Tetragon Financial Group Limited Edison issues review on Tetragon Financial Group
10 April 2019 - 1:01AM
RNS Non-Regulatory
TIDMTFG
Tetragon Financial Group Limited
09 April 2019
London, UK, 9 April 2019
Edison issues review on Tetragon Financial Group (TFG/TFGS)
In 2018, Tetragon Financial Group (TFG) proved its ability to
generate positive returns from a portfolio of alternative assets
against a backdrop of negative returns across more traditional
asset classes (including equities, bonds and commodities).
Tetragon's 12.1% return on equity (ROE) in 2018 is well within its
long-term target range of 10-15%, and its 10.3% NAV total return
compares with the negative 8.9% and 14.8% returns of the MSCI AC
World and FTSE All-Share indices, in comparable US dollar terms.
While its NAV progressed steadily higher, Tetragon's share price
declined broadly in line with global equity markets in 2018 and its
discount reached 48.8% in early January 2019. However, this was
turned to an advantage via the recently completed US$50m tender
offer, which was 2.3% accretive to NAV per share, and the discount
has subsequently narrowed. Maintaining a progressive dividend
policy, Tetragon has a sector-leading 5.6% yield.
Tetragon's share price discount to NAV widened in 2018, due to
its share price declining while its NAV progressed steadily higher.
The discount has narrowed from 48.8% in January 2019, but is still
some distance from its December 2017 narrow point of 32.8%,
suggesting significant scope for it to continue narrowing.
Tetragon's 5.6% dividend yield is well above the 2.5% average yield
in its peer group.
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