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RCS - Tetragon Financial - Edison issues review on Tetragon Financial Group

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RNS Number : 6435W  Tetragon Financial Group Limited  19 April 2023

London, UK, 19 April 2023

 

Edison issues review on Tetragon Financial Group (TFG)

Tetragon Financial Group (Tetragon) published its annual results on 3 March,
posting a 1.0% net asset value (NAV) per share total return (TR) in US dollar
terms in FY22. In last year's adverse environment, Tetragon outperformed
public equity markets (the MSCI AC World index was down 18%), despite results
being below its annual target (ROE of 10-15%). It is continuing distributions
to shareholders through NAV-accretive share buybacks (US$72m in 2022) as well
as cash dividends (US$24m in 2022), with a current dividend yield of 4.3%.

 

TFG Asset Management was Tetragon's largest value driver in 2022 (adding 4.4pp
to Tetragon's NAV development) for the sixth consecutive year and remains its
largest holding, representing 48% of NAV at end-February 2023. In 2022
Tetragon's investments in CLOs and private equity (PE) also performed well
(1.7pp and 1.6pp contribution to NAV, respectively), which was mostly offset
by its exposure to publicly traded biotech and tech stocks. Tetragon continues
the expansion of TFG Asset Management, investing in both the asset managers
and the funds managed by them and, as at end-December 2022, effectively 85% of
Tetragon's portfolio was either invested in or managed by TFG Asset
Management. In 2022, Tetragon invested US$383m (or 13% of opening NAV),
tapping into its revolving credit facility (US$115m drawn at end-December 2022
of US$400m available). At end-February 2023, net gearing was 7%, while
historically Tetragon has retained a significant part of its portfolio in
cash.

Click here
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research as it is published.

 

All reports published by Edison are available to download free of charge from
its website

www.edisongroup.com (http://www.edisongroup.com)

About Edison: Edison is a leading research and investor relations consultancy,
connecting listed companies to the widest pool of global investors. By
focusing on the volume and quality of investors reached - across institutions,
family offices, wealth managers and retail investors - Edison can create and
gauge intent to purchase, even in the darkest pools of capital, and then make
introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100
analysts covering every economic sector. Headquartered in London, Edison also
has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in
Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority
(https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfYL6AAN) .

Edison is not an adviser or broker-dealer and does not provide investment
advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Milosz Papst     +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
(mailto:investmenttrusts@edisongroup.com)

Learn more at www.edisongroup.com (http://www.edisongroup.com) and connect
with Edison on:

LinkedIn        www.linkedin.com/company/edison-group-/
(http://www.linkedin.com/company/edison-group-/)

Twitter             www.twitter.com/Edison_Inv_Res
(http://www.twitter.com/Edison_Inv_Res)

YouTube       www.youtube.com/edisonitv
(http://www.youtube.com/edisonitv)

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