Edison initiation on Tetragon Financial Group

London, UK, 12 September 2016

Edison issues research initiation on Tetragon Financial Group (TFG)

Tetragon Financial Group (TFG) is a specialist closed-ended investment company aiming to provide stable returns across economic and various asset class cycles through investing in a selected portfolio of alternative assets. Within each asset class, the manager seeks to outperform through identifying the most appropriate structure for investments, as well as selecting high-quality specialists to manage the underlying investments. Targeting an annual return of 10-15%, TFG's NAV total return has substantially outperformed major equity markets and its peers over one, three and five years, and since the fund's launch in April 2007. Steps are being taken to address a persistently wide discount, which currently substantially enhances the dividend yield on TFG's shares.

While TFG has achieved a strong performance over the last five years, its share price discount to NAV has remained persistently wide and steps are being taken to address a number of contributory factors. Although seen as a negative, the wide discount enhances the underlying portfolio yield to give TFG shares a 6.1% dividend yield, and provides substantial scope for future shareholder returns to be strengthened by any narrowing of the discount.

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