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Hoi Stapelaar/Sprokkelaar, zonet het laatste plukje Tetragon op 9,80 bij gesprokkeld. Nu rustig afwachten of de onderwaardering er een keer een stukje uitloopt. Overigens ben ik momenteel alleen actief met het schrijven van opties, vrijwel alleen calls.
Free1 schreef op 11 juni 2021 12:50 :
Hoi Stapelaar/Sprokkelaar, zonet het laatste plukje Tetragon op 9,80 bij gesprokkeld.
Nu rustig afwachten of de onderwaardering er een keer een stukje uitloopt.
Overigens ben ik momenteel alleen actief met het schrijven van opties, vrijwel alleen calls.
Misschien interessant voor je om ook eens te kijken naar Adler Group (woningverhuur) en/of Aareal Bank in Duitsland
Stapelaar schreef op 11 juni 2021 14:17 :
[...]
Misschien interessant voor je om ook eens te kijken naar Adler Group (woningverhuur) en/of Aareal Bank in Duitsland
Ik zal eens kijken, al ben ik voorzichtig met beleggen in woningverhuur, politieke invloed/belastingen zijn een onzeker risico. En banken heb ik al teveel..... Daarbij ben ik al iets meer dan vol belegd en wil ik de komende 6 maanden wat liquide middelen opbouwen. Mijn voornemen is om alleen wat calls te schrijven op effecten die ik teveel heb of wel wat wil afbouwen, en een enkele put te schrijven als ik er wel wat bij wil hebben en geen neerwaarts risico zie. Eens kijken of dat lukt.
Sprokkelaar, ik heb naar Adler en Aareal Bank gekeken, van die laatste destijds achtergestelde obligatie in bezit gehad en plezier aan beleefd. Maar alles afwegende toch maar weer gekozen voor een plukje Tetragon. Op 9,82 usd zag ik weinig neerwaarts risico en zeer veel opwaarts potentieel, hier een aardig stukje van SeekingAlpha van een paar jaar geleden, nu ziet het er nog beter uit dan destijds. Enerzijds moet je wel vertrouwen hebben in de 2 founders, anderzijds ze leveren wel....
Tetragon: Let The Numbers Do The Talking Mar. 16, 2018 3:07 PM ETTetragon Financial Group Limited (TGONF)10 Comments1 Like Summary Tetragon trades at an enormous discount to NAV. It deserves to be trading at a much higher valuation. It's paying you a 5.4% yield and buying back shares while you wait for Mr. Market to come to its senses. I like a bargain. I like to buy something I need for a lot less than it's worth. Right now, I need somewhere to deploy my capital and diversify my portfolio. Stock markets are at historically high valuations, especially in the US, and as a value-leaning investor, I'm struggling to find opportunities. Step forward Tetragon Financial Group (OTCPK:TGONF). Tetragon is a closed-ended investment trust, pursuing a diversified, flexible alternative investment strategy. What does that mean? From the horse's mouth: they invest in a "broad range of assets, including bank loans, real estate, equities, credit, convertible bonds, private equity, infrastructure and TFG Asset Management, a diversified alternative asset management business" and aim to "provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles." So far, so… ok, I hear you say. Investment trusts are almost as old as the markets themselves (incidentally, the first ever investment trust - the Foreign & Colonial Investment Trust- is still going and will be celebrating its 150th anniversary this year. It has paid a dividend every single year. How's that for a track record?). Their benefits and drawbacks are well known. Why are you reading about one on Seeking Alpha? Because this one happens to be a bargain. Cheap as chips, as we say here in the UK. Tetragon, at $13, is currently trading on a 38.6% discount to NAV ($21.16). It holds a net cash balance of $321m, both to be able to take advantage of new opportunities and to help manage cash flow, considering some of its illiquid investments. If you adjust the NAV to take out this cash, we're looking at a 46% discount. 46%! There must be a downside? Let's go back and take a proper look at the company. They IPO'd in 2007, with 100% investment in Collateralised Loan Obligations, though they are now far more diversified with CLOs only accounting for 17% of net assets. (Source - Company's January 2018 update, www.tetragoninv.com/~/media/Files/T/T... Insider ownership of Tetragon stands at 27% - the second highest amongst 279 UK listed investment companies. The company says "We believe that this ownership creates an alignment of interest between the investment manager, TFG Asset Management and Tetragon shareholders", and it's hard to argue. What isn't hard to pick a gripe with is the corporate structure of the company. Listed shares hold no voting rights. From their annual report: "Tetragon's voting shares are owned by Polygon Credit Holdings II Limited which is a non-U.S. affiliate of Tetragon's investment manager and is ultimately controlled by Reade Griffith and Paddy Dear, who also control the investment manager. Tetragon's voting shares control the composition of the Board of Directors and exercise extensive influence over Tetragon's business and affairs". And: "Tetragon's organisational, ownership and investment structure creates significant conflicts of interest that may be resolved in a manner which is not always in the best interests of Tetragon or its shareholders." Err, ok. Essentially, the guys at the top, Reade Griffith and Paddy Dear, control the board and also control the investment manager. It's all a bit incestuous, and to be honest a bit of a red flag. However, as said above, they do share an alignment of interests with shareholders through their ownership stake, and they seem to be running things fairly. Just don't expect any big boardroom moves to replace the investment manager any time soon… or indeed, any pay cuts. Oh, and these guys didn't exactly endear themselves to investors when in charge of Polygon over the financial crisis period. Fees-wise, they charge 1.5% and 25% over the hurdle rate of LIBOR plus 2.65%. Now, on to some more positive ground. Tetragon, despite the above, has been very well run since inception (Source - 2017 report www.tetragoninv.com/~/media/Files/T/T... Let's take a closer look. (Source - Company presentation Tetragon Financial Group 2017 Q4 - Results - Earnings Call Slides) NAV total return has been solid over the last five years, and indeed since inception, with an 11.3% rate annualised since 2007. (Source - Company presentation) Return on equity has been similarly solid, with a 12.4% return rate since inception, bang in the middle of their 10-15% target. It has lagged a little in the last couple of years, like NAV per share total return, though the company is confident returns will increase as and when LIBOR increases. Tetragon could be a good play against the rising rate environment, but we cannot just skip over the fact that they have been underperforming recently. However -the discount to NAV! It seems disproportionate, especially considering they hold a conservative net cash position of ~16% NAV. The final metric the company measures itself on is the dividend.static1.seekingalpha.com/uploads/sa_p... (Source - Company presentation) The dividend has increased year on year, and is currently standing at $0.70 per share, a 5.4% yield, easily covered and growing at an 8.3% 5-year CAGR. This is alongside an aggressive share buy-back programme, meaning the company has returned $1,167m to shareholders since inception: (Source - company annual report) I am not always a supporter of large-scale buybacks, but in this case, considering the discount to NAV, I believe this has been a prudent, shareholder-value enhancing decision, and will continue to be so until the discount closes. To put it all together:static2.seekingalpha.com/uploads/sa_p... (Source- company presentation) Against its peers, it has the dubious honour of both trouncing their 5 and 10-year performance and operating at a far deeper discount to NAV. Please see the below table using stats from the Association of Investment Companies for the Flexible Investment sector. (Source - Find and compare investment companies | The AIC, custom filter) So, why is it so cheap? I can only see worries about the history of its operators, and the governance structure - both valid perhaps, but not worthy of a 38.6% discount surely. However, it's kind of… always been this way for Tetragon: (Source: Tetragon Financial Group | The AIC) I can't promise that the market is suddenly going to wake up and price this properly. They've never assigned a fair valuation to the stock, and perhaps they never will. However, with the company quietly compounding its NAV year after year, growing its dividend and buying back its shares, it is paying you to wait. A 5.4% yield, an ever-growing diversified asset base and the potential for - maybe one day - a share price re-rating: This bargain hunter is happy. Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
Dividend met 40% verlaagd: waarom eigenlijk als het zo goed gaat? Niet transparant genoeg - een soort conglomeraat discount Geen aandeelhoudersinvloed: een activistische aandeelhouder zou wel raad weten met die discount
Ik meen Cooper heeft t wel eens geprobeerd als activist
De NAV van Tetragon is per eind mei gestegen van $ 26,12 naar $ 26,17. De koers blijft zwak liggen.
Wie heeft er een goed beeld van de CLO portefeuille van Tetragon ? De met hefboom/leverage gefinancierde CLO porto is in omvang meer dan hun beurswaarde, maar minder dan de helft van hun porto. Ik was het aanvankelijk niet van plan, maar zit toch nog even aan de koopkant.;
Free1 schreef op 11 juli 2021 13:34 :
Wie heeft er een goed beeld van de CLO portefeuille van Tetragon ?
De met hefboom/leverage gefinancierde CLO porto is in omvang meer dan hun beurswaarde, maar minder dan de helft van hun porto.
Ik was het aanvankelijk niet van plan, maar zit toch nog even aan de koopkant.;
Niemand heeft een goed beeld van de CLO porto.
www.tetragoninv.com/investors/videos Als Plug dan maar even wat videopresentaties van Tetragon uit 2018. Gedreven power mannetje die Pady Dear, pff....
DeZwarteRidder schreef op 11 juli 2021 13:39 :
[...]
Niemand heeft een goed beeld van de CLO porto.
Ze houden daar niet van transparantie DZR, Paddy stelde dat invloed van aandeelhouders contraproductief werkt. Dat leidt af van, en verstoort hun doelstelling op wat langere termijn. Op zich wel iets voor te zeggen. Ik geef ze vooralsnog dat vertrouwen.
Free1 schreef op 11 juli 2021 13:46 :
[...]Ze houden daar niet van transparantie DZR, Paddy stelde dat invloed van aandeelhouders contraproductief werkt.
Dat leidt af van, en verstoort hun doelstelling op wat langere termijn.
Op zich wel iets voor te zeggen.
Ik geef ze vooralsnog dat vertrouwen.
Anders gezegd: zakken vullen en de aandeelhouders moeten niet lullen.
Sinds gisteren mijn max bereikt van wat ik in Tetragon wil beleggen, enige dat mij nu nog rest is wat pluggen; Claims overnemen in rechtszaken is een nieuwe loot aan de stam; TFG Asset Management, the alternative investment management unit of Tetragon led by Reade Griffith, is taking a minority stake in Contingency Capital, a new litigation finance-focused fund manager founded by ex-Fortress Investment Group partner and managing director Brandon Baer. Contingency Capital, a multi-product global asset manager which will sponsor and manage litigation finance-focused investment strategies, will formally launch on 1 November. As part of the deal, Tetragon will place an initial USD50 million commitment with Contingency’s first commingled investment fund, as well working capital and an option to invest further amounts. TFG Asset Management will also offer operational support, including on risk management, investor relations, financial control, technology and compliance and legal matters. “The Contingency Capital business seeks to provide access to high-quality litigation finance assets in an increasingly expanding market,” Baer said of the soon-to-launch outfit. “Our focus will be on investments whose primary outcomes are driven by legal, tax or regulatory processes and are intended to be generally uncorrelated to the markets.” TFG Asset Management CIO Griffith - who earlier established Polygon and was a founder and CEO of hedge fund giant Citadel Investment Group’s European office - pointed to “significant opportunities” in litigation finance related investing, and said exposure to the asset class is proving “very appealing.” Meanwhile, Fortress – where Baer was a partner and managing director in credit funds, as well as the co-founder and co-head of its legal assets group – has entered into co-investment arrangements with Contingency. Fortress may invest up to USD500 million in Contingency’s opportunities. Contingency has also entered into arrangements with a large fixed income asset manager relating to up to USD900 million of additional co-investment opportunities.
De koers zakt vandaag verder naar nu $ 9,54. Jammer dat de cash positie negatief is anders konden ze de NAV flink verhogen via aandeleninkoop.
objectief schreef op 14 juli 2021 10:50 :
De koers zakt vandaag verder naar nu $ 9,54. Jammer dat de cash positie negatief is anders konden ze de NAV flink verhogen via aandeleninkoop.
Die kaspositie kan snel veranderen, want ze verkopen voortdurend bezittingen.
Die negatieve cashpositie is sowieso geen probleem, ruimte genoeg voor nog heel veel leverage, gezien solvabiliteit objectief.
Met geleend geld eigen aandelen inkopen lijkt me een fantastisch plan. En maar hopen dat die discount wordt ingelopen.
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