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
  -0.025 -0.26% 9.75 750 11:24:50
Bid Price Offer Price High Price Low Price Open Price
9.65 9.85 9.775 9.75 9.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 306.40 171.10 187.00 5.2 956
Last Trade Time Trade Type Trade Size Trade Price Currency
09:52:46 O 750 9.701 USD

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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
2021-06-21 08:52:479.707507,275.75O
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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$9.78.
Tetragon Financial Group Limited has a 4 week average price of US$9.75 and a 12 week average price of US$9.75.
The 1 year high share price is US$10.40 while the 1 year low share price is currently US$8.50.
There are currently 98,100,000 shares in issue and the average daily traded volume is 1,619 shares. The market capitalisation of Tetragon Financial Group Limited is £956,475,000.
riskvsreward: As a shareholder I sincerely hope that the positive interpretation offered by some here will turn out to be true, but I am very doubtful about it. One needs to make a clear distinction about the Nominal NAV total return reported by management and the total return for the shareholders. The Nominal NAV total return means nothing to the shareholder if it is not properly reflected in either shareprice or dividend (ideally in both). Instead it is only a TRUE and REAL total return for the management as their income increases with it while the shareholder return, which can only be realised by either divesting his/her shares or receiving a dividend, has been decreasing over the time. The simple fact that the market has PERSISTENTLY valued the company with high and widening discount tells you that the market has no regard for both the NAV and the company management integrity. If a company management has no bother about their integrity and reputation, let alone any concerns about their obligations to their shareholders, you know you are not in a good position if you, myself included, unfortunately have become a shareholder in such a company. I have owned a few deep value trusts over the time and in comparison by far this one is the worst. For example, han, utl, nsi, nas etc, none of them used the pandemic as an execuse to halve the dividend and some of them even increased the dividend. They have also used meaningful buyback on the market paying their share holders a fair price to exit And their managers purchased shares themselves using money out of their own pocket. TFG has done none of these. As a result, all of them have outperformed significantly.
alpal2: No, I didn't see the video. How do they view 'total return' to a shareholder? I will buy it if it's a combination of dividend and share price. NAV accretion is not acceptable if they cannot get it reflected in the share price. My shares are in an ISA so don't care whether it's dividend or capital gain. But reduced dividend and lower share price doesn't please me.
alpal2: Risk: Just shows you don't understand TFG dividend policy. The directors 'know' that shareholders are only worth a 4% dividend yield; that's why [when the share price dropped] they were able to cut the dividend from 18c to 10c per quarter.
flying pig: hxxps:// 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: Agreed but hasn't the share price of Ripple recovered to the level TFG bought in?
alexhemm: if you missed a call (and can't or won't relisten on TFG site (onky 30days?), you can easily read the transscript: more important and new: UNDERWRITER INFORMATION BofA Securities Bookrunner J.P. Morgan Bookrunner hxxps:// Alternative asset management-focused SPAC Tetragon Acquisition I files for a $500 million IPO April 8, 2021 TACQU Tetragon Acquisition I, a blank check company formed by Tetragon Financial Group targeting the alternative asset management industry, filed on Thursday with the SEC to raise up to $500 million in an initial public offering. IMO they could use this money to take out one of their managers at (or above) NAV, or with now high XRP sell/buyout/list/get rid of the unwanted Ripple C-round shares, such a realisation demonstrated at NAV could really reduce the discount. Also the money could be used for a substantial buyback which would lift NAV and shareprice, as a nice big repurchase would have to be at a nice premium to share price
alpal2: I don't think more interviews will change the market's perception that management will only look after themselves and non-voting shareholders can get lost or sell. The share price to NAV discount is a clear demonstration that the market believes the business is run for the benefit of management not shareholders. Why else would there be sellers at the current price? Disillusioned shareholders who realise that management has no intention of letting shareholders get a fair SHARE of the business.
alpal2: Thanks, guys, for the feedback on this. It seems the directors are little short of dishonest. When pushing up fees they trumpet the NAV; but when referring to dividend they talk return on share price. Note 4% yield on share price but only 1.6% on NAV. We need to hope share price doesn't drop any further or they will use that as justification to cut dividend even further.
ceaserxzy: The problem with this company is that it is completely Undemocratic in the sense that shareholder have No say in anything, although in theory they are the owners of the company. The management can get away with robbing the share holders. On paper it has long term good performance. But is it true? As the shareholders don't benefit from it by the look of the poor share price performance and much reduced dividend, while the management creams off with big performance fee year on year. The tender again will on paper improve the NAV performance by about 3%, which again only benefits the management with their performance fee that is directly linked to this NAV improvement from doing nothing but just tendering some shares using the shareholder money, while the shareholder don't benefit much on each tender. The company constitution needs to be changed, such that shareholders have more say, that the performance fee should be linked to shareholder return in terms of share price performance and dividends, in addition to the NAV performance, to be fairer to all stakeholders.
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.
Tetragon Financial share price data is direct from the London Stock Exchange
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