Tetragon Financial (TFG) has published its annual report for the year ended 31 December 2020, which shows it was a bit of mixed year for the company. During the year, it has provided NAV and share price total returns of 9.5% and -18.5% respectively. In comparison, TFG’s hurdle (LIBOR + 2.75%) returned 3.7%, the MSCI ACWI returned 16.8% and the All-Share returned -9.7%. [QD comment: the LIBOR + 2.75% hurdle doesn’t appear to be that much of a target to clear. The global equity index is arguably a more relevant benchmark and, while TFG has provided an NAV total return that is almost double digits, its performance is still somewhat behind global equities, as represented by the MSCI ACWI.]