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Exposure P&L September YTD

September 30, 2014


Event-Driven, Value Investing
Exposure & Performance
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Performance
Net ThirdPointOffshoreFund,Ltd. 0.3% 6.0%
TotalL/SEquity 80.3% 20.4% 59.9% 0.8% 0.1%
Long Short Net Long Short
0.7% S&P500 1.4% 8.3%
TotalCredit 36.0% 6.5% 29.5% 0.1% 0.1% 0.2%
Americas 106% 32% 74%
TotalOther 5.0% 0.0% 5.0% 0.8%
Historical Performance
Offshore S&P500
Market Capitalization
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AnnualizedReturn
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17.5% 7.5%
0.1% 0.1% TotalMacro 8.7% 13.5% 4.8% 0.0%
0.9% 0.1%
Gross Allocation by Strategy
Geographic Exposure
Long Short Net
EMEA 15% 4% 11%
Asia 9% 4% 5%
Position Concentration
Top10 Top20
Long 49% 64%
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Marketcapitalizationappliesonlytothelong/shortequitystrategyandreflectsonlythoseholdingsthatareexchangelistedequityoranysyntheticequitywithanunderlyingreferenceinstrument
All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The Third Point Offshore Fund, Ltd. is a
feeder fund in a master feeder structure in which it is limited partner of, and contributes substantially all of its assets to, Third Point Offshore Master Fund L.P. All information contained herein relates
totheTPOffshoreMasterFundL.P.unlessotherwisespecified.P&LandAUMinformationarepresentedatthefeederfundlevel.
All P&L and performance results are based on the net asset value of feepaying investors only and are presented net of management fees, brokerage commissions, administrative expenses, and
accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains. While performance allocations are accrued monthly, they are deducted from investor
balances only annually or upon withdrawal. The performance above represents fundlevel returns, and is not an estimate of any specific investors actual performance, which may be materially
differentfromsuchperformancedependingonnumerousfactors.Allperformanceresultsareestimatesandshouldnotberegardedasfinaluntilauditedfinancialstatementsareissued.

While the performance of the Offshore Fund has been compared here with the performance of a wellknown and widely recognized index, the index has not been selected to represent an appropriate
benchmark for the Offshore Fund whose holdings, performance and volatility may differ significantly from the securities that comprise the index. Investors cannot invest directly in an index (although
onecaninvestinanindexfunddesignedtocloselytracksuchindex).
Past performance is not necessarily indicative of future results. 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
bemadebymeansofdeliveryofanapprovedcondenaloeringmemorandum.
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RelatestotheThirdPointOffshoreMasterFundL.P.
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Allperformancesinceinception,December1996.
Short 26% 31%
Arb
>$10B
83%
$510B
11%
<$5B
6%
Long/Short
Equity
Credit
ABS
Macro
Other
Arb
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Apr14 May14 Jun14 Jul14 Aug14 Sep14
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