RCS - Tetragon Financial - Edison issues review on Tetragon LP (TFG)

Tetragon FinancialAnnouncement

24/11/2022 12:00

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RNS Number : 5318H  Tetragon Financial Group Limited  24 November 2022

London, UK, 24 November 2022

 

Edison issues review on Tetragon (TFG)

Tetragon Financial Group's (Tetragon's) NAV declined 1.0% in Q322 and 4.5% in
9M22 in total return terms (compared to declines of 6.5% and 26.4% in the MSCI
ACWI, respectively). The best performing asset classes in Q322 were TFG Asset
Management (driven by BentallGreenOak's revaluation) and private equity
(especially funds managed by Hawke's Point). Meanwhile, the other equities and
credit asset class (consisting predominantly of listed equity) remains a
negative contributor. Tetragon continues its distributions to shareholders,
with US$30m ytd in quarterly dividends (declared Q422 DPS stable
quarter-on-quarter, implying a 4.6% yield) and US$42m in share repurchases
(with a further tender offer of up to US$25m to be conducted in Q422).

 

While Tetragon was fully invested as at end-September 2022, it still has
sufficient resources to continue investments given the US$325m undrawn part of
its US$400 credit line. This compares to US$96.5m of outstanding future
investment commitments as at end-June 2022. On top of that, Tetragon holds
cash-generating assets (eg CLOs and TFG Asset Management), with disposals and
receipts in the first nine months of 2022 (9M22) from CLOs at US$69m and a
dividend from Equitix at US$17m in Q322. Overall disposals and receipts from
the portfolio, net of investments, were US$93.5m in 9M22.

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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)
Michal Mordel +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
(mailto:investmenttrusts@edisongroup.com)

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