Tetragon Financial Group

EU: TFG

Market Cap$1,432m

Last Close $10.2

Tetragon Financial Group’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. Tetragon’s investment portfolio comprises a broad range of assets, including public and private equities and credit (including distressed securities and structured credit), convertible bonds, real estate, venture capital, infrastructure, bank loans and TFG Asset Management, a diversified alternative asset management business.

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Investment summary

Tetragon Financial Group (Tetragon) reported a 2.6% NAV total return (TR) year to date (ytd) to end-October 2021 in US$ terms. All asset classes except for quoted assets showed positive gross returns, with TFG Asset Management (TFG AM, 37% of portfolio) and bank loans delivering 15.1% and 15.5% returns, respectively. However, this performance was largely offset by ongoing charges and fees (including incentive fees) and share dilution, mostly from share-based compensation. Tetragon is fully invested and had US$150m drawn out of its US$250m revolving credit facility at end-September 2021, with a net gearing ratio at end-October of 7.4%.

Content on Tetragon Financial Group
Tetragon Financial Group – Performance remains subdued year to date
Investment companies | research Review | 15 December 2021
Tetragon Financial Group – Muted performance in H121
Investment companies | research Update | 1 September 2021
Tetragon Financial Group – TFG Asset Management grows in AUM and value
Investment companies | research Outlook | 27 April 2021
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Share price graph
Price performance
%
1m
3m
12m
Actual 2.5 7.9 2.5
Relative* 4.5 9.5 (1.1)
52-week high/low US$10.4/US$8.3
*% relative to local index
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