Tetragon Financial Group Ltd reported a diluted NAV per share of $41.88 at the close of business on December 31, 2025, marking a marginal monthly increase of 0.1%.
Over the full 2025 year the investment company logged a NAV total return of 19.6%, according to the companys year-end disclosures. While the headline NAV figure was essentially unchanged at year-end, the static headline masks a number of offsetting movements within the portfolio.
The report indicates there were write-downs to holdings in LCM and Ripple. Those reductions in value were offset to some extent by a small write-up in Equitix. Together these valuation changes helped produce a net position in which month-end NAV remained broadly flat.
Several other portfolio elements delivered positive returns. The Hawkes Point Fund 1 continued to perform strongly, driven in part by its mining positions. In addition, gains from an undisclosed public U.S. equity that ranks among Tetragons top ten holdings also contributed to overall performance.
Another notable shift in the top holdings was the appearance of the Tetragon Life Science Fund in the top ten for the first time. The report attributes that placement to strong performance in the biotech sector during December, which pushed the Life Science fund into a larger relative weighting among holdings.
Collectively, the combination of write-downs on certain names and gains across mining, biotech, and a leading U.S. public equity resulted in a modestly higher monthly NAV and a sizeable annual total return, while leaving the year-end NAV essentially flat.
Clear summary: As of December 31, 2025, Tetragon recorded a diluted NAV per share of $41.88, up 0.1% for the month and delivering a 19.6% NAV total return for the full year. Portfolio write-downs to LCM and Ripple were largely offset by a write-up to Equitix and gains from mining positions, an undisclosed U.S. equity, and the Tetragon Life Science Fund entering the top ten holdings after strong biotech performance in December.