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Tetragon Financial Group Limited (TFG) Monthly Update For May 2011


News provided by

Tetragon Financial Group Limited

Jun 17, 2011, 02:55 ET

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LONDON, June 17, 2011 /PRNewswire/ --

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. [(()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.(1)

Net Asset Value Estimates as of May 31, 2011

(Amounts provided are unaudited and subject to change)

 

                                   (in millions except per share data)

    Estimated Fair Value of Investments:      $1,253.3
    Cash and Cash Equivalents:                   $74.4
    Net Other Assets/ (Liabilities):             ($1.3)
    Estimated Net Asset Value:                $1,326.4
    TFG Shares Outstanding:                      131.7
    Net Asset Value per Share: (1)(3)           $11.12
 

Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of May 31, 2011

                             TFG      TFG
                     TFG    group    group
                    Share   Market    Net
                    Price    Cap     Assets         No. of Closed CLO
    Report Date      ($)   ($MM)(1)  ($MM)             Transactions
    31 May 2011     $8.90  $1,172.5 $1,326.4              74(2)
 
 

                                            Risk       Investment -
    Capital Allocation                    Capital       Fair Value
    by Asset Class                       Allocation    ($MM)(3)(4)
 
    Broadly Syndicated
    Senior Secured Loans: US               73.9%      $922.2
    Broadly Syndicated
    Senior Secured Loans:
    Europe                                 11.8%      $147.2
    Middle Market Senior
    Secured Loans: US                      14.3%      $178.8
    CDOs Squared: US                        0.0%        $0.0
    ABS and Structured
    Finance: US                             0.0%        $0.0
 
                    Total                 100.0%    $1,248.2 
                                                               Asia
    Geographic Allocation by                                 Pacific Total
    Asset Class                             USA       Europe
 
    Broadly Syndicated
    Senior Secured Loans                   86.2%      13.8%    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% 
 
                                           88.2%      11.8%    0.0%   100.0%

                                Bank Loan                  
    Top 15 Underlying Bank      Exposure                 
    Loan Credits                   (5)                            
  
    Univision
    Communications             0.91%
    Community Health           0.85%
    HCA Inc                    0.83%
    First Data
    Corp                       0.78%
    Charter
    Communications             0.75%
    SunGard Data Systems
    Inc                        0.73%
    Aramark Corp               0.72%
    Cablevision Systems
    Corp                       0.69%
    TXU Corp                   0.69%
    Sabre Holdings Corp        0.65%
    Federal-Mogul              0.63%
    Las Vegas
    Sands                      0.63%
    Nielsen
    Company                    0.58%
    Georgia Pacific Corp       0.58%
    Health Management
    Associates                 0.57%
 
    EUR-USD FX:   1.44
 
    TOP 10 INDUSTRY
 
    Healthcare, Education & Childcare                        12.0%
 
    Broadcasting & Entertainment                              7.5%
 
    Diversified/Conglomerate Service                          7.0%
 
    Telecommunications                                        6.5%
 
    Retail Stores                                             5.2%
 
    Chemicals, Plastics & Rubber                              5.2%
 
    Printing & Publishing                                     4.0%
 
    Finance                                                   3.7%
 
    Personal, Food & Miscellaneous                            3.7%
 
    Leisure, Amusement, Motion Pictures & Entertainment       3.6%

(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.

Tetragon Financial Group Limited (TFG)
Monthly Update For May 2011

    Expected Upcoming Events                              Date
 
    June 2011 Monthly Report                          July 20, 2011 (approx.)
    Q2 Ex-Dividend Date                                   August 01, 2011
    Q2 Financial Results and Interim Financial Statements August 01, 2011
    Q2 Dividend Record Date                               August 03, 2011
    Quarterly Investor Call                               August 04, 2011
    July 2011 Monthly Report                              August 18, 2011
    Q2 Dividend Payment Date                              August 26, 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.

For further information, please contact:

TFG:
David Wishnow/Yuko Thomas
Investor Relations
[email protected]

Press Inquiries:
Brunswick Group
Andrew Garfield/Gill Ackers/Pip Green
+44-20-7404-5959
[email protected]

SOURCE Tetragon Financial Group Limited

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