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

Annual results

Cristian Angeloni
clock • 3 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment Trusts

Eleven investment trusts liquidated in first half of 2025

Eleven investment trusts liquidated in first half of 2025

Almost double 2024's total

Sorin Dojan
clock 07 July 2025 • 2 min read
Scottish Mortgage keeping activists at bay with ongoing share buybacks

Scottish Mortgage keeping activists at bay with ongoing share buybacks

£2bn spent on scheme so far

Eve Maddock-Jones
clock 04 July 2025 • 3 min read
IBT's Ailsa Craig and Marek Poszepczynski: Biotech innovation will overcome policy noise

IBT's Ailsa Craig and Marek Poszepczynski: Biotech innovation will overcome policy noise

Sector not primary target of US reforms

Ailsa Craig and Marek Poszepczynski
clock 04 July 2025 • 4 min read
Trustpilot