Tetragon Financial Group

Tetragon Financial Group (AMS: TFG)

Currency in USD

Last close As at 27/09/2023

USD9.85

▲ −0.05 (−0.51%)

Market capitalisation

USD1,383m

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

Investment Companies |
Update

09.08.23

Tetragon Financial Group — Leveraging up for new investments

Investment Companies |
Review

18.04.23

Tetragon Financial Group — Navigating challenging times

Investment Companies |
Update

23.11.22

Tetragon Financial Group — Comfortable liquidity situation

Investment Companies |
Review

26.08.22

Tetragon Financial Group — More resilient than public equities in H122

Visit Website

Sector

Investment Companies

Equity Analyst

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

Overview

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.