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Strategies & Market Trends : Value Investing

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From: MCsweet	7/23/2015 10:29:36 AM
	Read Replies (1) of 78705

Tetragon TFG.L/TGONF This is an interesting mix of asset manager and investment fund. It is trading at 40% discount to diluted NAV of 17.57 and yields 6%. Besides their asset management biz, they have a large portfolio of CLO investments and investments in other strategies (which I am not entirely convinced about). NAV has been rising pretty steadily while share price has not kept up lately. I am hoping that if their investment strategies don't pan out. and stock prices drops they will do other things to create value. They have done tenders and buybacks in the past, but have not been inclined to do them recently. There are issues -- stock is nonvoting (so I don't we'll ever see anything close to NAV) and there have been governance issues such as high expenses, but 40% discount to NAV gives a nice cushion. On the positive, investor relations has been pretty responsive (even if I don't always like their answers to my questions). Warning. This is a PFIC stock, so I'd only buy it in IRAs. MC

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