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Tetragon Financial Group - Stronger NAV returns, but discount remains wide

  • 14 Aug 2019

Tetragon Financial Group - Stronger NAV returns, but discount remains wide


Tetragon Financial Group (TFG:LON) | 990 0 0.0% | Mkt Cap: 879.1m


  • Edison
    • Milosz Papst

    • 7 pages

Trusts, ETFs & Funds image



 
Trusts, ETFs & Funds image



Tetragon Financial Group (TFG) achieved an 8.1% NAV total return in H119, with a 13.3% annualised return on equity (ROE), well within its 10–15% long-term target range. While its performance lagged global equity markets over the half year, the resilience of Tetragon’s NAV in H218 helped it to achieve a 14.3% NAV total return over the year to 30 June 2019, compared with 6.3% and -3.1% for the MSCI AC World and FTSE All-Share indices, respectively, all in US dollar terms. Despite strong NAV returns in 2019, Tetragon’s discount remains wide at 48.6%, offering significant scope for future narrowing to enhance shareholder returns, while its 5.9% dividend yield leads the AIC’s Flexible Investment sector.


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Tetragon Financial Group - Stronger NAV returns, but discount remains wide


Tetragon Financial Group (TFG:LON) | 990 0 0.0% | Mkt Cap: 879.1m


  • Published: 14 Aug 2019
  • Author: Milosz Papst
  • Pages: 7
  • Edison


Tetragon Financial Group (TFG) achieved an 8.1% NAV total return in H119, with a 13.3% annualised return on equity (ROE), well within its 10–15% long-term target range. While its performance lagged global equity markets over the half year, the resilience of Tetragon’s NAV in H218 helped it to achieve a 14.3% NAV total return over the year to 30 June 2019, compared with 6.3% and -3.1% for the MSCI AC World and FTSE All-Share indices, respectively, all in US dollar terms. Despite strong NAV returns in 2019, Tetragon’s discount remains wide at 48.6%, offering significant scope for future narrowing to enhance shareholder returns, while its 5.9% dividend yield leads the AIC’s Flexible Investment sector.



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