Third Point Investors posts 'disappointing' NAV total return as it underperforms benchmark

Annual results

Third Point Investors (TPI) trust has posted a “disappointing” net asset value total return of 4% for the year to 31 December 2023, significantly behind its benchmark.

The trust's share price declined 5.8% over the year, compared with a 24.4% gain for the MSCI World index and 26.3% for the S&P 500. As a result, throughout the year, its discount widened from 15.4% to 23.3%. However, it noted the discount has since tightened to around 18%. Third Point Investors commits to 25% tender offer after discount hits double-digits This was partly due to TPI's share buyback programme, under which it repurchased around 2.6 million shares worth $51.2m, alongside a 25% stock tender at a 2% discount to NAV in 2024 and 2027, the former having already been trigger...