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Tetragon Financial Group
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=== Performance by asset class === As presented in Exhibits 6 and 7, Tetragon’s best-performing assets in FY21 were TFG Asset Management increasing in value 53% y-o-y and contributing 17.9pp to Tetragon’s NAV performance, followed by private equity (+30% y-o-y; +4.9pp NAV) and bank loans (+17% y-o-y; +2.0pp NAV). The remaining assets performed broadly flat and had limited impact on Tetragon’s NAV in FY21. So far in 2022, the best performing asset class has been bank loans, with their 11% value increase adding 1.1pp to Tetragon’s NAV in the first four months of FY22 (4M22). However, the largest impact on NAV development came from quoted assets (down 47% since end-21; -3.8pp impact on NAV). In 2022 year to date, the portfolio lost 47% of its value, reducing Tetragon’s NAV by 3.8pp, driven predominantly by a significant price decline at one biotechnology company. '''Exhibit 6: FY21 and 4M22 performance by asset class (%)<ref>Source: Tetragon Financial Group, Edison Investment Research. Note: Share of Tetragon’s NAV at end-April 2022 stated on x-axis labels.</ref>''' [[File:Image8-aa95304f94bd4fd2eb26fd7dbb7c830f.png|506x506px]] '''Exhibit 7: FY21 and 4M22 NAV attribution by asset class (pp)<ref>Source: Tetragon Financial Group, Edison Investment Research Note: Share of Tetragon’s NAV at end-April 2022 stated on x-axis labels.</ref>''' [[File:Image9-810b23f9c2e66f6149c524cc520003cd.png|507x507px]]
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