Tetragon Financial Group - TFG Asset Management grows in AUM and value
Tetragon Financial Group (Tetragon) reported a 9.5% NAV TR in FY20 in US dollar terms. Its main value driver remains TFG Asset Management, which delivered a 24% return in FY20 as it continues to expand its assets under management (AUM, up by 10% in FY20 mainly assisted by Equitix). In contrast, Tetragon’s CLO and real estate investments were a drag on FY20 performance. Moreover, Polygon funds (the majority of Tetragon’s exposure to hedge funds) delivered positive returns, but below broader equity markets. As a result, Tetragon posted a 7.6% return on equity, below its long-term target of 10–15%. Still, its long-term performance remains intact with an average 13.7% NAV TR pa over the last 10 years.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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