Tetragon Financial Share Discussion Threads

[horndean eagle] 30/7/2021 22:28

Nothing to do with II failing to speak up. They have no say in the matter give the voting shares are held by the principals. Speaking of which. Reade Griffiths is about as egregious a character as you can imagine. Tetragon take out massive fees but then Reade has somehow managed to get another $10m a year out for running Tetragon. Pretty sure his fees are supposed to come from the investment manager. He is now blatantly double dipping and awarding himself huge share options as well.

[ceaserxzy] 30/7/2021 18:38

Exactly, they are so useless in making any money on our capital/asset it is really difficult to understand why don't they just buy their own shares, ensuring a huge profit with their eyes closed.

Oh the only issue with that is it will reduce their fees. Disgraceful.

The issue is that the few IIs who are on the shareholder list fails to speak up as they are pals who don't care about their clients'money either.

[alpal2] 30/7/2021 17:31

I listened to the presentation and questions. The highlights were [with my summation of the replies}:
1] How did you lose $31m in equities in a bull market? "We are incompetent."
2] Update on Ripple Labs? "We [unjustifiably] wanted out money back; spent $millions of your money. Lost the legal action. But [hey] we're very excited about the investment despite thinking it so bad we wanted out money back".
3] Why would you invest money in anything but a share buy-back which can give a guaranteed immediate 150% return? "I don't wish to understand this question."

[makinbuks] 30/7/2021 14:07

Nothing if not entertaining!

[davebowler] 30/7/2021 10:29

.....Paraguayan farmland investment ??

[davebowler] 30/7/2021 10:27

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.

[alpal2] 30/7/2021 10:20

H-P: You should rather describe the dividend as "... still at the reduced rate of 10c; previously 18c." The TFG reporting is 'lies, damned lies and TFG stats'. But then, the company is run for the benefit of management.
Things I would like to see in reports are:
1] Dividend yield based on NAV; i.e. 1.5%
2] The directors confirm they have no intention of taking action to reduce the discount to NAV.
or: The directors admit they are totally incompetent as to action which would reduce discount to NAV.
or: The directors confirm that any action to reduce discount to NAV would negatively impact on their management fees so they aren't going to do it.

[hugepants] 30/7/2021 09:26

Half year results. Pretty good overall?


Divi maintained at 10 cents per quarter.

Discount to NAV 63.5%. I wonder if they'll address the discount in today's call. It's actually at a comical level now and you'd think they'd be hugely embarrassed by it.
According to trustnet there's only one investment company on a bigger discount; a tiny, dodgy looking AIM listed outfit called Jade Road Investments.

[makinbuks] 07/7/2021 11:21

Fully agree, this could move 20 - 25% and still be rated in as it was two years ago. Nothing has changed that I can see in that time with regards to the structure and ownership. Bear in mind too that the owners hold a substantial stake alongside us so will look eventually to extract full value

[spectoacc] 06/7/2021 10:22

Perhaps, but - it's been tighter, and if is NAV rising over time, the share price will follow even with the cavernous discount.

Can't see it ever not being controlled for the management, but can still see upside.

[alpal2] 06/7/2021 10:15

As long as the company is run for the benefit of management [not shareholders] there is little chance of a reduction in the discount to NAV.

[makinbuks] 06/7/2021 08:49

Someone who is a bit more proactive was my thought but merely a gut feel

[rambutan2] 05/7/2021 22:25

Someone to cover the Stateside is my thinking?

LONDON, July 1, 2021 -- Tetragon is pleased to announce the appointment of
Jefferies International Limited as joint corporate broker, alongside J.P.
Morgan Cazenove, with immediate effect.

[makinbuks] 02/7/2021 12:08

Polygon has launched a bid for WTG

[tula100] 01/6/2021 10:32

I was expecting Ripple to win against the SEC but now with so much sentiment turning against cryptocurrencies on the part of banks, governments, investment advisers etc. it is getting more doubtful.

[alpal2] 01/6/2021 08:46

Another monthly report with nothing on the investment in Ripple.

[protocol1] 24/5/2021 09:44

https://www.bloomberg.com/news/articles/2021-05-19/kkr-to-buy-u-k-infrastructure-group-john-laing-for-2-8-billion?utm_source=url_linkNice addition

[alpal2] 24/5/2021 09:02

XRP down but so are all cryptos. And not sure it's relevant to TFG investment [on which management have been very quiet]

[hugepants] 23/5/2021 22:11

XRP price currently heading straight down the toilet.

[makinbuks] 20/5/2021 10:49

Sounds like they're between a rock and a hard place. Some sort of loss of face required to resolve it

[hugepants] 19/5/2021 15:56

Forbes not impressed with the SEC case v Ripple
May 18, 2021

[horndean eagle] 04/5/2021 12:01

Paddy launched the thing when XRP was 25c or so. Its now up 6 fold. When facts change......

[makinbuks] 04/5/2021 11:16

That's a lovely scenario Horndean but presumably Paddy Dear doesn't see it as straightforward otherwise he wouldn't have wasted time and money on the legal action

[alpal2] 04/5/2021 09:40

Another 'cut-price' dividend and not even a share buy-back. The $175m spent on Ripple Labs would have been better spent on a buy-back. Oh, I forgot, that would benefit shareholders and reduce management fees; so, a non-starter.

[horndean eagle] 03/5/2021 20:11

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.