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shaai schreef op 17 december 2014 21:41 :
[...]
maar in die 2 jaar is de NAV welaardig hoger geworden, en ook het divd behoorlijk verhoogd
nu nog de corporate governance. Nah :) Wat is de waarde van al die gelieerde assetmanangers, overigens? Ik zie niet veel of negatieve winstbijdrages, laat staan ROI. Blijft toch een eeuwige belofte dit fonds. Waarom toch?
GOALS Looking at the company’s goals: 1. To deliver 10 -15% RoE per annum to shareholders. (5) The third quarter was below target, bringing down the annualised RoE in the first nine months of 2014 to 6.9%. Please see page 4 for further details. 2. To manage more of TFG’s assets on the TFG Asset Management platform in order to reduce the proportion of TFG’s capital that pays away fees to third -party managers. The amount of TFG’s capital that paid fees to external managers at the end of Q3 2014 was 37.0%, down from 53.4% at the end of 2013. (6) We believe that the addition of two new asset classes and asset management businesses – namely infrastructure asset management (Equitix) and mining finance – may allow TFG to further diversify its assets over time while continuing to reduce fees paid away to external managers. 3. To grow client AUM and fee income in TFG Asset Management. Assets under management (“AUM”) at 30 September 2014 stood at $10.6 billion, up from $9.2 billion at 2013 year - end. (7) TFG Asset Management’s fee income (including potential hedge fund performance fees that don’t crystallise until year end) was $56.0 million, up 28.1% on the same period last year. (8) 4. To add further asset management businesses to the TFG Asset Management platform. TFG added two new businesses in Q3 and early Q4 2014 as discussed above.
Ben het wel met Perpster eens dat dat assetmanagement wel een hobby lijkt die weliswaar geen geld kost, maar ook weinig oplevert. Pakweg 80% van de winst komt uit de CLO's en die zijn ze nou net aan het afbouwen. Als je puur naar de knaken kijkt die binnenkomen en herwaarderingen buiten beschouwing laat, denk ik dat het zelfs meer dan 80% is. Dat heb ik nu niet uitgezocht, maar een tijdje geleden wel. Dus ja, de richting waar ze heen willen is mij ook wat onduidelijk. Een simpele CLO boer zijn is nog steeds heel profijtelijk, maar of ze ROE's van meer dan 10% kunnen halen met die andere handel betwijfel ik toch wel. Desondanks vind ik ze wel ondergewaardeerd.
LONDON, Dec. 23, 2014 /PRNewswire/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam N.V. under the ticker symbol "TFG". In this monthly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited.([1]) Net Asset Value Estimates as of 30 November 2014 (Amounts provided are unaudited and subject to change) (in millions except per share data) Estimated Fair Value of Investments: $1,314.3 Cash and Cash Equivalents: $401.8 Net Other Assets / (Liabilities): $67.6 Estimated Net Asset Value: $1,783.7 TFG Legal Shares Issued and Outstanding: 136.0 U.S. GAAP Net Asset Value per Share: ([2]) $18.59 Pro Forma Fully Diluted Net Asset Value per Share: ([3]) $16.67 Investment Composition: As of the end of November 2014, the company held investments in the equity tranches of U.S. and European CLOs, U.S. senior secured loans, asset management businesses, hedge funds, real estate funds, equities and CLO mezzanine tranches, with the remainder of the net assets held in cash plus or minus certain net other assets or liabilities. Derivative mark-to-market gains and losses are contained within net other assets or liabilities. Investment Composition (continued): The geographical allocation of TFG's CLO, direct loan, equity and real estate fund investments was weighted primarily towards the United States, at 80.0% of such assets as of the end of November 2014. European exposure was approximately 18.2% and Asia was approximately 1.8%. TFG's ownership of asset managers, and investments in certain hedge fund vehicles are excluded from the geographic allocation above as they span more than one region. Calendar: See the TFG website for the latest calendar - www.tetragoninv.com/investor/calendar... For further information, please contact: TFG: David Wishnow/Greg Wadsworth Investor Relationsir@tetragoninv.com Press Inquiries: Sard Verbinnen & Co +1 212 687 8080tetragon-svc@sardverb.com This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA. ([1]) TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited ("TFGMF") in which it holds a 100% share. ([2]) Calculation is with reference to U.S. GAAP Shares outstanding (approximately 95.9 million), which is determined by reducing TFG legal shares issued and outstanding by approximately 12.8 million shares held in treasury, 16.6 million shares held by a subsidiary and 10.7 million shares held in escrow, all subject to rounding. ([3]) Calculation is with reference to Pro Forma Fully Diluted Shares outstanding (approximately 107.0 million), which is determined by adding to U.S. GAAP Shares outstanding, shares held in escrow of 10.7 million and the number of shares corresponding to the applicable intrinsic value of the options issued to the Investment Manager at the time of the company's IPO (0.3 million). SOURCE Tetragon Financial Group Limited
NAV $ 18,59 huidige koers $ 9,99......wat mis ik?????
RT 76 schreef op 23 december 2014 09:41 :
NAV $ 18,59 huidige koers $ 9,99......wat mis ik?????
NAV 30/9 $16.82 dividend 0.155 NAV 30/11 $16,67 dwz geen rendement in oktober en november
Er lijkt wel meer te spelen wel tussen de 9,50 en 9,90 heen en weer gaan
Zou er toch een overname spelen. Wel heel opvallend hoe de koers de laatste tijd beweegt!! Tetragon is op dit moment in ieder geval wel een koopje....
Ik snap er niets van. Gelukkig hebben we nog het dollarvoordeel koop jij nog bij?
TFG Legal Shares Issued and Outstanding: 136.0M U.S.GAAP Net Asset Value per Share: $18.96 Pro Forma Fully Diluted Net Asset Value per Share: $17.05 Ruim 2% netto performance in december en daarmee ook in Q4. Normaal gesproken vanavond dividendaankondiging; precies een jaar geleden was er de aankondiging van een USD 50M tender.
Ik zou wou willen maar heb op dit moment geen geld over om bij te kopen
RT 76 schreef op 30 januari 2015 10:01 :
Ik zou wou willen maar heb op dit moment geen geld over om bij te kopen
misschien maar beter! je moet wel reëel blijven: we hebben te maken met een daling die in is gezet in september 2014. En de koers blijft maar wegzakken. alle verhalen over een overname zijn ook gebakken lucht gebleken.
kwartaal divd nu 15,5 $cent, omgerekend op koers USD 9,55 divd rendement van 6,5%, alleen hebben ze al sinds 2011 steeds na 2 kwartalen hetzelfde divd het weer verhoogd. En we hbben al 2 kwartalen 15,5 ct gehad, dus er zit weer een divd verhoging in het vat (voor betaling eind maart, met ex-divd eind feb) zie:www.tetragoninv.com/~/media/Files/T/T...
Laatste ex-dividend was per eind oktober 2014 dus logischer is de nieuwe ex-datum heden 30/1/15. Nieuwe NAV per 31/12/14 was $ 17,05 (gestegen van $16,67 per 30/9/14). De dividendaankondiging komt er m.i. nog aan.
Mooie NAV toename; ik heb vanochtend nog maar wat bijgesprokkeld. Eens komt de waarde eruit, ik heb geduld.
Excuses voor het bovenstaande bericht, want volgens hun website is de ex-dividenddatum pas per eind februari bij de publicatie van de maandelijkse rapportage over januari 2014. Kortom: we zitten nog 1 maand in de wacht.
Jan Pal schreef op 30 januari 2015 10:21 :
[...]
alle verhalen over een overname zijn ook gebakken lucht gebleken.
Overname is natuurlijk nooit echt im Frage geweest daar het management daarover gaat (want stemrecht). Volgens management hebben ze meer het vizier op ooit (2017 oid?) een US listing. Tegen die tijd verwacht ik echter wel dat ze richting NAV noteren
We moeten dus nog geduld hebben. Al lijkt me bij deze koers dat ze erg aantrekkelijk zijn. Het is nog steeds een pareltje.
Tetragon Financial Group Limited ("TFG") Announces The Completion Of Its Acquisition Of Equitix Holdings Limited ? February 02, 2015: 11:30 AM ET LONDON, Feb. 2, 2015 /PRNewswire/ -- TFG announces that it completed today its acquisition of Equitix Holdings Limited ("Equitix") from Cabot Square Capital LLP. The acquisition was financed in part by a new Equitix £60 million bank facility. About Tetragon: TFG is a Guernsey closed-ended company traded on Euronext Amsterdam N.V. under the ticker symbol "TFG" that aims to provide stable returns to investors across various credit, equity, interest rate and real estate cycles. The company maintains two key business segments: an investment portfolio and an asset-management platform. Both segments cover a broad range of assets including bank loans, real estate, equities, credit and convertible bonds. For further information, please contact:
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