August 29, 2019 / 6:21 AM / 22 days ago

BRIEF-Third Point Offshore Investors posts H1 gain of 15.1%

Aug 29 (Reuters) - Third Point Offshore Investors Ltd :

* SAYS COMPANY’S END-JUNE NET ASSET VALUE (“NAV”) INCREASED 7.5% TO $874.9 MILLION

* U.S. DOLLAR SHARE CLASS RETURN OF 15.1%

* SAYS POSITIVE PERFORMANCE DURING FIRST SIX MONTHS OF YEAR REPRESENTED A SHARP RECOVERY FROM DIFFICULT MARKET CONDITIONS EXPERIENCED IN Q4 OF 2018

* SAYS PERFORMANCE WAS LARGELY DRIVEN BY EQUITIES, INCLUDING CORE LONG POSITIONS AND THOSE WITH AN ACTIVIST COMPONENT, A RESULT OF INVESTMENT MANAGER’S PORTFOLIO REPOSITIONING AT BEGINNING OF YEAR.

* SAYS GAINS ACROSS EACH SUB-STRATEGY OF CREDIT PORTFOLIO ALSO CONTRIBUTED TO POSITIVE PERFORMANCE DURING PERIOD

* SAYS INVESTMENT MANAGER IS MORE DEFENSIVELY POSITIONED WITH LOWER NET EXPOSURES WHEN COMPARED TO RECENT HISTORICAL LEVELS

* SAYS MANAGER CONTINUES TO FOCUS ON EVENT-DRIVEN STRATEGIES, INCLUDING ACTIVIST INVESTING. HAS GROWN ITS BOOK OF SINGLE NAME SHORTS AND INCREASED SECTOR AND MARKET HEDGES

* SAYS COMPANY’S PERSISTENT DISCOUNT TO NAV REMAINS TOO HIGH. IS COMMITTED TO EXPLORING MEASURES TO NARROW IT SUBSTANTIALLY Source text for Eikon: Further company coverage: (Reporting By Simon Jessop)

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