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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$1644.9m
Last closeUS$11.77
High / Low (52 weeks)US$13.9 / US$11.8
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Company news

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

Latest video

Executive interview - Tetragon Financial Management

Key management

Paul Gannon, CFO
Reade Griffith, Director and Head of Investment Committee
Paddy Dear, Director and Co-Head
Rupert Dorey, Independent Director
Stephen Prince, Co-Head
Frederic M. Hervouet, Independent Director
Sean Côté, General Counsel
Greg Wadsworth, Head of Business Development
William Rogers, Independent Director
David Jeffreys, Independent Director

Company address

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