Alignment.
Performance.
Returns.

We have one of the largest insider ownerships of any listed fund in the United Kingdom and we are invested in our portfolio and in our share price performance.

Our investment objective is to generate distributable income and capital appreciation.

Yuko Thomas

Head of Investor Relations

Investment Strategy

Identify attractive asset class and investment strategies
Identify asset managers that Tetragon Financial Management believes to be superior
Use Tetragon Financial Management's market experience to negotiate favourable terms for Tetragon's investments
Own, where appropriate, all or a portion of the asset management companies with which Tetragon invests in order to enhance the returns achieved on its capital

In addition, the current investment strategy is to continue to grow and diversify TFG Asset Management – as our diversified alternative asset management business – as well as to enhance the value of our asset management companies with a view to realising value from the enterprise.

We look to identify asset classes that offer excess returns relative to their investment risk, or ‘intrinsic alpha’. We analyse the risk/reward, correlation, duration and liquidity characteristics of each potential capital use to gauge its attractiveness.

Paddy Dear

Tetragon Co-Founder

Meet Paddy Dear

The ways we invest

Our investment strategy leads us to invest in three primary ways.

Investments in managed funds

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Ownership stakes in asset managers

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Direct investments

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Investments in managed funds

Internally-managed funds
We invest in a range of specialised funds managed by TFG Asset Management managers, with a view to obtaining diversified returns on favourable terms. In so doing, Tetragon aims to not only produce asset-level returns, but also to enhance these returns with capital appreciation and investment income from its ownership stakes in asset management businesses that derive income from external investors.

Externally-managed funds
We also invest with high-quality third-party managers in which we do not have an ownership stake, in order to access asset classes and investment strategies that we believe are attractive, and we look to create beneficial structures for these investments.

Ownership stakes in asset managers

One of Tetragon’s largest investments is TFG Asset Management, which manages, oversees and supervises our ownership stakes in asset management companies.

TFG Asset Management enhances the value of each individual investment and the entity as a whole through a shared strategic direction and operating infrastructure – encompassing critical business management functions such as risk management, investor relations, financial control, technology, and compliance/legal matters – while at the same time giving entrepreneurial independence to the managers of the underlying businesses.

Factors in building out TFG Asset Management
Considerations when evaluating the viability of a potential asset manager typically include performance track records, reputation, regulatory requirements, infrastructure needs and asset gathering capacity. Potential profitability and scalability of the asset management business are also important considerations.

Additionally, the core capabilities, investment focus and strategy of any new business should offer a complementary operating income stream to TFG Asset Management’s existing businesses. Tetragon looks to mitigate potential correlated risks across TFG Asset Management’s investment managers by diversifying its exposure across asset classes, investment vehicles, durations and investor types, among other factors.

Longer-term investment strategy
Tetragon’s longer-term investment strategy with respect to TFG Asset Management is to continue to grow and diversify as well as to enhance the value of its asset management companies with a view to realising value from the enterprise. This may be through transactions relating to individual businesses within TFG Asset Management, potentially both private and public, that would take advantage of this value enhancement or an initial public offering or other strategic transaction at the TFG Asset Management level. Although transactions such as these could shrink TFG Asset Management’s portfolio of relatively mature market-leading businesses – thereby possibly delaying progress toward a strategic transaction at the TFG Asset Management level – they would enable it to reap the benefits of its success in growing asset management businesses without having to wait for an IPO or other strategic transaction at the TFG Asset Management level. In any event, TFG Asset Management will continue to seek to grow and diversify the business, leveraging its operating infrastructure and shared strategic direction, with Tetragon looking to support investments through co-investment and working capital.

Read more about TFG Asset Management

Direct Investments

We make investments directly on our balance sheet.

These investments reflect single-strategy ideas or idiosyncratic investments that we believe are attractive but may be unsuitable for an investment via TFG Asset Management vehicles. These investments tend to be opportunistic and with a catalyst.

Our alpha-driven ecosystem generates ideas, expertise, insights and connections.

    Ways we invest
   Investment manager

 

Built over two decades, our in-house research team supports the investment process by facilitating the movement of insights and ideas across the business.

Maureen Wainwright

Head of Research

Sophie-Aurore Venon, Portfolio Manager, LCM

Welcome to Tetragon Financial Group Limited

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Restrictions on Ownership by U.S. Persons

Tetragon’s shares have not been and will not be registered under the United States Securities Act of 1933. Consequently, Tetragon shares may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, “U.S. persons” as defined in Regulation S under the Securities Act absent registration or an exemption from registration under the Securities Act. No public offering of any Tetragon shares is being, or has been, made in the United States.

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Furthermore, Tetragon shares may not be held by any “benefit plan investor” that is subject to Title I of the United States Employee Retirement Income Security Act of 1974. Tetragon’s Articles of Incorporation prohibit any “ERISA Person” from acquiring or holding Tetragon shares. The consequences of failing to comply with this prohibition include the divestment of the relevant shares and the forfeiture of any dividends previously received with respect to such shares, as well as any gains from their disposition.

Ownership by Persons in Europe

Tetragon’s non-voting shares are not intended for European retail investors. Tetragon anticipates that its typical investors will be institutional and professional investors who wish to invest for the long term in a predominantly income-producing investment and who have experience in investing in financial markets and collective investment undertakings and are capable themselves of evaluating the merits and risks of Tetragon shares and who have sufficient resources both to invest in potentially illiquid securities and to be able to bear any losses (which may equal the whole amount invested) that may result from the investment.

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