Tetragon Financial Group Limited Edison issues update on Tetragon Financial Group
September 02 2021 - 3:36AM
RNS Non-Regulatory
TIDMTFG
Tetragon Financial Group Limited
02 September 2021
London, UK, 2 September 2021
Edison issues update on Tetragon Financial Group (TFG)
Tetragon Financial Group (Tetragon) reported an H121 NAV total
return (TR) of 0% in US dollar terms. Gains on investments in asset
managers, bank loans and hedge funds were offset by losses on its
listed equities portfolio and private equity (PE). TFG Asset
Management (TFG AM) has continued to increase its assets under
management (AUM) to US$32.8bn (up 9% in H121) by attracting capital
to existing strategies and setting up new managers (eg Contingency
Capital active in financing law firms and legal proceedings).
Meanwhile, employee ownership of Tetragon increased to 35.0%,
further aligning the interests of management and investors.
Tetragon's H121 return was behind broader equity markets, but we
note that this was primarily due to assets that show little to no
correlation with equities: two early-stage gold miners in Hawke's
Point portfolio were written down by 29% amid a lower gold price
(after a +66% return in FY20); Tetragon's listed equity portfolio
is concentrated (10 positions) and focused on (bio)technology and
financials with value driven by company-specific developments; and
Polygon funds (making up 97% of Tetragon's hedge funds exposure)
have concentrated portfolios focused on special situations.
Meanwhile, the privately valued TFG Asset Management remains the
main value driver of NAV returns (see chart above). While
Tetragon's historical long-term performance remains intact, the
high concentration in some asset buckets, coupled with Tetragon's
limited disclosure on individual underlying investments, translates
into lower visibility of prospective returns.
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