Tetragon Financial Group LTD
TFG
ISIN GG00B1RMC548 / Valor 3044063
Tetragon Financial Group LTD
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About company
Tetragon Financial Group LTD is a Guernsey-based closed-ended investment company that operates under the management of Tetragon Financial Management LP. The company is known for its listing on Euronext in Amsterdam and its trading presence on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Tetragon primarily targets institutional and professional investors, offering them opportunities to invest in a range of financial markets and collective investment undertakings. The company's investment strategy is designed for those with the experience and resources to evaluate investment risks and merits, including the capacity to absorb potential losses. Tetragon's focus is on long-term investments, and its shares, specifically non-voting shares, are structured to cater to investors who are not European retail investors but are instead capable of engaging with potentially illiquid securities. This strategic positioning underscores Tetragon's aim to attract a sophisticated investor base looking for diversified investment opportunities in the financial sector.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (23.01.2026):
Tetragon Financial Group LTD — results for the fourth quarter and year ended 31 December 2024: Tetragon reported strong full‑year 2024 results with profit (total comprehensive income) of $352.2m (2023: $141.1m), driven by a $504.3m net gain on investments. Net assets rose to $3,173.0m and NAV per share increased to $38.69 (2023: $34.79). Earnings per share (basic) were $4.13 for the year (2023: $1.62).
Top-line performance
Total income for the year was $521.0m (2023: $240.7m), comprising a $504.3m net gain on non‑derivative financial assets and a $15.5m net gain on derivatives (2023: $270.6m gain on non‑derivatives; $32.5m loss on derivatives).
Profitability and EPS
Profit and total comprehensive income: $352.2m (2023: $141.1m). Basic EPS: $4.13 (2023: $1.62); diluted EPS: $3.94 (2023: $1.53). The year’s improvement largely reflects higher investment gains.
Key expense drivers
Operating expenses increased to $143.4m (2023: $75.6m). Notable items: incentive fee $87.3m (2023: $16.3m) and management fee $43.3m (2023: $41.7m). Share‑based compensation expense was $5.5m (2023: $9.3m).
Balance sheet and NAV
Total assets were $3,564.9m (2023: $3,105.8m). Net assets $3,173.0m (2023: $2,825.4m). NAV per share rose to $38.69 from $34.79. Loans and borrowings increased to $300.0m (2023: $250.0m).
Investments and valuation
Non‑derivative financial assets at FVTPL were $3,504.3m (2023: $3,065.7m). Level‑3 (unobservable input) holdings totaled $2,522.6m (2023: $2,179.8m), including TFG Asset Management at $1,572.8m, reflecting meaningful private/illiquid exposure and valuation gains during 2024.
Cash flow and capital actions
Net cash generated from operating activities was $47.1m (2023: used $26.0m). Cash and cash equivalents at year end $30.5m (2023: $23.1m). The company paid $21.7m of cash dividends, completed stock dividends, and purchased $42.6m of treasury shares in 2024.
Other governance/audit points
The financial statements were audited with an unmodified opinion (audit report dated 3 April 2025). Directors reported no material going‑concern issues and prepared the statements under IFRS as adopted by the EU for the year ended 31 December 2024.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
824 M
Market cap (USD)
11,054
Daily traded volume (Shares)
13.6 / 13.2
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
Est EPS (USD)
Ratings & reviews
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