TFG Tetragon Financial Group Limited

TIDMTFG

Tetragon Financial Group Limited

29 June 2022

London, UK, 29 June 2022

Edison issues outlook on Tetragon Financial Group (TFG)

Tetragon Financial Group (Tetragon) focuses on alternative asset classes offering excess risk-adjusted returns (ie 'intrinsic alpha'). This includes private equity holdings in alternative asset managers, investments in funds, as well as balance sheet investments in alternative assets. Tetragon posted a 14.1% NAV total return in FY21 in US dollar terms and so far saw only an 0.6% NAV decline in 2022 until end-April. It continues to make distributions to shareholders through NAV-accretive share buybacks (it completed a US$42m tender offer in April 2022) and dividends (with its LTM payout implying a 4.1% yield).

TFG Asset Management remains the largest asset in Tetragon's portfolio (45% share of NAV) and management reiterated its intention to at least partially exit this position, with the sale of individual asset managers now more likely than an initial public offering of the whole entity. In this context, we note that TFG Asset Management's valuation reflected in Tetragon's end-April NAV equals c 1.3x Tetragon's current market capitalisation. Within TFG Asset Management, management considers LCM (valued at 29% of Tetragon's current market cap) and BentallGreenOak (23% of market cap) as being more mature, while the largest position Equitix (71% of market cap) is still in its growth phase.

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