Tetragon Financial Group - Navigating challenging times

Tetragon Financial Group (Tetragon) published its annual results on 3 March, posting a 1.0% net asset value (NAV) per share total return (TR) in US dollar terms in FY22. In last year's adverse environment, Tetragon outperformed public equity markets (the MSCI AC World index was down 18%), despite results being below its annual target (ROE of 10–15%). It is continuing distributions to shareholders through NAV-accretive share buybacks (US$72m in 2022) as well as cash dividends (US$24m in 2022), with a current dividend yield of 4.3%.