Core Insights - Tetragon has released its Monthly Factsheet for July 2025, providing updates on its financial performance and key metrics [1]. Company Overview - Tetragon is a closed-ended investment company based in Guernsey, with non-voting shares listed on Euronext Amsterdam and traded on the London Stock Exchange [2]. - The investment manager for Tetragon is Tetragon Financial Management LP [2]. Financial Performance - The Net Asset Value (NAV) of Tetragon is reported at $3,521 million [4]. - The Fully Diluted NAV per Share stands at $38.41 [4]. - The current share price (TFG NA) is $16.80 [4]. - The Monthly NAV per Share Total Return is -0.6% [4]. - The Monthly Return on Equity is -0.5% [4]. - The most recent quarterly dividend is $0.11, resulting in a Dividend Yield of 2.6% [4].

Group 1 - The registered capital of Xiamen Information Group Capital Operation Co., Ltd. has increased from 900 million RMB to 1.08 billion RMB, representing a 20% increase [1] - Xiamen Information Group Capital Operation Co., Ltd. was established in January 2015 and is wholly owned by Xiamen Information Group Co., Ltd. [1] - The company's business scope includes asset management services, investment activities with its own funds, and financing consulting services [1]

Group 1 - Recently, Suzhou Haiwang Hezong No.3 Equity Investment Partnership (Limited Partnership) was established with an investment amount of approximately 1.5 billion yuan [1] - The business scope includes equity investment and engaging in investment activities with self-owned funds [1] - The enterprise is co-funded by Shanghai Haiwang Hezong Private Fund Partnership (Limited Partnership) and others [1]

Financial Data and Key Metrics Changes - For June, the net investment income (NII) was $79 million, or $0.17 per common share, with a net asset value (NAV) of approximately $3 billion, or $6.56 per common share [4] - The net debt to total assets ratio stood at 30.4%, with unsecured debt plus unsecured preferred accounting for 77.1% of total debt plus preferred [4] - Monthly common shareholder distributions of $0.45 per share were announced for September and October, with a total distribution of approximately $4.6 billion, or $21.66 per share, since the IPO [5] Business Line Data and Key Metrics Changes - The company has increased its focus on first lien senior secured middle market loans, with the first lien mix rising by 642 basis points to 70.5% from the previous year [5] - The second lien mix decreased by 202 basis points to 14.4%, and further repayments reduced it to 13.7% [6] - Subordinated structured notes decreased to 0.6% of the investment portfolio, down 781 basis points from the prior year [6] Market Data and Key Metrics Changes - The portfolio comprised 85% senior and secured debt, with 97 portfolio companies across 33 different industries, totaling a fair value of $6.7 billion [9] - The middle market lending strategy represented 85% of investments at cost, an increase of 878 basis points from the prior year [9] - Interest income accounted for 95% of total investment income, indicating a strong recurring revenue profile [12] Company Strategy and Development Direction - The company is strategically rotating assets towards first lien senior secured loans, focusing on companies with less than $50 million in EBITDA [6][10] - The real estate portfolio, which represented 14% of investments at cost, is being selectively exited to maximize value [10][24] - The company aims to generate attractive risk-adjusted yields, with an annualized yield of 12.2% for the quarter ended June 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management noted a significant slowdown in inflation affecting property taxes, insurance, and payroll, which is favorable for net operating income (NOI) growth [23] - The company anticipates double-digit growth in NOI going forward, driven by strategic focus on middle market lending [23] - Management emphasized the importance of avoiding upper middle market deals with tight spreads and loose covenants, maintaining a focus on the middle market [26][28] Other Important Information - The company has a strong balance sheet with $1.3 billion in combined cash and undrawn revolving credit facility commitments, and 62% of assets are unencumbered [13][14] - The weighted average cost of unsecured debt financing was 4.52% as of June 30, 2025 [16] Q&A Session Summary Question: Outlook for multifamily income trajectory amidst industry challenges - Management acknowledged industry challenges but noted a substantial turning point in their portfolio, with healthy rent growth in diversified geographic areas [21] - They expect a significant increase in NOI, with a 7% increase in the last year and an anticipation of double-digit growth going forward [23] - The company is strategically focused on middle market first lien senior secured lending, viewing the rotation from lower-yielding real estate to higher-yielding loans as a value driver [25][28]

Core Viewpoint - The company reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, indicating financial challenges ahead [1] Financial Performance - The company achieved revenue of HKD 351 million, representing a year-on-year decrease of 23.51% [1] - The loss attributable to the company's owners was HKD 36.67 million, which is an increase of 35.28% compared to the previous year [1] - The basic loss per share was HKD 0.454 [1]

Core Insights - The report provides an overview of fund flows into emerging markets (EM) and specific market ETFs, highlighting trends over various time frames including daily, monthly, and year-to-date data [1][2]. Fund Flow Summary - Total EM experienced a net outflow of $53 million on August 18, 2025, followed by inflows of $44.9 million on August 19, 2025, and a cumulative year-to-date inflow of $9.203 billion [2]. - EM Broad saw a daily inflow of $4.4 million on August 18, 2025, with a total year-to-date inflow of $14.174 billion [2]. - EM ex China recorded a significant inflow of $949.24 million on August 18, 2025, with a total year-to-date inflow of $3.457 billion [2]. - Frontier Markets had no significant inflows or outflows during the observed period, with a total year-to-date inflow of $270 million [2]. Regional ETF Performance - Brazil's ETF had a net inflow of $46 million year-to-date, while Mexico's ETF saw a net outflow of $48 million [2]. - South Africa's ETF experienced a net outflow of $19 million year-to-date, contrasting with India's ETF, which had a net inflow of $551 million [2]. - China's ETF recorded a net inflow of $20 million year-to-date, while Korea's ETF had a net inflow of $161 million [2]. Cumulative Fund Flow Trends - Cumulative net fund flows into emerging market stocks reached $10.692 billion year-to-date, indicating a positive trend despite fluctuations [6]. - The MSCI Emerging Markets Index has shown a corresponding movement, operating within the 1100-1300 point range, reflecting the relationship between fund flows and market performance [6]. - The cumulative net fund flow for emerging market ETFs has steadily increased, reaching a high level, which correlates with the growth in total net asset value (NAV) [12].

SNC Investment Highlights - SNC shares offer an attractive dividend yield of 6.3% (8.5% grossed up for franking)[15] - The SNC portfolio can be acquired at a 9.8% discount to its Net Tangible Assets (NTA)[11, 15] - As of July 31, 2025, the company possesses solid profits reserves and franking credits amounting to 42.7 cents per share[11] - SNC has paid and announced 65.8 cents per share in dividends and 24.9 cents per share in imputation credits since its inception[18] SNC Performance - SNC's gross performance to July 31, 2025, shows a 1-year return of 19.0%, a 3-year return of 13.8% per annum, and a since-inception annualized return of 9.9%[22] - SNC's investment selection and portfolio discipline are highlighted by a win/loss ratio of approximately 70%[24] - SNC's gross performance in rising markets averaged 2.9%, while in falling markets, it averaged -3.3% since inception[26] Portfolio Companies - Carbon Conscious Investments Ltd (CCIL) manages large-scale projects of approximately 17,000 hectares[28] - SNC received a fully franked dividend of $720,000 from CCIL in February 2025 and currently holds approximately $1.7 million in cash[30] - QPM Energy Ltd (QPM) has gas reserves exceeding 400PJ and an enterprise value of $143.8 million[31]

Group 1 - Guangdong Hengjing Innovation Investment Partnership (Limited Partnership) has been established with a capital contribution of 95 million yuan, focusing on investment activities using its own funds [1] - The company is co-funded by Shenzhen Jingtai Technology Co., Ltd., an affiliate of Jingtai Holdings, and Guangdong Hengjian Innovation Investment Development Co., Ltd., a state-owned enterprise under the Guangdong provincial government [1] - Shenzhen Jingtai Technology Co., Ltd. holds a 15% stake in the newly established partnership [1]

Group 1 - The Company, UAB "Atsinaujinančios energetikos investicijos", has approved a new Unsecured Fixed Rate Note Programme with a nominal value of up to EUR 50,000,000 [1] - The base prospectus for the public offering of the Notes has been drafted and approved by the Bank of Lithuania on 25 August 2025 [1][2] - This new Note programme is in addition to an existing programme executed under a base prospectus dated 27 May 2025, allowing the Company to issue notes in Lithuania, Latvia, and Estonia [2] Group 2 - The Prospectus is the only legally binding document containing information on the Company and the Notes, and it is available on the Company's website and other platforms [5] - Approval of the Prospectus does not imply endorsement of the securities being offered, and potential investors are advised to read the Prospectus to understand the associated risks and rewards [6]

Group 1 - BlueFive Capital and CICC's private equity investment division are considering establishing a fund to support Chinese companies seeking expansion in the Middle East [1] - The fund will focus on new economy sectors such as technology, digital transformation, green energy, and advanced manufacturing [1] - Negotiations will include non-exclusive terms regarding fund structure, capital commitments, and investment strategies [1]