31st Jul 2019 13:55
(Alliance News) - Tetragon Financial Group Ltd on Wednesday reported a rise in net asset value, with the investment firm seeing growth across its portfolio as global market rebounded in 2019, though total return was short of comparison indices.
At June 30, the closed-ended investment company's NAV per share stood at USD23.94 compared to USD22.48 at December 31, which represents a 6.5% rise.
Tetragon Financial's total net assets increased 3.2% in the first half to USD2.26 billion from USD2.19 billion the year before.
Tetragon Financial declared an interim dividend of USD0.73 per share compared to USD0.72 a year before.
The investment firm's NAV total return in the first half was 8.1%. Tetragon noted the MSCI ACWII Index added 16.6% and the FTSE All-Share Total Return was 12.9%.
In a statement, Tetragon said: "The first half of 2019 was in stark contrast to the end of 2018. Global equities, bonds and commodities all staged meaningful rallies. Despite concerns of trade wars and worries of a recession in the United States, US and European markets rose approximately 17%, and oil increased by 29%. In the six months, all of the portfolio's asset classes generated positive results, with the exception of the portfolio's allocations to 'other equities and credit.'"
The company continued: "Although risk assets rose substantially in the first half of 2019, Tetragon's portfolio is designed to produce positive returns in a variety of markets – as evidenced by the portfolio's performance both at the end of 2018 and during the first half of 2019."
Shares in Tetragon Financial were up 1.1% in London on Wednesday at 1,028.40 pence each.
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