Third Point Investors share price drops by 18% as growth rotation bites

Discount narrowed from 14% to 9%

Third Point Investors (TPIL) saw its share price fall by 18% over the first half of 2022 in what the firm described “one of the most challenging" half-year calendar periods in its 27-year history.

The £600m London-listed closed-ended fund, which invests directly in Daniel Loeb's flagship hedge fund, saw its net asset value per share decrease by 22.6% over the period, compared with a 20.3% fall in the MSCI World index and a 20.0% decline in the S&P 500 index, according to the results. In the six months to the end of June 2022, TPIL'S share price is down by 18%, while the discount was reduced from 14% to 9% over the period, helped in part by accretive discount control management measures. The fund's gearing sat at 17%. Only the fund's short positions saw gains in the first half o...