That means an impressive 27% of the shares are held by insiders – they are definitely eating their own cooking. Wishnow, Herlyn and Rosenberg own another 2% between them, with other Tetragon/Polygon employees owning a further 8%. Alexander Jackson left under a cloud in 2011 over a strategy disagreement and his place on the committee is now occupied by Stephen Prince.ĭear (the smooth talker) and Griffith (the bruiser) are the main players, owning roughly 4% and 13% of Tetragon’s shares. Both it and Tetragon nearly blew up in the financial crisis a decade ago.įive of the six Tetragon co-founders remain on the investment committee today. Wexboy described Polygon as “a high profile firm in the boom years, with a top reputation as an aggressive credit, convertible, event-driven & special situations investor”. Tetragon was set up by Jeffrey Herlyn, Michael Rosenberg, David Wishnow, Reade Griffith, Alexander Jackson and Paddy Dear, some of whom founded an investment firm called Polygon in 2002. (This 2016 Forbes article adds some more recent colour). You can read more about Tetragon’s back story in this excellent Wexboy post from 2013, so I’ll just summarise some of the juicy bits here. Style: Range of assets including private equity, debt, infrastructure and property.
Current dividend and yield: 71.6c and 5.8%.Net assets / discount to net assets: $22.48 / 45%.
Results released: end of Feb, end of Jul. Corporate governance red alert: 10 voting shares controlled by Dear and Griffith, all listed shares are non-voting. Co-founders/key players: Paddy Dear (58) and Reade Griffith (53). Listed: Amsterdam Euronext (2007), London (2015). That’s not always great for us investors of course! Key stats for Tetragon Financial Group The figures have shifted a little since, but not too much.Īsset management is an inherently attractive business model, with fees charged on a percentage of assets managed whereas costs don’t tend to grow in the same proportion. 10% held directly in various listed investments. 40% invested with those same asset management businesses. 25% in various asset management businesses covering include equities, debt, property and infrastructure. What Tetragon invests in is perhaps best described in the first video from its most recent investor day: A sterling-quoted class of share (TFGS) was introduced in April 2018. It joined the London market in 2015 with the ticker TFG and is quoted in US dollars.Īll its financial information is in US dollars, too, as are its dividends. However, it did so via the Amsterdam Euronext exchange, for reasons I haven’t been able to ascertain. Tetragon was set up as a Guernsey company in 2005 and became publicly listed in 2007. That’s a lot to get past, but it might just be worth the effort… What it does Its corporate governance is horrendous (all the voting shares are controlled by its co-founders) and its charges are eye-watering. Even if I ultimately decide it’s not for me, I always find it a worthwhile exercise.Ĭertainly, there is a lot about Tetragon that many will find off-putting. Nevertheless, I find writing these articles is a great way to learn more about a potential investment. While Tetragon is classed as ‘Flexible’ by the AIC, it invests in a wide array of what are usually considered alternatives. Having seen it mentioned in enthusiastic terms a few times in recent months, I decided it was worthy of a closer look.Ĭonsidering my last article highlighted the hidden risks of alternative asset funds, there’s more than a touch of irony here. Tetragon Financial Group is one such example. There’s either a great opportunity… or great danger. To see an approximate total cost for a product, click "Add to Cart" and enter your zip code and state for the shipping charges to your location.Whenever I see an investment trust trading at a discount of nearly 50%, my spidey sense starts tingling. However, you may choose 'Notify me when Available' on the left navigation. If the 'Add to Cart' Button does not appear for an individual item, then that product is not in stock. Wall: 75D polyester taffeta, 800mm coated/uncoatedĪvailable accessories for the Eureka Tetragon 7 Tent : Hanging gear loft and 2 detachable interior storage pockets keep essential items handy mesh panels allow for clip-in accessoriesĢ vents and large areas of mesh in side walls enhance air circulation for added comfort Durable shockcorded fiberglass frame, ring and pin attachments, and color coded webbing make set up fastīrim over twin-track, side-opening door offers protected front entry brimmed rear window allows ventilation during inclement weatherīathtub floor protects against splashing rain
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