Third Point Investors (TPOU) offers exposure to Third Point’s flagship master fund. Third Point applies an opportunistic approach to investing in companies across the capital structure on a global basis. It aims to invest in different asset classes to optimise risk and reward through a market cycle, and provide consistent long-term capital appreciation. The strategy has in the past demonstrated market directionality over short term time frames but, as we discuss in Performance, has delivered returns matching (and sometimes exceeding) those of equities, but with lower volatility. As we discuss under Portfolio, Daniel Loeb stepped back into the sole-CIO role at Third Point in Q2 2020, and is responsible for overall capital allocation across the teams. He has described four pillars of the strategy, centring around activism, fundamental and event-driven equities, credit, and venture. Net equity exposure is currently higher than the long run average reflecting Third Point’s bullish outlook on the opportunity set. Venture (or private) investments have been a strong contributor to returns this year, helped by several successful IPOs. Private investments now account for only c. 8% of NAV, down from c. 12% at the beginning of 2020. As part of the board’s strategic review published recently, given the prospective opportunity set and increasingly blurred lines between public and private markets, TPOU will be increasing its exposure to these investments in the future, up to a maximum of 20% at the time of investment. At 17%, TPOU’s Discount remains wide. At the time of writing, the board has c. $105m of the buyback programme remaining. Additionally, the board has stated that it intends to implement two tender offers for 25% of NAV, at a discount of 2% to NAV, if in the six-month periods ending 31 March 2024 and 31 March 2027, the average discount to NAV is more than 10% and 7.5%, respectively.