PR Newswire
LONDON, United Kingdom, February 05
5 February 2026
Third Point Master Fund1
Monthly Update: December 2025 Performance
January 2026 Performance Highlights
· Third Point Offshore Fund, Ltd. returned 2.1% in January 2026.
· The top contributors for the month included industrials and materials
company Siemens Energy AG, enterprise technology company SK Square Co. Ltd., and
semiconductor company ASM International NV.
· The top detractors for the month included utility company Constellation
Energy Corp., financial company CoStar Group Inc., and financial company Capital
One Financial Corp.
Net Performance
+——————————–+—-+—-+—-+
| |MTD |QTD |YTD |
+——————————–+—-+—-+—-+
|Third Point Offshore Fund, Ltd.2|2.1%|2.1%|2.1%|
+——————————–+—-+—-+—-+
Current Malibu Life Asset Mix3
+——————————-+—+
|Third Point Offshore Fund, Ltd.|80%|
+——————————-+—+
|Malibu Life Reinsurance SPC |20%|
+——————————-+—+
Portfolio Detail4
The net weightings of the strategy at period-end were 68.0% in Equity, 32.9% in
Credit, 4.7% in Privates and 3.0% in Other. A breakdown of positions, including
major contributors and detractors, is provided below. For further detail please
visit:
https://www.malibulifeinsurance.com/resources/
EXPOSURE GROSS MTD P&L5 NET MTD P&L6 GROSS YTD
P&L5 NET YTD P&L6
LONG SHORT NET LONG SHORT NET NET LONG SHORT
NET NET
Equity 115.9% -47.9% 68.0% 3.3% -0.6% 2.7% 2.2% 3.3%
-0.6% 2.7% 2.2%
Credit 33.1% -0.1% 32.9% 0.3% 0.0% 0.3% 0.2% 0.3%
0.0% 0.3% 0.2%
Privates 4.7% 0.0% 4.7% -0.1% 0.0% -0.1% -0.1% -0.1%
0.0% -0.1% -0.1%
Other7 3.0% 0.0% 3.0% -0.1% -0.1% -0.1% -0.1% -0.1%
-0.1% -0.1% -0.1%
Total 156.7% -48.0% 108.7% 3.4% -0.6% 2.8% 2.1% 3.4%
-0.6% 2.8% 2.1%
Portfolio Detail
MTD Contributors8
Siemens Energy AG (industrials and materials company)
SK Square Co. Ltd. (enterprise technology company)
ASM International NV (semiconductor company)
Ebara Corp. (industrials and materials company)
SK Hynix (memory semiconductor company)
MTD Detractors8
Constellation Energy Corp. (utility company)
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Microsoft Corp. (infrastructure software company)
adidas AG (consumer discretionary company)
YTD Contributors8
Siemens Energy AG (industrials and materials company)
SK Square Co. Ltd. (enterprise technology company)
ASM International NV (semiconductor company)
Ebara Corp. (industrials and materials company)
SK Hynix (memory semiconductor company)
YTD Detractors8
Constellation Energy Corp. (utility company)
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Microsoft Corp. (infrastructure software company)
adidas AG (consumer discretionary company)
Top Gross Equity Longs8
Nvidia Corp. (enterprise technology company)
Amazon.com Inc. (e-commerce company)
Union Pacific Corp. (industrials and materials company)
Siemens Energy AG (industrials and materials company)
DSV A/S (transportation company)
Top Gross Corporate Credit Longs8,9
Bausch Health Cos Inc. (healthcare company)
X Corp. (enterprise technology company)
X.AI Corp. (enterprise technology company)
Connect Holding II LLC (telecommunications company)
MPH Acquisition Holdings LLC (healthcare company)
Press Enquiries
Kekst CNC (PR
Adviser to the
Company)
Richard Campbell
Tel: +44 7775
784933
Guy Bates
Tel: +44 7581
056415
Katherine
Kilgallen
Tel: +44 7581
068251
Footnotes
1 This report is
being furnished to
shareholders of
Malibu Life
Holdings
Limited (the
«Company»). The
Company completed
the acquisition of
Malibu
Life
Reinsurance SPC on
September 12,
2025, and changed
its name to
Malibu Life
Holdings Limited
on September 22,
2025. Currently,
the
Company
invests a majority
of its assets into
Third Point
Offshore Fund,
Ltd. (the
«Fund»). The Fund
is a feeder fund
in a master-feeder
structure to
the Third Point
Master Fund LP.
2 Net MTD, QTD
and YTD
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 each Fund, who
has participated
in all
side pocket
private
investments (as
applicable). Net
performance
reflects the
deduction of
operating expenses
paid by the Fund
during the
period, and,
unless otherwise
noted, is
inclusive of
legacy private
investments.
New Series
performance
excludes legacy
venture and other
private
-related
investments and
was launched on
June 1, 2023. An
individual
investor’s
performance may
vary based on
timing of capital
transactions.
3 Data provided
represents the
percentage of the
assets of the
Company and
are as of
December 31, 2025.
4 The sum of
long and short
exposure
percentages and
the sum of gross
long
and short MTD
and YTD P&L
percentages may
not visually add
to the
corresponding
net figure due to
rounding.
Subtotals of long,
short,
and/or net
exposure
percentages and
MTD and YTD P&L
percentages may
not
visually match
the corresponding
subtotal in
another section of
the
report due to
rounding.
5 Gross P&L
attribution does
not reflect the
deduction of
management fees,
incentive
allocations and
any other expenses
which may be
incurred in
the management
of the fund. An
investor’s actual
return will be
reduced
by such fees
and expenses. See
Part 2A of the
Adviser’s Form ADV
for a
complete
description of the
management fees
and incentive
allocations
customarily
charged by
Adviser.
6 Net P&L
attribution
reflects the
allocation of the
highest management
fee (2% per
annum), in
addition to
leverage factor
multiple, if
applicable,
and incentive
allocation rate
(20%), and pro
rata share of
expenses paid
by the Fund during
the applicable
period, to the
aggregate
underlying
positions in the
referenced sub
-portfolio group’s
gross P&L,
or referenced
individual
position level
gross P&L, as
applicable. The
management
fees and operating
expenses are
allocated for the
period
proportionately
based on the
average gross
exposure of the
aggregate
underlying
positions of the
referenced sub
-portfolio group.
The implied
incentive
allocation is
based on the
deduction of
management fee and
expense ratio
from the Fund
level gross P&L
attribution for
the period.
The incentive
allocation is
accrued for each
period to only
those
positions
within the
referenced sub
-portfolio group
with i) positive
P&L
and ii) if
during the current
MTD period there
is an incentive
allocation. In
MTD periods where
there is a
reversal of
previously
accrued
incentive
allocation, the
impact of the
reversal will be
based
on the
previous month’s
YTD accrued
incentive
allocation. The
assume
operating
expense ratio
noted herein is
applied uniformly
across all
underlying
positions in the
referenced sub
-portfolio group
given the
inherent
difficulty in
determining and
allocating the
expenses on a sub
-portfolio
group basis. If
expenses were to
be allocated on a
sub
-portfolio
group basis, the
net P&L would
likely be
different for each
referenced sub
-portfolio group,
as applicable.
7 Includes
currency hedges,
macro investments,
and receivables.
Interest
rate
swaptions, rates
and FX related
investments are
excluded from
exposure
figures. MTD and
YTD P&L of Other
includes net
attribution of
macro
investments and
certain P&L
components not
directly
attributed to
individual sub
-asset classes
such as gains and
losses
attributable to
unhedged
currency movements
relative to USD,
interest income
and expense
on cash
balances,
financing income
and expense, etc.
8 Excludes any
confidential
positions,
portfolio level
equity hedges and
EU MAR related
positions.
9 Does not
include private
debt.
10 Includes all
funds and
separately managed
accounts managed
by Third
Point and its
affiliates and
participation
notes issued by
the
applicable
Third Point
-managed funds
relating to legacy
private
investments.
Important Notes
and Disclaimers
Malibu Life
Holdings Limited
(the «Company»)
formerly known as
Third Point
Investors Limited,
completed the
acquisition of
Malibu Life
Reinsurance SPC on
September 12,
2025, and changed
its name to Malibu
Life Holdings
Limited on
September 22,
2025. Third Point
Offshore Fund,
Ltd. («Third
Point Offshore»)
is managed by
Third Point LLC
(«Third Point» or
«Investment
Manager»), an SEC
-registered
investment adviser
headquartered in
New York. Neither
the securities
regulatory
authority of any
state nor the SEC
have approved the
Funds and
investments
described herein
and have not
passed on the
accuracy or
adequacy of this
document. Any
representation to
the contrary is
unlawful. Unless
otherwise stated,
information
relates to the
Third Point Master
Fund LP (the
«Fund») inclusive
of Legacy Private
investments.
Exposures are
categorized in a
manner consistent
with the
Investment
Manager’s
classifications
for portfolio and
risk management
purposes in its
sole discretion.
Unless otherwise
stated,
information
relates to the
Fund inclusive of
legacy private
investments.
Exposures are
categorized in a
manner consistent
with the
Investment
Manager’s
classifications
for portfolio and
risk management
purposes in its
sole discretion.
Performance
results include
the performance of
legacy private
investments and
are presented net
of management
fees, brokerage
commissions,
administrative
expenses, and
accrued incentive
allocation, if
any, and include
the reinvestment
of all dividends,
interest, and
capital gains.
While incentive
allocations are
accrued monthly,
they are deducted
from investor
balances only
annually or upon
withdrawal. From
Fund inception
through December
31, 2019, Third
Point Offshore
Fund, Ltd.’s
historical
performance has
been calculated
using the actual
management fees,
incentive
allocations, and
expenses 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 1.25% to 3%
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
December 31, 2019
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 January
1, 2020, the
Fund’s historical
performance shows
indicative
performance for a
new issues
eligible investor
in the highest
management fee (2%
per annum) and
incentive
allocation rate
(20%) class of the
Fund, who has
participated in
all side pocket
private
investments (as
applicable) from
March 1, 2021
onward. Net
performance
reflects the
deduction of
operating expenses
paid by the Fund
during the period.
An individual
investor’s
performance may
vary based on
timing of capital
transactions. The
inception date for
Third Point
Offshore Fund,
Ltd. is December
1, 1996. All
performance
results are
estimates and past
performance is not
necessarily
indicative of
future results.
All information
provided herein is
for informational
purposes only and
should not be
deemed as a
recommendation to
buy or sell
securities. 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. The
Funds’ performance
information shown
within includes
net gains and
losses from «new
issues.» 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.
All performance
results are
estimates and
should not be
regarded as final
until audited
financial
statements are
issued. The
performance
results of the
Funds include
unrealized gains
and are based on
valuations, which
are not certain.
Third Point values
the securities and
other instruments
comprising the
assets and
liabilities of
each Fund pursuant
to Third Point’s
written valuation
policy, as it may
be amended from
time to time. A
summary of Third
Point’s valuation
policy is
available to any
limited partner or
potential investor
upon request.
Valuations
assigned to an
asset are not
necessarily
equivalent to the
value that would
be realized on the
sale of that
asset, if sold.
Please see the
applicable Fund’s
offering documents
for additional
information about
valuations.
While the
performances of
the Funds have
been compared with
the performance of
well-known and
widely recognized
indices to provide
insight as to the
comparison of the
performance
information shown
to that of well
-known market
indices, the
indices holdings,
performance and
volatility may
differ
significantly from
the securities
that comprise the
Fund.
Additionally,
unlike the Funds,
indices are
unmanaged. Indices
also cannot be
used to predict
the future results
of any investment.
The indices
include the
reinvestment of
dividends,
interest and other
earnings and have
not been adjusted
for management
fees or expenses.
No representation
is made as to the
risk profile of
any indices
relative to the
risk profile of
the Fund. Indices
have material
inherent
limitations and
should not be used
as a basis for
investment
decisions.
Investors cannot
invest directly in
an index (although
one can invest in
an index fund
designed to
closely track such
index). The
information
related to the
various indices is
sourced from the
provider’s
websites or
Bloomberg. Third
Point is not
responsible for
any historic
revision made to
the indices. Past
performance is not
necessarily
indicative of
future results.
All information
provided herein is
for informational
purposes only and
should not be
deemed as a
recommendation to
buy or sell
securities. All
investments
involve risk
including the loss
of principal. An
investment in the
Fund is
speculative,
involves
significant risks
of loss, and, by
its terms will
have restrictions
on liquidity. An
investor could
lose all or a
substantial
portion of its
investment.
Investing in
corporate credit
involves various
risks and the
performance of the
Fund can be
adversely affected
by a variety of
factors that are
outside the
control of Third
Point. Please see
the applicable
Fund PPM for a
full discussion of
such risks. 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.
The Company has
not been and will
not be registered
under the US
Investment Company
Act of 1940, as
amended (the
«Investment
Company Act»). In
addition, the
shares in the
Company have not
been and will not
be registered
under the US
Securities Act of
1933, as amended
(the «Securities
Act»).
Consequently,
shares in the
Company may not be
offered, sold or
otherwise
transferred within
the United States
or to, or for the
account or benefit
of, US Persons (as
defined in the
Securities Act).
No public offering
of any shares in
the Company is
being, or has
been, made in the
United States.
Information
provided herein,
or otherwise
provided with
respect to a
potential
investment in the
Fund, may
constitute non
-public
information
regarding the
Company, which is
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 United
Kingdom, United
States and
elsewhere.
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