Tetragon Financial Group Limited Edison issues review on Tetragon Financial Group
August 14 2019 - 9:57AM
RNS Non-Regulatory
TIDMTFG
Tetragon Financial Group Limited
14 August 2019
London, UK, 14 August 2019
Edison issues review on Tetragon Financial Group (TFG/TFGS)
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.
Tetragon's discount to NAV widened from 38.5% in August 2018 to
the current 48.6% as the share price declined with global equity
markets towards the end of 2018 (with limited subsequent rebound),
while its NAV returns have strengthened in 2019. This discount
provides significant scope for future narrowing to enhance
shareholder returns. Tetragon's quarterly dividend continues to
progress steadily higher, and its 5.9% yield is well above the 2.5%
peer group average yield.
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