Tetragon Financial Group (AMS: TFG)

Currency in USD

Last close As at 27/09/2023


−0.05 (−0.51%)

Market capitalisation


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.

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Tetragon Financial Group — More resilient than public equities in H122

Tetragon Financial Group_resized

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

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 0.5 (2.0) 2.6
Relative (2.4) (3.5) (5.1)
52 week high/low US$10.4/US$8.8


Tetragon Financial Group (Tetragon) reported a 1.7% ROE in H123 and its NAV increased by 1.7% in total return terms. The portfolio gained 3.0% on the back of TFG Asset Management (which remains Tetragon’s largest asset, representing 50% of its NAV), private equity assets and its direct listed equity investments, while the remaining asset classes had a limited impact on NAV. Tetragon targets returns uncorrelated with broader equity markets and a 10–15% ROE (9.9% on average over the last five financial years, and 11.4% pa since IPO). In H123 Tetragon was a net investor and increased its credit facility utilisation to 75% (US$300m), deploying capital predominantly into private equity assets and hedge funds, and further supporting the growth of TFG Asset Management.

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