Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens

Tetragon Financial Group

LN: TFG

$1739.2m market cap

$12.45 last close

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.

Investment summary

Tetragon Financial Group (TFG) achieved an 8.1% NAV total return in H119, with a 13.3% annualised return on equity (ROE), well within its 10–15% long-term target range. While its performance lagged global equity markets over the half year, the resilience of Tetragon’s NAV in H218 helped it to achieve a 14.3% NAV total return over the year to 30 June 2019, compared with 6.3% and -3.1% for the MSCI AC World and FTSE All-Share indices, respectively, all in US dollar terms. Despite strong NAV returns in 2019, Tetragon’s discount remains wide at 48.6%, offering significant scope for future narrowing to enhance shareholder returns, while its 5.9% dividend yield leads the AIC’s Flexible Investment sector.

Share price graph
Price performance
%
1m
3m
12m
Actual 1.6 (1.2) (3.3)
Relative* (1.7) (0.3) (3.0)
52-week high/low US$13.0/US$11.5
*% relative to local index
Key management
David O’Leary Independent Directors
David Wishnow Principal of Investment Manager
Deron Haley Independent Directors
Michael Rosenberg Principal of Investment Manager
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

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