Tetragon Financial Group LTD

Latest Results (21.04.2026):

Tetragon Financial Group LTD — H1 2024 (period ended 30 June 2024, covering Q1–Q2 2024): the company reported a largely stable NAV of $2,821.9m at 30 June 2024 (down $3.5m from $2,825.4m at 31 Dec 2023) while Fully Diluted NAV per share rose to $31.50 (from $31.13). NAV Per Share Total Return for H1 2024 was +1.9% and Return on Equity (RoE) was 1.3% for the period; the share price total return was +6.6%.

Headline NAV and per‑share metrics

Net assets at 30 June 2024: $2,821.9m (vs $2,825.4m at 31 Dec 2023). Fully Diluted NAV per share: $31.50 (up $0.37). NAV Per Share Total Return H1 2024: +1.9%. Reported Net cash position: -$365.3m (reflecting activity and credit facility draw).

Performance and returns

Investment Returns / RoE H1 2024: 1.3%. Share price moved to $10.30 (from $9.88) giving a share price total return of +6.6% for H1 2024. The company reiterates a long‑term RoE target of 10–15%.

Dividends and capital return

Declared dividends: Q2 2024 dividend $0.11 per share; H1 2024 dividends total $0.22 per share. Last 12 months dividends = $0.44 (yield ~4.3% at 30 June 2024). Share buybacks: $25m of non‑voting shares repurchased in April 2024 (company notes repurchases were accretive to NAV).

Drivers of H1 2024 NAV change

Total additions during H1: $222.5m; disposals/receipts: $299.0m; net gains/losses across the portfolio: +$73.0m. Main positive contributors: private equity in asset management companies (+$91.7m, led by Equitix and BGO). Offsets: losses in other equities & credit (-$31.6m) and bank loans (-$11.7m).

Asset allocation and top holdings

Portfolio concentration: roughly 73% of NAV in top listed/managed holdings. Top 10 holdings at 30 June 2024 (value, % of NAV) include Equitix $794.5m (24.9%), Westbourne River Event Fund – Low Net $290.6m (9.1%), BGO $287.0m (9.0%), LCM $243.8m (7.6%), Westbourne River – Long Bias $148.6m (4.7%), Banyan Square $142.4m (4.5%), Hawke’s Point $139.3m (4.4%), and Acasta $111.3m (3.5%).

Private‑equity / asset management platform impact

TFG Asset Management (ownership stakes across Equitix, BGO, LCM, Westbourne, Hawke’s Point, Banyan Square, etc.) was the key performance driver. The asset‑management companies generated +$91.7m of gains in H1 2024 (notably Equitix and BGO produced the majority of that uplift).

Credit, CLOs and bank‑loan exposure

Bank‑loan and CLO allocations were a drag in H1 2024: U.S. CLOs and related positions lost $10.5m and bank‑loan related buckets lost $11.7m. Tetragon remains invested in CLO equity via Tetragon Credit Partners vehicles (TCI II/III/IV), with disclosed commitments and some distributions during the period.

Cash, liquidity and balance‑sheet notes

Net cash moved from -$243.5m at 31 Dec 2023 to -$365.3m at 30 June 2024 after investment activity, share repurchases and dividends. The company has a $400m credit facility (maturing 2032) of which $300m was drawn as of 30 June 2024.

Board commentary & outlook

The board noted resilient markets but elevated geopolitical and macro uncertainty. Management highlighted continued focus on generating distributable income plus capital appreciation via the TFG Asset Management platform, and reiterated intent to return value via dividends and buybacks while selectively deploying capital across the platform.