TETRAGON FINANCIAL GROUP LIMITED 2022
Annual Report
Tetragon Financial Group
Contents
4 2022 Snapshot
7 Letter to our shareholders
- Manager's review
- Investment review
- 2022 Financial review
- Governance
- Other information
- Audited financial statements
2 | Tetragon Financial Group |
Diversified.
Alternative.
Investors.
Searching for intrinsic alpha -
from returns in excess to risks taken.
At Tetragon, we seek to provide stable returns to investors across economic cycles and market conditions.
Tetragon is a Guernsey closed-ended investment company.
Its non-voting shares are listed on Euronext in Amsterdam(1) and also traded on the Specialist Fund Segment of the Main Market
of the London Stock Exchange.
To view company updates visit:
www.tetragoninv.com
Tetragon's shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors. These are described on our website. Tetragon anticipates that its typical investors will be institutional and professional investors who wish to invest for the long term in a capital appreciation and income-producing investment. These investors should have experience in investing in financial markets and collective investment undertakings and be capable themselves of evaluating the merits and risks of Tetragon shares and they should have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses (which may equal the whole amount invested) that may result from the investment.
1 Euronext in Amsterdam is a regulated market of Euronext Amsterdam
(Euronext Amsterdam). Tetragon's 'Home Member State' for the purposes of the EU Transparency Directive (Directive 2004/109/EC) is the Netherlands.
Annual Report 2022 | 3 |
Distributable income. Capital appreciation.
Net asset value(1)
$2.8BN
31 December 2022
Ownership(2)
37.3%
Principal and Employee Ownership at 31 December 2022
NAV per share total return(3)
1.0%
2022 Full Year
9.6%
5 Years Annualised
10.5%
10 Years Annualised
10.8%
Since IPO Annualised
398%
Since IPO
Investment returns/Return on Equity(4)
-0.8%
2022 Return on Equity
10-15%
RoE Target
11.6%
Annual Average Since IPO
Dividends
$0.11
Q4 2022 Dividend
$0.44
2022 Dividends
4.6%
Dividend Yield(5)
(8.9)%
Dividend 5-Year CAGR(6)
Please see important notes on page 6.
4 | Tetragon Financial Group |
2022 Snapshot
Figure 1
Tetragon Financial Group - Performance summary
31 Dec 2022 | 31 Dec 2021 | Change | |
Net Assets | $2,758.5m | $2,876.8m | $(118.3)m |
Fully Diluted NAV Per Share | $29.69 | $29.86 | $(0.17) |
Share Price(1) | $9.62 | $8.50 | $1.12 |
Dividend (past 12 months) | $0.44 | $0.41 | $0.03 |
Dividend Yield | 4.6% | 4.8% | |
Ongoing Charges(2) | 1.74% | 1.70% | |
Principal and Employee Ownership | 37.3% | 34.7% | |
2022 | 2021 | ||
Investment Returns/Return on Equity(3) | (0.8%) | 17.3% | |
NAV Per Share Total Return(4) | 1.0% | 14.1% | |
Share Price Total Return(5) | 18.5% | (6.8%) | |
Tetragon Hurdle: LIBOR +2.65%(6) | 4.5% | 2.9% | |
MSCI ACWI Index Total Return(7) | (18.0%) | 19.0% | |
FTSE All-Share Index Total Return(7) | 0.2% | 18.3% |
Figure 2
Tetragon's NAV per Share Total Return and Share Price Since IPO to 31 December 2022
400% | 398% | ||||||||||
350% | |||||||||||
300% | |||||||||||
250% | |||||||||||
200% | 151% | ||||||||||
150% | |||||||||||
132% | |||||||||||
100% | 113% | ||||||||||
50% | 84% | ||||||||||
0% | -Aug08-Apr0 9 -Dec09-Aug10-Apr11 | -Dec11 | -Aug12-Apr13 | -Dec13 | -Aug14 | -Apr15-Dec15-Aug16-Apr17-Dec17 | -Aug18 | -Apr19 | -Dec19 | -Aug20-Apr21-Dec21-Aug22 | -Dec22 |
-Dec07 | |||||||||||
(50%0Apr-07 | |||||||||||
(100%) | TFG NAV per share (TR ) | TFG Share Price (TR ) | MSCI ACWI (TR ) | ||||||||
TFG LIBOR-based performance hurdle | FTSE All-Share Index (TR ) | ||||||||||
Annual Report 2022 | 5 |
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Disclaimer
Tetragon Financial Group Limited published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 17:59:07 UTC.
