Third Point Investors hit by long equity exposure in 'bruising' 2022

NAV drop of 24.4%

Third Point Investors (TPIL) reported sharp falls in both its NAV and share price return as its long equities exposure hurt performance in what its chair termed a “bruising” 2022.

The £625m London-listed closed-ended fund, which invests directly in Daniel Loeb's flagship hedge fund, reported a 24.4% and 25.5% drop on a NAV total return and share price basis, respectively, in the year to December 2022, according to its annual results. This compares with a 17.7% fall for the MSCI World index, a 18.1% drop for the S&P 500 index and a sharp 33% slump for the technology-heavy NASDAQ index. Down 22.7% over the year, long equity was the largest detractor on returns, while the trust's short equity positions shot up 6.5%, netting -16.2% for all equity.  Within the lo...