![]() ![]() TFG uses a lower ‘Fully Diluted Shares in Issue’ than used under US GAAP by 9 million.In effect, shareholders are paying for this. Employee share-based compensation schemes where shares are issued at no cost, so that,.An expensive fee structure when the annual management fee of 1.5% is combined with aĢ5% performance fee off a low hurdle rate of return (Libor plus 2.45%).Unlikely to re-occur given that the business is far more diversified across multipleĪlternative non-economic sensitive assets compared to that earlier period. That said, the volatility in NAV in the 2008/09 period is The investment manager benefits from severe market setbacks at The number 1 negative is unquestionably the lack of a high-water mark for performanceįees at the group level.Management and employees own 33% of the company.A 25% lower share count today compared to listing in 2007.Required by third party investors in its funds). Long duration of CLO, private equity and property funds (often 10-year commitments are A higher-than-average quality of income from its asset management business given the.Private equity, collateralised debt obligation equity (equity in bank credit fund structures)Īnd fee-generating third-party asset management services. An attractive spread of return drivers from hedge/absolute return strategies, property,.Tetragon shareholders at no added risk and without employing additional capital. Substantial third-party assets for fees, boosts the returns than can be delivered to Leverage from its asset management businesses (34% of NAV), which manage.Returns in just 2 of those 14 years (in 20) compared to 5 years where returns Since listing inĢ007, underlying NAV growth (excluding the boost from share buy-backs) has beenħ.3% annually (6.7% for the FTSE World Index). A consistent track record of generating growth in net asset value (NAV).A friend passed me these pro and cons which i kept for future from middle of last year. I have looked at this in the past and did not really understand the structure of the company.
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