Tetragon Financial Group - Comfortable liquidity situation
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).Tetragon Financial Group is an investment company that invests in assets, including bank loans, real estate, equities, credit, convertible bonds and infrastructure and TFG Asset Management L.P., an alternative asset management business. Co.'s investment objective is to generate distributable income and capital appreciation. Co. provides stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. Co.'s asset management businesses can operate autonomously, or on the TFG Asset Management L.P. platform. Tetragon Financial Management LP has been appointed the investment manager of Co. As of Dec 31 2017, Co.'s total investment was US$2.01 billion.
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