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Pin to quick picksTetragon Fin Regulatory News (TFG)

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Tetragon Financial Group is an Investment Trust

To generate distributable income and capital appreciation by investing in a broad range of assets, with the aim of providing stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles.

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Edison issues review on Tetragon Financial Group

16 Dec 2021 07:00

RNS Number : 7629V
Tetragon Financial Group Limited
16 December 2021
 

 

London, UK, 16 December 2021

 

Edison issues review on Tetragon Financial Group (TFG)

Tetragon Financial Group (Tetragon) reported a 2.6% NAV total return (TR) year to date to end-October 2021 in US$ terms. All asset classes except for quoted assets showed positive gross returns, with TFG Asset Management (TFG AM, 37% of portfolio) and bank loans delivering 15.1% and 15.5% returns, respectively. However, this performance was largely offset by ongoing charges and fees (including incentive fees) and share dilution, mostly from share-based compensation. Tetragon is fully invested and had US$150m drawn out of its US$250m revolving credit facility at end-September 2021, with a net gearing ratio at end-October of 7.4%.

 

Tetragon's listed equity portfolio is concentrated (10 positions) and focused on (bio)technology and financials, with value driven by company-specific developments. Polygon funds (making up 97% of Tetragon's hedge funds exposure) have concentrated portfolios focused on special situations. Meanwhile, the privately valued TFG Asset Management remains the main value driver of NAV returns. While Tetragon's historical long-term performance remains intact, the high concentration in some asset buckets, coupled with Tetragon's limited disclosure on individual underlying investments, translates into lower visibility of prospective returns. Tetragon's recent performance is significantly behind the bull market in public and private equity, although we note it aims to deliver returns that are not correlated with broader equity markets.

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All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Milosz Papst +44 (0)20 3077 5700 investmenttrusts@edisongroup.com

Michal Mordel +44 (0)20 3077 5700 investmenttrusts@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:

LinkedIn www.linkedin.com/company/edison-group-/

Twitter www.twitter.com/Edison_Inv_Res 

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Date   Source Headline
16th Apr 202412:07 pmEQSEdison issues review on Tetragon Financial Group (TFG): FY23 growth driven by idiosyncratic factors
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4th Mar 20247:31 pmPRNAnnual Financial Report
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15th Dec 20237:00 amPRNTetragon Financial Group Limited Annual General Meeting
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31st Oct 20237:00 amPRNStatement re: Monthly Factsheet
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1st Aug 20238:50 amPRNTetragon Financial Group Limited Announcement of Dividend
1st Aug 20238:49 amPRNTetragon Financial Group Limited 2023 Half Yearly Report
31st Jul 20237:00 amPRNStatement re: Monthly Factsheet
18th Jul 20237:00 amPRNInvestor Call
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30th Aug 20228:37 amRNSEdison issues review on Tetragon Financial Group
29th Jun 202211:00 amRNSEdison issues outlook on Tetragon Financial Group
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31st May 20227:00 amPRNStatement re Monthly Factsheet
11th Apr 20227:00 amPRNFinal Results to Purchase Tetragon Non-Voting Shares
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22nd Mar 20225:00 pmPRNLimited U.S. Shareholders Tax Reporting Information
15th Mar 202212:53 pmPRNStatement re Dividend Information
10th Mar 20227:00 amPRNNotification of a Tender Offer
7th Mar 20227:00 amPRNDividend and Tender Offer Declaration
7th Mar 20227:00 amPRNAnnual Financial Report
28th Feb 20227:00 amPRNStatement re: Monthly Factsheet
21st Feb 20225:00 pmPRNInvestor call
31st Jan 20227:00 amPRNStatement re Monthly Factsheet
31st Dec 20217:00 amPRNStatement re: Monthly Factsheet
17th Dec 20217:00 amPRNNotice of AGM
16th Dec 20217:00 amRNSEdison issues review on Tetragon Financial Group
30th Nov 20217:00 amPRNStatement re: Monthly Factsheet
8th Nov 20212:15 pmPRNStatement re: Dividend Information
29th Oct 20217:00 amPRNStatement re: Monthly Factsheet

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