London, UK, 15 June 2017
Edison issues update on Tetragon Financial Group (TFG)
Tetragon Financial Group (TFG) achieved an 8.5% NAV total return in 2016, with positive contributions from all asset classes. Tender offers totalling US$150m considerably enhanced returns, with shares repurchased at a substantial discount to NAV. While still wider than average among peers, Tetragon's share price discount to NAV narrowed by c 10 points over the year, reflecting its 32.7% share price total return. The 2016 dividend was raised by 3.9% to US$0.6725, equating to a 5.3% yield. April 2017 marked Tetragon's 10th anniversary and its performance since launch compares favourably to peers, with an 11.3% pa NAV total return to end-April 2017.
Tetragon's share price discount to NAV has narrowed appreciably over the last 15 months. The current 36.0% discount is lower than its 39.8% five-year average, but remains significantly wider than its five-year low of 20.4%, leaving scope for further narrowing to enhance future shareholder returns. Tetragon's 5.3% dividend yield ranks as one of the highest among its Flexible Investment sector peers.
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