Edison issues review on Tetragon Financial Group

London, UK, 10 May 2018

Edison issues review on Tetragon Financial Group (TFG/TFGS)

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's 40.8% share price discount to NAV is at a similar level to its 40.0% average over five years, but appreciably wider than its five-year low of 23.1%, suggesting that significant scope remains for it to narrow further. The 5.6% dividend yield ranks as the highest in the peer group and would remain among the highest even if the discount were to unwind fully.

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