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Equity Bottom-Up

Tetragon Financial Group Ltd/F / Equity Bottom-Up

<p>Tetragon Financial Group (TFG) achieved an 8.5% NAV total return in 2016, with positive contributions from all asset classes. Tender offers totalling US$150m considerably enhanced returns, with shares repurchased at a substantial discount to NAV. While still wider than average among peers, Tetragon&rsquo;s share price discount to NAV narrowed by c&nbsp;10 points over the year, reflecting its 32.7% share price total return. The 2016 dividend was raised by 3.9% to US$0.6725, equating to a 5.3% yield. April 2017 marked Tetragon&rsquo;s 10th anniversary and its performance since launch compares favourably to peers, with an 11.3% pa NAV total return to end-April 2017.</p>

Tetragon Financial Group (TFG) achieved an 8.5% NAV total return in 2016, with positive contributions from all asset classes. Tender offers totalling US$150m considerably enhanced returns, with shares repurchased at a substantial discount to NAV. While still wider than average among peers, Tetragon&rsquo;s share price discount to NAV narrowed by c&nbsp;10 points over the year, reflecting its 32.7% share price total return. The 2016 dividend was raised by 3.9% to US$0.6725, equating to a 5.3% yield. April 2017 marked Tetragon&rsquo;s 10th anniversary and its performance since launch compares favourably to peers, with an 11.3% pa NAV total return to end-April 2017.

Celebrating 10 years since its market debut

<p>Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG&rsquo;s 5.9% yield.</p>

Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG&rsquo;s 5.9% yield.

Positive returns from all asset classes in Q316

United Kingdom

Tetragon Financial Group Limited is a closed-end investment company. The Company invests in a broad range of assets, including bank loans, real estate, equities, credit, convertible bonds and infrastructure and TFG Asset Management, a diversified alternative asset management business.

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Tetragon Financial Group Ltd/F (TFG LN)

Celebrating 10 years since its market debut

Tetragon Financial Group (TFG) achieved an 8.5% NAV total return in 2016, with positive contributions from all asset classes. Tender offers...

Edison Investment Research

Positive returns from all asset classes in Q316

Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all...

Edison Investment Research

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