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Tetragon Financial Group
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=== The manager’s view: Low correlation and diversification === TFM aims to manage a diversified portfolio with limited correlation to broader macro factors rather than actively positioning the portfolio in anticipation of a given scenario materialising in financial markets. In the near term it plans to increase its allocation alongside newly set up managers Contingency Capital (legal assets) and Banyan Square Partners (private equity co-investments), which are part of TFG Asset Management. Tetragon plans to keep a broadly stable allocation to real estate and CLOs, with the distributions and amortisation planned to be offset with new investments into BentallGreenOak/Tetragon Credit Partners funds. Tetragon also highlights that it is considering new asset classes to invest in and is likely to slightly reduce its exposure to convertible bond strategies (managed by minority owned Acasta, formerly the Convertible Bonds strategy within Polygon). Tetragon continues to see TFG Asset Management as its main value driver going forward, which was the case in each financial year from 2017–21. Tetragon aims to continuously expand the entity with new managers, asset classes and strategies and its aggregate assets under management (AUM) reached US$37bn at end FY21 (a 14% five-year CAGR). While Tetragon still considers an IPO of the whole entity as a viable exit route, it now expects that exit transactions of individual asset managers within TFG Asset Management are more likely in the mid-term. Currently, TFG Asset Management comprises nine asset managers, two of which Tetragon considers relatively mature. In the case of three it sees further potential for high growth, while the remaining four are in the early stages of development (see the Asset allocation section for more details on TFG Asset Management managers).
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