Malibu Life Holdings Limited - Third Point Master Fund April 2026 Performance
Monthly Update:
-- Third Point Offshore Fund, Ltd. returned 4.5% in April 2026 .
-- The top contributors for the month included e-commerce company
Amazon.com Inc., internet and technology company Alphabet Inc., and
enterprise technology company Broadcom Inc.
-- The top detractors for the month included a short position,
media and internet company Quebecor Inc., and diversified life sciences
and diagnostics company Danaher Corp.
Net Performance
MTD QTD YTD
Third Point Offshore Fund, Ltd.2 4.5% 4.5% 4.0%
Current
Third Point Offshore Fund, Ltd. 80%
Malibu Life Reinsurance SPC 20%
Portfolio Detail4
The net weightings of the strategy at period-end were 43.9% in Equity, 36.2% in Credit, 4.6% in Privates and 2.9% in Other. A breakdown of positions, including major contributors and detractors, is provided below. For further detail please visit:
https://www.malibulifeinsurance.com/resources/
GROSS MTD NET
EXPOSURE P&L5 NET MTD GROSS YTD P&L5 YTD
P&L 6 P&L6
NET NET NET NET
LONG SHORT LONG SHORT NET LONG SHORT
Equity 66.4% -22.5% 43.9% 4.9% -0.1% 4.8% 3.7% 2.7% 1.5% 4.2% 2.7%
Credit 36.4% -0.2% 36.2% 0.8% 0.0% 0.8% 0.6% 1.1% 0.0% 1.1% 0.8%
Privates 4.6% 0.0% 4.6% 0.0% 0.0% 0.0% -0.1% -0.1% 0.0% -0.1% -0.2%
Other7 2.9% 0.0% 2.9% 0.1% 0.1% 0.2% 0.2% 0.4% 0.3% 0.7% 0.6%
Total 110.4% -22.7% 87.6% 5.8% 0.0% 5.8% 4.5% 4.1% 1.8% 5.9% 4.0%
Portfolio Detail
MTD Contributors8
Amazon.com Inc. (e-commerce company)
Alphabet Inc. (internet and technology company)
Broadcom Inc. (enterprise technology company)
TSMC (semiconductor company)
CRH PLC (industrials and materials company)
MTD Detractors8
Short
Quebecor Inc. (media and internet company)
Danaher Corp. (diversified life sciences and diagnostics company)
Short
Paramount Skydance Corp. (media and internet company)
YTD Contributors8
MasTec Inc. (industrials and materials company)
Siemens Energy AG (industrials and materials company)
Amazon.com Inc. (e-commerce company)
Carpenter Technology Corp. (industrials and materials company)
Keysight Technologies Inc. (enterprise technology company)
YTD Detractors8
CoStar Group Inc. (financial company)
Capital One Financial Corp. (financial company)
Somnigroup International Inc. (consumer discretionary company)
Brookfield Corp. (financial company)
Indra Sistemas SA (enterprise technology company)
Top Gross Equity Longs8
Amazon.com Inc. (e-commerce company)
Nvidia Corp. (enterprise technology company)
Warner Bros Discovery Inc. (media and internet company)
Broadcom Inc. (enterprise technology company)
Telephone and Data Systems, Inc. (telecommunications company)
Top Gross Corporate Credit Longs8,9
Bausch Health Cos Inc. (healthcare company)
AMC Entertainment Holdings Inc. (movie theatre company)
Coreweave Inc. (enterprise technology 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
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
1 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 .
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).
2 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 .
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
4 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.
Gross P&L attribution does not reflect the deduction of
management fees, incentive allocations and any other expenses which
5 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.
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
6 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.
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
7 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.
Includes all funds and separately managed accounts managed by
10 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.
