Tetragon Financial Group - Navigating challenging times
Tetragon Financial Group (Tetragon) published its annual results on 3 March, posting a 1.0% net asset value (NAV) per share total return (TR) in US dollar terms in FY22. In last year's adverse environment, Tetragon outperformed public equity markets (the MSCI AC World index was down 18%), despite results being below its annual target (ROE of 10–15%). It is continuing distributions to shareholders through NAV-accretive share buybacks (US$72m in 2022) as well as cash dividends (US$24m in 2022), with a current dividend yield of 4.3%.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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