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Tetragon Financial Group
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== Peer group comparison<ref name=":2" /> == In Exhibit 9, Edison Investment Research presents a sterling-based comparison of Tetragon with eight members of the AIC Flexible Investment sector. Edison notes that the Flexible Investment sector varies widely in terms of investment strategies and mandates, and Tetragon’s investment approach is very diversified, which renders none of the companies a perfect direct comparator. Tetragon shows above-average NAV returns in every presented period, and over the long term (five-year and 10-year return) is the top performer in the peer group. Meanwhile Tetragon’s share price performance has lagged the group (it was one of the worst performing over three and five years), leading to the widest discount to NAV, despite Tetragon’s shares being the second-best performing over a one-year period. Currently, Tetragon’s shares trade at a 65% discount to end-April NAV, compared to the peer average of 12%. {| class="wikitable" |+Exhibit 9: Selected AIC Flexible Investment sector peer group in sterling terms at 27 June 2022<ref>Source: Morningstar, Edison Investment Research. Note: *Performance data to 30 April 2022. TR = total return in sterling terms. Net gearing is total assets less cash and equivalents as a percentage of net assets (100 = ungeared).</ref> !% unless stated !Market cap £m !NAV TR 1 year !NAV TR 3 year !NAV TR 5 year !NAV TR 10 year !Premium/ (discount) !Ongoing charge !Perf. fee !Net gearing !Dividend yield |- |Tetragon Financial Group |769.4 |26.2 |36.8 |72.6 |288.9 |(65.0) |1.7 |Yes |102 |4.1 |- |Aberdeen Diversified Income & Growth |305.7 |8.5 |11.5 |13.0 |48.2 |(16.8) |0.6 |Yes |101 |5.6 |- |Caledonia Investments |2,022.6 |28.6 |47.0 |68.9 |223.1 |(26.8) |0.9 |Yes |100 |1.7 |- |Capital Gearing |1,158.2 |7.9 |26.9 |37.1 |85.7 |1.1 |0.5 |Yes |100 |0.9 |- |Hansa Trust 'A' |148.0 |(2.4) |10.6 |25.8 |57.9 |(37.6) |1.1 |Yes |100 |1.7 |- |Personal Assets |1,828.0 |5.8 |25.7 |31.3 |68.1 |1.0 |0.7 |Yes |100 |1.2 |- |RIT Capital Partners |3,680.3 |2.4 |46.5 |63.6 |163.9 |(10.3) |0.7 |Yes |111 |1.5 |- |Ruffer Investment Company |993.2 |7.6 |37.7 |35.4 |75.0 |4.5 |1.1 |Yes |100 |0.8 |- |UIL |160.1 |0.6 |10.7 |50.0 |122.3 |(27.0) |2.2 |Yes |195 |4.2 |- |Average |1,448.0 |8.3 |29.4 |39.3 |103.2 |(12.1) |0.8 |<nowiki>-</nowiki> |102 |1.9 |- |Rank in peer group |6 |2 |4 |1 |1 |9 |2 |<nowiki>-</nowiki> |3 |3 |}
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