Third Point Investors Ltd on Friday reported a higher net asset value per share as it noted that artificial intelligence can be a catalyst for value creation.
The feeder fund that invests in the Third Point Offshore Fund said net asset value per share rose 11% to $28.32 as at June 30 from $25.43 at December 31, 2023.
NAV total return was 11.4%, underperforming against the MSCI World index, which had a return of 12%, and the S&P 500 Index, which had a return of 15.3%.
Looking ahead, Chair Rupert Dorey said: ‘Exposure to AI-driven themes remain a key component of the manager’s equity strategy, both amongst established incumbents, as well as in certain related sectors where AI can be a catalyst for value creation. The investment manager also still holds a variety of more value-oriented positions where it believes some kind of catalyst will unlock value. With monetary and regulatory headwinds potentially set to recede, Third Point expects to see more corporate activity, which it believes will precipitate additional opportunities in these event-driven situations.’
The company said: ‘The investment manager believes that inflationary pressures are now well under control and that real and absolute rates have likely peaked. While recent market volatility should continue given some of the macro uncertainties – from the US election in November to the possibility of escalation in the Middle East conflict – overall, from an economic perspective, Third Point continues to see a ’soft landing‘ as the most probable economic scenario in the US.’
Third Point Investors shares were flat at $21.85 each on Friday afternoon in London.
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