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Tetragon Financial Group (LSE: TFG)

Last close As at 18/04/2024

USD9.93

— 0.00 (0.00%)

Market capitalisation

USD1,387m

Tetragon Financial Group’s 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. Tetragon’s investment portfolio comprises a broad range of assets, including public and private equities and credit, real estate, venture capital, infrastructure, bank loans and a diversified alternative asset management business.

Latest Insights

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Investment Companies | Review

Tetragon Financial Group — FY23 growth driven by idiosyncratic factors

Investment Companies | Update

Tetragon Financial Group — Leveraging up for new investments

Investment Companies | Review

Tetragon Financial Group — Navigating challenging times

Investment Companies | Update

Tetragon Financial Group — Comfortable liquidity situation
Tetragon Financial Group_resized
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Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Michal Mordel

Analyst, Investment trusts

Key Management

  • David O’Leary

    Independent Directors

  • Deron Haley

    Independent Directors

  • Paddy Dear

    Co-Founder and Director

  • Reade Griffith

    Co-Founder, Director & Head of Inv. Committee

  • Stephen Prince

    Head of TFG Asset Management

  • Steven Hart

    Independent Directors

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.3 2.3 (4.1)
Relative 1.1 (2.5) (3.9)
52 week high/low US$10.3/US$9.7

Overview

Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme. Tetragon’s FY23 return on equity (RoE) of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3%. Tetragon continues payouts to its shareholders, distributing US$83.6m in FY23 through buybacks and dividends (3.0% of opening NAV), with the dividend yield standing at 4.4%.

Research

Tetragon Financial Group_resized

Update

Investment Companies

Tetragon Financial Group — Leveraging up for new investments
Tetragon Financial Group_resized

Review

Investment Companies

Tetragon Financial Group — Navigating challenging times

Investment Companies

Review

Tetragon Financial Group — FY23 growth driven by idiosyncratic factors

Update

Investment Companies

Tetragon Financial Group — Comfortable liquidity situation

Review

Investment Companies

Tetragon Financial Group — More resilient than public equities in H122

Outlook

Investment Companies

Tetragon Financial Group — Offering a diverse exposure to alternative assets

Update

Investment Companies

Tetragon Financial Group — Performance remains subdued year to date

Update

Investment Companies

Tetragon Financial Group — Muted performance in H121

Outlook

Investment Companies

Tetragon Financial Group — TFG Asset Management grows in AUM and value

Review

Investment Companies

Tetragon Financial Group — Diversification limiting NAV decline

Review

Investment Companies

Tetragon Financial Group — Discount above peers despite solid performance
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Further insights

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Analyst of the week

Melanie Jenner

Mel Jenner

Director, Investment Trusts

mjenner@edisongroup.com
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