by the Master Partnership are made to the Issuing Entity, payments will be made to the Company to satisfy their outstanding Note balances. During the year ended 31 12월 2023 no payments were made. The investment in Participation Note balance as of 31 12월 2023 였다 US $ 5,005,646. Losses on the Participation Notes during the year were $175,892.
마스터 펀드가 직접 투자하는 마스터 파트너십이 보유한 증권의 평가는 마스터 파트너십의 감사 재무제표에 대한 주석에서 논의됩니다. 마스터 펀드에 대한 회사 투자의 순자산 가치는 해당 회사의 공정 가치를 반영합니다. ~에 31 12월 2023, 회사의 미국 달러 지분은 16.1%(31 12월 2022: 마스터펀드 NAV의 15.6%).
회사는 ASU 2015-07, 주당 순자산 가치(또는 그에 상응하는 가치)를 계산하는 특정 기업에 대한 투자 공시(“ASU 2015-07”)를 채택했습니다. 여기서 특정 투자는 주당 순자산 가치를 사용하여 공정 가치로 측정됩니다. 실무적 방편으로 주식법(또는 이에 상응하는 방법)을 공정가치 서열체계로 분류할 필요는 없습니다. 이에 따라 회사는 해당 포지션을 평준화하지 않았습니다.
소득세의 불확실성
ASC 주제 740 "소득세"는 회사의 세금 신고서를 준비하는 과정에서 취해졌거나 취할 것으로 예상되는 세금 입장을 평가하여 해당 세금 입장이 해당 회사에 의해 유지될 가능성이 "가능성이 높지 않은"지 여부를 결정하도록 요구합니다. 직위의 기술적 장점을 바탕으로 세무 당국. "가능성이 높음" 기준을 충족하는 것으로 간주되는 세금 직위는 결정 연도에 세금 혜택 또는 비용으로 기록됩니다. 경영진은 ASC 740의 의미를 평가했으며 이것이 이 감사 재무제표에 중요한 영향을 미치지 않는다고 결정했습니다.
수입과 지출
회사는 마스터 펀드의 수입, 지출, 실현 및 미실현 손익에 대한 비례적인 지분을 매월 기록합니다. 또한, 회사는 회수가 예상되는 한도 내에서 이자수익과 기타 비용을 발생시키고 있습니다.
견적의 사용
The preparation of Audited Financial Statements in conformity with US GAAP may require management to make estimates and assumptions that affect the amounts and disclosures in the financial statements and accompanying notes. Actual results could differ from those estimates. Other than what is underlying in the Master Fund and the Master Partnership, the Company does not use any material estimates in respect of the Audited Financial Statements.
관심가는
The Master Fund Shares can be converted to cash to meet liabilities in respect of, for example, Company expenses and the buyback programme, as they fall due.
In addition, the Company has committed to hold a Redemption Offer for 25% of NAV, at a discount of 2% to NAV. The Redemption Offer is expected to be completed in 2024년 유월. On the assumption that the Redemption Offer is fully subscribed, this would imply further redemptions from the Master Fund of approximately $ 156 만. The Company has begun the process of redeeming shares in the Master Fund to satisfy the cash requirement of the Redemption Offer in order to stay within the investor level redemption limit of 25% each quarter.
The Board has announced that it will carry out a Strategy Review over the next six months. At the conclusion of the Strategy Review, the Strategy Committee will present its findings to the Board. If approved by the Board, the outcome will then be reported by the Board to Shareholders, and any recommended new proposals will be put to Shareholders, and voted on by them as appropriate. On the assumption that the Committee is able to identify a positive direction for the Company, which is approved by Shareholders, the Company will continue into the future.
On that basis, after due consideration, and having made due enquiry of Third Point, the Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these Audited Financial Statements for the period through 30 6월 2025.
외환
외화로 표시된 투자유가증권과 기타 자산 및 부채는 보고일 현재의 환율을 사용하여 미국 달러로 환산됩니다. 외화로 표시된 투자, 수입 및 지출 항목의 구매 및 판매는 해당 거래일을 기준으로 미국 달러로 환산됩니다. 모든 외화 거래 손익은 영업 내역서에 포함됩니다.
최근 회계 공시
The Company has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. The amendments and interpretations which apply for the first time in 2023 have been assessed and do not have an impact on the Audited Financial Statements.
신용 시설
The Company accounted for the credit facility as a liability, initially recognised at the amount drawn less any related costs. Issuance costs were amortised and recognised as additional interest expense over the life of the loan. At each balance sheet date, the liability was adjusted for the repayment of principal, accrual of interest and amortization of issuance costs. The credit facility was fully repaid as of 2 6월 2023.
4. Credit Facility
On 1 9월 2021, the Company entered into an agreement for a credit facility with JPMorgan Chase Bank, N.A., to employ gearing within the Company. The credit facility allowed the Company to borrow $ 150 만 at a rate of LIBOR plus 2.4% for a period of two years. The investment in the Master Fund serves as the security for the credit facility. The credit facility was fully drawn by 31 12월 2021 and the proceeds were invested in shares in the Master Fund. The credit facility was fully repaid on 2 6월 2023.
In conjunction with the negotiation and execution of the agreement there were costs incurred by the Company. The Company paid the issuer of the facility US $ 375,000 as a structuring fee and paid other loan related costs, such as legal costs. These expenses were fully amortised when the facility was repaid.
5. Material Agreements
관리 및 인센티브 수수료
집합투자업자는 회사의 투자 목적과 정책을 추구하기 위해 자산을 투자하기 위해 회사에 의해 임명되었습니다. 주석 2에 공시된 바와 같이, 집합투자업자는 마스터 파트너십으로부터 운용수수료와 인센티브수수료를 통해 보수를 받습니다.
관리비
다음 날짜의 관리 계약 조건에 따라 29 6월 2007, 회사는 Northern Trust International Fund Administration Services(영국 해협에있는 작은 섬) 관리자(“관리자”) 및 기업 비서로 제한됩니다.
관리자는 회사의 NAV를 기준으로 수수료를 지불받으며 분기별로 후불로 지불됩니다. 수수료는 처음 NAV 2억 파운드에 대해 회사 NAV의 500bp 비율로 적용되며, 1.5억 파운드를 초과하는 NAV에 대해서는 500bp 비율로 적용됩니다. 이 수수료는 월 최소 £4,250입니다. 또한 관리자는 회사 비서 및 규정 준수 활동에 대해 £30,000의 연간 기업 관리 수수료를 받을 자격이 있습니다.
또한, 관리자는 업무 수행 과정에서 발생한 본인 부담 비용을 상환받을 권리가 있으며 특정 기타 서비스에 대해 추가 수수료를 부과할 수 있습니다.
해당 연도의 총 관리자 비용은 다음과 같습니다. US $ 128,497 (31 12월 2022: US $ 138,382)와 US $ 3,187 뛰어난 (31 12월 2022: US $ 3,007) 연말에.
VoteCo
The Company has entered into a support and custody agreement with Third Point Offshore Independent Voting Company Limited (“VoteCo”) whereby, in return for the services provided by VoteCo, the Company will provide VoteCo with funds from time to time in order to enable VoteCo to meet its obligations as they fall due. Under this agreement, the Company has also agreed to pay all the expenses of VoteCo, including the fees of the directors of VoteCo, the fees of all advisors engaged by the directors of VoteCo and premiums for directors and officers insurance. The Company has also agreed to indemnify the directors of VoteCo in respect of all liabilities that they may incur in their capacity as directors of VoteCo. The expense paid by the Company on behalf of VoteCo during the year is outlined in the Statement of Operations and amounted to US $ 111,940 (31 12월 2022: US $ 83,087). 에서와 같이 31 12월 2023 VoteCo를 대신하여 회사가 지출한 비용은 다음과 같습니다. US $ 42,039 (31 12월 2022: US $ 11,728).
6. Directors’ Fees
지난 주주총회에서 2020년 XNUMX월 Shareholders approved an annual fee cap for the directors as a whole of £500,000.
The Directors’ fees during the year amounted to £286,000 (31 12월 2022: £269,000) with £nil outstanding (31 12월 2022: £nil) at the year-end.
The current fee rates for the individual Directors are as follows;
성함 연간 요금
의장 £76,000
감사위원장 £57,000
책임자 £48,000
선임 독립 이사 £3,000
경영참여위원회 위원장 £3,000
추천 및 보상위원회 위원장 £3,000
The Directors are also entitled to be reimbursed for expenses properly incurred in the performance of their dutiesas Director.
7. Stated Capital
회사는 무액면 보통주(“주”)를 무제한으로 발행하고 무액면 보통주 B주(“B 주식”)를 무제한으로 발행할 수 있는 권한을 가지고 설립되었습니다.
보통주 미국 달러 주식
발행주식수 1월 1 2023 27,666,789
주식이 취소되었습니다
해당 연도에 취소된 주식 (2,576,865)
해당 연도 동안 소각된 총 주식 수 (2,576,865)
Shares in issue at end of the year 25,089,924
미국 달러 주식
미국 달러$
연초순자산 676,842,879
주식이 취소되었습니다
Share value cancelled during the year (50,294,465)
해당 연도 동안 취소된 총 주식 가치 (50,294,465)
영업으로 인한 순자산 순증가 11,419,252
Net assets at end of the year 637,967,666
보통주 B주 총수 미국 달러 주식
Shares in issue as at 1월 1 2023 18,444,526
주식이 취소되었습니다
해당 연도에 취소된 주식 (1,717,908)
해당 연도 동안 소각된 총 주식 수 (1,717,908)
Shares in issue at end of the year 16,726,618
의결권
Ordinary Shares carry the right to vote at general meetings of the Company and to receive any dividends, attributable to the Ordinary Shares as a class, declared by the Company and, in a winding-up will be entitled to receive, by way of capital, any surplus assets of the Company attributable to the Ordinary Shares as a class in proportion to their holdings remaining after settlement of any outstanding liabilities of the Company. B Shares also carry the right to vote at general meetings of the Company but carry no rights to distribution of profits or in the winding-up of the Company.
회사 정관에 규정된 대로, 회사 총회에 참석한 각 주주는 거수로 XNUMX개의 의결권을 갖습니다. 투표 시, 각 주주는 별도의 클래스 회의의 경우 보유하고 있는 각 주식 또는 B 주식에 대해 XNUMX개의 의결권을 가지며, 전체 주주 총회의 경우 각 주식에 대해 XNUMX개의 의결권을 갖습니다. 또는 B주 보유. 환율 변동은 주식과 B주에 적용되는 상대적 의결권에 영향을 미치지 않습니다. 또한 회사의 모든 주주는 회사의 투자 정책에 대한 모든 중요한 변경 사항에 대해 투표할 권리를 갖습니다.
자사주 매입
At each AGM, the Directors seek authority from the shareholders to purchase in the market for the forthcoming year up to 14.99 percent of the Shares in issue. Pursuant to this repurchase authority, the Company, through the Master Fund, commenced a share repurchase program in 2007. The Shares initially purchased were held by the Master Partnership. The Master Partnership’s gains or losses and implied financing costs related to the shares purchased through the share purchase programme are entirely allocated to the Company’s investment in the Master Fund.
In September, 2019, it was announced that the Company, again through the Master Fund, would seek to buy back, at the Board’s discretion and subject to the requirement to buy no more than 14.99% of its outstanding stocks between general meetings, up to $ 200 만 worth of stock over the subsequent three years. The buy back programme was extended in 2022년 XNUMX월 with the order of a further $ 50 만 allocated to buybacks in the subsequent 12 months and again in 2023년 XNUMX월 with up to a further $ 25 만 for buybacks over the period to 2024월 XNUMX월. Any shares traded mid-month are purchased and held by the Master Partnership until the Company is able to cancel the shares following each month-end. As at 31 12월 2023, the Master Partnership held 213,276 shares of the Company. These shares were subsequently cancelled in 2024년 XNUMX월.
주식 추가 발행
정관에 따라 이사는 비선점 방식으로 추가 주식을 발행할 수 있는 권한을 갖습니다. 이사가 추가로 주식을 발행하는 경우, 발행 가격은 해당 종류의 주식에 대한 당시의 예상 주당 NAV보다 낮지 않습니다.
8. 과세
해당 펀드는 다음과 같은 세금이 면제됩니다. 영국 해협에있는 작은 섬 소득세 규정에 따라 (면제 기관) (영국 해협에있는 작은 섬) 조례 1989.
9. Calculation of Net Asset Value
회사의 NAV는 총자산에서 총부채를 뺀 금액입니다. 주당 NAV는 NAV를 당일 발행된 보통주 수로 나누어 계산합니다.
10. 특수관계자 거래
At 31 12월 2023, 집합투자업자가 소유하거나 제휴한 기타 투자펀드는 5,705,443 (31 12월 2022: 5,705,443) 회사의 미국 달러 주식. 추가 관련 당사자 거래 공개에 대해서는 주석 5와 주석 6을 참조하십시오.
11. 중요한 사건
In 2023년 XNUMX월, the Third Point Master Fund (Master Fund) announced a change to its redemption policy to accommodate the comparative illiquidity in its legacy Privates portfolio. This was introduced to allow the Investment Manager to manage the underlying portfolio more effectively, permitting it to offer a more stable platform for investors while enhancing investor exposure to its core strategies and competencies. From the end of 2023년 유월, redemptions from the Master Fund are being settled with approximately 93% in cash and 7% in participation notes, the latter representing redeeming investors’ pro rata share of Privates in the Master Fund. Over time, the Company’s holding of participation notes will increase as Master Fund shares are redeemed to fund expenses, the Company’s buyback programme and, in due course, any Redemption Offers. Any realisation of Privates via the participation notes will be reinvested in the Master Fund and will reduce the Company’s percentage exposure to Privates.
On 2 6월 2023, the Company terminated its two-year $ 150 만 credit facility without penalty ahead of its maturity in 2023년 XNUMX월에.
On 22 9월 2023, the Company announced an extension to its buyback programme authorising up to a further $ 25 만 for buybacks over the period to 2024월 XNUMX월. 연말에 31 12월 2023, a total of almost 2.6 million shares were repurchased under the buyback programme with a value of approximately $ 51.2 만, at a weighted average discount to NAV of 18.2%.
On 2 4 월, 2024 the Board announced a Redemption Offer to shareholders under which they will have the opportunity to tender up to 25% of their shares at a discount of 2% to the NAV as at 30 4월 2024. The Redemption Offer is expected to be completed in 2024년 유월.
There were no other events during the financial year outside the ordinary course of business which, in the opinion of the Directors, may have had an impact on the Audited Financial Statements for the year ended 31 12월 2023.
12. 재무 하이라이트
다음 표에는 연말에 발행된 단일 보통주에 대해 선택된 데이터와 감사 재무제표에서 파생된 기타 성과 정보가 포함되어 있습니다.
미국 달러 주식
31 12월 2023
미국 달러$
주당 영업실적
연초 순자산가치 24.46
운영 수입
Net realised and unrealised gain from investment transactions allocated from
마스터펀드 0.35
순 이득 0.18
총 운영 수익 0.53
자사주 매입 증가 0.44
순자산가치, 연말 25.43
마스터 펀드에서 할당된 인센티브 수수료 전 총 수익 3.97%
마스터 펀드에서 할당된 인센티브 수수료 후 총 수익 3.97%
총 운영 수익은 연초 투자에 대한 순수익을 반영하며, 종료 연도 동안 보통주당 NAV 변화로 계산됩니다. 31 12월 2023 그리고 연간 계산되지 않습니다. 개별 주주의 수익은 시장에서 주식을 구매하고 판매하는 시점에 따라 이러한 수익과 다를 수 있습니다.
미국 달러 주식
31 12월 2022
미국 달러$
주당 영업실적
연초 순자산가치 32.37
운영 수입
Net realised and unrealised gain from investment transactions allocated from
마스터펀드 (7.88)
순손실 (0.30)
총 운영 수익 (8.18)
자사주 매입 증가 0.27
순자산가치, 연말 24.46
마스터 펀드에서 할당된 인센티브 수수료 전 총 수익 (24.44의 %)
마스터 펀드에서 할당된 인센티브 수수료 후 총 수익 (24.44의 %)
총 운영 수익은 연초 투자에 대한 순수익을 반영하며, 종료 연도 동안 보통주당 NAV 변화로 계산됩니다. 31 12월 2022 그리고 연간 계산되지 않습니다. 개별 주주의 수익은 시장에서 주식을 구매하고 판매하는 시점에 따라 이러한 수익과 다를 수 있습니다.
미국 달러 주식
31 12월 2023
미국 달러$
보충 데이터
순자산가치, 연말 637,967,666
해당 연도의 평균 순자산 가치1 631,249,876
평균 순자산 대비 비율
운영 비용2 (4.55의 %)
총 운영 비용2 (4.55의 %)
순 이득3 0.75%
1 해당 연도의 평균 순자산가치는 게시된 월별 NAV 추정치를 기준으로 계산됩니다.
2 운영 비용은 회사 비용과 마스터 펀드에서 할당된 운영 비용을 합친 것입니다.
3 Net gain (or loss) is taken from the Statement of Operations and is the net investment gain / (loss) for the year allocated from the Master Fund less the Company expenses over the average net asset value for the year.
미국 달러 주식
31 12월 2022
미국 달러$
보충 데이터
순자산가치, 연말 676,842,879
해당 연도의 평균 순자산 가치1 793,974,457
평균 순자산 대비 비율
운영 비용2 (3.84의 %)
총 운영 비용2 (3.84의 %)
순 이득 1.44%
1 해당 연도의 평균 순자산가치는 게시된 월별 NAV 추정치를 기준으로 계산됩니다.
2 운영 비용은 회사 비용과 마스터 펀드에서 할당된 운영 비용을 합친 것입니다.
3 Net gain (or loss) is taken from the Statement of Operations and is the net investment gain / (loss) for the year allocated from the Master Fund less the Company expenses over the average net asset value for the year.
13. Ongoing Charge Calculation
종료 연도에 대한 지속적인 요금 31 12월 2023 및 31 12월 2022 AIC 권장 방법론에 따라 준비되었습니다. 성과보수는 마스터펀드에 청구되었습니다. AIC 지침에 따라 성과 수수료를 포함하거나 제외하는 지속적인 요금이 공개되었습니다. 연말까지 계속되는 요금 31 12월 2023 및 31 12월 2022 성과 수수료 제외 및 성과 수수료 포함은 회사 비용과 아래에 설명된 할당된 마스터 펀드 비용을 기준으로 합니다.
31 12월 2023 31 12월 2022
Excluding performance fees
미국 달러 주식 1.92% 1.98%
Including performance fees
미국 달러 주식 1.92% 1.98%
14. 후속 이벤트
~에서 31 12월 2023, Master Partnership은 회사의 주식 213,276주를 보유하고 있었으며 이 주식은 이후에 취소되었습니다. 2024년 XNUMX월.
On 2 4월 2024, the Board announced a Redemption Offer to shareholders under which they will have the opportunity to tender up to 25% of their shares at a discount of 2% to the NAV as at 30 4월 2024. The Redemption Offer is expected to be completed in 2024년 유월.
On 9 4월 2024, the Board announced the appointment of 디미트리 굴란드리스 and Liad Meidar as Directors to take place as soon as practicable.
이사들은 승인일까지 다음 사항을 확인합니다. 19 4월 2024, when these financial statements were available to be issued, there have been no other events subsequent to the balance sheet date that require inclusion or additional disclosure.
추가 정보
투자자 정보
재무 캘린더
Year end 31 December.
Annual results announced and Annual Report published in April.
Annual General Meeting held in May/June.
Interim results announced in September.
웹 사이트
Further information about Third Point Investors Limited, including share price and NAV performance, monthly reports and quarterly investor letters, is available on the Company’s website: www.thirdpointlimited.com.
투자하는 방법
Information is available on The Association of Investment Companies website, where a list of platform providers can be found: www.theaic.co.uk/availability-on-platforms.
관리 및 관리
이사
루퍼트 도리 (Chairman)*
리처드 볼레아*
휴 에반스*
비비안 굴드*
조슈아 L 타고프
클레어 휘트*
PO Box 255, 트라팔가 코트, Les Banques,
세인트 피터 포트, 영국 해협에있는 작은 섬, GY1 3QL,
채널 아일랜드.
* 이들 이사는 독립적입니다.
투자 관리자
서드 포인트 LLC
55 허드슨 야드,
뉴욕, 뉴욕 10001,
미국.
감사
Ernst & Young LLP
사서함 9, 로얄 챔버스
세인트 줄리안 애비뉴,
세인트 피터 포트, 영국 해협에있는 작은 섬, GY1 4AF,
채널 아일랜드.
법률 고문(영국 법률)
허버트 스미스 프리힐스 LLP
익스체인지 하우스, 프림로즈 스트리트,
런던, EC2A 2HS,
영국.
등록기관 및 CREST 서비스 제공업체
Link Market Services (영국 해협에있는 작은 섬) 제한
(formerly Capita Registrars (영국 해협에있는 작은 섬) Limited)
몽 크레벨트 하우스,
불워 애비뉴,
세인트 샘슨, 영국 해협에있는 작은 섬, GY2 4LH,
채널 아일랜드,
등록된 사무실
PO Box 255, 트라팔가 코트, Les Banques,
세인트 피터 포트, 영국 해협에있는 작은 섬, GY1 3QL.
채널 아일랜드.
관리자 및 비서
노던 트러스트 국제 기금
관리 서비스(영국 해협에있는 작은 섬) 제한
PO Box 255, 트라팔가 코트, Les Banques,
세인트 피터 포트, 영국 해협에있는 작은 섬, GY1 3QL,
채널 아일랜드.
법률 고문(건지법)
모랑
로얄 챔버스, St Julian’s Avenue,
세인트 피터 포트, 영국 해협에있는 작은 섬, GY1 4HP,
채널 아일랜드.
접수 대리인
링크 마켓 서비스 제한
레지스트리,
34 베켄햄 로드,
Beckenham, Kent, BR3 4TU,
영국.
Corporate Broker
도이체 누미스
45 그레셤 스트리트,
런던, EC2V 7BF,
영국.
용어사전
행동주의/구성주의
An approach where an investment manager engages in dialogue with investee companies to suggest opportunities to enhance value.
환매 프로그램
A buyback is when a corporation purchases its own shares in the stock market.
자본 할당
Asset and capital allocation are the processes of deciding where to put money to work in the market.
Corporate credit
A corporate credit strategy typically looks to generate an attractive return in excess of the current rate of inflation and an attractive total return, investing in the debt securities of corporations.
할인
The discount, typically expressed as a percentage, is the amount by which the share price is less than the net asset value per share.
이벤트 기반
Event-driven refers to an investment strategy where the investment manager attempts to profit from a company’s stock mispricing that may typically occur before, during or after a corporate event.
기본적인
Fundamental analysis is a valuation tool used by stock analysts to determine whether a stock is over- or undervalued by the market.
Hedge basket
A hedge basket is an investment approach designed to reduce risk or exposure to other asset classes or currencies by bundling certain securities together and selling this bundle short (see Short selling).
인플레이션
Inflation is a measure of how much more expensive goods and services have become over a certain time period.
JP Morgan Investment Grade Index
This is an index that measures the performance of fixed rate debt markets.
Long equity
Long equity is an investment strategy that seeks to take a position in under-priced stocks in the manager’s opinion. Its counterpart is Short selling, which seeks to profit from declining prices of over-priced stocks.
시장에 표시
Mark to market is an accounting measure based on valuing assets on their current market price, as opposed to the historic cost.
통화 정책
Monetary policy is the action a central bank or a government can take to influence how much money is in a country’s economy and how much it costs to borrow.
MSCI 세계 지수
This index includes a collection of stocks of all the developed markets of the world, as defined by MSCI.
NASDAQ Index
The Nasdaq Composite is an index that measures the performance of more than 3,000 securities that are all listed on the tech-focused Nasdaq stock market.
Net equity exposure
Net equity exposure is the difference between a fund’s long positions and its short positions in its equity holdings.
개인
A private investment is an asset that is not listed on a public exchange, and as a result has a more restricted ability to be bought and sold.
공개 목록
A publicly-listed company is one whose shares are traded on an exchange.
S & P 500 지수
This is a market-capitalisation weighted index of the top 500 publicly traded companies in the U.S.
짧은 판매
A strategy that attempts to profit from a pessimistic view of a certain company, in which the investment manager borrows the security and sells it on the open market, hoping to buy it back later for a lesser amount.
Structured credit
Mortgage-backed securities and other consumer asset-backed securities.
투자운용사
Third Point L.L.C. is the investment manager of Third Point Investors Limited.
The Master Fund
An exempted company formed under the laws of the 케이맨 제도 on 10월 21 1996.
The Master Partnership
마스터 펀드는 Third Point Offshore Master Fund LP(“마스터 파트너십”)의 유한 파트너이며, 법률에 따라 면제된 유한 파트너십입니다. 케이맨 제도, of which Third Point Advisors II L.L.C., an affiliate of the Investment Manager, is the general partner.
가치 전략
Value investing involves a strategy of buying stocks that seem under-priced relative to their intrinsic value.
The Association of Investment Companies (AIC) website also features a glossary of definitions of relevant terms, which can be found at: https://www.theaic.co.uk/aic/glossary
연례 총회 공지
Notice is hereby given that the 2024 Annual General Meeting of the Company will be held at the offices of Northern Trust International Fund Administration Services (영국 해협에있는 작은 섬) Limited, Trafalgar Court, Les Banques, St Peter Port, 영국 해협에있는 작은 섬, 채널 아일랜드일, 28 월 2024 at 영국 표준시 오전 10시 30분 (the “Meeting”).
분해능 양식에 of Proxy | 안건 |
| Business to be proposed as Ordinary Resolutions: |
1. | To receive and adopt the Annual Report and Audited Financial Statements of the Company for the year ended 31 December 2023. |
2. | To receive and adopt the Directors Remuneration Report as detailed in the Annual Report and Audited Financial Statements of the Company for the year ended 31 December 2023. |
3. | To re-appoint Ernst & Young LLP as Auditor of the Company until the conclusion of the next Annual General Meeting. |
4. | To authorise the Board of Directors to determine the Auditor’s remuneration. |
5. | To re-elect Rupert Dorey as a Director of the Company. |
6. | To re-elect Huw Evans as a Director of the Company. |
7. | To re-elect Claire Whittet as a Director of the Company. |
8. | To re-elect Richard Boléat as a Director of the Company. |
9. | To re-elect Vivien Gould as a Director of the Company. |
10. | To elect Dimitri Goulandris as a Director of the Company. |
11. | To elect Liad Meidar as a Director of the Company. |
| Special Business to be proposed as Special Resolutions: |
12. | That the Company be authorised in accordance with Section 315 of the Companies Law to make market acquisitions (within the meaning of section 316 of the Companies Law) of its Shares (either for retention as treasury shares for future reissue and resale or transfer, or cancellation) provided that:
|
이사회 순서
를 위해 그리고 대신하여
Northern Trust International Fund Administration Services(영국 해협에있는 작은 섬) 제한
비서
22 4월 2024
노트
1. 회의에 참석하고 투표할 수 있는 권한을 가진 회원은 회의에 참석하고 발언하고 투표할 회원의 권리 전부 또는 일부를 행사하기 위해 한 명 이상의 대리인을 임명할 수 있습니다. 대리인은 회사의 회원일 필요는 없지만 회원의 투표가 집계되려면 회의에 참석해야 합니다. 회원이 회의에 참석할 대리인을 XNUMX명 이상 임명하는 경우, 회원이 보유한 다른 주식에 부여된 권리를 행사하기 위해 각 대리인을 임명해야 합니다. 회원이 한 명 이상의 대리인을 지정하려는 경우 www.signalshares.com에서 그렇게 할 수 있습니다.
2. To be effective, the proxy vote must be submitted at www.signalshares.com so as to have been received by the Company’s registrars not less than 48 hours (excluding weekends and public holidays) before the time appointed for the meeting or any adjournment of it. By registering on the Signal shares portal at www.signalshares.com, you can manage your shareholding, including:
- „ cast your vote
- „ change your dividend payment instruction
- „ update your address
- „ select your communication preference.
Any power of attorney or other authority under which the proxy is submitted must be returned to the Company’s Registrars, Link Group, PXS 1, Link Group, 중앙광장, 29 Wellington Street, 리즈, LS1 4DL. If a paper form of proxy is requested from the registrar, it should be completed and returned to Link Group, PXS 1, Link Group, 중앙광장, 29 Wellington Street, 리즈, LS1 4DL to be received not less than 48 hours before the time of the meeting.
3. Pursuant to Regulation 41(1) of the Uncertificated Securities Regulations 2001 (as amended), the Company has specified that only those members registered on the register of members of the Company at close of business on 23 월 2024 (the Specified Time) (or, if the meeting is adjourned to a time more than 48 hours after the Specified Time, by close of business on the day which is two days prior to the time of the adjourned meeting) shall be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at that time. If the meeting is adjourned to a time not more than 48 hours after the Specified Time, that time will also apply for the purpose of determining the entitlement of members to attend and vote (and for the purposes of determining the number of votes they may cast) at the adjourned meeting. Changes to the register of members after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the meeting.
4. CREST 전자 대리인 지정 서비스를 통해 대리인을 지정하려는 CREST 회원은 회의 및 연기 기간 동안 CREST 매뉴얼에 설명된 절차를 사용하여 대리인을 지정할 수 있습니다. CREST 개인 회원 또는 기타 CREST 후원 회원, 그리고 투표 서비스 제공자를 임명한 CREST 회원은 자신을 대신하여 적절한 조치를 취할 수 있는 CREST 후원자 또는 투표 서비스 제공자에게 문의해야 합니다. .
5. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a CREST Proxy Instruction) must be properly authenticated in accordance with Euroclear UK & International Limited’s specifications and must contain the information required for such instruction, as described in the CREST Manual (available via www.euroclear.com). The message, regardless of whether it constitutes the appointment of a proxy, or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company’s registrars (ID: RA10) by the latest time(s) for receipt of proxy appointments specified in Note 2 above. For this purpose, the time of receipt will be taken to be the time (as determined by the time stamp applied to the message by the CREST Application Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST . After this time, any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
6. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear UK & International Limited does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings (www.euroclear.com).
7. 회사는 무인증 증권 규정 35(개정)의 규정 5(2001)(a)에 명시된 상황에서 CREST 프록시 지시를 유효하지 않은 것으로 처리할 수 있습니다.
8. 회원인 기업은 동일한 주식과 관련하여 그렇게 하지 않는 한 회원으로서 모든 권한을 행사할 수 있는 한 명 이상의 기업 대표를 임명할 수 있습니다.
9. Any electronic address provided either in this Notice or in any related documents may not be used to communicate with the Company for any purposes other than those expressly stated.
10. If you need help with voting online, or require a paper proxy form, please contact our Registrar, Link Group by email at [이메일 보호], or you may call Link on 0871 664 0300 if calling from the UK, or +44 (0) 371 664 0300 if calling from outside of the UK. The office is open between 9.00 오전 - 5.30의 오후, 공휴일을 제외한 월요일부터 금요일까지 영국 및 웨일즈. Submission of a Proxy vote shall not preclude a member from attending and voting in person at the meeting in respect of which the proxy is appointed or at any adjournment thereof. Unless otherwise indicated on the Form of Proxy, CREST or any other electronic voting instruction, the proxy will vote as they think fit or, at their discretion, withhold from voting.
설명 메모:
Resolutions 1 to 11 will be proposed as Ordinary Resolutions and each will require the approval of not less than 50 per cent. of those members present and voting, whether in person or by proxy, in order to be passed.
Resolution 12 will be proposed as a Special Resolution and will require the approval of not less than 75 per cent. Of those members present and voting, whether in person or by proxy, in order to be passed.
Ordinary Resolution 1 seeks Shareholder ratification of the Annual Report and Audited Financial Statements of the Company for the year ended 31 12월 2023. The Annual Report provides a detailed overview of the Company’s performance over the financial year ended 31 12월 2023 and a projected outlook for the present financial year.
Ordinary Resolution 2 seeks Shareholder ratification of the Directors’ Remuneration Report as detailed in the Annual Report and Audited Financial Statements of the Company for the year ended 31 12월 2023. The Directors’ Remuneration Report describes how the Board has applied the principles relating to Directors’ remuneration and the amount each individual Director received for the financial year ended 31 12월 2023.
Ordinary Resolutions 3 and 4 seek to re-appoint Ernst & Young LLP as the Company’s auditor and to authorise the Directors to determine the auditor’s remuneration. Members are required to approve the appointment of the Company’s auditor to hold office until the next annual general meeting of the Company and to give Directors the authority to determine the auditor’s remuneration. Ernst & Young LLP has expressed their willingness to continue as auditor to the Company.
Ordinary Resolutions 5 to 9 propose the re-election of 루퍼트 도리, 휴 에반스, 클레어 휘트, Richard Boléat and 비비안 굴드 as Directors. Each of these Directors is experienced in the running of the Company and each chairs one of the Board Committees. Consequently each makes an important contribution to the Company’s long term success.
Ordinary Resolutions 10 and 11 propose the election of 디미트리 굴란드리스 and Liad Meidar following their appointments to the Board. These new directors will be members of the Strategy Committee which requires a very particular skill set, including experience in markets, mergers and acquisitions and asset management, which Mr. Goulandris and Mr. Meidar possess.
조쉬 타고프 is stepping down at the AGM and not standing for re-election.
Biographical details for the Directors are contained within the Annual Report.
Special Business to be proposed as a Special Resolution:
Special Resolution 12 seeks to renew the authority granted to the Directors pursuant to section 315 of the Companies Law, enabling the Company to make market purchases (within the meaning of section 316 of the Companies Law) of its Shares (either for retention as treasury shares for future reissue and resale or transfer, or cancellation). The Board will use the repurchase authority to assist in managing any excess supply in the market and demand for the Company’s Shares thereby seeking to reduce the volatility of any discount.
This authority will expire at the conclusion of the next annual general meeting of the Company or on a date which is 18 months from the date of passing of this resolution (whichever is earlier) and it is the present intention of the Directors to seek a similar authority annually.
추천
The Board considers that the proposals and subjects of all the resolutions are in the best interests of the shareholders as a whole. Accordingly, the Board recommends to members that they vote in favour of all of the resolutions to be proposed at the forthcoming Annual General Meeting.
법률 정보
Third Point Investors Limited (“TPIL”) is a feeder fund listed on the London Stock Exchange that invests substantially all of its assets in Third Point Offshore Fund, Ltd (“Third Point Offshore”). Third Point Offshore is managed by Third Point LLC (“Third Point” or “Investment Manager”), an SEC-registered investment adviser headquartered in 뉴욕.
Unless otherwise noted, all performance, portfolio exposure and other portfolio data included herein relates to the Third Point Offshore Master Fund L.P. (the “Fund”). Exposures are categorised in a manner consistent with the Investment Manager’s classifications for portfolio and risk management purposes.
Past performance is not necessarily indicative of future results, and there can be no assurance that the Funds will achieve results comparable to those of prior results, or that the Funds will be able to implement their respective investment strategy or achieve investment objectives or otherwise be profitable.
This document is being furnished to you on a confidential basis to provide summary information regarding a potential investment in the Funds and may not be reproduced or used for any other purpose. Your acceptance of this document constitutes your agreement to (i) keep confidential all the information contained in this document, as well as any information derived by you from the information contained in this document (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person, (ii) not use any of the Confidential Information for any purpose other than to consider an investment in the Funds, (iii) not use the Confidential Information for purposes of trading any security, (iv) not copy this document without the prior written consent of Third Point and (v) promptly return this document and any copies hereof to Third Point, or destroy any electronic copies hereof, in each case upon Third Point’s request (except that you may retain copies as required by your compliance program). The distribution of this document in certain jurisdictions may be restricted by law. Prospective investors should inform themselves as to the legal requirements and tax consequences of an investment in the Funds within the countries of their citizenship, residence, domicile and place of business.
All profit and loss or performance results are based on the net asset value of fee-paying investors only and are presented net of management fees, brokerage commissions, administrative expenses, any other expenses of the Funds, and accrued incentive allocation, if any, and include the reinvestment of all dividends, interest, and capital gains. From Fund inception through 2019 년 12 월 31 일, each the Fund’s historical performance has been calculated using the actual management fees and incentive allocations paid by the Fund. The actual management fees and incentive allocations paid by the Fund reflect a blended rate of management fees and incentive allocations based on the weighted average of amounts invested in different share classes subject to different management fee and/or incentive allocation terms. Such management fee rates have ranged over time from 1% to 3% (in addition to leverage factor multiple, if applicable) per annum. The amount of incentive allocations applicable to any one investor in the Fund will vary materially depending on numerous factors, including without limitation: the specific terms, the date of initial investment, the duration of investment, the date of withdrawal, and market conditions. As such, the net performance shown for the Fund from inception through 2019 년 12 월 31 일 is not an estimate of any specific investor’s actual performance. During this period, had the highest management fee and incentive allocation been applied solely, performance results would likely be lower. For the period beginning 2020 년 1 월 1 일, each Fund’s historical performance shows indicative performance for a new issues eligible investor in the highest management fee (2% per annum), in addition to leverage factor multiple, if applicable, and incentive allocation rate (20%) class of the Fund, who has participated in all side pocket private investments (as applicable) from 2021 년 3 월 1 일 onward. An individual investor’s performance may vary based on timing of capital transactions. The market price for new issues is often subject to significant fluctuation, and investors who are eligible to participate in new issues may experience significant gains or losses. An investor who invests in a class of Interests that does not participate in new issues may experience performance that is different, perhaps materially, from the performance reflected above due to factors such as the performance of new issues. The inception date for Third Point Offshore Fund, Ltd. Is 1996 년 12 월 1 일, Third Point Partners L.P. is 2023년 6월 28일, Third Point Partners Qualified L.P. is 2005 년 1 월 1 일, Third Point Ultra Ltd. is 1997 년 5 월 1 일, and Third Point Ultra Onshore LP is 2019년 XNUMX월. All performance results are estimates and should not be regarded as final until audited financial statements are issued.
While the performances of the Funds have been compared here with the performance of well-known and widely recognised indices, the indices have not been selected to represent an appropriate benchmark for the Funds whose holdings, performance and volatility, among other things, may differ significantly from the securities that comprise the indices. Investors cannot invest directly in an index (although one can invest in an index fund designed to closely track such index). Indices performance includes reinvestment of dividends and other earnings, if any.
All information provided herein is for informational purposes only and should not be deemed as a recommendation or solicitation to buy or sell securities including any interest in any fund managed or advised by Third Point. All investments involve risk including the loss of principal. This transmission is confidential and may not be redistributed without the express written consent of Third Point LLC and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an approved confidential offering memorandum. Nothing in this presentation is intended to constitute the rendering of “investment advice,” within the meaning of Section 3(21)(A)(ii) of ERISA, to any investor in the Funds or to any person acting on its behalf, including investment advice in the form of a recommendation as to the advisability of acquiring, holding, disposing of, or exchanging securities or other investment property, or to otherwise create an ERISA fiduciary relationship between any potential investor, or any person acting on its behalf, and the Funds, the General Partner, or the Investment Manager, or any of their respective affiliates.
Specific companies or securities shown in this presentation are for informational purposes only and meant to demonstrate Third Point’s investment style and the types of industries and instruments in which the Funds invest and are not selected based on past performance. The analyses and conclusions of Third Point contained in this presentation include certain statements, assumptions, estimates and projections that reflect various assumptions by Third Point concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. Third Point may buy, sell, cover or otherwise change the nature, form or amount of its investments, including any investments identified in this letter, without further notice and in Third Point’s sole discretion and for any reason. Third Point hereby disclaims any duty to update any information in this letter.
Information provided herein, or otherwise provided with respect to a potential investment in the Funds, may constitute non-public information regarding Third Point Investors Limited, a feeder fund listed on the London Stock Exchange, and accordingly dealing or trading in the shares of the listed instrument on the basis of such information may violate securities laws in the 영국, United States 다른 곳에서.
While Third Point believes the information in this presentation to be accurate, no reliance on this presentation should be placed. The information contained herein is subject to change without notice. An offer to invest in the Funds will only be made pursuant to the confidential private placement memorandum (the “PPM”), the Fund’s limited partnership agreement (as applicable), and the Fund’s subscription agreement, subject to any disclaimers, terms and conditions contained therein. Investors are encouraged to read the PPM and consult with their own advisers before deciding whether to invest in the Funds and periodically thereafter. Third Point will not accept new subscriptions into Third Point Partners L.P. and Third Point Partners Qualified L.P. from any non-US investor unless otherwise permissible under applicable law.
The representative in 스위스 is FundRock Switzerland SA, Route de Cité-Ouest 2, 1196 Gland, 스위스. The paying agent in 스위스 is BCGE. The Prospectus/Offering Memorandum, the Articles of Association and audited financial statements of those funds available in 스위스 can be obtained free of charge from the representative in 스위스. The place of performance and jurisdiction is the registered office of the representative in 스위스 with regards to the Shares distributed in and from 스위스.