Tetragon Financial Investors - TFG

Tetragon Financial Investors - TFG

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Stock Name Stock Symbol Market Stock Type
Tetragon Financial Group Limited TFG London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 9.65 08:00:00
Open Price Low Price High Price Close Price Previous Close
9.65 9.65 9.65 9.65 9.65
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Top Investor Posts

davebowler: Stifel; Tetragon - Interims to 30/06/21 - Flat NAV as 'other equities' see losses; Equitix written up again Stifel View: This has been a disappointing 6 months for Tetragon with the NAV TR flat, at a time when global equity and some other markets have been rising. There was positive performance from asset managers (+$65m), with Equitix seeing a +$29m gain, Bank loans saw a +$30m gain and event driven strategies and hedge funds contributed +$16m. There were negative returns from private equity, real estate, and the worst performance was from 'other equities' and credit at -$32m or -12.2% of opening valuation. This segment includes European and U.S.-listed public equities in technology, biotechnology, and the financial services sectors. We think Tetragon need to give some more colour on these losses in the investor call this afternoon. The latest NAV at 30/06/21 was $26.38 and with a price of $9.48, the shares are on a 64% discount, which appears to offer value. However, a significant improvement in relative performance in H2 is needed as a catalyst for any re-rating. (Analyst: Iain Scouller) Performance: The NAV total return was 0.0%, well behind the MSCI ACWI return of +12.5%. Within Tetragon’s portfolio, allocations to private equity in asset management companies, hedge funds and bank loans made money, while allocations to real estate, other equities and credit and private equity and venture capital lost money. Attribution: The NAV at 31/12/20 was $26.57. There was +$0.79 of investment income and returns. This was then negated by -$0.38 of fees, expenses and interest paid, there was share dilution of -$0.40 and dividends paid amounted to -$0.20. The share dilution was in relation to equity-based awards by TFG Asset Management for certain senior employees. There were 5.4m share included in the dilution, with fully diluted shares outstanding rising to 94.8m Asset managers: Tetragon’s private equity investments in asset managers (TFG Asset Management) was the strongest performer, generating over +$65m of gains during the period. Equitix was the strongest gainer – not just within its asset class, but for Tetragon’s entire portfolio. During the first half of the year, Equitix continued to increase capital raised and deployed. Bank Loans: The company’s allocations to bank loans generated approximately +$30m of gains in the first half, as credit fundamentals continued to remain supportive of CLO equity investments. The investments in hedge funds managed by Polygon also generated positive returns, in part due to a continued robust bond issuance environment. Other equity & credit: Tetragon’s balance sheet investments in debt and equity generated losses of - $31.5m during H1. Equity positions in technology, biotechnology, and financial services lost -$34.3 million, offset slightly by gains in credit positions. Private equity and venture capital allocations lost -$5m. Within this category, Hawke’s Point investments generated over -$38 million of losses, due to mark to market fluctuations related to a softer gold price, but investments in other funds and co-investments, including Banyan Square Partners, and direct private equity had offsetting gains during the period. Real Estate investments produced a small loss of -$1.0m. Investments in U.S. real estate funds lost close to -$10m, but were offset by an upward revaluation in the Paraguayan farmland investment, and some gains in the Asia-focused funds and co-investments. Dividend maintained: During H1 2021, Tetragon paid $0.20 (2020: $0.20) in dividends. It also declared a dividend of $0.10 for Q2 2021. June NAV: The NAV at 30/06/21 was $26.38, a +0.8% increase from $26.17 at 31/05/21.
horndean eagle: Ripple likely will win their case or come to an agreement and pay a fine. XRP will likely double if they do and the likes of paypal then allow XRP to be traded as they have other cryptos. Don't forget US investors not been able to touch ripple through any of the major exchanges. XRP market cap will be nearer $300bn at that point. Ripple labs will own over $150bn worth of XRP. TFG will likely make out like bandits given their in price is supposedly $10bn market cap.
flying pig: hxxps://www.edisongroup.com/publication/tfg-asset-management-grows-in-aum-and-value/29389 Edison report - Despite the long-term NAV returns Tetragon demonstrated, its shares continue to trade at a wide discount of 63%, which is ahead of the already wide 10-year average of 43% and visibly higher than its peers. This may at least partly come from its incentive fee structure (which also dampened the NAV TR in FY20), only non-voting shares being available to investors (which means Tetragon cannot enter LSE’s premium segment) and TFG Asset Management’s carrying value being based on private valuation. The recent enforcement action of the US Securities and Exchange Commission (SEC) against Ripple Labs (7.3% of Tetragon’s NAV) may add to this. Nevertheless, the current discount offers considerable downside protection to investors, who are also rewarded through dividends (4.1% yield on a last 12 months basis) and NAV-accretive share buybacks. Tetragon sees room for further growth in AUM of TFG Asset Management and does not expect to float the business in the near term (which, however, remains its long-term intention).
makinbuks: You can listen to a replay here hxxp://www.tetragoninv.com/investors/calendar-and-events
alpal2: I can't partake in the Investor Call today. I hope someone will take the directors to task for only looking after management and ignoring shareholders.
alpal2: Hope you have all sent questions for Investor Call. While I'm sure that many of the questions overlap, it's important for directors to know that more than a few shareholders do not think they are looking after small shareholders. I've asked for update on Ripple investment and made suggestions on how to narrow discount to NAV.
tula100: Further to my earlier posting, I did email Investor Relations and received the following reply to my 2 emails below: - We have our annual investor call at the end of the month, I have raised your issue below with our speakers who will look to answer your question directly on the call. Details of the call will be released soon.' - so I suggest you all email them and also latch on to the investor call! - I have not received a response to my earlier email of 2nd February. But I am even more annoyed about this issue after reading through the information on your website where you state it is for ‘investors who wish to invest for the long term in a predominantly income-producing investment. That is exactly what I was doing, so where is my income? - I am a TFG shareholder and I am writing to request that our dividends are reinstated. I bought these as dividend paying shares. When we are paid a dividend, we still have a shareholding to receive future dividends! A tender is not a 'return' to shareholders, it is simply a share sale, and if you sell at a lower price than you paid you have a negative return. If directors can take fees based on the NAV we should be receiving dividends based on the NAV.
tula100: I agree about the divi. Why don't we all email Investor Relations and bombard them with requests for our missing dividends? Email: ir@tetragoninv.com We could also contact their Press Office = United Kingdom: Harriet Sloane Tel: +44 7771 810 803 Email: Pro-tetragon@prosek.com We could also track down some financial journalists like Jeff Prestridge to get them to take up the cudgels for us.
hugepants: https://blockchain.news/news/ripple-sued-one-its-major-investors-demanding-blockchain-firm-reclaim-stock Ripple Sued by One of Its Major Investors Demanding The Blockchain Firm Reclaim Its Stock Jan 06, 2021 06:35 ...It explained, “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity.” As a conclusion has not yet been reached by the SEC lawsuit alleging XRP is a security, Ripple said that Tetragon’s lawsuit had “no merit.”
spectoacc: @Makinbuks - largely agree, and believe cheap. But. The thing that changed was the cut in the dividend, and the failure to restore it once the worst (at least in NAV/earnings terms) was passed, followed by these two comedy tenders. Bear in mind they make a song & dance about being uncorrelated to equity markets. Some similar ITs - at least at the CLO and PE end - have bounced back well, and in the seemingly irrelevant NAV, TFG aren't doing badly. " It aims to provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. " I'd like them to define "..Returns to investors..", but you can guarantee they'll include the $25m's.
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