Tetragon Financial Group Limited Edison issues review on Tetragon Financial Group
May 10 2018 - 6:27AM
RNS Non-Regulatory
TIDMTFG
Tetragon Financial Group Limited
10 May 2018
London, UK, 10 May 2018
Edison issues review on Tetragon Financial Group (TFG/TFGS)
Tetragon Financial Group (TFG) is a specialist closed-ended
investment company, which aims to provide stable returns across
economic and asset class cycles by investing in a diversified
portfolio of selected alternative assets. Helped by the uplift to
NAV per share from a US$65m tender offer in December 2017, Tetragon
delivered a 9.0% NAV total return in US dollar terms in 2017,
although currency moves held back returns in sterling terms.
Tetragon's share price discount to NAV has widened in 2018, with
the share price declining along with the broader stock market while
NAV remained stable, increasing the scope for a narrowing discount
to lift future shareholder returns. The total dividend for 2017
progressed 4.1% higher to US$0.70, giving Tetragon a sector-leading
5.6% yield.
Tetragon's 40.8% share price discount to NAV is at a similar
level to its 40.0% average over five years, but appreciably wider
than its five-year low of 23.1%, suggesting that significant scope
remains for it to narrow further. The 5.6% dividend yield ranks as
the highest in the peer group and would remain among the highest
even if the discount were to unwind fully.
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May 10, 2018 06:27 ET (10:27 GMT)
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