Half Year 2024 Tetragon Financial Group Ltd Earnings Call Transcript
Key Points
- Tetragon Financial Group Ltd (LSE:TFG) achieved a NAV per share total return of 1.9% for the first half of 2024, with an annualized NAV per share total return of 10.3% since its IPO.
- The company declared a dividend of $0.11 for the second quarter, representing a yield of approximately 4.3% based on the quarter-end share price.
- TFG Asset Management, the private equity holdings in asset management businesses, recorded an investment gain of $92 million during the period.
- Tetragon's investment in Equitix made a gain of $77 million, driven by higher valuations and dividend income.
- The company has returned approximately $1.7 billion to investors through dividends and share repurchases since inception.
- The NAV per share total return for the first half of 2024 was below the company's long-term target and most equity market indices.
- Hedge fund strategies, event-driven equities, and convertibles and credit lost $2 million in aggregate in the first half.
- Bank loans through CLOs recorded a loss of $12 million in the first half of 2024.
- Real estate investments had a loss of $5 million during the first half, mainly from US-focused funds.
- The segment of other equities and credit generated a loss of $32 million during the first half of 2024.
Good afternoon. Thank you for joining Tetragon's 2024 half-yearly investor call. (Operator Instructions) As a reminder, this call is being recorded. I will now turn you over to Paddy Dear to commence the presentation.
As one of the principals and founders of the investment manager of Tetragon Financial Group Limited, I'd like to welcome you to our investor call, which will focus on the company's 2024 first half results. Paul Gannon, our CFO, will review the company's financial performance for the period; Steve Prince and I will talk through some of the detail of the portfolio and performance, and Steve will spend some time discussing the outlook. As usual, we will conclude with questions, both taken electronically via our web-based system at the end of the presentation, as well as those received since the last update. The PDF of the slides are now available to download on our website, and if you're on the webcast, directly from the webcast portal.
Before I go into the presentation, some
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