31st Jul 2018 13:01
LONDON (Alliance News) - Tetragon Financial Group Ltd on Tuesday said its net asset value per share rose in the first half of 2018, driven by higher investment income.
The investment company said NAV total return was 4.4% at the end of June. By comparison the MSCI ACWI Index produced a negative total return of 0.2% and the FTSE All-Share Index returned positive 1.7%.
Tetragon's NAV per share grew to USD22.76 from USD21.91 reported in the same period a year earlier.
The sterling stock was trading 0.7% higher on the day Tuesday at 977.00 pence per share. The dollar stock also was up 0.7%, at USD12.84.
Tetragon's investment income totalled USD144.6 million for the period, up 45% from USD99.5 million generated a year before.
GreenOak Real Estate LP was among the best performers in the portfolio, delivering a gain of USD44.1 million for Tetragon. The result was driven by strong GreenOak performance, which delivered higher-than-expected annual earnings before interest, taxes, depreciation, and amortization and a significant increase in the budgeted profitability in 2018.
The company declared the second quarter dividend of USD0.18 per share, compared to USD0.175 paid the year prior.
"While the investment environment remains complex – with protectionism, inflation, and various political risks buffeting markets – Tetragon continues to maintain a large cash balance which will be used to fund specific capital commitments, to pay dividends and to potentially repurchase shares," Tetragon said in the statement.
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