Tetragon Financial Group - More resilient than public equities in H122
Tetragon Financial Group’s (Tetragon’s) NAV declined 3.5% in H122 in total return terms, compared to a 20% fall in the MSCI ACWI Index (based on Refinitiv). The portfolio revaluation contributed 4.1pp to the decline, which was mostly due to a Q122 loss on Tetragon’s direct exposure to a publicly quoted biotech company and the downward revaluation of Equitix on the back of public multiples contraction. The best-performing assets in the portfolio were collateralised loan obligations (CLOs, which also assisted the valuation of the CLO manager LCM). Tetragon’s NAV total return was also supported by a NAV-accretive share repurchase (+3pp on NAV). Tetragon’s one-year NAV performance to end-June 2022 stands at 10%, compared to a 15% decrease in the MSCI ACWI (based on Refinitiv).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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