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Tetragon Financial Group

Executive interview - Tetragon

Edison TV: | Investment trusts | 05 Feb 2019

Tetragon Financial Group

Tetragon Financial Group

Improved returns but discount has widened

Review | Investment trusts | 06 Aug 2018

Tetragon Financial Group (TFG) delivered a strong relative performance in H118, with its +4.4% NAV total return comparing with the -0.1% and -0.7% US dollar total returns of the MSCI AC World and FTSE All-Share indices. The portfolio has been substantially diversified away from collateralised loan obligations (CLOs – now only 16% of NAV) across a range of other alternative asset classes in recent years, accompanied by lower returns. However, with positive returns from all but one asset class in the half year, Tetragon’s return on equity (ROE) moved up to an annualised 10.5% in H118, back within its long-term 10-15% pa target range. Recent discount widening appears inconsistent with Tetragon’s NAV performance, as well as its progressive dividend and peer group-leading 5.5% yield.

Tetragon Financial Group

Diversified alternative income and growth portfolio

Review | Investment trusts | 10 May 2018

Tetragon Financial Group (TFG) is a specialist closed-ended investment company, which aims to provide stable returns across economic and asset class cycles by investing in a diversified portfolio of selected alternative assets. Helped by the uplift to NAV per share from a US$65m tender offer in December 2017, Tetragon delivered a 9.0% NAV total return in US dollar terms in 2017, although currency moves held back returns in sterling terms. Tetragon’s share price discount to NAV has widened in 2018, with the share price declining along with the broader stock market while NAV remained stable, increasing the scope for a narrowing discount to lift future shareholder returns. The total dividend for 2017 progressed 4.1% higher to US$0.70, giving Tetragon a sector-leading 5.6% yield.

Tetragon Financial Group

Executive interview - Tetragon Financial Management

Edison TV: | Investment trusts | 31 Jan 2018

Tetragon Financial Group’s investment objective is to generate distributable income and capital appreciation, aiming to provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. The investment portfolio comprises a broad range of assets, including a diversified alternative asset management business, TFG Asset Management, and covers bank loans, real estate, equities, credit, convertible bonds and infrastructure. In this video, Tetragon co-founder and director Paddy Dear provides an overview of TFG Asset Management and explains how it fits into Tetragon’s investment portfolio.Tetragon is scheduled to publish its end-December 2017 monthly factsheet today, providing updated key performance metrics and portfolio analysis.

Tetragon Financial Group

Positive Q317 performance; Q417 tender offer

Update | Investment trusts | 16 Nov 2017

Tetragon Financial Group (TFG) achieved a 1.6% NAV total return in the third quarter of 2017, taking NAV total return to 4.5% for the first nine months of the year. A strong performance from ‘other equities and credit’ has contributed to this asset class increasing to 9.9% of NAV. TFG Asset Management declined to 19.2% of NAV, as a result of the refinancing of Equitix, while all five of the established asset managers saw valuation uplifts during the quarter. Tetragon commenced a tender offer to purchase up to US$65m of its own shares in November 2017 and, if fully subscribed, this would lift Tetragon’s NAV total return for the year to between 6.1% and 6.7%, prior to considering net income generated in the fourth quarter.

Tetragon Financial Group

Positive returns from all asset classes in H117

Update | Investment trusts | 10 Aug 2017

Tetragon Financial Group (TFG) reported a 2.8% NAV total return for H117, with positive contributions made by all asset classes in the portfolio. Although below the target 10-15% range, annualised return on equity for the half year of 7.2% was ahead of the 6.3% achieved in 2016. Tetragon’s share price total return was 7.4% for the six months to end-June 2017, with the discount narrowing by 2.1pp to 36.4% over the period. Dividends continue their steady progression, with the Q217 dividend increased by 4.5% from Q216 to US$0.1750 per share, and Tetragon’s 5.3% dividend yield ranks as the second highest in the Flexible Investment sector.

Tetragon Financial Group

Celebrating 10 years since its market debut

Update | Investment trusts | 15 Jun 2017

Tetragon Financial Group (TFG) achieved an 8.5% NAV total return in 2016, with positive contributions from all asset classes. Tender offers totalling US$150m considerably enhanced returns, with shares repurchased at a substantial discount to NAV. While still wider than average among peers, Tetragon’s share price discount to NAV narrowed by c 10 points over the year, reflecting its 32.7% share price total return. The 2016 dividend was raised by 3.9% to US$0.6725, equating to a 5.3% yield. April 2017 marked Tetragon’s 10th anniversary and its performance since launch compares favourably to peers, with an 11.3% pa NAV total return to end-April 2017.

Tetragon Financial Group

Positive returns from all asset classes in Q316

Update | Investment trusts | 28 Nov 2016

Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.

Tetragon Financial Group

Global diversified alternative assets portfolio

Initiation | Investment trusts | 12 Sep 2016

Tetragon Financial Group (TFG) is a specialist closed-ended investment company aiming to provide stable returns across economic and various asset class cycles through investing in a selected portfolio of alternative assets. Within each asset class, the manager seeks to outperform through identifying the most appropriate structure for investments, as well as selecting high-quality specialists to manage the underlying investments. Targeting an annual return of 10-15%, TFG's NAV total return has substantially outperformed major equity markets and its peers over one, three and five years, and since the fund's launch in April 2007. Steps are being taken to address a persistently wide discount, which currently substantially enhances the dividend yield on TFG's shares.