Tetragon Financial Group Limited (TFG) Monthly Update For March 2011
Apr 28, 2011, 01:18 ET
LONDON, April 28, 2011 /PRNewswire-FirstCall/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext 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 March 31, 2011
(Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $1,206.8
Cash and Cash Equivalents: $147.0
Net Other Assets/ (Liabilities): ($55.8)
Estimated Net Asset Value: $1,298.0
TFG Shares Outstanding: 131.3
Net Asset Value per Share: [2] $10.85
Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of March 31, 2011
Tetragon Financial Group Limited (TFG)
Monthly Update For March 2011
Tetragon Financial Group Ltd
Snapshot of Portfolio Held by TFG Master Fund Limited (unless
otherwise stated)
as of March 31, 2011
Report Date TFG TFG TFG No. of
Share group group Closed CLO
Price Market Net Transactions
($) Cap Assets
($MM)(1) ($MM)
31 March 2011 $7.60 $998.1 $1,298.0 74(2)
Capital Allocation by Asset Class Risk Investment
Capital - Fair
Allocation Value
($MM)(3)(4)
Broadly Syndicated Senior Secured Loans: US 72.0% $865.3
Broadly Syndicated Senior Secured Loans: Europe 12.8% $153.2
Middle Market Senior Secured Loans: US 15.2% $183.2
CDOs Squared: US 0.0% $0.0
ABS and Structured Finance: US 0.0% $0.0
Total 100.0% $1,201.7
Geographic Allocation by Asset Class USA Europe Asia Total
Pacific
Broadly Syndicated Senior Secured Loans 85.0% 15.0% 0.0% 100.0%
Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0%
CDOs Squared 0.0% 0.0% 0.0% 0.0%
ABS and Structured Finance 0.0% 0.0% 0.0% 0.0%
87.2% 12.8% 0.0% 100.0%
Top 15 Underlying Bank Loan Credits Bank Loan
Exposure
(5)
Community Health 0.93%
Univision Communications 0.87%
HCA Inc 0.85%
TXU Corp 0.83%
Charter Communications 0.82%
First Data Corp 0.77%
SunGard Data Systems Inc 0.72%
Cablevision Systems Corp 0.70%
Aramark Corp 0.69%
Federal-Mogul 0.66%
Sabre Holdings Corp 0.64%
Las Vegas Sands 0.59%
Georgia Pacific Corp 0.58%
Nielsen Company 0.58%
Asurion Corp 0.57%
EUR-USD FX: 1.42
(1) Calculated using TFG shares outstanding and month end exchange price.
(2) Excludes CDO-squared and ABS CDO transactions which were written off
in October 2007. TFG continues to hold the economic rights to 3 of
these written-off transactions.
(3) Excludes TFG's investments in LCM Asset Management LLC and GreenOak
Real Estate LP
(4) Equivalent to Investment in Securities at Fair Value in the US GAAP
Financial Statements.
(5) Includes par amount of loans held directly by TFG and also loan
exposures via TFG's investments in CLOs. With respect to CLO
investments, calculated as a percentage of total corporate loan
assets that TFG has exposure to based on its equity-based pro-rata
share of each CLO's total portfolio. All calculations are net of any
single name CDS hedges held against that credit.
Expected Upcoming Events Date
Q1 Ex-Dividend Date April 29, 2011
Q1 Dividend Record Date May 3, 2011
Quarterly Investor Call May 5, 2011
April 2011 Monthly Report May 20, 2011 (approx)
Q1 Dividend Payment Date May 24, 2011
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 US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US 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 US 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.
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[1] TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited ("TFGMF") in which it
holds a 100.0% share.
[2] Excludes 7.78 million shares held in treasury and 3.91 million shares held by a subsidiary.
For further information, please
contact:
TFG: Press Inquiries:
David Wishnow/Yuko Thomas Brunswick Group
Investor Relations Andrew Garfield/Gill Ackers/Pip
[email protected] Green
+44 20 7404 5959
[email protected]
SOURCE Tetragon Financial Group Limited