Last checked at 
14 Aug 2019 14:57
London, UK, 14 August 2019
Edison issues review on Tetragon Financial Group (TFG/TFGS)
Tetragon Financial Group (TFG) achieved an 8.1% NAV total return in H119, with a 13.3% annualised return on equity (ROE), well within its 10-15% long-term target range. While its performance lagged global equity markets over the half year, the resilience of Tetragon's NAV in H218 helped it to achieve a 14.3% NAV total return over the year to 30 June 2019, compared with 6.3% and -3.1% for the MSCI AC World and FTSE All-Share indices, respectively, all in US dollar terms. Despite strong NAV returns in 2019, Tetragon's discount remains wide at 48.6%, offering significant scope for future narrowing to enhance shareholder returns, while its 5.9% dividend yield leads the AIC's Flexible Investment sector.
Tetragon's discount to NAV widened from 38.5% in August 2018 to the current 48.6% as the share price declined with global equity markets towards the end of 2018 (with limited subsequent rebound), while its NAV returns have strengthened in 2019. This discount provides significant scope for future narrowing to enhance shareholder returns. Tetragon's quarterly dividend continues to progress steadily higher, and its 5.9% yield is well above the 2.5% peer group average yield.
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