Share Name Share Symbol Market Type Share ISIN Share Description
Tetragon Financial Group Limited LSE:TFG London Ordinary Share GG00B1RMC548 ORD USD0.001
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 8.90 0.00 07:30:00
Bid Price Offer Price High Price Low Price Open Price
8.50 9.30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 402.50 288.00 322.00 2.8 873
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 8.90 USD

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Tetragon Financial (TFG) Discussions and Chat

Tetragon Financial Forums and Chat

Date Time Title Posts
05/6/200310:31The Bear Club...... Taylor & Francis Group50

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Tetragon Financial (TFG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-10-19 15:18:138.741,0008,744.00O
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Tetragon Financial (TFG) Top Chat Posts

Tetragon Financial Daily Update: Tetragon Financial Group Limited is listed in the General Financial sector of the London Stock Exchange with ticker TFG. The last closing price for Tetragon Financial was US$8.90.
Tetragon Financial Group Limited has a 4 week average price of US$8.50 and a 12 week average price of US$8.50.
The 1 year high share price is US$12.50 while the 1 year low share price is currently US$6.85.
There are currently 98,100,000 shares in issue and the average daily traded volume is 1,543 shares. The market capitalisation of Tetragon Financial Group Limited is £873,090,000.
hugepants: There was a chance Ripple Labs was going to IPO this year. Ripple is 7% of NAV and TFG subscribed at a $10 billion valuation! IPO seems unlikely this year -
westofengland: They are actually solid stewards of TFG. Ultimately, the shares will go up when investors recognise the good work the TFG team do for us shareholders. Meanwhile, I am content to collect a fair dividend and be pleased that they are capturing opportunities it is difficult to access directly. The NAV keeps increasing and has significantly and constantly out performed public markets.
alpal2: It's hard to imaging the management of TFG doing anything to benefit minority shareholders [who don't even have a vote?]. I was stupid enough to buy because of it's [then] 50% discount to NAV. Discount now 64%; so, egg on my face.
davebowler: hTTps:// Tetragon Financial Group (TFG) invests in a diversified set of alternative assets, including bank loans, real estate, convertible bonds and event-driven equities via hedge funds. However it also has investments in six management groups which manage a significant part of the portfolio. Together they are known as TFG Asset Management and represent 31% of NAV (as at 30/06/2020). The companies within this business currently manage around $27bn of assets in total. We understand that the long-term strategy is to continue to grow this business, effectively, as a group of asset management businesses under a corporate umbrella: with a view to a possible initial public offering and listing of its shares. If this were to be achieved, given the percentage of NAV the business represents, it would likely be a material development for the TFG share price. Nevertheless we would caution that the managers have stated that there is no short-term plan to crystallise value in TFG Asset Management. The current discount to NAV that TFG trades at would suggest that investors are ascribing little or no value to the asset management business. The business is valued in the NAV at $703m (as at 30/06/2020). This valuation appears conservative in terms of an earnings valuation and broadly in-line with listed peers – as we illustrate in the tables above. When we apply the value ascribed by the market in the form of a 62% discount, however, the valuations appear compelling. TFG Asset Management companies certainly invest in alternative assets and have large performance fee elements to them, which makes direct comparisons difficult. However we would note that the funds and underlying assets tend to exhibit low volatility, and have an emphasis on the underlying stability of cashflows. As a result TFG Asset Management could offer compelling value for long-term investors, on both an earnings and AUM basis and based the valuation implied by the current price of Tetragon’s shares.
scbscb: The reason this is on such a large discount is because it is run solely for the benefit of the management. They do not want to buy back shares or even pay a cash dividend, but to retain the maximum amount of money invested so that high fees can be charged. Shareholders have no votes so are completely irrelevant. Any investment company that wants to maximise shareholder returns and indeed produce a good performance would buy back shares if the price is below the nav. In this case the investment managers could make a 100% return by just picking up shares in the market for no risk, but they must have other spotted other opportunities that offer higher returns! If they keep issuing shares in lieu of dividends at a big discount to nav the price can only go down. With no votes there is not a potential exit from this failure. These shares could not be recommended at any price.
alpal2: The last buy-back of $25m was so small that it just emphasised the overhang of willing sellers. I'm not generally in favour of buy-back as it seems to do nothing for long-term share price enhancement. That said: If they committed something like $250m in a buy-back, then it may work. That's 10% of NAV and 30% of market capitalisation. Also all cash realisation will be paid to shareholders until share price is more than 80% of NAV. Oh, but then they wouldn't be getting their excessive fees; so, not likely.
makinbuks: From the AGT Investment Managers report this morning: While TFG's mark-to-model approach for its CLO equity investments resulted in a far more modest decline for these assets than seen at peers that mark to market, TFG's discount would still be at an extremely wide level of 58% even with all its CLO equity positions written down to zero. While acknowledging the high fee structure, this seems extreme for a fund that has generated an annual NAV total return since inception of +11% and over 10 years of +16%. Such a sharp share price fall appears overdone and is more indicative of how panic selling and illiquidity can affect funds such as TFG which invest in more obscure and difficult-to-understand asset classes.
alpal2: qcg: I will be v happy if you're right at $23. However, I would be ecstatic if the share price discount to NAV were substantially reduced. I don't think the share buy-back will help. I strongly believe that if the directors' remuneration was based on share price [rather than NAV] then we would see much better returns to all investors.
hugepants: Yes not impressed with the defensive qualities of this stock so far! At least not based on the share price. However we don't know the current NAV and the shares seem to be incredibly illiquid. The Ss at least. So the current share price may not mean much.
spectoacc: Nice to see my OCI get a tip on same link, a long way to go on that one. :) Struggle with TFG - TFG or TFGS? $ going to weaken soon? (Has got to, look at Trump's spending). Tips always mention the uncorrelated assets in TFG but can guarantee, if equity markets fall, that TFG will tank with them. Anyone any strong opinion on TFG over TFGS? Selftrade appear to only allow the Sterling share class.
Tetragon Financial share price data is direct from the London Stock Exchange
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