Tetragon Financial Group Limited Edison issues review on Tetragon Financial Group
August 06 2018 - 6:44AM
RNS Non-Regulatory
TIDMTFG
Tetragon Financial Group Limited
06 August 2018
London, UK, 6 August 2018
Edison issues review on Tetragon Financial Group (TFG/TFGS)
Tetragon Financial Group (TFG) delivered a strong relative
performance in H118, with its +4.4% NAV total return comparing with
the -0.1% and -0.7% US dollar total returns of the MSCI AC World
and FTSE All-Share indices. The portfolio has been substantially
diversified away from collateralised loan obligations (CLOs - now
only 16% of NAV) across a range of other alternative asset classes
in recent years, accompanied by lower returns. However, with
positive returns from all but one asset class in the half year,
Tetragon's return on equity (ROE) moved up to an annualised 10.5%
in H118, back within its long-term 10-15% pa target range. Recent
discount widening appears inconsistent with Tetragon's NAV
performance, as well as its progressive dividend and peer
group-leading 5.5% yield.
Tetragon's share price discount to NAV has experienced a
noticeable widening in 2018 despite its NAV progressing steadily
higher. The current 39.9% discount is wider than its 37.8% one-year
average, but lower than its three-, five- and 10-year averages of
41.8%, 40.6% and 43.6% respectively. Quarterly dividend
distributions continue to rise steadily and Tetragon's 5.5% yield
is the highest in its peer group.
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