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Tetragon Financial Group (TFG)

Business description

TFG'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. TFG’s 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.

Stock data

Market cap.US$1725.2m
Last closeUS$12.35
High / Low (52 weeks)US$13.4 / US$11.5
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment trusts

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Investment summary

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.

Last updated on 06/08/2018

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Tetragon

Key management

Reade Griffith, Co-Founder, Director & Head of Inv. Committee
Paddy Dear, Co-Founder and Director
Stephen Prince, Head of TFG Asset Management
David O’Leary, Independent Directors
Steven Hart, Independent Directors
Deron Haley, Independent Directors
Michael Rosenberg, Principal of Investment Manager
David Wishnow, Principal of Investment Manager

Company address

1st Floor Dorey Court, Admiral Park St. Peter Port
Guernsey
GY1 6HJ
United Kingdom
+44 20 7901 8328
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