Tetragon Financial Group Limited Edison reviews Tetragon Financial Group (TFG/TFGS)

TIDMTFG

Tetragon Financial Group Limited

13 November 2020

London, UK, 13 November 2020

Edison reviews Tetragon Financial Group (TFG/TFGS)

Tetragon Financial Group (Tetragon) reported a 1.0% decrease in NAV in 9M20 in total return terms. NAV has so far proved resilient to market volatility, while Tetragon's shares followed the market sell-off in Q120 and lagged the following market recovery. This resulted in a historically high discount of 61%. Tetragon maintained its quarterly DPS of US$0.10 after reducing it in Q120 (implying a 4.3% annualised yield). In the current economic environment, Tetragon intends to increase its exposure to CLOs, as well as continue ramping up its private equity investments through Hawke's Point and Banyan Square Partners. Tetragon also launched a litigation finance venture (Contingency Capital).

Tetragon's share price did not fully recover with the broad market rebound which, coupled with resilient NAV, currently translates into a discount to end-September NAV of 61%. This represents a recovery from an all-time high of 72% recorded in March 2020, yet is still much wider than the 10-year average of 42%. Tetragon distributes its income to shareholders through dividends, as well as frequent share repurchases, and recently announced a new tender up to US$25m.

Click here to view the full report.

Subscribe to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the website .

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority .

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

Michal Mordel, +44 (0)20 3077 5700

investmenttrusts@edisongroup.com

   Learn more at   www.edisongroup.com   and connect with Edison on: 
   LinkedIn        https://www.linkedin.com/company/edison-group- 
   Twitter           www.twitter.com/Edison_Inv_Res 
   YouTube       www.youtube.com/edisonitv

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAGPGGGGUPUGQP

(END) Dow Jones Newswires

November 13, 2020 03:00 ET (08:00 GMT)

Tetragon Financial (EU:TFG)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024