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
  -0.04 -0.4% 9.99 43,163 16:10:00
Bid Price Offer Price High Price Low Price Open Price
9.88 10.10 10.08 9.96 10.03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 306.40 171.10 187.00 5.3 980
Last Trade Time Trade Type Trade Size Trade Price Currency
16:09:50 O 2,000 9.96 USD

Tetragon Financial (TFG) Latest News (2)

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Tetragon Financial Investors    Tetragon Financial Takeover Rumours

Tetragon Financial (TFG) Discussions and Chat

Tetragon Financial Forums and Chat

Date Time Title Posts
05/6/200309:31The 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
2021-03-08 16:09:519.962,00019,920.00O
2021-03-08 16:07:509.965,69156,682.36O
2021-03-08 15:56:529.965,00049,800.00O
2021-03-08 15:51:319.961,0009,960.00O
2021-03-08 12:50:4610.081,98219,986.19O
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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$10.03.
Tetragon Financial Group Limited has a 4 week average price of US$9.96 and a 12 week average price of US$9.38.
The 1 year high share price is US$11.05 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 15,304 shares. The market capitalisation of Tetragon Financial Group Limited is £980,019,000.
hpcg: I'm out. On the plus side I didn't have any problem shifting when this has sometimes been difficult to trade, so someone is accumulating in the background. Six reasons really. Firstly the share count has not materially changed over the years. Secondly discovering Reade Griffith is only a few years older than me and thus one catalyst for realising the value could be a really long time away. Thirdly my watch list is replete with opportunity and I stand a much better chance of recovering my losses and sooner elsewhere. Fourthly and concurrently it is difficult to see the share price move up here with any rapidity. Fifthly a terrible relative recovery off the March lows. Finally it has performed worse than a simple equity strategy when the discount was supposed to have provided some form of protection. Not least the disappearance of any liquidity in a down market scenario, and a micro-cap level spread. Lost about 25% excluding dividends on my pre-pandemic holding and negative side of break even including dividends on my June 2020 "recovery" purchase.
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.
apple53: Thanks for all the info. I am trying to listen to replay. Won't work for me. Either classic TFG or a glitch at my end. Anyone else any luck? Meanwhile on buybacks sounds like time to do some work on volumes: but shareholders are winners either way: either the nav goes up or the share price does (or both to start with).
makinbuks: On the dividend, they outlined the 5 considerations they take into account when deciding the level of payout. They highlighted that at the current share price the yield was 4%. They pointed out that "returns" in the way of dividend plus the tender had been $90m matching the prior year in a difficult environment. On fees versus dividends he answered very literally that you can't equate them (whicjh is true) but in my view deliberately avoided the "between the lines" question of whether the trust is run for the benefit of the managers or the shareholders. On the discount to NAV, he said that what was required to close it was more buyers than sellers and that there had been a big overhang of sellers in the US.He listed many reasons that have been suggested as the single cause but he believes in fact that they are all valid. Specifically dividends and buybacks are not a panacea. On Ripple, the valuation is based on a DCF calc with a 15.5% discount rate. Shareholders should note that the class of share we own is not traded nor is it the currency itself. He explained that the SEC investigation was known to them at the time of investing and was the reason for the money back clause. Interestingly he then very quietly and quickly admitted that being considered a security was the way things were moving rather than a fact which is the very point Rippple have made in rejecting the claim. They noted that Ripple claim to have $360m cash on their balance sheet from $330m at end December, his point being that there is liquidity there
apple53: My personal view is that I would happily forego dividends provided they spend serious money asap in repurchasing stock. I think market purchases will be more effective than a tender, as the latter tends to cap the share price for a couple of months causing some potential buyers to lose interest. Buybacks are working brilliantly for collectives like india capital growth, North Atlantic Smaller, and a bunch of EM trusts. However, I also take your point that if the buybacks are not forthcoming then dividends are better than nothing, particularly because at least they slightly reduce the fees gouged by the managers. And if the declared purpose of the entity is income then I cannot argue against those requesting a decent dividend. As a compromise, I suggest reinstating the full div AND buying back shares like billio. And asap. It's a hoary old thing, but at this kind of discount a buyback is, by a country mile, the highest return investment TFG can make.
apple53: Ripple IS still in the NAV end December, but I guess hpcg was getting at what's in the share price rather than the NAV. TFG was not renewed as an ii/Kepler (?) recommendation and Ripple was mentioned. I am happy to assume it is written off, which barely dents the monster discount. Slightly miffed to be paying fees on it when it is overvalued, but there are probably legal excuses of precedent as to why it hasn't yet been written down. For me the more interesting question is strategy over the years to come and how and when the value will be crystallised......
skyship: Makinbuks - I think you will find that everyone without exception knows full well that the tenders are a total waste of time for shareholders. You say "I accept the dividend as a marketing tool is attractive to a certain group of investors". In what group would you categorise yourself? # A dividend paid out of earnings rewards shareholders with a justifiable return for lending our capital to support the company # A tender is an alternative way to reward shareholders when conducted at a premium to the sp, but also at a minor discount to the underlying NAV # A tender conducted at the sp, or even at a discount - as all the TFG tenders are - merely provides a shareholder exit for some, but nothing for all for other shareholders. NB: There is zilch benefit to shareholders in remorselessly increasing the NAV discount from 63% to 64% to 65%. The discount has no bearing on the share price when at this level. The only thing that will is to pay a proper dividend and to instigate a proper DCM though a 15% buyback Scheme.
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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