Edison issues review on Tetragon Financial Group (TFG): FY23 growth driven by idiosyncratic factors
Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return in US dollar terms in FY23.
- Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return in US dollar terms in FY23.
- Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme.
- Tetragon’s FY23 return on equity of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3%.
- Tetragon continues payouts to its shareholders, distributing US$83.6m in FY23 through buybacks and dividends (3.0% of opening NAV), with the dividend yield standing at 4.4%.