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"unit": "iso4217:USD" } }, "s7_notes__6__7-1": { "value": "Note 1 Corporate Information Tetragon Financial Group Limited (\u201cTetragon\u201d or the \u201cFund\u201d) was registered in Guernsey on 23 June 2005 as a company limited by shares, with registered number 43321. All voting shares of the Fund are held by Polygon Credit Holdings II Limited (the \u201cVoting Shareholder\u201d). The Fund continues to be registered and domiciled in Guernsey, and the Fund\u2019s non-voting shares (the \u201cShares\u201d) are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. (ticker symbol: TFG.NA) and on the Specialist Fund Segment of the London Stock Exchange plc (ticker symbols: TFG.LN and TFGS.LN). The registered office of the Fund is Mill Court, La Charroterie, St. Peter Port, Guernsey, GY1 1EJ, Channel Islands.Note 2 Material Accounting PoliciesBasis of Preparation The consolidated financial statements of the Fund (the \u201cFinancial Statements\u201d) have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (\u201cEU\u201d) and comply with the Companies (Guernsey) Law, 2008 and give a true and fair view.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments and certain non-derivative financial assets and financial liabilities held at fair value through profit or loss (\u201cFVTPL\u201d) that have been measured at fair value. The accounting policies have been consistently applied to all periods presented in these financial statements. The financial statements are presented in United States Dollars (\u201cUSD\u201d or \u201c$\u201d), which is the functional currency of the Fund, expressed in USD millions (\u201c$m\u201d) (unless otherwise noted).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__8": { "value": "Tetragon Financial Group Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__12": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__11": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "Polygon Credit Holdings II Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__6": { "value": "Polygon Credit Holdings II Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__13": { "value": "Mill Court, La Charroterie, St. Peter Port, Guernsey, GY1 1EJ, Channel Islands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__14": { "value": "Note 2 Material Accounting PoliciesBasis of Preparation The consolidated financial statements of the Fund (the \u201cFinancial Statements\u201d) have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (\u201cEU\u201d) and comply with the Companies (Guernsey) Law, 2008 and give a true and fair view.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments and certain non-derivative financial assets and financial liabilities held at fair value through profit or loss (\u201cFVTPL\u201d) that have been measured at fair value. The accounting policies have been consistently applied to all periods presented in these financial statements. The financial statements are presented in United States Dollars (\u201cUSD\u201d or \u201c$\u201d), which is the functional currency of the Fund, expressed in USD millions (\u201c$m\u201d) (unless otherwise noted). The share capital of the Fund and the majority of its investments are denominated in USD. Most of the expenses and fees paid by the Fund are in USD. Hence, the Directors have determined that USD, as functional and presentational currency, reflects the Fund\u2019s primary economic environment. In accordance with IFRS 10 Consolidated Financial Statements (\u201cIFRS 10\u201d), the Fund is an investment entity and, as such, does not consolidate the entities it controls where they are deemed to be subsidiaries except for Tetragon Financial Group (Delaware) LLC. Tetragon Financial Group (Delaware) LLC holds the collateral for the revolving credit facility. This subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such, it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated. The financial statements for this subsidiary are prepared at the same reporting date using the same accounting policies. All other interests in subsidiaries are classified as FVTPL. Investments in associates are also classified as FVTPL. Subsidiaries are consolidated from the date control is established by Tetragon and cease to be consolidated on the date control is transferred from Tetragon.The Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these financial statements and that the Fund will be able to continue to meet its liabilities for at least twelve months from the date of approval of the financial statements. In making this determination, the Directors have considered reasonable plausible downside scenarios in preparing the cash flow and liquidity projections for the next twelve months, the nature of the Fund\u2019s capital (including readily available resources such as cash, undrawn credit facility and liquid equities) and the applicable covenants on the revolving credit facility. New standards and amendments to existing standardsThe Fund has considered all the standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Fund\u2019s financial statements. These standards and interpretations are not relevant to the Fund\u2019s activities, or their effects are not expected to be material.Foreign Currency Translation Transactions in foreign currencies are translated to the Fund\u2019s functional currency at the foreign currency exchange rate ruling at the date of the transaction. All assets and liabilities denominated in foreign currencies are translated to USD at the foreign currency closing exchange rate ruling at the reporting date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised as net foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income except for those arising on financial instruments at FVTPL which are recognised as components of net gain on non-derivative financial assets at FVTPL and derivative instruments which are recognised as components of net gain/(loss) on derivative financial assets and financial liabilities.Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets at amortised costA financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 it has contractual terms which give rise, on specified dates, to cash flows that are solely payments of principal and interest outstanding.The Fund includes in this category cash and cash equivalents, amounts due from brokers, receivable for securities sold and other sundry receivables. These assets are held with an intention to collect the principal and interest payments.Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL. Financial liabilities attached to derivatives are also measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.Other financial liabilities at amortised costThis category includes all financial liabilities, other than those classified as at FVTPL. The Fund includes in this category loans and borrowings, amounts due to brokers, and other payables and accrued expenses.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.Financial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on non-derivative financial assets at FVTPL in the Consolidated Statement of Comprehensive Income. Subsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.Receivables are carried at amortised cost less any allowance for impairment with any impairment losses arising being included in profit or loss. Financial liabilities, other than those classified as at FVTPL, are measured at amortised cost using the effective interest method.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained. The Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.(vi) ImpairmentThe Fund recognises loss allowances for expected credit losses (\u201cECL\u201d) on financial assets at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Fund considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund\u2019s historical experience and informed credit assessment and including forward-looking information. Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. Fair value measurementThe Fund measures all its investments and derivatives, at fair value at each reporting date.IFRS 13 Fair Value Measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Fund. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price without any deduction for transaction costs. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. For all other financial instruments not traded in an active market, the fair value is determined by using observable inputs where available and valuation techniques deemed to be appropriate in the circumstances. Refer to Note 4 for the valuation techniques used. For assets and liabilities that are measured at fair value on a recurring basis, the Fund identifies transfers between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) and deems transfers to have occurred at the end of each reporting period.Amounts due from/to brokersAmounts due from brokers include margin accounts which represent cash pledged as collateral on the forward foreign exchange contracts, credit default swaps and contracts for difference. Amounts due to brokers include cash advances obtained from the brokers by pledging certain investments. Refer to the accounting policy for financial instruments for recognition and measurement.Cash and cash equivalentsCash comprises current deposits with banks. Cash equivalents comprise of short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.Net gain or loss on non-derivative financial assets and liabilities at FVTPLNet gains or losses on non-derivative financial assets at FVTPL are changes in the fair value of financial assets and financial liabilities at FVTPL and include related interest, dividends and foreign exchange gains or losses. Interest incomeInterest income arising on cash balances and tri-party repurchase agreements are recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.Finance costsInterest and fees charged on borrowings are recognised through profit or loss in the Consolidated Statement of Comprehensive Income using the effective interest method.ExpensesExpenses and fees, including Directors\u2019 fees, are recognised through profit or loss in the Consolidated Statement of Comprehensive Income on the accruals basis.TaxationThe Fund is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged GBP 1,200 per annum (2022: GBP 1,200).Dividend distributionDividend distributions are recognised in the Consolidated Statement of Changes in Equity, when the shareholders\u2019 right to receive the payment is established.Share-based payment transactions Share-based compensation expense for all equity settled share-based payment awards granted is determined based on the grant-date fair value. The Fund recognises these compensation costs net of an estimated forfeiture rate and recognises compensation cost only for those shares expected to meet the service and non-market performance vesting conditions, on a graded vesting basis over the requisite service period of the award. These compensation costs are determined at the individual vesting tranche level for serviced-based awards. When the shares are issued, the fair value of the shares, as determined at the time of the award, is debited against the share-based compensation reserve and credited to other equity in the Consolidated Statement of Changes in Equity. Any associated stock dividends accrued on the original award are debited against retained earnings and credited to other equity using the value determined by the stock reference price at the date of each applicable dividend.Other equity Other equity contains the share premium and treasury shares balances. Operating segmentsAn operating segment is a component of the Fund that engages in business activities from which it may earn revenues and incurs expenses, whose operating results are regularly reviewed by the Fund\u2019s chief operating decision-maker and for which discrete financial information is available. The chief operating decision-maker for the Fund is the Board of Directors. The Fund has considered the information reviewed by the Fund\u2019s chief operating decision-maker and determined that there is only one operating segment in existence.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__15": { "value": "Basis of Preparation The consolidated financial statements of the Fund (the \u201cFinancial Statements\u201d) have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (\u201cEU\u201d) and comply with the Companies (Guernsey) Law, 2008 and give a true and fair view.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments and certain non-derivative financial assets and financial liabilities held at fair value through profit or loss (\u201cFVTPL\u201d) that have been measured at fair value. The accounting policies have been consistently applied to all periods presented in these financial statements. The financial statements are presented in United States Dollars (\u201cUSD\u201d or \u201c$\u201d), which is the functional currency of the Fund, expressed in USD millions (\u201c$m\u201d) (unless otherwise noted). The share capital of the Fund and the majority of its investments are denominated in USD. Most of the expenses and fees paid by the Fund are in USD. Hence, the Directors have determined that USD, as functional and presentational currency, reflects the Fund\u2019s primary economic environment. In accordance with IFRS 10 Consolidated Financial Statements (\u201cIFRS 10\u201d), the Fund is an investment entity and, as such, does not consolidate the entities it controls where they are deemed to be subsidiaries except for Tetragon Financial Group (Delaware) LLC. Tetragon Financial Group (Delaware) LLC holds the collateral for the revolving credit facility. This subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such, it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated. The financial statements for this subsidiary are prepared at the same reporting date using the same accounting policies. All other interests in subsidiaries are classified as FVTPL. Investments in associates are also classified as FVTPL. Subsidiaries are consolidated from the date control is established by Tetragon and cease to be consolidated on the date control is transferred from Tetragon.The Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these financial statements and that the Fund will be able to continue to meet its liabilities for at least twelve months from the date of approval of the financial statements. In making this determination, the Directors have considered reasonable plausible downside scenarios in preparing the cash flow and liquidity projections for the next twelve months, the nature of the Fund\u2019s capital (including readily available resources such as cash, undrawn credit facility and liquid equities) and the applicable covenants on the revolving credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__16": { "value": "The consolidated financial statements of the Fund (the \u201cFinancial Statements\u201d) have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (\u201cEU\u201d) and comply with the Companies (Guernsey) Law, 2008 and give a true and fair view.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__18": { "value": "The financial statements are presented in United States Dollars (\u201cUSD\u201d or \u201c$\u201d), which is the functional currency of the Fund, expressed in USD millions (\u201c$m\u201d) (unless otherwise noted). The share capital of the Fund and the majority of its investments are denominated in USD. Most of the expenses and fees paid by the Fund are in USD. Hence, the Directors have determined that USD, as functional and presentational currency, reflects the Fund\u2019s primary economic environment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__20": { "value": "In accordance with IFRS 10 Consolidated Financial Statements (\u201cIFRS 10\u201d), the Fund is an investment entity and, as such, does not consolidate the entities it controls where they are deemed to be subsidiaries except for Tetragon Financial Group (Delaware) LLC. Tetragon Financial Group (Delaware) LLC holds the collateral for the revolving credit facility. This subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such, it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated. The financial statements for this subsidiary are prepared at the same reporting date using the same accounting policies. All other interests in subsidiaries are classified as FVTPL. Investments in associates are also classified as FVTPL. Subsidiaries are consolidated from the date control is established by Tetragon and cease to be consolidated on the date control is transferred from Tetragon.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__19": { "value": "In accordance with IFRS 10 Consolidated Financial Statements (\u201cIFRS 10\u201d), the Fund is an investment entity and, as such, does not consolidate the entities it controls where they are deemed to be subsidiaries except for Tetragon Financial Group (Delaware) LLC. Tetragon Financial Group (Delaware) LLC holds the collateral for the revolving credit facility. This subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such, it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated. The financial statements for this subsidiary are prepared at the same reporting date using the same accounting policies. All other interests in subsidiaries are classified as FVTPL. Investments in associates are also classified as FVTPL. Subsidiaries are consolidated from the date control is established by Tetragon and cease to be consolidated on the date control is transferred from Tetragon.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__21": { "value": "Investments in associates are also classified as FVTPL", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "The Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these financial statements and that the Fund will be able to continue to meet its liabilities for at least twelve months from the date of approval of the financial statements. In making this determination, the Directors have considered reasonable plausible downside scenarios in preparing the cash flow and liquidity projections for the next twelve months, the nature of the Fund\u2019s capital (including readily available resources such as cash, undrawn credit facility and liquid equities) and the applicable covenants on the revolving credit facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__5": { "value": "Notes to the financial statementsNote 1 Corporate Information Tetragon Financial Group Limited (\u201cTetragon\u201d or the \u201cFund\u201d) was registered in Guernsey on 23 June 2005 as a company limited by shares, with registered number 43321. All voting shares of the Fund are held by Polygon Credit Holdings II Limited (the \u201cVoting Shareholder\u201d). The Fund continues to be registered and domiciled in Guernsey, and the Fund\u2019s non-voting shares (the \u201cShares\u201d) are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. (ticker symbol: TFG.NA) and on the Specialist Fund Segment of the London Stock Exchange plc (ticker symbols: TFG.LN and TFGS.LN). The registered office of the Fund is Mill Court, La Charroterie, St. Peter Port, Guernsey, GY1 1EJ, Channel Islands. Note 2 Material Accounting PoliciesBasis of Preparation The consolidated financial statements of the Fund (the \u201cFinancial Statements\u201d) have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union (\u201cEU\u201d) and comply with the Companies (Guernsey) Law, 2008 and give a true and fair view.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments and certain non-derivative financial assets and financial liabilities held at fair value through profit or loss (\u201cFVTPL\u201d) that have been measured at fair value. The accounting policies have been consistently applied to all periods presented in these financial statements. The financial statements are presented in United States Dollars (\u201cUSD\u201d or \u201c$\u201d), which is the functional currency of the Fund, expressed in USD millions (\u201c$m\u201d) (unless otherwise noted). The share capital of the Fund and the majority of its investments are denominated in USD. Most of the expenses and fees paid by the Fund are in USD. Hence, the Directors have determined that USD, as functional and presentational currency, reflects the Fund\u2019s primary economic environment. In accordance with IFRS 10 Consolidated Financial Statements (\u201cIFRS 10\u201d), the Fund is an investment entity and, as such, does not consolidate the entities it controls where they are deemed to be subsidiaries except for Tetragon Financial Group (Delaware) LLC. Tetragon Financial Group (Delaware) LLC holds the collateral for the revolving credit facility. This subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such, it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated. The financial statements for this subsidiary are prepared at the same reporting date using the same accounting policies. All other interests in subsidiaries are classified as FVTPL. Investments in associates are also classified as FVTPL. Subsidiaries are consolidated from the date control is established by Tetragon and cease to be consolidated on the date control is transferred from Tetragon.The Directors are satisfied that it is appropriate to continue to adopt the going concern basis in preparing these financial statements and that the Fund will be able to continue to meet its liabilities for at least twelve months from the date of approval of the financial statements. In making this determination, the Directors have considered reasonable plausible downside scenarios in preparing the cash flow and liquidity projections for the next twelve months, the nature of the Fund\u2019s capital (including readily available resources such as cash, undrawn credit facility and liquid equities) and the applicable covenants on the revolving credit facility. New standards and amendments to existing standardsThe Fund has considered all the standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Fund\u2019s financial statements. These standards and interpretations are not relevant to the Fund\u2019s activities, or their effects are not expected to be material.Foreign Currency Translation Transactions in foreign currencies are translated to the Fund\u2019s functional currency at the foreign currency exchange rate ruling at the date of the transaction. All assets and liabilities denominated in foreign currencies are translated to USD at the foreign currency closing exchange rate ruling at the reporting date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised as net foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income except for those arising on financial instruments at FVTPL which are recognised as components of net gain on non-derivative financial assets at FVTPL and derivative instruments which are recognised as components of net gain/(loss) on derivative financial assets and financial liabilities.Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets at amortised costA financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 it has contractual terms which give rise, on specified dates, to cash flows that are solely payments of principal and interest outstanding.The Fund includes in this category cash and cash equivalents, amounts due from brokers, receivable for securities sold and other sundry receivables. These assets are held with an intention to collect the principal and interest payments.Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL. Financial liabilities attached to derivatives are also measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.Other financial liabilities at amortised costThis category includes all financial liabilities, other than those classified as at FVTPL. The Fund includes in this category loans and borrowings, amounts due to brokers, and other payables and accrued expenses.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.Financial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on non-derivative financial assets at FVTPL in the Consolidated Statement of Comprehensive Income. Subsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.Receivables are carried at amortised cost less any allowance for impairment with any impairment losses arising being included in profit or loss. Financial liabilities, other than those classified as at FVTPL, are measured at amortised cost using the effective interest method.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained. The Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.(vi) ImpairmentThe Fund recognises loss allowances for expected credit losses (\u201cECL\u201d) on financial assets at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Fund considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund\u2019s historical experience and informed credit assessment and including forward-looking information. Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. Fair value measurementThe Fund measures all its investments and derivatives, at fair value at each reporting date.IFRS 13 Fair Value Measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Fund. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price without any deduction for transaction costs. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. For all other financial instruments not traded in an active market, the fair value is determined by using observable inputs where available and valuation techniques deemed to be appropriate in the circumstances. Refer to Note 4 for the valuation techniques used. For assets and liabilities that are measured at fair value on a recurring basis, the Fund identifies transfers between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) and deems transfers to have occurred at the end of each reporting period.Amounts due from/to brokersAmounts due from brokers include margin accounts which represent cash pledged as collateral on the forward foreign exchange contracts, credit default swaps and contracts for difference. Amounts due to brokers include cash advances obtained from the brokers by pledging certain investments. Refer to the accounting policy for financial instruments for recognition and measurement.Cash and cash equivalentsCash comprises current deposits with banks. Cash equivalents comprise of short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.Net gain or loss on non-derivative financial assets and liabilities at FVTPLNet gains or losses on non-derivative financial assets at FVTPL are changes in the fair value of financial assets and financial liabilities at FVTPL and include related interest, dividends and foreign exchange gains or losses. Interest incomeInterest income arising on cash balances and tri-party repurchase agreements are recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.Finance costsInterest and fees charged on borrowings are recognised through profit or loss in the Consolidated Statement of Comprehensive Income using the effective interest method.ExpensesExpenses and fees, including Directors\u2019 fees, are recognised through profit or loss in the Consolidated Statement of Comprehensive Income on the accruals basis.TaxationThe Fund is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged GBP 1,200 per annum (2022: GBP 1,200).Dividend distributionDividend distributions are recognised in the Consolidated Statement of Changes in Equity, when the shareholders\u2019 right to receive the payment is established.Share-based payment transactions Share-based compensation expense for all equity settled share-based payment awards granted is determined based on the grant-date fair value. The Fund recognises these compensation costs net of an estimated forfeiture rate and recognises compensation cost only for those shares expected to meet the service and non-market performance vesting conditions, on a graded vesting basis over the requisite service period of the award. These compensation costs are determined at the individual vesting tranche level for serviced-based awards. When the shares are issued, the fair value of the shares, as determined at the time of the award, is debited against the share-based compensation reserve and credited to other equity in the Consolidated Statement of Changes in Equity. Any associated stock dividends accrued on the original award are debited against retained earnings and credited to other equity using the value determined by the stock reference price at the date of each applicable dividend.Other equity Other equity contains the share premium and treasury shares balances. Operating segmentsAn operating segment is a component of the Fund that engages in business activities from which it may earn revenues and incurs expenses, whose operating results are regularly reviewed by the Fund\u2019s chief operating decision-maker and for which discrete financial information is available. The chief operating decision-maker for the Fund is the Board of Directors. The Fund has considered the information reviewed by the Fund\u2019s chief operating decision-maker and determined that there is only one operating segment in existence. Note 3 Significant Accounting Judgements, Estimates and Assumptions The preparation of the Fund\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements and disclosure of contingent liabilities. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods.In the process of applying the Fund\u2019s accounting policies, management has made the following judgements, estimates and assumptions which have the most significant effect on the amounts recognised in the financial statements:JudgementsInvestment entity statusThe Board of Directors have determined that the Fund meets the definition of an investment entity as per IFRS 10. Entities that meet the definition of an investment entity within IFRS 10 are generally required to measure their subsidiaries at FVTPL rather than consolidate them. The Fund consolidates Tetragon Financial Group (Delaware) LLC as this subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated.Tetragon obtained funds from investors for the purpose of providing investment management services. The Fund\u2019s investment objective is to generate distributable income and capital appreciation. The Fund reports to its investors via monthly, semi-annual, and annual investor information, and to its management, via internal management reports, on a fair value basis. The Fund has a documented exit strategy for all of its investments. Estimates and assumptionsMeasurement of fair values The Fund based its assumptions and estimates on parameters available at the year-end when the financial statements were prepared; however, existing circumstances and assumptions about future developments may change due to market changes and circumstances arising beyond the control of the Fund. Such changes are reflected in the assumptions when they occur.For detailed information on the estimates and assumptions used to determine the fair value of financial instruments, please refer to Note 4.Note 4 Financial Assets and Financial Liabilities at Fair Value through Profit or LossFair value hierarchyAll assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows:\u2022 Level 1 \u2013 Quoted in active markets for identical instruments.\u2022 Level 2 \u2013 Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayments spreads, credit risk and others.\u2022 Level 3 \u2013 Unobservable inputs. Unobservable inputs reflect assumptions market participants would be expected to use in pricing the asset or liability.Recurring fair value measurement of assets and liabilitiesThe following table shows financial instruments measured at fair value by the level in fair value hierarchy as of 31 December 2023: Non-derivative financial assets at FVTPL Level 1Level 2Level 3TotalFair Value$M$M$M$MTFG Asset Management - - 1,345.4 1,345.4Investment funds and vehicles - 673.3 593.2 1,266.5Listed stock 190.4 - - 190.4(1)CLO equity tranches- - 129.5 129.5(1)CLO debt tranches- 3.8 - 3.8Unlisted stock - 2.7 111.7 114.4Corporate bonds - 15.7 - 15.7Total non-derivative financial assets at FVTPL 190.4 695.5 2,179.8 3,065.7Derivative financial assets Currency options (asset) - 2.2 - 2.2Forward foreign exchange contracts (asset) - 2.9 - 2.9Total derivative financial assets - 5.1 - 5.1Derivative financial liabilities Contracts for difference (liability) - (0.1) - (0.1)Forward foreign exchange contracts (liability) - (8.2) - (8.2)Total derivative financial liabilities - (8.3) - (8.3)(1) Investment in CLO equity and debt tranches held through special purpose vehicles are included in these captions. The following table shows financial instruments measured at fair value by the level in fair value hierarchy as of 31 December 2022:Non-derivative financial assets at FVTPL Level 1Level 2Level 3TotalFair Value$M$M$M$MTFG Asset Management - - 1,343.3 1,343.3Investment funds and vehicles - 595.0 570.6 1,16 5.6Listed stock 158.5 - - 158.5(1)CLO equity tranches- - 170.2 170.2(1)CLO debt tranches- 1.2 - 1.2Unlisted stock - - 64.5 64.5Corporate bonds - 15.9 - 15.9Total non-derivative financial assets at FVTPL 158.5 612.1 2,148.6 2,919.2Derivative financial assets Contracts for difference (asset) - 0.3 - 0.3Currency options (asset) - 3.0 - 3.0Forward foreign exchange contracts (asset) - 18.4 - 18.4Total derivative financial assets - 21.7 - 21.7Derivative financial liabilitiesContracts for difference (liability) - (0.1) - (0.1)Forward foreign exchange contracts (liability) - (2.4) - (2.4)Total derivative financial liabilities - (2.5) - (2.5)(1) Investment in CLO equity and debt tranches held through special purpose vehicles are included in these captions. Transfers between levelsThere were no transfers between levels during the year ended 31 December 2023 or 31 December 2022.Other financial assets and liabilitiesFor all other financial assets and liabilities, the carrying value is an approximation of fair value, including other receivables, amounts due from/to brokers, cash and cashequivalents, loans and borrowings, and other payables. Level 3 reconciliation The following is a reconciliation of the Fund\u2019s assets in which significant unobservable inputs (Level 3) were used in determining fair value at 31 December 2023.CLO Unlisted Investment TFG TotalEquity StockFunds and Asset TranchesVehiclesManagement $M$M$M$M$MBalance at 1 January 2023 170.2 64.5 570.6 1,343.3 2,148.6Additions - 22.3 61.7 23.8 107.8Proceeds (4 8.1) (7.3) (48.6) (50.0) (154.0)Net gains through profit or loss 7.4 32.2 9.5 28.3 7 7.4Balance at 31 December 2023 129.5 111.7 593.2 1,345.4 2,179.8Change in unrealised gains/(losses) through profit or (5.3) 29.5 1.5 (17.7) 8.0loss for assets held at year-endThe following is a reconciliation of the Fund\u2019s assets in which significant unobservable inputs (Level 3) were used in determining fair value at 31 December 2022.CLO Unlisted Investment TFG TotalEquity StockFunds and Asset TranchesVehiclesManagement $M$M$M$M$MBalance at 1 January 2022 164.4 50.3 521.7 1,256.3 1,992.7Additions 34.7 32.3 95.8 26.1 188.9Proceeds (56.6) (18.7) (97.4) (34.8) (2 07.5)Net gains through profit or loss 27.7 0.6 50.5 95.7 174.5Balance at 31 December 2022 170.2 64.5 570.6 1,343.3 2,148.6Change in unrealised gains through profit or loss for 0.9 0.6 9.3 60.9 71.7assets held at year-endValuation process (framework) TMF Group Fund Services (Guernsey) Limited (the \u201cAdministrator\u201d) serves as the Fund\u2019s independent administrator and values the investments of the Fund on an ongoing basis in accordance with the valuation principles and methodologies approved by the Fund\u2019s Audit Committee, which comprises of independent Directors, from time to time. For certain investments, such as TFG Asset Management, a third-party valuation agent is also used. However, the Directors are responsible for the valuations and may, at their discretion, permit any other method of valuation to be used if they consider that such method of valuation better reflects value and is in accordance with IFRS.Valuation techniques CLO equity tranchesA mark to model approach using discounted cash flow analysis (\u201cDCF Approach\u201d) has been adopted to determine the value of the equity tranche CLO investments. The model contains certain assumption inputs that are reviewed and adjusted as appropriate to factor in how historic, current, and potential market developments (examined through, for example, forward-looking observable data) might potentially impact the performance of these CLO equity investments. Since this involves modelling, among other things, forward projections over multiple years, this is not an exercise in recalibrating future assumptions to the latest quarter\u2019s historical data.Subject to the foregoing, the Fund seeks to derive a value at which market participants could transact in an orderly market and also seeks to benchmark the model inputs and resulting outputs to observable market data when available and appropriate. Although seeking to utilise, where possible, observable market data, for certain assumptions the Investment Manager may be required to make subjective judgements and forward-looking determinations, and its experience and knowledge is instrumental in the valuation process. As at 31 December 2023, key modelling assumptions used are disclosed below. The modelling assumptions disclosed below are a weighted average (by USD amount) of the individual deal assumptions. Each individual deal\u2019s assumptions may differ from this average and vary across the portfolio. When determining the fair value of the equity tranches, a discount rate is applied to the expected future cash flows derived from the third-party valuation model. The discount rate applied to those future cash flows reflects the perceived level of risk that would be used by another market participant in determining fair value. In determining the discount rates to use, an analysis of the observable risk premium data as well as the individual deal\u2019s structural strength and credit quality is undertaken. At 31 December 2023, a discount rate of 13% (2022: 13%) is applied unless the deal is within its non-refinancing period, in which case the deal internal rate of return (\u201cIRR\u201d) is utilised as the discount rate. For deals in this category, the weighted average IRR or discount rate is 16.7% (2022: 17.9%). If the deal is past six months from the end of its reinvestment period, a discount rate of 15% (2022: 13%) is applied.Constant Annual 3.0% up to 31 December 2024, 2.4% thereafter (2022: 2.39%), which is 1.0x of the original Weighted Default Rate Average Rating Factor (\u201cWARF\u201d) derived base-case default rate for the life of the transaction. (\u201cCADR\u201d)Recovery Rate 65% (2022: 65%) up to 31 December 2024, 70% thereafter (2022: 70%).Prepayment Rate 20% (2022: 20%), the original base-case prepayment rate with a 0% prepayment rate (2022: 0%) on bonds throughout the life of the transaction.Reinvestment Assumed reinvestment price is par for the life of the transaction with reinvestments being modelled Price and Spreadfor deals that are still in their reinvestment period. Reinvestment spread consists of U.S. syndicated loans with an effective spread over Term SOFR of 379 bps (2022: 379 bps). Sensitivity analysis The discount rate used is a key input in the fair value of CLO equity tranches. A reasonable possible alternative assumption is to change the discount rate by 1%. Changing the discount rate and keeping all other variables constant would have the following effects on net assets and profits:31 Dec 31 Dec 20232022$M$M-1% discount rate 3.3 4.8+1% discount rate (3.2) (4.5)Private equity in asset management companiesThe Fund owns a 100% interest in TFG Asset Management which holds majority and minority private equity stakes in asset management companies. The valuation calculation for TFG Asset Management was prepared by a third-party valuation agent engaged by the Fund\u2019s Audit Committee. Although TFG Asset Management is valued as a single investment, a sum of the parts approach, valuing each business separately has been utilised. This approach aggregates the fair value of all asset managers held by TFG Asset Management overlaying the central costs and net assets at TFG Asset Management level. Currently, no premium has been attributed to the valuation of TFG Asset Management in respect of diversification or synergies between different income streams. Any benefit from operating on the TFG Asset Management platform has been captured in the valuation of the individual asset managers by incorporating it in the business plans used in the DCF and Market Multiple Approaches. The DCF Approach calculates the enterprise value of the investments by utilising a business-specific model to estimate the generation of future net cash flows. Each model reflects the business plan over a specific period of 5-10 years which includes, where applicable, assumptions (which may not be linear) around planned capital raising and/or organic growth through investment returns. The DCF Approach may also include a terminal value which is calculated by applying a growth formula to the projected cash flows in the terminal year or to the average of yearly cash flows in the business plan. This terminal value calculation is used in the DCF approach for Equitix, LCM, Westbourne River Partners, Contingency Capital and Acasta. All estimates of future free cash flows and the terminal value are discounted at a weighted average cost of capital (\u201cWACC\u201d) that captures the risk inherent in the projections. From the enterprise value derived by the DCF Approach, market value of net debt is deducted to arrive at the equity value. An adjustment is made to account for a discount for lack of liquidity (\u201cDLOL\u201d), in the range of 5% to 20%. The Market Multiple Approach applies a multiple, considered to be an appropriate and reasonable indicator of value to certain metrics of the business, such as earnings or assets under management (\u201cAUM\u201d), to derive the enterprise value. The multiple applied in each case is derived by considering the multiples of quoted comparable companies. The multiple is then adjusted to ensure that it appropriately reflects the specific business being valued, considering its business activities, geography, size, competitive position in the market, risk profile, and earnings growth prospects of the business. The valuation agent considered a multiple of earnings such as a company\u2019s earnings before interest, taxes, depreciation, and amortisation (\u201cEBITDA\u201d), to perform this analysis. These multiples were then adjusted for control premium if the comparable companies are valued on a minority basis. Equitix and LCM are valued using a combination of DCF Approach and quoted market multiples (\u201cMarket Multiple Approach\u201d) based on comparable companies to determine an appropriate valuation range. Both approaches are given 50/50 weighting in the valuation. Westbourne River Partners, Acasta, Tetragon Credit Partners and Contingency Capital are valued using the DCF Approach.TFG Asset Management holds approximately 13% interest in BGO and is entitled to receive a series of fixed and variable profit distributions. Sun Life have an option to acquire the remaining interest in the merged entity in 2026. TFG Asset Management and other minority owners are entitled to sell their interest to Sun Life in 2027. The exercise price will be determined based on the average EBITDA of BGO during the two years prior to exercising the option. The Fund\u2019s investment in BGO is valued using the DCF Approach on expected cash flows.The following table shows the unobservable inputs used by the third-party valuation specialist in valuing TFG Asset Management. For the purposes of IAS 1 Presentation of Financial Statements, control premium is not a significant input. 31 December 2023Investment Fair AUMValuation Significant unobservable inputsValue(billion)methodologyWACC EV/DLOL Control Forecast $MEBITDA premium5Y CAGRMultipleEquitix 737.6 GBP 10.9 DCF and 10.5% 9.5x 10% 20% 9.8% Market (AUM)MultiplesBGO 270.5 $10.7 DCF (sum-of-5.6 -11.8% NA 5-15% NA 15.5% the-parts)(EBITDA)LCM 258.5 $10.7 DCF and 10.75% 11.8x 15% 20% 7.2% Market (AUM)MultiplesOther asset 78.8 $6.2 DCF, 11.5%- NA 15-20% NA 7.6% managersreplacement 13.25%(AUM)cost31 December 2022Investment Fair AUMValuation Significant unobservable inputsValue(billion)methodologyWACC EV/DLOL Control Forecast $MEBITDA premium5Y CAGRMultipleEquitix 683.2 GBP 10.0 DCF and 10.5% 11x 10% 20% 12.6% Market (AUM)MultiplesBGO 283.0 $10.6 DCF (sum-of-4.8-12% NA 10% NA 21.7% the-parts)(EBITDA)LCM 290.7 $12.5 DCF and 11.5% 12.6x 15% 20% 12.0% Market (AUM)MultiplesOther asset 86.4 $ 6.1 D CF, 11-13% NA 15-20% NA 8.0% managersreplacement (AUM)costSensitivity analysis31 December 2023Investment Effects on net assets and profits ($M)WACC EV/EBITDA DLOL Control premium Forecast 5Y CAGRmultiple-100 +100 +10% -10% -500 +500 +500 -500 +100 -100 bpsbpsbpsbpsbpsbpsbpsbpsEquitix 52.0 (40.9) 39.2 (39.2) 39.4 (39.4) 17.7 (17.7) 15.1 (16.8)BGO 5.8 (5.6) NA NA 14.9 (14.9) NA NA 8.9 (8.7)LCM 14.5 (11.5) 14.3 (14.3) 13.6 (13.6) 6.8 (6.8) 4.6 (4.6)Other 5.7 (4.8) NA NA 4.5 (4.5) NA NA 8.5 (8.0)asset managers31 December 2022Investment Effects on net assets and profits ($M)WACC EV/EBITDA DLOL Control premium Forecast 5Y CAGRmultiple-100 +100 +3% -3% -500 +500 +500 -500 +100 -100 bpsbpsbpsbpsbpsbpsbpsbpsEquitix 48.9 (38.8) 11.6 (11.6) 38.7 (38.7) 17. 8 (17. 8) 13.6 (13.6)BGO 8.2 (7.8) NA NA 13.5 (13.5) NA NA 14.3 (10.9)LCM 14.5 (11.8) 4.9 (4.9) 15.5 (15.5) 7.7 (7.7 ) 4.0 (4.3)Other 6.4 (5.4) NA NA 4.7 (4.7) NA NA 6.5 (8.0)asset managersInvestment funds and vehiclesInvestments in unlisted investment funds, classified as Level 2 and Level 3 in the fair value hierarchy, are valued utilising the net asset valuations provided by the managers of the underlying funds and/or their administrators. Management\u2019s assessment is that these valuations are the fair value of these investments. In determining any adjustments necessary to the net asset valuations, management has considered the date of the valuation provided. No adjustment was deemed material following this review. The fair value hierarchy for the investment funds is determined by the fair value hierarchy of the underlying investments. The Fund has an investment in an externally managed investment vehicle that holds farmlands in Paraguay. These farmlands are valued utilising inputs from an independent third-party valuation agent. The input is adjusted, between 30% to 40%, for factors such as recent crop yields, conditions specific to the farms and broker quotes and bids received. Sensitivity analysis: A 10% increase in net asset value (\u201cNAV\u201d) of the unlisted investment funds included in Level 3 will increase net assets and profits of the Fund by $59.3 million (2022: $57.1 million). A decrease in the NAV of the unlisted investment funds will have an equal and opposite effect. Unlisted stockAt 31 December 2023, the Level 3 unlisted stock includes the following investments in private companies.Investment Fair value ($M) Valuation methodologynumber31 Dec 31 Dec 202320221 103.8 54.1 Valued using two different prices. A part of the holding, $9.7 million, is subject to tender offer and has been valued utilising the tender offer price. Rest of the shares are valued using broker quotes. 2 - 2.5 n/a3 7.5 7. 5 Transaction price4 0.4 0.4 Expected value of cash flowsSensitivity analysis: A 5% increase in the valuation will increase the net assets and profits of the Fund by $5.6 million (2022: $3.2 million). A 5% decrease will have an equal but opposite effect on the net assets and profits. Listed stockFor listed stock in an active market, the closing exchange price is utilised as the fair value price.Corporate bonds and CLO debt tranchesThe corporate bonds and CLO debt tranches held by the Fund are valued using the broker quotes obtained at the valuation date.Forward foreign exchange contracts and currency optionsForward foreign exchange contracts and currency options are recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at their fair value. Fair values are based on observable foreign currency forward rates, recent market transactions, and valuation techniques, including discounted cash flow models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.The best evidence of fair value of a forward foreign exchange contract at initial recognition is the transaction price. The currency options are recognised initially at the amount of premium paid or received.Contracts for differenceThe Fund enters into contracts for difference (\u201cCFD\u201d) arrangements with financial institutions. CFDs are typically traded on the over the counter (\u201cOTC\u201d) market. The arrangement generally involves an agreement by the Fund and a counterparty to exchange the difference between the opening and closing price of the position underlying the contract, which are generally on equity positions.Fair values are based on quoted market prices of the underlying security, contract price, and valuation techniques including expected value models, as appropriate.Note 5 Interest in Other Entities Investment in unconsolidated structured entitiesIFRS 12 defines a structured entity as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to the administrative tasks only and the relevant activities are directed by means of contractual agreements. The Fund holds various investments in CLOs and investment funds. The fair value of the CLOs and investment funds is recorded in the \u201cnon-derivative financial assets at fair value through profit or loss\u201d line in the Consolidated Statement of Financial Position. The Fund\u2019s maximum exposure to loss from these investments is equal to their total fair value and, if applicable, unfunded commitments. Once the Fund has disposed of its holding in any of these investments, the Fund ceases to be exposed to any risk from that investment. The Fund has not provided, and would not be required to provide, any financial support to these investees. The investments are non-recourse. Please refer to Note 14 for details of unfunded commitments.Below is a summary of the Fund\u2019s holdings in subsidiary unconsolidated structured entities.As at 31 December 2023 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs19 10 0.7\u2013741. 5 423.9 124.0 4.5%Investment Funds Total NAV$M(2)Westbourne River Event Fund1 484.5 NA 446.7 15.8%(2)TFG Asset Management Global Equities Fund1 3.3 NA 3.3 0.1%(3)Tetragon Credit Income funds3 588.6 NA 111.0 3.9%(3)Hawke\u2019s Point Holdings LP2 119.0 NA 116.7 4.1%(3)Banyan Square Capital Partners LP1 128.7 NA 127.0 4.5%(4)Other Real Estate4 37. 9 NA 37.9 1.3%As at 31 December 2022 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1) U.S. CLOs19 245.6\u2013751.6 491.4 158.5 5.7%Investment Funds Total NAV$M(2)Westbourne River Event Fund1 47 7. 2 NA 419.5 15.2%(2)TFG Asset Management Global Equities Fund1 4.4 NA 4.4 0.2%(3)Tetragon Credit Income funds3 674.1 NA 132.7 4.8%(3)Hawke\u2019s Point Holdings LP2 61.8 NA 59.1 2.1%(3)Banyan Square Capital Partners LP1 129.6 NA 123.6 4.5%(4)Other Real Estate4 41.7 NA 41.7 1.5%(1) This includes all U.S. CLOs deemed to be controlled by the Fund. U.S. CLOs are domiciled in the Cayman Islands. (2) Westbourne River Event Fund (formerly Polygon European Equity Opportunity Fund) and TFG Asset Management Global Equities Fund (formerly Polygon Global Equities Fund) are domiciled in the Cayman Islands. Given the applicable notice, liquidity up to 25% of the investment is available on a quarterly basis (subject to certain conditions), and the entire investment could be liquidated over four consecutive quarters.(3) Hawke\u2019s Point Holdings LP, Banyan Square Capital Partners LP, Tetragon Credit Partner funds (Tetragon Credit Income II LP (\u201cTCI II\u201d), Tetragon Credit Income III LP (\u201cTCI III\u201d) and Tetragon Credit Income IV LP (\u201cTCI IV\u201d)) are domiciled in the Cayman Islands. These are private-equity style investment funds. Please refer to Note 14 for details of unfunded commitments. (4) The Fund has investments in commercial farmland in Paraguay, via individual managed accounts managed by Scimitar, a specialist manager in South American farmland. The Fund\u2019s investment can only be redeemed when the underlying real estate assets are sold.Below is a summary of the Fund\u2019s holding in non-subsidiary unconsolidated structured entities: As at 31 December 2023 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs2 411.9 411.9 5.5 0.2%Real Estate Total AUM$M(2)BGO \u2013 U.S.7 37,3 31 NA 4 6 .1 1.6%(2)BGO \u2013 Europe11 14,680 NA 41.3 1.5%(2)BGO \u2013 Asia2 4,926 NA 22.4 0.8%Other Funds Total NAV$M(4)Acasta Funds2 1,036.3 NA 106.6 3.8%(3)Private Equity Funds42 5 4,16 3 .0 NA 2 07. 5 7. 3%As at 31 December 2022 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs2 415.0 \u2013 512.3 463.6 11.7 0.4%Real Estate Total AUM$M(2)BGO \u2013 U.S.7 39,333 NA 49.2 1.8%(2)BGO \u2013 Europe10 14,458 NA 39.2 1.4%(2)BGO \u2013 Asia2 4,581 NA 21.7 0.8%Other Funds Total NAV$M(4)Acasta Funds2 986.2 NA 104.2 3.8%(3)Private Equity Funds34 50,363 NA 162.5 5.9%(1) Includes all externally managed CLOs that are outside the Fund\u2019s control. U.S. CLOs are domiciled in the Cayman Islands. (2) BGO funds hold real estate investments in the U.S., Japan and various countries in Europe. Total assets under management (\u201cAUM\u201d) reflects 100% of BGO AUM in structured entities in each region. The number of investments indicates the Fund\u2019s investments in each region. The Fund\u2019s investment in these funds can only be redeemed in the form of capital distributions when the underlying real estate assets are sold. (3) Private equity funds are domiciled in the Cayman Islands, Luxembourg and the U.S. (4) Acasta Global Fund and Acasta Energy Evolution Fund are domiciled in the Cayman Islands. Given the applicable notice, liquidity up to 25% of the investment is available on a quarterly basis (subject to certain conditions), and the entire investment could be liquidated over four consecutive quarters. TFG Asset ManagementThe Fund owns 100% holdings and voting rights in TFG Asset Management LP. As at 31 December 2022 and 31 December 2023, TFG Asset Management LP\u2019s investments were comprised of the following:Notes(1) Equitix and BGO have a presence in North America, Europe, and Asia. (2) TFG Asset Management owns a non-controlling interest (\u201cNCI\u201d) as well as providing infrastructure services to these managers. The chief investment officers of underlying businesses own a controlling stake. Investment Principal Ownership interest Carrying value $M Percentage of NAVplace of 2023 2022 2023 2022 2023 2022business(1)Equitix Global 75% 75% 737.6 683.2 2 6.1% 24.8%(1)BGO Global 13% 13% 270.5 283.0 9.6% 10.3%LCM U.S. and U.K. 100% 100% 258.5 290.7 9.1% 10.5%Other asset managers: 78.8 86.4 2.8% 3.1%Westbourne River Partners U.S. and U.K. 100% 100%(2)NCIAcasta Partners U.S. and U.K. NCITetragon Credit Partners U.S. and U.K. 100% 100%Hawke\u2019s Point U.S. and U.K. 100% 100%Banyan Square Partners U.S. and U.K. 100% 100%(2)NCI(2)Contingency Capital U.S. and U.K. NCITetragon Financial Group Holdings LLC and Tetragon Financial Group (Delaware) LLCThe Fund holds a 100% ownership interest in Tetragon Financial Group Holdings LLC which is a holding company for a 100% ownership interest in Tetragon Financial Group (Delaware) LLC. Both companies are domiciled in Delaware. The purpose of Tetragon Financial Group (Delaware) LLC is to hold the collateral and liabilities related to the revolving credit facility (see Note 10). The fair value of the assets held by Tetragon Financial Group (Delaware) LLC as at 31 December 2023 is $1,215.4 million (2022: $1,190.3 million). The outstanding balance on the credit facility as at 31 December 2023 is $250.0 million (2022: $115.0 million). In case of non-payment of principal or interest, the provider of the credit facility has a lien over the assets held by Tetragon Financial Group (Delaware) LLC. There is no recourse to the Fund. The following table shows the breakdown of assets by asset class: 31 Dec 202331 Dec 2022$M$MInvestment funds and vehicles 802.8 780.2TFG Asset Management 332.0 332.8Unlisted stock 57.8 4 6.1CLO equity tranches 22.8 31.2Total 1,215.4 1,190.3LCM Euro LLC and LCM Euro II LLCThe Fund holds 100% ownership interest in LCM Euro LLC and LCM Euro II LLC Investment Series, domiciled in Delaware. The subsidiaries have invested in debt and equity tranches of certain LCM CLOs. They have entered into sales and repurchase agreements with regards to some of the CLO debt tranches that it holds. The timing and amount of payment of repo interest and repurchase obligations are matched by the interest and principal payments from the relevant debt tranches. Additional interest of 0.5% per annum is payable on the outstanding balance. As of 31 December 2023, LCM Euro LLC and LCM Euro II LLC Investment Series had total assets of $162.1 million (2022: $161.7 million) and aggregate repurchase obligations of $140.5 million (2022: $140.4 million). The fair value of LCM Euro LLC and LCM Euro II LLC Investment Series of $21.4 million (2022: $21.2 million) is included in non-derivative financial assets at FVTPL. There is no recourse to the Fund in case of non-payment of principal or interest. Note 6 Financial Risks ReviewFinancial Risk Review:This note presents information about the Fund\u2019s objectives, policies and processes for measuring and managing risk. The Fund has exposure to the following risks from financial instruments:\u2013 Credit risk;\u2013 Liquidity risk; and\u2013 Market risksRisk Management Framework:The Fund\u2019s portfolio comprises a broad range of assets, including a diversified alternative asset management business, TFG Asset Management, and covers bank loans, real estate, equities, credit, convertible bonds, private equity and infrastructure. The Fund\u2019s investment strategy is to seek to identify asset classes that offer excess returns relative to their investment risk, or \u201cintrinsic alpha\u201d. The Investment Manager analyses the risk/reward, correlation, duration and liquidity characteristics of each potential capital use to gauge its attractiveness and incremental impact on the Fund. As part of the Fund\u2019s investment strategy, the Investment Manager may employ hedging strategies and leverage in seeking to provide attractive returns while managing risk. The Investment Manager\u2019s risk committee is responsible for the risk management of the Fund and performs active and regular oversight and risk monitoring. a) Credit risk \u201cCredit risk\u201d is the risk that a counterparty/issuer to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund, resulting in a financial loss to the Fund. It arises principally from the CLO portfolio held, and also from derivative financial assets, cash and cash equivalents, corporate bonds, other receivables and balances due from brokers. Credit risk is monitored on an ongoing basis by the Investment Manager in accordance with the policies and procedures in place. The Fund\u2019s activities may give rise to settlement risk. \u201cSettlement risk\u201d is the risk of loss due to the failure of an entity to honour its obligations to deliver cash, securities or other assets as contractually agreed. For the majority of transactions, the Fund mitigates this risk by conducting settlements through a broker to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. The Fund conducts diligence on its brokers and financing counterparties before entering into trading or financing relationships. The Fund also actively monitors and manages settlement risk by diversifying across counterparties and by monitoring developments in the perceived creditworthiness of financing counterparties.The carrying value and unfunded commitments of financial assets at fair value through profit or loss, derivatives, other receivables, amounts due from brokers and cash and cash equivalents, as disclosed in the Consolidated Statement of Financial Position and Note 14, represents the Fund\u2019s maximum credit exposure, hence, no separate disclosure is provided. The ECL on financial assets at amortised costs are immaterial. i. Analysis of Credit Quality Cash and cash equivalentsThe cash and cash equivalents are concentrated in five (2022: three) financial institutions with credit ratings between AA\u2013 and A+ (S&P) (2022: AA\u2013 and A+). The Investment Manager monitors these credit ratings and spreads of credit default swaps on a daily basis and actively moves balances between counterparties when deemed appropriate.Amounts due from brokersBalances due from brokers represent margin accounts, cash collateral for borrowed securities and sales transactions awaiting settlement. Any excess margin is included in cash and cash equivalents. Credit risk relating to unsettled transactions is considered small due to the short settlement period involved and the credit quality of the brokers used. As at the reporting date, the balance was concentrated in three brokers (2022: one) with S&P\u2019s credit rating between A- and A+ (2022: A+). Due to the high credit rating of the brokers, the expected credit losses on these balances are immaterial. The following table details the amounts held by brokers.31 Dec 202331 Dec 2022$M $MBNP Paribas 3.7 5.5Bank of America Merrill Lynch 0.3 -ING 3.2 -Total 7.2 5.5Corporate bondsThe Fund has an investment in a debt security of $15.7 million (2022: $15.9 million) with Moody\u2019s credit rating of Ba1 (2022: B3).CLOsThe Fund\u2019s portfolio is partly invested in CLO equity tranches which are subject to potential non-payment risk. The Fund will be in a first loss position with respect to realised losses on the collateral in each CLO investment. The Investment Manager assesses the credit risk of the CLOs on a look-through basis to the underlying loans in each CLO investment. The Investment Manager seeks to provide diversification in terms of underlying assets, geography and CLO managers. The maximum loss that the Fund can incur on CLOs is limited to the fair value of these CLOs as disclosed below. The underlying loans are made up of a variety of credit ratings including investment grade and non-investment grade.The following tables show the concentration of CLOs (including TCI II, III and IV) by region of underlying assets and by manager.31 Dec 202331 Dec 2022$M $MRegionUnited States 95% 95%Other 5% 5%100% 100%ManagerLCM 61% 62%Other managers 39% 38%Total 100% 100%DerivativesThe table below shows an analysis of derivative financial assets and liabilities outstanding at 31 December 2023 and 31 December 2022.Derivative assets Derivative liabilitiesFair ValueNotional Fair ValueNotional$M$M31 December 2023 5 .1 281.6 (8.3) 299.631 December 2022 21.7 460.9 (2.5) 59.8ii. Concentration of credit riskThe Fund\u2019s credit risk is concentrated in CLOs, and cash and cash equivalents. The table below shows a breakdown of credit risk per investment type. None of the Fund\u2019s financial assets was considered to be past due or impaired on 31 December 2023 or 31 December 2022.Investment type 31 Dec 2023 31 Dec 2022CLOs 71% 72%Cash and cash equivalents 13% 10%Corporate bonds 9% 7%Amount due from brokers 4% 2%Other loans and derivatives 3% 9%Total 100% 100%iii. Collateral and other credit enhancements, and their financial effectsThe Fund mitigates the credit risk of derivatives and reverse sale and repurchase agreements through collateral management including master netting agreements.Derivative transactions are either transacted on an exchange or entered into under International Derivative Swaps and Dealers Association (\u201cISDA\u201d) master netting agreements. Under ISDA master netting agreements in certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. The amount of collateral accepted in respect of derivative assets is shown in Note 6(iv).iv. Offsetting financial assets and liabilitiesThe Fund has not offset any financial assets and financial liabilities in the Consolidated Statement of Financial Position. The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting or similar agreement that covers financial instruments. 31 December 2023 Gross Gross Net Amounts Financial Cash Net Amount of Amounts Presented instruments collateral AmountRecognised Offset in the in the eligible for held by Assets/ Consolidated Consolidated nettingbrokersLiabilitiesStatement Statement of Financial of Financial PositionPosition$M$M$M$M$M$MAssetsING 5.1 - 5.1 (5.1) - -UBS AG - - - - - -Total 5.1 - 5.1 (5.1) - -LiabilitiesING 8.2 - 8.2 (5.1) - 3.1UBS AG 0.1 - 0.1 - - 0.1Total 8.3 - 8.3 (5.1) - 3.231 December 2022AssetsING 21.4 - 21.4 (2.4) - 19.0UBS AG 0.3 - 0.3 - - 0.3Total 21.7 - 21.7 (2.4) - 19.3LiabilitiesING 2.4 - 2.4 (2.4) - -BNP Paribas 0.1 - 0.1 - - 0.1Total 2.5 - 2.5 (2.4) - 0.1b) Liquidity risk\u201cLiquidity risk\u201d is the risk that the Fund will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Fund\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Fund\u2019s financial assets include some investments which are considered illiquid. These investments include TFG Asset Management, CLO equity tranches, real estate funds and vehicles and unlisted equities. The Fund also holds investments in hedge funds and private equity funds, which are subject to redemption restrictions such as notice periods and, in certain circumstances, redemption gates. As a result, the Fund may not be able to liquidate these investments readily.The Fund\u2019s liquidity risk is managed on a daily basis by the Investment Manager in accordance with the policies and procedures in place. The Fund has access to a revolving credit facility (Note 10) of $400.0 million (2022: $400.0 million) and can also access prime broker financing (Note 8). As of 31 December 2023, $250.0 million was drawn on the credit facility (2022: $115.0 million).The Fund has unfunded commitments (Note 14) to private-equity style funds which can be called immediately. The Fund is not exposed to the liquidity risk of meeting shareholder redemptions as the Fund\u2019s capital is in the form of non-redeemable shares. The following were the contractual maturities of non-derivative financial liabilities at the reporting date. The amounts are gross and undiscounted. The finance costs on borrowings are calculated assuming the drawn balance on the credit facility and the interest rate remains unchanged and principal repaid on the maturity date of the facility. 31 December 2023 Within 1 1 \u2013 3 3 months 1 \u2013 5Greater Totalmonthmonths\u2013 1 yearyearsthan 5 years$M$M$M$M$M$MFinance costs on borrowings 1.9 3.8 17.1 90.9 80.5 194.2Loans and borrowings - - - - 250.0 250.0Other payables 5.8 16.3 - - - 2 2.1Total 7.7 20.1 17.1 90.9 330.5 466.331 December 2022Finance costs on borrowings 0.9 1.8 8.0 42.4 48.2 101.3Loans and borrowings - - - - 115.0 115.0Other payables 3.7 26.5 - - - 30.2Amounts due to brokers 68.0 - - - - 68.0Total 72.6 28.3 8.0 42.4 163.2 314.5The tables below analyse the Fund\u2019s financial derivative instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the financial year-end date to the contractual maturity date.Inflows OutflowsWithin 1 \u2013 3 3 months 1 \u2013 5 Within 1 \u2013 3 3 months 1 \u2013 5 1 monthmonths\u2013 1 yearyears1 monthmonths\u2013 1 yearyears$M$M$M$M$M$M$M$M31 Dec 181.9 248.7 61.9 - (180.7) (253.8) (63.5) -202331 Dec 260.6 190.6 5.9 - (250.5) (184.7) (5.9) -2022The Fund manages its liquidity risk by holding sufficient financial liabilities. Cash and cash equivalents balance cash and cash equivalents and available balance to and undrawn balance on credit facility is disclosed below:withdraw on the revolving credit facility to meet its Investment type 31 Dec 202331 Dec 2022$M$MCash and cash equivalents 23.1 21.7Undrawn balance on credit facility 150.0 285.0c) Market riskMarket risk is the risk that changes in market prices, such as interest rates, foreign exchange rates, equity prices and credit spreads, will affect the Fund\u2019s income or the fair value of its holdings of financial instruments. The Fund\u2019s strategy for the management of market risk is driven by the Fund\u2019s investment objective of generating distributable income and capital appreciation. The Fund employs hedging strategies, from time to time as deemed necessary, to manage its exposure to foreign currency, interest rate and other price risks. The Fund does not apply hedge accounting. i. Interest Rate RiskInterest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments.The fair value of certain of the Fund\u2019s investments may be significantly affected by changes in interest rates. The Fund\u2019s investments in leveraged loans through CLOs generate SOFR plus returns and are sensitive to interest rate levels and volatility. Although CLOs are structured to hedge interest rate risk to some degree through the use of matched funding, there may be some difference between the timing of SOFR resets on the liabilities and assets of a CLO, which could have a negative effect on the amount of funds distributed to residual tranche holders. In addition, many obligors have the ability to choose their loan base from among various terms of SOFR and the Prime Rate thereby generating an additional source of potential mismatch. Furthermore, in the event of a significant rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may be expected to affect the Fund\u2019s cash flow, fair value of its assets and operating results adversely.Changes in interest rates may also affect the value of the Fund\u2019s investment in Acasta Global Fund. Generally, the value of convertible bonds and other fixed rate instruments will change inversely with changes in interest rates. The investment manager of Acasta Global Fund manages interest rate risk by, among other things, entering into interest rate swaps and other derivatives as and when required. The table below shows the sensitivity analysis for interest rates movement on the investment portfolio held by the Fund.31 December 2023 Fair Value Effects of +100bps change in Effects of \u2013 100bps change interest rate on net assetsin interest rate on net assets $M$M$MU.S. CLOs 133.3 5.6 (5.6)TCI II 29.7 1.3 (1.3)TCI III 60.5 2.6 (2.6)TCI IV 20.7 1.0 (1.0)Acasta Global Fund 102.8 (1.6) 1.9Total 347.0 8.9 (8.6)31 December 2022U.S. CLOs 170.2 8.6 (8.6)TCI II 41.5 1.5 (0.9)TCI III 75.6 2.8 (2.4)TCI IV 15.6 1.2 (1.0)Acasta Global Fund 100.4 (2.2) 2.3Total 403.3 11.9 (10.6)ii. Currency riskThe Fund invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in Euro (\u201cEUR\u201d), Sterling (\u201cGBP\u201d) and Norwegian Krone (\u201cNOK\u201d).Consequently, the Fund is exposed to risk that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the fair value or future cash flows of the Fund\u2019s financial assets or financial liabilities denominated in currencies other than USD. The Fund typically hedges against its currency risk, mainly by employing forward foreign exchange contracts. The currency exposure is monitored and managed on a daily basis. ExposureAt the reporting date, the carrying amount of the Fund\u2019s net financial assets and financial liabilities held in individual foreign currencies, expressed in USD were as follows.The sensitivity analysis sets out the effect on the net assets and profit for the year of reasonably possible weakening of USD against EUR, GBP, and NOK by 5%. The analysis assumes that all other variables, in particular interest rates, remain constant.31 December 2023 Net Monetary and Non-Forward foreign NetEffect of 5% Monetary Assets and Liabilities exchange hedging exposureon exchange $M$M $Mrate $MEUR 49.2 (44.9) 4.3 0.2GBP 817.1 (433.3) 383.8 19.2NOK 8.6 (9.2) (0.6) -Total 874.9 (487.4) 387.5 19.431 December 2022EUR 42.8 (45.4) (2.6) (0.1)GBP 750.5 (369.2) 381.3 19.1NOK 4.0 (6.0) (2.0) (0.1)Total 797.3 (420.6) 376.7 18.9A strengthening of the USD against the above currencies would have resulted in an equal but opposite effect to the amounts shown above.iii. Other price risk\u2018Other price risk\u2019 is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment or its issuer or by factors affecting all instruments traded in the market. The Investment Manager manages the Fund\u2019s price risk and monitors its overall market positions on a regular basis in accordance with the Fund\u2019s investment objectives and policies.The following table sets out the concentration of the investment assets and liabilities, including derivatives held by the Fund as at the reporting date. % of net assets % of net assets as at 31 Dec 2023as at 31 Dec 2022Asset classInvestment funds and vehicles 44.8% 42.3%TFG Asset Management 47.6% 48.7%CLO equity and debt tranches 4.8% 6.2%Unlisted stock 4.1% 2.3%Listed stock 6.7% 5.7%Corporate bonds 0.6% 0.6%Contracts for difference 0.0% 0.0%Forward foreign exchange contracts and options 0.1% 0.7%The Investment Manager reviews the concentrations against the limits which are set and reviewed periodically. The table below shows the impact of a positive 1% movement in the price of these investments on the NAV and profits of the Fund. A negative 1% movement will have an equal and opposite effect.31 Dec 31 Dec 20232022$M $MAsset classInvestment funds and vehicles 12.7 11.7TFG Asset Management 13.5 13.4CLO equity and debt tranches 1.4 1.7Unlisted stock 1.3 0.6Listed stock 1.8 1.6Corporate bonds 0.2 0.2Contracts for difference - -Forward foreign exchange contracts and options - 0.2Note 7 Other Receivables and Prepayments31 Dec 202331 Dec 2022$M $MOther receivables 0.4 2.1Prepayments 4.3 4.0Total 4.7 6.1Other receivables are expected to be settled within 12 months. Note 8 Amounts Due to Brokers 31 Dec 202331 Dec 2022$M $MAmounts due to brokers - 68.0Value of collateral posted with brokers 186.6 17 7.7The collateral is in the form of long- and short-listed equities and derivatives, and cash. The Fund can draw cash on the back of these securities from the broker. During 2023, no charges (2022: $0.2 million) were paid to the brokers in relation to this financing arrangement and included in finance costs. Note 9 Other Payables and Accrued Expenses31 Dec 202331 Dec 2022$M $MIncentive fee payable 16.3 26.5Other payables and accrued expenses 5.8 3.7Total 22.1 30.2All other payables and accrued expenses are due within one year. Note 10 Credit FacilityThe Fund has access to a US$ 400.0 million revolving credit facility with maturity date in July 2032. The facility is subject to a non-usage fee of 0.5% which is applied to the undrawn notional amount and a servicing fee of 0.015% of the total size of the facility. Any drawn portion incurs interest at a rate of 3M Term SOFR plus a spread of 3.40%. 31 Dec 202331 Dec 2022$M $MDrawn balance at start of the year 115.0 75.0Interest and fees expensed 24.0 10.1Interest and fees paid (24.0) (10.1)Drawdowns 285.0 215.0Repayments (150.0) (175.0)Drawn balance at the end of the year 250.0 115.0Note 11 Incentive Fee The Fund pays the Investment Manager an incentive fee for each calculation period (a period of three months ending on 31 March, 30 June, 30 September and 31 December in each year or as otherwise determined by the Directors) (the \u201cCalculation Period\u201d) equal to 25% of the increase in the NAV of the Fund during the Calculation Period (before deduction of any dividend paid or the amount of any redemptions or repurchases of the shares (or other relevant capital adjustments) during such Calculation Period) above the Reference NAV (as defined below) plus the Hurdle (as defined below) for the Calculation Period. If the Hurdle is not met in any Calculation Period (and no incentive fee is paid), the shortfall will not carry forward to any subsequent Calculation Period. The Hurdle for any Calculation Period will equal the Reference NAV (as defined below) multiplied by the Hurdle Rate (as defined below). The Hurdle Rate for any Calculation Period, prior to and including 30 June 2023, equals 3-month USD LIBOR determined as of 11:00 a.m. London time on the first London business day of the then current Calculation Period, plus the Hurdle Spread of 2.647858% per annum, multiplied by the actual number of days in the Calculation Period divided by 365. The Hurdle rate for any Calculation Period commencing with the Calculation Period beginning on 1 July 2023, equals Term SOFR as of 5:00 p.m. New York time on the first day of the applicable Calculation Period on which Term SOFR is published, plus the Hurdle Spread of 2.747858% per annum, multiplied by the actual number of days in the Calculation Period, divided by 365. The \u2018\u2018Reference NAV\u2019\u2019 is the greater of (i) the NAV at the end of the Calculation Period immediately preceding the current Calculation Period and (ii) the NAV as of the end of the Calculation Period immediately preceding the Calculation Period referred to in clause (i). For the purpose of determining the Reference NAV at the end of a Calculation Period, the NAV shall be adjusted by the amount of accrued dividends and the amounts of any redemptions or repurchase of the shares (or other relevant capital adjustments) and incentive fees to be paid with respect to that Calculation Period.The incentive fee in respect of each Calculation Period is calculated by reference to the NAV before deduction of any accrued incentive fee. If the Investment Management Agreement is terminated other than at the end of a Calculation Period, the date of termination will be deemed to be the end of the Calculation Period. The incentive fee is normally payable in arrears after the end of the Calculation Period. The incentive fee for the year ended 31 December 2023 was $16.3 million (2022: $26.5 million). As at 31 December 2023, $16.3 million was outstanding (2022: $26.5 million). Note 12 Share CapitalAuthorisedThe Fund has an authorised share capital of $1.0 million divided into 10 voting shares, having a par value of $0.001 each and 999,999,990 non-voting shares (which are the \u201cshares\u201d referred to herein), having a par value of $0.001 each.Voting shares All of the Fund\u2019s voting shares are issued at par and are beneficially owned by the Voting Shareholder, a non-U.S. affiliate of the Investment Manager. The voting shares will be the only shares entitled to vote for the election of Directors and on all other matters put to a vote of shareholders, subject to the limited rights of the shares described below. The voting shares are not entitled to receive dividends.Non-voting sharesThe shares carry a right to any dividends or other distributions declared by the Fund. The shares are not entitled to vote on any matter other than limited voting rights in respect of variation of their own class rights. Dividend rightsDividends may be paid to the holders of shares at the sole and absolute discretion of the Directors. The voting shares carry no rights to dividends.Share Transactions Voting Non-Voting Treasury Shares held in Shares No.Shares* Shares EscrowNo. MNo. MNo. MShares in issue at 1 January 2022 10 90.2 38.6 10.9Stock dividends - 1.6 (2.0) 0.4Issued through release of tranche - 1.0 - (1.0)of escrow sharesShares purchased during the year - (7.2) 7.2 -Shares in issue at 31 December 2022 10 85.6 43.8 10.3Stock dividends - 1.3 (1.8) 0.5Shares purchased during the year - (5.7) 5.7 -Shares in issue at 31 December 2023 10 81.2 47.7 10.8*Non-voting shares do not include the treasury shares, or the shares held in escrow.Optional Stock DividendThe Fund has an Optional Stock Dividend Plan which offers investors an opportunity to elect to receive any declared dividend in the form of dividend shares at a reference price determined by calculating the five-day weighted average price post ex-dividend date.During the year, a total dividend of $37.1 million (2022: $38.8 million) was declared, of which $23.3 million was paid out as a cash dividend (2022: $23.8 million), and the remaining $13.8 million (2022: $15.0 million) was reinvested under the Optional Stock Dividend Plan.Treasury Shares and Share RepurchasesTreasury shares consist of non-voting shares that have been bought-back by the Fund from its investors through various tender offers and plans. Whilst they are held by the Fund, the shares are neither eligible to receive dividends nor are they included in the shares outstanding in the Consolidated Statement of Financial Position.During 2023, under the terms of \u201cmodified Dutch auction\u201d, the Fund accepted for purchase approximately 5.7 million (2022: 6.7 million) non-voting shares at an aggregate cost of $60.3 million (2022: $67.1 million), including applicable fees and expenses of $0.3 million (2022: $0.3 million). The Fund made the following purchases of its own shares from related parties using the then-current share price: Date Purchased from No. of shares Cost ($M) Then-current share priceJanuary 2022 TFG Asset Management LP 515,331 4.4 $8.50November 2022 TFG Asset Management LP 41,246 0.4 $8.66Escrow SharesEquity-based awardsIn 2015, the Fund bought back approximately 5.6 million of its non-voting shares in a tender offer for $57.4 million (including fees and expenses) to hedge against (or otherwise offset the future impact of) grants of shares under an equity-based long-term incentive plan and other equity awards by TFG Asset Management for certain of its senior employees (excluding the principals of the Investment Manager).Awards under the long-term incentive plan, along with other equity-based awards, are typically spread over multiple vesting dates up to 2024 which may vary for each employee and are subject to forfeiture provisions. The arrangements may also include additional periods, beyond the vesting dates, during which employees gain exposure to the performance of the Fund\u2019s shares, but the shares are not issued to the employees. Such periods may range from one to five years beyond the vesting dates. The shares underlying these equity-based incentive programs may be held in escrow until they vest and will be eligible to receive shares under the Optional Stock Dividend Plan.Under IFRS 2, TFG Asset Management is considered to be the settling entity. As the Fund has contributed these shares, the Fund recorded the imputed value of the shares contributed to escrow as credit to share-based compensation reserve in the year in which the shares were acquired for this purpose, with a corresponding debit to the cost of investment in TFG Asset Management.In 2021 and 2023, further awards to certain senior TFG Asset Management employees (excluding the principals of the investment manager) totalling approximately 3.4 million shares were made covering vesting and release periods out to 2030. In July 2019, TFG Asset Management entered into an employment agreement with Reade Griffith, Director of the Fund, that covers his services to TFG Asset Management for the period through to 30 June 2024. Mr. Griffith is currently the Chief Investment Officer of TFG Asset Management as well as the Chief Investment Officer of its European event-driven equities business, Westbourne River Partners (in addition to other roles). Under the terms of this agreement, Mr. Griffith received $9.5 million in July 2019 and $3.75 million in July 2020 in cash, 0.3 million Tetragon non-voting shares in July 2021 and will receive the following:\u2022 2.1 million Tetragon non-voting shares in July 2024; and\u2022 between zero and an additional 3.15 million Tetragon non-voting shares \u2013 with the number of shares based on agreed-upon investment performance criteria \u2013 vesting in years 5, 6 and 7. All of the Tetragon non-voting shares, covered by Mr. Griffith\u2019s employment agreement are subject to forfeiture conditions. The shares are held in escrow for release upon vesting and are eligible to participate in the optional stock dividend program, and as a result of subsequent dividends, further shares will be added to the escrow.As the Fund has the obligation to settle the shares, this award is treated as equity-settled. The fair value of the share award is determined using the share price at grant date of $12.50 (ticker symbol: TFG.NA). The total expense is determined by multiplying the share price at grant date and the estimated number of shares that will vest. The expense is recognised in Consolidated Statement of Comprehensive Income on a straight-line basis over the vesting period. A corresponding entry is made to the share-based compensation reserve. The following table shows the expense for each tranche up to the year ending 31 December 2024. Shares Vesting date 201920202021202220232024estimated$M$M$M$M$M$Mto vest (M)0.3 30 Jun 2021 0.9 1.9 0.9 - - -2.1 30 Jun 2024 2.6 5.3 5.3 5.3 5.3 2.61.575* 30 Jun 2024* 2.0 3.9 3.9 3.9 3.9 2.05.5 11.1 10.1 9.2 9.2 4.6*As at 31 December 2023, it is estimated that 1.575 million (2022: 1.575 million) of the maximum 3.15 million shares will vest according to the agreed-upon investment performance criteria at the end of year 5 with no shares vesting in years 6 and 7. This estimate will be revised at each reporting date and as a result, future expense may be different from the expense presented in the table above. As at 31 December 2023, 10.8 million (2022: 10.3 million) shares related to TFG Asset Management\u2019s employee reward schemes are held in escrow. These shares are eligible for stock dividends and during the year, 0.5 million (2022: 0.4 million) shares were allocated to this account. On 1 January 2020, the Independent Directors were awarded 24,490 shares each in Tetragon which vested on 31 December 2022. The fair value of the award, as determined by the share price on grant date of $12.25 per share, is $300,000 per Independent Director. In November 2022, a further 7,724 shares were awarded to each Independent Director with one-third of the shares vesting on 31 December 2023, 31 December 2024, and 31 December 2025. The fair value of the award, as determined by the relevant share price on grant date of $9.71 per share, is $75,000 per Independent Director. With respect to Director compensation from 1 January 2024, a further award of 10,122 shares were made to each Independent Director with 5,061 shares vesting on each of 31 December 2024 and 31 December 2025. The fair value of the awards as determined by the relevant share price of $9.88 per share is $100,000 per Independent Director. The Independent Directors have deferred the settlement of all the awards to earlier of three to five years from the vesting date and/or separation from service with the Fund. The expense is recognised on a straight-line basis in Consolidated Statement of Comprehensive Income over the vesting period of the awards. A corresponding entry is made to the share-based compensation reserve. Share-Based Compensation ReserveThe balance, $71.0 million (2022: $61.7 million) in share-based compensation reserve is related to Equity-based awards as described above. Capital ManagementThe Fund\u2019s capital is represented by the ordinary share capital, other equity, and accumulated retained earnings, as disclosed in the Consolidated Statement of Financial Position. The Fund\u2019s capital is managed in accordance with its investment objective. The Fund is not subject to externally imposed capital requirements and has no legal restrictions on the issue, repurchase or resale of its shares. Note 13 Dividends31 Dec 202331 Dec 2022$M$MQuarter ended 31 December 2021 of $0.1100 per share - 9.9Quarter ended 31 March 2022 of $0.1100 per share - 9.6Quarter ended 30 June 2022 of $0.1100 per share - 9.6Quarter ended 30 September 2022 of $0.1100 per share - 9.7Quarter ended 31 December 2022 of $0.1100 per share 9.4 -Quarter ended 31 March 2023 of $0.1100 per share 9.2 -Quarter ended 30 June 2023 of $0.1100 per share 9.2 -Quarter ended 30 September 2023 of $0.1100 per share 9.3 -Total 37.1 38.8The fourth quarter dividend of $0.1100 per share was approved by the Directors on 4 March 2024 and has not been included as a liability in these financial statements.Note 14 Contingencies and CommitmentsThe Fund has the following unfunded commitments: 31 Dec 202331 Dec 2022$M$MBGO investment vehicles 27.4 34.1Private equity funds 32.4 26.0Contingency Capital loan 1.6 2.1Contingency Capital fund 27. 9 42.6Tetragon Credit Income IV 6.1 11.0Total 95.4 115.8Note 15 Related-party TransactionsInvestment ManagerThe Investment Manager is entitled to receive management fees equal to 1.5% per annum of the NAV of the Fund payable monthly in advance prior to the deduction of any accrued incentive fee. An incentive fee may be paid to the Investment Manager as disclosed in Note 11. Voting ShareholderThe Voting Shareholder is an affiliate of the Investment Manager and holds all of the voting shares. As a result of its ownership and the degree of control that it exercises, the Voting Shareholder will be able to control the appointment and removal of the Fund\u2019s Directors (subject to applicable law). Affiliates of the Voting Shareholder also control the Investment Manager and, accordingly, control the Fund\u2019s business and affairs.DirectorsThe remuneration for Directors shall be determined by resolution of the Voting Shareholder. Each of the Directors\u2019 annual fee for the year ended 31 December 2023 was $125,000 (2022: $125,000) as compensation for service as Directors of the Fund. From 1 January 2024, the annual fee has been increased to $150,000. As at 31 December 2023, $15,625 (2022: $15,625) was outstanding in relation to Directors\u2019 remuneration. The Directors have the option to elect to receive shares in the Fund instead of the quarterly fee. With respect to the year ended 31 December 2023, David O\u2019Leary elected to receive shares in lieu of half of his compensation and received 6,199 shares (2022: 6,508). In addition to the annual fee, the Fund has awarded its shares to the Independent Directors as described in Note 12. Reade Griffith and Paddy Dear have waived their entitlement to a fee in respect of their services as Directors. The Directors are entitled to be repaid by the Fund for all travel, hotel and other expenses reasonably incurred by them in the discharge of their duties. None of the Directors have a contract with the Fund providing for benefits upon termination of employment.Reade Griffith, Paddy Dear, David O\u2019Leary, Steven Hart, and Deron Haley \u2013 all Directors of the Fund during the year \u2013 maintained (directly or indirectly) interests in shares of the Fund as at 31 December 2023, with interests of 16,500,187, 5,676,316, 61,596, 31,889 and 31,889 shares respectively (2022: 16,010,947, 5,445,046, 51,458, 28,070 and 28,070 shares respectively). Mr. Griffith has an employment agreement with TFG Asset Management as described in Note 12. SubsidiariesThe Fund has entered into share-based employee reward schemes with its subsidiary, TFG Asset Management LP. See Note 12 for details. TFG Asset Management UK LLP and TFG Asset Management US LP (together the Service Providers) provide operational, financial control, trading, marketing and investor relations, legal, compliance, administrative, payroll and employee benefits and other services to the Investment Manager in exchange for fees payable by the Investment Manager to the Service Providers. One of these entities, TFG Asset Management UK LLP, which is authorised and regulated by the United Kingdom Financial Conduct Authority, also provides services to the Investment Manager relating to the dealing in and management of investments, arranging of deals and advising on investments. TFG Asset Management, through the Service Providers, has implemented a cost-allocation methodology with the objective of allocating service-related costs, including to the Investment Manager. TFG Asset Management then charges fees for the services allocated on a cost-recovery basis that is designed to achieve full recovery of the allocated costs. In the year, the amount recharged to the Investment Manager was $21.6 million (2022: $21.3 million). As at 31 December 2023, the outstanding balance due from the Investment Manager was $0.3 million (2022: $1.6 million). During the year ended 31 December 2022, the Fund purchased its own shares from TFG Asset Management LP. See Note 12 for details.Reade Griffith and Paddy Dear continue to hold membership interests in TFG Asset Management UK LLP (the \u201cU.K. Investment Manager\u201d) which collectively entitle them to exercise all of the voting rights in respect of the U.K. Investment Manager.As part of the acquisition of TFG Asset Management in 2012, Mr. Griffith and Mr. Dear have agreed that they will (i) exercise their voting rights in a manner that is consistent with the best interests of the Fund and (ii) upon the request of the Fund, for nominal consideration, sell, transfer, and deliver their membership interests in TFG Asset Management UK LLP to the Fund.Reade Griffith and Paddy Dear also hold membership interests in Pace Cayman Holdco Limited or Pace Holdco, an entity through which the Fund ultimately owns its equity stake in Equitix. These membership interests collectively entitle them to exercise all of the voting rights in respect of Pace Holdco. Mr. Griffith and Mr. Dear have agreed that they will (i) exercise their voting rights in a manner that is consistent with the best interests of the Fund and (ii) upon the request of the Fund, for nominal consideration, sell, transfer, and deliver their membership interests in the Pace Holdco to the Fund.Investments in internally managed fundsThe Fund holds various investments in funds managed within TFG Asset Management business. Please see Note 5 for details of these investments and Note 14 for the unfunded commitments related to these funds. Note 16 Earnings per ShareThe calculation of the basic and diluted earnings per share is based on the following data:Year endedYear ended31 Dec 202331 Dec 2022$M $M Earnings for the purposes of basic earnings per share 141.1 (32.1)being net profit attributable to shareholders for the yearWeighted average number of shares for the purposes 87. 3 90.8of basic earnings per shareEffect of dilutive potential sharesShare-based employee compensation \u2013 4.9 4.1equity-based awardsWeighted average number of shares for the 92.2 94.9purposes of diluted earnings per shareDiluted earnings per share is calculated by adjusting the weighted average number of shares outstanding assuming conversion of all dilutive potential shares. Share-based employee compensation shares are dilutive potential shares. In respect of share-based employee compensation \u2013 equity-based awards, it is assumed that all of the time-based shares currently held in escrow will be released, thereby increasing the weighted average number of shares. The number of dilutive performance-based shares is based on the number of shares that would be issuable if the end of the period were the end of the performance period. Note 17 Segment Information IFRS 8 Operating Segments requires a \u201cmanagement approach\u201d, under which segment information is presented on the same basis as that used for internal reporting purposes.For management purposes, the Fund is organised into one main operating segment \u2013 its investment portfolio \u2013 which invests, either directly or via fund vehicles, in a range of alternative asset classes including equity securities, debt instruments, real estate, infrastructure, loans and related derivatives. The Fund\u2019s investment activities are all determined by the Investment Manager in accordance with the Fund\u2019s investment objective. All of the Fund\u2019s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the Fund as one segment. The financial results from this segment are equivalent to the financial statements of the Fund as a whole.The shares in issue are in US Dollars. The Fund\u2019s investment geographical exposure is as follows:Region 31 Dec 2023 31 Dec 2022North America 42% 45%Europe 50% 48%Asia Pacific 7% 5%Latin America 1% 2%Note 18 Subsequent Events The Directors have evaluated the period up to 4 March 2024, which is the date that the financial statements were approved. The Directors have concluded that there are no material events that require disclosure or adjustment to the financial statement. Note 19 Approval of Financial StatementsThe Directors approved and authorised for issue the financial statements on 4 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__23": { "value": "Foreign Currency Translation Transactions in foreign currencies are translated to the Fund\u2019s functional currency at the foreign currency exchange rate ruling at the date of the transaction. All assets and liabilities denominated in foreign currencies are translated to USD at the foreign currency closing exchange rate ruling at the reporting date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised as net foreign exchange gain/(loss) in the Consolidated Statement of Comprehensive Income except for those arising on financial instruments at FVTPL which are recognised as components of net gain on non-derivative financial assets at FVTPL and derivative instruments which are recognised as components of net gain/(loss) on derivative financial assets and financial liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__57-1": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL. Financial liabilities attached to derivatives are also measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on non-derivative financial assets at FVTPL in the Consolidated Statement of Comprehensive Income. Subsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained. The Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__52-1": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Other financial liabilities at amortised costThis category includes all financial liabilities, other than those classified as at FVTPL. The Fund includes in this category loans and borrowings, amounts due to brokers, and other payables and accrued expenses.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementFinancial liabilities, other than those classified as at FVTPL, are measured at amortised cost using the effective interest method.(v) DerecognitionThe Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__47-1": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Other financial liabilities at amortised costThis category includes all financial liabilities, other than those classified as at FVTPL. The Fund includes in this category loans and borrowings, amounts due to brokers, and other payables and accrued expenses.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementFinancial liabilities, other than those classified as at FVTPL, are measured at amortised cost using the effective interest method.(v) DerecognitionThe Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__40-1": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets at amortised costA financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 it has contractual terms which give rise, on specified dates, to cash flows that are solely payments of principal and interest outstanding.The Fund includes in this category cash and cash equivalents, amounts due from brokers, receivable for securities sold and other sundry receivables. These assets are held with an intention to collect the principal and interest payments.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementReceivables are carried at amortised cost less any allowance for impairment with any impairment losses arising being included in profit or loss.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained.(vi) ImpairmentThe Fund recognises loss allowances for expected credit losses (\u201cECL\u201d) on financial assets at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Fund considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund\u2019s historical experience and informed credit assessment and including forward-looking information.Amounts due from/to brokersAmounts due from brokers include margin accounts which represent cash pledged as collateral on the forward foreign exchange contracts, credit default swaps and contracts for difference. Amounts due to brokers include cash advances obtained from the brokers by pledging certain investments. Refer to the accounting policy for financial instruments for recognition and measurement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__35-1": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL. Financial liabilities attached to derivatives are also measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on non-derivative financial assets at FVTPL in the Consolidated Statement of Comprehensive Income. Subsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__30-1": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL. Financial liabilities attached to derivatives are also measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.Other financial liabilities at amortised costThis category includes all financial liabilities, other than those classified as at FVTPL. The Fund includes in this category loans and borrowings, amounts due to brokers, and other payables and accrued expenses.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.Financial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair valueSubsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.Financial liabilities, other than those classified as at FVTPL, are measured at amortised cost using the effective interest method.(v) DerecognitionThe Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__24": { "value": "Financial Instruments(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets at amortised costA financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 it has contractual terms which give rise, on specified dates, to cash flows that are solely payments of principal and interest outstanding.The Fund includes in this category cash and cash equivalents, amounts due from brokers, receivable for securities sold and other sundry receivables. These assets are held with an intention to collect the principal and interest payments.Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL. Financial liabilities attached to derivatives are also measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.Other financial liabilities at amortised costThis category includes all financial liabilities, other than those classified as at FVTPL. The Fund includes in this category loans and borrowings, amounts due to brokers, and other payables and accrued expenses.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.Financial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on non-derivative financial assets at FVTPL in the Consolidated Statement of Comprehensive Income. Subsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.Receivables are carried at amortised cost less any allowance for impairment with any impairment losses arising being included in profit or loss. Financial liabilities, other than those classified as at FVTPL, are measured at amortised cost using the effective interest method.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained. The Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.(vi) ImpairmentThe Fund recognises loss allowances for expected credit losses (\u201cECL\u201d) on financial assets at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Fund considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund\u2019s historical experience and informed credit assessment and including forward-looking information. Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__25-1": { "value": "(i) Classification The Fund classifies its financial assets and financial liabilities at initial recognition into the following categories, in accordance with IFRS 9 Financial Instruments (\u201cIFRS 9\u201d).Financial assets at amortised costA financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2013 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2013 it has contractual terms which give rise, on specified dates, to cash flows that are solely payments of principal and interest outstanding.The Fund includes in this category cash and cash equivalents, amounts due from brokers, receivable for securities sold and other sundry receivables. These assets are held with an intention to collect the principal and interest payments.Financial assets and liabilities at FVTPLAll financial assets not classified as measured at amortised cost are measured at FVTPL.Investments in derivatives, collateralised loan obligations (\u201cCLOs\u201d), loans and corporate bonds, listed and unlisted stock, investment funds and vehicles and private equity in asset management companies are included in this category.(ii) RecognitionThe Fund recognises a financial asset or a financial liability when it becomes a party to the contractual provisions of the instrument. Purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date (i.e., the date that the Fund commits to purchase or sell the asset).(iii) Initial measurementFinancial assets and financial liabilities at FVTPL are initially recognised in the Consolidated Statement of Financial Position at fair value. All transaction costs for such instruments are recognised immediately through profit or loss.Financial assets and liabilities (other than those classified as at FVTPL) are measured initially at their fair value adjusted for any directly attributable incremental costs of acquisition or issue.(iv) Subsequent measurementAfter initial measurement, the Fund re-measures financial instruments which are classified as at FVTPL at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on non-derivative financial assets at FVTPL in the Consolidated Statement of Comprehensive Income. Subsequent changes in fair value of derivative instruments are recorded in net gain/(loss) on derivative financial assets and liabilities in the Consolidated Statement of Comprehensive Income.Receivables are carried at amortised cost less any allowance for impairment with any impairment losses arising being included in profit or loss.(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained.(vi) ImpairmentThe Fund recognises loss allowances for expected credit losses (\u201cECL\u201d) on financial assets at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Fund considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund\u2019s historical experience and informed credit assessment and including forward-looking information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "(v) DerecognitionA financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where (i) the rights to receive cash flows from the asset have expired, or (ii) the Fund has either transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and in either cases in (ii): (a) the Fund has transferred substantially all of the risks and rewards of the asset; or (b) the Fund has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement) and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Fund\u2019s continuing involvement in the asset. In that case, the Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Fund has retained. The Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "(vi) ImpairmentThe Fund recognises loss allowances for expected credit losses (\u201cECL\u201d) on financial assets at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Fund considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Fund\u2019s historical experience and informed credit assessment and including forward-looking information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__65": { "value": "Fair value measurementThe Fund measures all its investments and derivatives, at fair value at each reporting date.IFRS 13 Fair Value Measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Fund. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price without any deduction for transaction costs. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. For all other financial instruments not traded in an active market, the fair value is determined by using observable inputs where available and valuation techniques deemed to be appropriate in the circumstances. Refer to Note 4 for the valuation techniques used. For assets and liabilities that are measured at fair value on a recurring basis, the Fund identifies transfers between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) and deems transfers to have occurred at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__66": { "value": "Cash and cash equivalentsCash comprises current deposits with banks. Cash equivalents comprise of short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__67-1": { "value": "Net gain or loss on non-derivative financial assets and liabilities at FVTPLNet gains or losses on non-derivative financial assets at FVTPL are changes in the fair value of financial assets and financial liabilities at FVTPL and include related interest, dividends and foreign exchange gains or lossesFinance costsInterest and fees charged on borrowings are recognised through profit or loss in the Consolidated Statement of Comprehensive Income using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__69": { "value": "Interest incomeInterest income arising on cash balances and tri-party repurchase agreements are recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__71": { "value": "Finance costsInterest and fees charged on borrowings are recognised through profit or loss in the Consolidated Statement of Comprehensive Income using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__70": { "value": "Finance costsInterest and fees charged on borrowings are recognised through profit or loss in the Consolidated Statement of Comprehensive Income using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__72": { "value": "ExpensesExpenses and fees, including Directors\u2019 fees, are recognised through profit or loss in the Consolidated Statement of Comprehensive Income on the accruals basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__74": { "value": "TaxationThe Fund is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged GBP 1,200 per annum (2022: GBP 1,200).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__73": { "value": "TaxationThe Fund is exempt from Guernsey income tax under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged GBP 1,200 per annum (2022: GBP 1,200).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__75": { "value": "Dividend distributionDividend distributions are recognised in the Consolidated Statement of Changes in Equity, when the shareholders\u2019 right to receive the payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__76": { "value": "Share-based payment transactions Share-based compensation expense for all equity settled share-based payment awards granted is determined based on the grant-date fair value. The Fund recognises these compensation costs net of an estimated forfeiture rate and recognises compensation cost only for those shares expected to meet the service and non-market performance vesting conditions, on a graded vesting basis over the requisite service period of the award. These compensation costs are determined at the individual vesting tranche level for serviced-based awards. When the shares are issued, the fair value of the shares, as determined at the time of the award, is debited against the share-based compensation reserve and credited to other equity in the Consolidated Statement of Changes in Equity. Any associated stock dividends accrued on the original award are debited against retained earnings and credited to other equity using the value determined by the stock reference price at the date of each applicable dividend", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__77": { "value": "Other equity Other equity contains the share premium and treasury shares balances.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__78": { "value": "Operating segmentsAn operating segment is a component of the Fund that engages in business activities from which it may earn revenues and incurs expenses, whose operating results are regularly reviewed by the Fund\u2019s chief operating decision-maker and for which discrete financial information is available. The chief operating decision-maker for the Fund is the Board of Directors. The Fund has considered the information reviewed by the Fund\u2019s chief operating decision-maker and determined that there is only one operating segment in existence.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__80": { "value": "Note 3 Significant Accounting Judgements, Estimates and Assumptions The preparation of the Fund\u2019s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements and disclosure of contingent liabilities. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods.In the process of applying the Fund\u2019s accounting policies, management has made the following judgements, estimates and assumptions which have the most significant effect on the amounts recognised in the financial statements:JudgementsInvestment entity statusThe Board of Directors have determined that the Fund meets the definition of an investment entity as per IFRS 10. Entities that meet the definition of an investment entity within IFRS 10 are generally required to measure their subsidiaries at FVTPL rather than consolidate them. The Fund consolidates Tetragon Financial Group (Delaware) LLC as this subsidiary\u2019s main purpose and activity is to provide a service to the Fund, as such it is consolidated on a line-by-line basis with balances between the Fund and this subsidiary eliminated.Tetragon obtained funds from investors for the purpose of providing investment management services. The Fund\u2019s investment objective is to generate distributable income and capital appreciation. The Fund reports to its investors via monthly, semi-annual, and annual investor information, and to its management, via internal management reports, on a fair value basis. The Fund has a documented exit strategy for all of its investments. Estimates and assumptionsMeasurement of fair values The Fund based its assumptions and estimates on parameters available at the year-end when the financial statements were prepared; however, existing circumstances and assumptions about future developments may change due to market changes and circumstances arising beyond the control of the Fund. Such changes are reflected in the assumptions when they occur.For detailed information on the estimates and assumptions used to determine the fair value of financial instruments, please refer to Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__79": { "value": "The Fund\u2019s investment objective is to generate distributable income and capital appreciation. The Fund reports to its investors via monthly, semi-annual, and annual investor information, and to its management, via internal management reports, on a fair value basis. The Fund has a documented exit strategy for all of its investments.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__81": { "value": "Note 4 Financial Assets and Financial Liabilities at Fair Value through Profit or LossFair value hierarchyAll assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows:\u2022 Level 1 \u2013 Quoted in active markets for identical instruments.\u2022 Level 2 \u2013 Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayments spreads, credit risk and others.\u2022 Level 3 \u2013 Unobservable inputs. Unobservable inputs reflect assumptions market participants would be expected to use in pricing the asset or liability.Recurring fair value measurement of assets and liabilitiesThe following table shows financial instruments measured at fair value by the level in fair value hierarchy as of 31 December 2023: Non-derivative financial assets at FVTPL Level 1Level 2Level 3TotalFair Value$M$M$M$MTFG Asset Management - - 1,345.4 1,345.4Investment funds and vehicles - 673.3 593.2 1,266.5Listed stock 190.4 - - 190.4(1)CLO equity tranches- - 129.5 129.5(1)CLO debt tranches- 3.8 - 3.8Unlisted stock - 2.7 111.7 114.4Corporate bonds - 15.7 - 15.7Total non-derivative financial assets at FVTPL 190.4 695.5 2,179.8 3,065.7Derivative financial assets Currency options (asset) - 2.2 - 2.2Forward foreign exchange contracts (asset) - 2.9 - 2.9Total derivative financial assets - 5.1 - 5.1Derivative financial liabilities Contracts for difference (liability) - (0.1) - (0.1)Forward foreign exchange contracts (liability) - (8.2) - (8.2)Total derivative financial liabilities - (8.3) - (8.3)(1) Investment in CLO equity and debt tranches held through special purpose vehicles are included in these captions. The following table shows financial instruments measured at fair value by the level in fair value hierarchy as of 31 December 2022:Non-derivative financial assets at FVTPL Level 1Level 2Level 3TotalFair Value$M$M$M$MTFG Asset Management - - 1,343.3 1,343.3Investment funds and vehicles - 595.0 570.6 1,16 5.6Listed stock 158.5 - - 158.5(1)CLO equity tranches- - 170.2 170.2(1)CLO debt tranches- 1.2 - 1.2Unlisted stock - - 64.5 64.5Corporate bonds - 15.9 - 15.9Total non-derivative financial assets at FVTPL 158.5 612.1 2,148.6 2,919.2Derivative financial assets Contracts for difference (asset) - 0.3 - 0.3Currency options (asset) - 3.0 - 3.0Forward foreign exchange contracts (asset) - 18.4 - 18.4Total derivative financial assets - 21.7 - 21.7Derivative financial liabilitiesContracts for difference (liability) - (0.1) - (0.1)Forward foreign exchange contracts (liability) - (2.4) - (2.4)Total derivative financial liabilities - (2.5) - (2.5)(1) Investment in CLO equity and debt tranches held through special purpose vehicles are included in these captions. Transfers between levelsThere were no transfers between levels during the year ended 31 December 2023 or 31 December 2022.Other financial assets and liabilitiesFor all other financial assets and liabilities, the carrying value is an approximation of fair value, including other receivables, amounts due from/to brokers, cash and cashequivalents, loans and borrowings, and other payables. Level 3 reconciliation The following is a reconciliation of the Fund\u2019s assets in which significant unobservable inputs (Level 3) were used in determining fair value at 31 December 2023.CLO Unlisted Investment TFG TotalEquity StockFunds and Asset TranchesVehiclesManagement $M$M$M$M$MBalance at 1 January 2023 170.2 64.5 570.6 1,343.3 2,148.6Additions - 22.3 61.7 23.8 107.8Proceeds (4 8.1) (7.3) (48.6) (50.0) (154.0)Net gains through profit or loss 7.4 32.2 9.5 28.3 7 7.4Balance at 31 December 2023 129.5 111.7 593.2 1,345.4 2,179.8Change in unrealised gains/(losses) through profit or (5.3) 29.5 1.5 (17.7) 8.0loss for assets held at year-endThe following is a reconciliation of the Fund\u2019s assets in which significant unobservable inputs (Level 3) were used in determining fair value at 31 December 2022.CLO Unlisted Investment TFG TotalEquity StockFunds and Asset TranchesVehiclesManagement $M$M$M$M$MBalance at 1 January 2022 164.4 50.3 521.7 1,256.3 1,992.7Additions 34.7 32.3 95.8 26.1 188.9Proceeds (56.6) (18.7) (97.4) (34.8) (2 07.5)Net gains through profit or loss 27.7 0.6 50.5 95.7 174.5Balance at 31 December 2022 170.2 64.5 570.6 1,343.3 2,148.6Change in unrealised gains through profit or loss for 0.9 0.6 9.3 60.9 71.7assets held at year-endValuation process (framework) TMF Group Fund Services (Guernsey) Limited (the \u201cAdministrator\u201d) serves as the Fund\u2019s independent administrator and values the investments of the Fund on an ongoing basis in accordance with the valuation principles and methodologies approved by the Fund\u2019s Audit Committee, which comprises of independent Directors, from time to time. For certain investments, such as TFG Asset Management, a third-party valuation agent is also used. However, the Directors are responsible for the valuations and may, at their discretion, permit any other method of valuation to be used if they consider that such method of valuation better reflects value and is in accordance with IFRS.Valuation techniques CLO equity tranchesA mark to model approach using discounted cash flow analysis (\u201cDCF Approach\u201d) has been adopted to determine the value of the equity tranche CLO investments. The model contains certain assumption inputs that are reviewed and adjusted as appropriate to factor in how historic, current, and potential market developments (examined through, for example, forward-looking observable data) might potentially impact the performance of these CLO equity investments. Since this involves modelling, among other things, forward projections over multiple years, this is not an exercise in recalibrating future assumptions to the latest quarter\u2019s historical data.Subject to the foregoing, the Fund seeks to derive a value at which market participants could transact in an orderly market and also seeks to benchmark the model inputs and resulting outputs to observable market data when available and appropriate. Although seeking to utilise, where possible, observable market data, for certain assumptions the Investment Manager may be required to make subjective judgements and forward-looking determinations, and its experience and knowledge is instrumental in the valuation process. As at 31 December 2023, key modelling assumptions used are disclosed below. The modelling assumptions disclosed below are a weighted average (by USD amount) of the individual deal assumptions. Each individual deal\u2019s assumptions may differ from this average and vary across the portfolio. When determining the fair value of the equity tranches, a discount rate is applied to the expected future cash flows derived from the third-party valuation model. The discount rate applied to those future cash flows reflects the perceived level of risk that would be used by another market participant in determining fair value. In determining the discount rates to use, an analysis of the observable risk premium data as well as the individual deal\u2019s structural strength and credit quality is undertaken. At 31 December 2023, a discount rate of 13% (2022: 13%) is applied unless the deal is within its non-refinancing period, in which case the deal internal rate of return (\u201cIRR\u201d) is utilised as the discount rate. For deals in this category, the weighted average IRR or discount rate is 16.7% (2022: 17.9%). If the deal is past six months from the end of its reinvestment period, a discount rate of 15% (2022: 13%) is applied.Constant Annual 3.0% up to 31 December 2024, 2.4% thereafter (2022: 2.39%), which is 1.0x of the original Weighted Default Rate Average Rating Factor (\u201cWARF\u201d) derived base-case default rate for the life of the transaction. (\u201cCADR\u201d)Recovery Rate 65% (2022: 65%) up to 31 December 2024, 70% thereafter (2022: 70%).Prepayment Rate 20% (2022: 20%), the original base-case prepayment rate with a 0% prepayment rate (2022: 0%) on bonds throughout the life of the transaction.Reinvestment Assumed reinvestment price is par for the life of the transaction with reinvestments being modelled Price and Spreadfor deals that are still in their reinvestment period. Reinvestment spread consists of U.S. syndicated loans with an effective spread over Term SOFR of 379 bps (2022: 379 bps). Sensitivity analysis The discount rate used is a key input in the fair value of CLO equity tranches. A reasonable possible alternative assumption is to change the discount rate by 1%. Changing the discount rate and keeping all other variables constant would have the following effects on net assets and profits:31 Dec 31 Dec 20232022$M$M-1% discount rate 3.3 4.8+1% discount rate (3.2) (4.5)Private equity in asset management companiesThe Fund owns a 100% interest in TFG Asset Management which holds majority and minority private equity stakes in asset management companies. The valuation calculation for TFG Asset Management was prepared by a third-party valuation agent engaged by the Fund\u2019s Audit Committee. Although TFG Asset Management is valued as a single investment, a sum of the parts approach, valuing each business separately has been utilised. This approach aggregates the fair value of all asset managers held by TFG Asset Management overlaying the central costs and net assets at TFG Asset Management level. Currently, no premium has been attributed to the valuation of TFG Asset Management in respect of diversification or synergies between different income streams. Any benefit from operating on the TFG Asset Management platform has been captured in the valuation of the individual asset managers by incorporating it in the business plans used in the DCF and Market Multiple Approaches. The DCF Approach calculates the enterprise value of the investments by utilising a business-specific model to estimate the generation of future net cash flows. Each model reflects the business plan over a specific period of 5-10 years which includes, where applicable, assumptions (which may not be linear) around planned capital raising and/or organic growth through investment returns. The DCF Approach may also include a terminal value which is calculated by applying a growth formula to the projected cash flows in the terminal year or to the average of yearly cash flows in the business plan. This terminal value calculation is used in the DCF approach for Equitix, LCM, Westbourne River Partners, Contingency Capital and Acasta. All estimates of future free cash flows and the terminal value are discounted at a weighted average cost of capital (\u201cWACC\u201d) that captures the risk inherent in the projections. From the enterprise value derived by the DCF Approach, market value of net debt is deducted to arrive at the equity value. An adjustment is made to account for a discount for lack of liquidity (\u201cDLOL\u201d), in the range of 5% to 20%. The Market Multiple Approach applies a multiple, considered to be an appropriate and reasonable indicator of value to certain metrics of the business, such as earnings or assets under management (\u201cAUM\u201d), to derive the enterprise value. The multiple applied in each case is derived by considering the multiples of quoted comparable companies. The multiple is then adjusted to ensure that it appropriately reflects the specific business being valued, considering its business activities, geography, size, competitive position in the market, risk profile, and earnings growth prospects of the business. The valuation agent considered a multiple of earnings such as a company\u2019s earnings before interest, taxes, depreciation, and amortisation (\u201cEBITDA\u201d), to perform this analysis. These multiples were then adjusted for control premium if the comparable companies are valued on a minority basis. Equitix and LCM are valued using a combination of DCF Approach and quoted market multiples (\u201cMarket Multiple Approach\u201d) based on comparable companies to determine an appropriate valuation range. Both approaches are given 50/50 weighting in the valuation. Westbourne River Partners, Acasta, Tetragon Credit Partners and Contingency Capital are valued using the DCF Approach.TFG Asset Management holds approximately 13% interest in BGO and is entitled to receive a series of fixed and variable profit distributions. Sun Life have an option to acquire the remaining interest in the merged entity in 2026. TFG Asset Management and other minority owners are entitled to sell their interest to Sun Life in 2027. The exercise price will be determined based on the average EBITDA of BGO during the two years prior to exercising the option. The Fund\u2019s investment in BGO is valued using the DCF Approach on expected cash flows.The following table shows the unobservable inputs used by the third-party valuation specialist in valuing TFG Asset Management. For the purposes of IAS 1 Presentation of Financial Statements, control premium is not a significant input. 31 December 2023Investment Fair AUMValuation Significant unobservable inputsValue(billion)methodologyWACC EV/DLOL Control Forecast $MEBITDA premium5Y CAGRMultipleEquitix 737.6 GBP 10.9 DCF and 10.5% 9.5x 10% 20% 9.8% Market (AUM)MultiplesBGO 270.5 $10.7 DCF (sum-of-5.6 -11.8% NA 5-15% NA 15.5% the-parts)(EBITDA)LCM 258.5 $10.7 DCF and 10.75% 11.8x 15% 20% 7.2% Market (AUM)MultiplesOther asset 78.8 $6.2 DCF, 11.5%- NA 15-20% NA 7.6% managersreplacement 13.25%(AUM)cost31 December 2022Investment Fair AUMValuation Significant unobservable inputsValue(billion)methodologyWACC EV/DLOL Control Forecast $MEBITDA premium5Y CAGRMultipleEquitix 683.2 GBP 10.0 DCF and 10.5% 11x 10% 20% 12.6% Market (AUM)MultiplesBGO 283.0 $10.6 DCF (sum-of-4.8-12% NA 10% NA 21.7% the-parts)(EBITDA)LCM 290.7 $12.5 DCF and 11.5% 12.6x 15% 20% 12.0% Market (AUM)MultiplesOther asset 86.4 $ 6.1 D CF, 11-13% NA 15-20% NA 8.0% managersreplacement (AUM)costSensitivity analysis31 December 2023Investment Effects on net assets and profits ($M)WACC EV/EBITDA DLOL Control premium Forecast 5Y CAGRmultiple-100 +100 +10% -10% -500 +500 +500 -500 +100 -100 bpsbpsbpsbpsbpsbpsbpsbpsEquitix 52.0 (40.9) 39.2 (39.2) 39.4 (39.4) 17.7 (17.7) 15.1 (16.8)BGO 5.8 (5.6) NA NA 14.9 (14.9) NA NA 8.9 (8.7)LCM 14.5 (11.5) 14.3 (14.3) 13.6 (13.6) 6.8 (6.8) 4.6 (4.6)Other 5.7 (4.8) NA NA 4.5 (4.5) NA NA 8.5 (8.0)asset managers31 December 2022Investment Effects on net assets and profits ($M)WACC EV/EBITDA DLOL Control premium Forecast 5Y CAGRmultiple-100 +100 +3% -3% -500 +500 +500 -500 +100 -100 bpsbpsbpsbpsbpsbpsbpsbpsEquitix 48.9 (38.8) 11.6 (11.6) 38.7 (38.7) 17. 8 (17. 8) 13.6 (13.6)BGO 8.2 (7.8) NA NA 13.5 (13.5) NA NA 14.3 (10.9)LCM 14.5 (11.8) 4.9 (4.9) 15.5 (15.5) 7.7 (7.7 ) 4.0 (4.3)Other 6.4 (5.4) NA NA 4.7 (4.7) NA NA 6.5 (8.0)asset managersInvestment funds and vehiclesInvestments in unlisted investment funds, classified as Level 2 and Level 3 in the fair value hierarchy, are valued utilising the net asset valuations provided by the managers of the underlying funds and/or their administrators. Management\u2019s assessment is that these valuations are the fair value of these investments. In determining any adjustments necessary to the net asset valuations, management has considered the date of the valuation provided. No adjustment was deemed material following this review. The fair value hierarchy for the investment funds is determined by the fair value hierarchy of the underlying investments. The Fund has an investment in an externally managed investment vehicle that holds farmlands in Paraguay. These farmlands are valued utilising inputs from an independent third-party valuation agent. The input is adjusted, between 30% to 40%, for factors such as recent crop yields, conditions specific to the farms and broker quotes and bids received. Sensitivity analysis: A 10% increase in net asset value (\u201cNAV\u201d) of the unlisted investment funds included in Level 3 will increase net assets and profits of the Fund by $59.3 million (2022: $57.1 million). A decrease in the NAV of the unlisted investment funds will have an equal and opposite effect. Unlisted stockAt 31 December 2023, the Level 3 unlisted stock includes the following investments in private companies.Investment Fair value ($M) Valuation methodologynumber31 Dec 31 Dec 202320221 103.8 54.1 Valued using two different prices. A part of the holding, $9.7 million, is subject to tender offer and has been valued utilising the tender offer price. Rest of the shares are valued using broker quotes. 2 - 2.5 n/a3 7.5 7. 5 Transaction price4 0.4 0.4 Expected value of cash flowsSensitivity analysis: A 5% increase in the valuation will increase the net assets and profits of the Fund by $5.6 million (2022: $3.2 million). A 5% decrease will have an equal but opposite effect on the net assets and profits. Listed stockFor listed stock in an active market, the closing exchange price is utilised as the fair value price.Corporate bonds and CLO debt tranchesThe corporate bonds and CLO debt tranches held by the Fund are valued using the broker quotes obtained at the valuation date.Forward foreign exchange contracts and currency optionsForward foreign exchange contracts and currency options are recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at their fair value. Fair values are based on observable foreign currency forward rates, recent market transactions, and valuation techniques, including discounted cash flow models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.The best evidence of fair value of a forward foreign exchange contract at initial recognition is the transaction price. The currency options are recognised initially at the amount of premium paid or received.Contracts for differenceThe Fund enters into contracts for difference (\u201cCFD\u201d) arrangements with financial institutions. CFDs are typically traded on the over the counter (\u201cOTC\u201d) market. The arrangement generally involves an agreement by the Fund and a counterparty to exchange the difference between the opening and closing price of the position underlying the contract, which are generally on equity positions.Fair values are based on quoted market prices of the underlying security, contract price, and valuation techniques including expected value models, as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__82-1": { "value": "Fair value hierarchyAll assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows:\u2022 Level 1 \u2013 Quoted in active markets for identical instruments.\u2022 Level 2 \u2013 Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayments spreads, credit risk and others.\u2022 Level 3 \u2013 Unobservable inputs. Unobservable inputs reflect assumptions market participants would be expected to use in pricing the asset or liability.Valuation techniques CLO equity tranchesA mark to model approach using discounted cash flow analysis (\u201cDCF Approach\u201d) has been adopted to determine the value of the equity tranche CLO investments. The model contains certain assumption inputs that are reviewed and adjusted as appropriate to factor in how historic, current, and potential market developments (examined through, for example, forward-looking observable data) might potentially impact the performance of these CLO equity investments. Since this involves modelling, among other things, forward projections over multiple years, this is not an exercise in recalibrating future assumptions to the latest quarter\u2019s historical data.Subject to the foregoing, the Fund seeks to derive a value at which market participants could transact in an orderly market and also seeks to benchmark the model inputs and resulting outputs to observable market data when available and appropriate. Although seeking to utilise, where possible, observable market data, for certain assumptions the Investment Manager may be required to make subjective judgements and forward-looking determinations, and its experience and knowledge is instrumental in the valuation process. As at 31 December 2023, key modelling assumptions used are disclosed below. The modelling assumptions disclosed below are a weighted average (by USD amount) of the individual deal assumptions. Each individual deal\u2019s assumptions may differ from this average and vary across the portfolio. When determining the fair value of the equity tranches, a discount rate is applied to the expected future cash flows derived from the third-party valuation model. The discount rate applied to those future cash flows reflects the perceived level of risk that would be used by another market participant in determining fair value. In determining the discount rates to use, an analysis of the observable risk premium data as well as the individual deal\u2019s structural strength and credit quality is undertaken. At 31 December 2023, a discount rate of 13% (2022: 13%) is applied unless the deal is within its non-refinancing period, in which case the deal internal rate of return (\u201cIRR\u201d) is utilised as the discount rate. For deals in this category, the weighted average IRR or discount rate is 16.7% (2022: 17.9%). If the deal is past six months from the end of its reinvestment period, a discount rate of 15% (2022: 13%) is applied.Constant Annual 3.0% up to 31 December 2024, 2.4% thereafter (2022: 2.39%), which is 1.0x of the original Weighted Default Rate Average Rating Factor (\u201cWARF\u201d) derived base-case default rate for the life of the transaction. (\u201cCADR\u201d)Recovery Rate 65% (2022: 65%) up to 31 December 2024, 70% thereafter (2022: 70%).Prepayment Rate 20% (2022: 20%), the original base-case prepayment rate with a 0% prepayment rate (2022: 0%) on bonds throughout the life of the transaction.Reinvestment Assumed reinvestment price is par for the life of the transaction with reinvestments being modelled Price and Spreadfor deals that are still in their reinvestment period. Reinvestment spread consists of U.S. syndicated loans with an effective spread over Term SOFR of 379 bps (2022: 379 bps). Sensitivity analysis The discount rate used is a key input in the fair value of CLO equity tranches. A reasonable possible alternative assumption is to change the discount rate by 1%. Changing the discount rate and keeping all other variables constant would have the following effects on net assets and profits:31 Dec 31 Dec 20232022$M$M-1% discount rate 3.3 4.8+1% discount rate (3.2) (4.5)Private equity in asset management companiesThe Fund owns a 100% interest in TFG Asset Management which holds majority and minority private equity stakes in asset management companies. The valuation calculation for TFG Asset Management was prepared by a third-party valuation agent engaged by the Fund\u2019s Audit Committee. Although TFG Asset Management is valued as a single investment, a sum of the parts approach, valuing each business separately has been utilised. This approach aggregates the fair value of all asset managers held by TFG Asset Management overlaying the central costs and net assets at TFG Asset Management level. Currently, no premium has been attributed to the valuation of TFG Asset Management in respect of diversification or synergies between different income streams. Any benefit from operating on the TFG Asset Management platform has been captured in the valuation of the individual asset managers by incorporating it in the business plans used in the DCF and Market Multiple Approaches. The DCF Approach calculates the enterprise value of the investments by utilising a business-specific model to estimate the generation of future net cash flows. Each model reflects the business plan over a specific period of 5-10 years which includes, where applicable, assumptions (which may not be linear) around planned capital raising and/or organic growth through investment returns. The DCF Approach may also include a terminal value which is calculated by applying a growth formula to the projected cash flows in the terminal year or to the average of yearly cash flows in the business plan. This terminal value calculation is used in the DCF approach for Equitix, LCM, Westbourne River Partners, Contingency Capital and Acasta. All estimates of future free cash flows and the terminal value are discounted at a weighted average cost of capital (\u201cWACC\u201d) that captures the risk inherent in the projections. From the enterprise value derived by the DCF Approach, market value of net debt is deducted to arrive at the equity value. An adjustment is made to account for a discount for lack of liquidity (\u201cDLOL\u201d), in the range of 5% to 20%. The Market Multiple Approach applies a multiple, considered to be an appropriate and reasonable indicator of value to certain metrics of the business, such as earnings or assets under management (\u201cAUM\u201d), to derive the enterprise value. The multiple applied in each case is derived by considering the multiples of quoted comparable companies. The multiple is then adjusted to ensure that it appropriately reflects the specific business being valued, considering its business activities, geography, size, competitive position in the market, risk profile, and earnings growth prospects of the business. The valuation agent considered a multiple of earnings such as a company\u2019s earnings before interest, taxes, depreciation, and amortisation (\u201cEBITDA\u201d), to perform this analysis. These multiples were then adjusted for control premium if the comparable companies are valued on a minority basis. Equitix and LCM are valued using a combination of DCF Approach and quoted market multiples (\u201cMarket Multiple Approach\u201d) based on comparable companies to determine an appropriate valuation range. Both approaches are given 50/50 weighting in the valuation. Westbourne River Partners, Acasta, Tetragon Credit Partners and Contingency Capital are valued using the DCF Approach.TFG Asset Management holds approximately 13% interest in BGO and is entitled to receive a series of fixed and variable profit distributions. Sun Life have an option to acquire the remaining interest in the merged entity in 2026. TFG Asset Management and other minority owners are entitled to sell their interest to Sun Life in 2027. The exercise price will be determined based on the average EBITDA of BGO during the two years prior to exercising the option. The Fund\u2019s investment in BGO is valued using the DCF Approach on expected cash flows.The following table shows the unobservable inputs used by the third-party valuation specialist in valuing TFG Asset Management. For the purposes of IAS 1 Presentation of Financial Statements, control premium is not a significant input. 31 December 2023Investment Fair AUMValuation Significant unobservable inputsValue(billion)methodologyWACC EV/DLOL Control Forecast $MEBITDA premium5Y CAGRMultipleEquitix 737.6 GBP 10.9 DCF and 10.5% 9.5x 10% 20% 9.8% Market (AUM)MultiplesBGO 270.5 $10.7 DCF (sum-of-5.6 -11.8% NA 5-15% NA 15.5% the-parts)(EBITDA)LCM 258.5 $10.7 DCF and 10.75% 11.8x 15% 20% 7.2% Market (AUM)MultiplesOther asset 78.8 $6.2 DCF, 11.5%- NA 15-20% NA 7.6% managersreplacement 13.25%(AUM)cost31 December 2022Investment Fair AUMValuation Significant unobservable inputsValue(billion)methodologyWACC EV/DLOL Control Forecast $MEBITDA premium5Y CAGRMultipleEquitix 683.2 GBP 10.0 DCF and 10.5% 11x 10% 20% 12.6% Market (AUM)MultiplesBGO 283.0 $10.6 DCF (sum-of-4.8-12% NA 10% NA 21.7% the-parts)(EBITDA)LCM 290.7 $12.5 DCF and 11.5% 12.6x 15% 20% 12.0% Market (AUM)MultiplesOther asset 86.4 $ 6.1 D CF, 11-13% NA 15-20% NA 8.0% managersreplacement (AUM)costSensitivity analysis31 December 2023Investment Effects on net assets and profits ($M)WACC EV/EBITDA DLOL Control premium Forecast 5Y CAGRmultiple-100 +100 +10% -10% -500 +500 +500 -500 +100 -100 bpsbpsbpsbpsbpsbpsbpsbpsEquitix 52.0 (40.9) 39.2 (39.2) 39.4 (39.4) 17.7 (17.7) 15.1 (16.8)BGO 5.8 (5.6) NA NA 14.9 (14.9) NA NA 8.9 (8.7)LCM 14.5 (11.5) 14.3 (14.3) 13.6 (13.6) 6.8 (6.8) 4.6 (4.6)Other 5.7 (4.8) NA NA 4.5 (4.5) NA NA 8.5 (8.0)asset managers31 December 2022Investment Effects on net assets and profits ($M)WACC EV/EBITDA DLOL Control premium Forecast 5Y CAGRmultiple-100 +100 +3% -3% -500 +500 +500 -500 +100 -100 bpsbpsbpsbpsbpsbpsbpsbpsEquitix 48.9 (38.8) 11.6 (11.6) 38.7 (38.7) 17. 8 (17. 8) 13.6 (13.6)BGO 8.2 (7.8) NA NA 13.5 (13.5) NA NA 14.3 (10.9)LCM 14.5 (11.8) 4.9 (4.9) 15.5 (15.5) 7.7 (7.7 ) 4.0 (4.3)Other 6.4 (5.4) NA NA 4.7 (4.7) NA NA 6.5 (8.0)asset managersInvestment funds and vehiclesInvestments in unlisted investment funds, classified as Level 2 and Level 3 in the fair value hierarchy, are valued utilising the net asset valuations provided by the managers of the underlying funds and/or their administrators. Management\u2019s assessment is that these valuations are the fair value of these investments. In determining any adjustments necessary to the net asset valuations, management has considered the date of the valuation provided. No adjustment was deemed material following this review. The fair value hierarchy for the investment funds is determined by the fair value hierarchy of the underlying investments. The Fund has an investment in an externally managed investment vehicle that holds farmlands in Paraguay. These farmlands are valued utilising inputs from an independent third-party valuation agent. The input is adjusted, between 30% to 40%, for factors such as recent crop yields, conditions specific to the farms and broker quotes and bids received. Sensitivity analysis: A 10% increase in net asset value (\u201cNAV\u201d) of the unlisted investment funds included in Level 3 will increase net assets and profits of the Fund by $59.3 million (2022: $57.1 million). A decrease in the NAV of the unlisted investment funds will have an equal and opposite effect. Unlisted stockAt 31 December 2023, the Level 3 unlisted stock includes the following investments in private companies.Investment Fair value ($M) Valuation methodologynumber31 Dec 31 Dec 202320221 103.8 54.1 Valued using two different prices. A part of the holding, $9.7 million, is subject to tender offer and has been valued utilising the tender offer price. Rest of the shares are valued using broker quotes. 2 - 2.5 n/a3 7.5 7. 5 Transaction price4 0.4 0.4 Expected value of cash flowsSensitivity analysis: A 5% increase in the valuation will increase the net assets and profits of the Fund by $5.6 million (2022: $3.2 million). A 5% decrease will have an equal but opposite effect on the net assets and profits. Listed stockFor listed stock in an active market, the closing exchange price is utilised as the fair value price.Corporate bonds and CLO debt tranchesThe corporate bonds and CLO debt tranches held by the Fund are valued using the broker quotes obtained at the valuation date.Forward foreign exchange contracts and currency optionsForward foreign exchange contracts and currency options are recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at their fair value. Fair values are based on observable foreign currency forward rates, recent market transactions, and valuation techniques, including discounted cash flow models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative.The best evidence of fair value of a forward foreign exchange contract at initial recognition is the transaction price. The currency options are recognised initially at the amount of premium paid or received.Contracts for differenceThe Fund enters into contracts for difference (\u201cCFD\u201d) arrangements with financial institutions. CFDs are typically traded on the over the counter (\u201cOTC\u201d) market. The arrangement generally involves an agreement by the Fund and a counterparty to exchange the difference between the opening and closing price of the position underlying the contract, which are generally on equity positions.Fair values are based on quoted market prices of the underlying security, contract price, and valuation techniques including expected value models, as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__84": { "value": "Recurring fair value measurement of assets and liabilitiesThe following table shows financial instruments measured at fair value by the level in fair value hierarchy as of 31 December 2023: Non-derivative financial assets at FVTPL Level 1Level 2Level 3TotalFair Value$M$M$M$MTFG Asset Management - - 1,345.4 1,345.4Investment funds and vehicles - 673.3 593.2 1,266.5Listed stock 190.4 - - 190.4(1)CLO equity tranches- - 129.5 129.5(1)CLO debt tranches- 3.8 - 3.8Unlisted stock - 2.7 111.7 114.4Corporate bonds - 15.7 - 15.7Total non-derivative financial assets at FVTPL 190.4 695.5 2,179.8 3,065.7Derivative financial assets Currency options (asset) - 2.2 - 2.2Forward foreign exchange contracts (asset) - 2.9 - 2.9Total derivative financial assets - 5.1 - 5.1Derivative financial liabilities Contracts for difference (liability) - (0.1) - (0.1)Forward foreign exchange contracts (liability) - (8.2) - (8.2)Total derivative financial liabilities - (8.3) - (8.3)(1) Investment in CLO equity and debt tranches held through special purpose vehicles are included in these captions. The following table shows financial instruments measured at fair value by the level in fair value hierarchy as of 31 December 2022:Non-derivative financial assets at FVTPL Level 1Level 2Level 3TotalFair Value$M$M$M$MTFG Asset Management - - 1,343.3 1,343.3Investment funds and vehicles - 595.0 570.6 1,16 5.6Listed stock 158.5 - - 158.5(1)CLO equity tranches- - 170.2 170.2(1)CLO debt tranches- 1.2 - 1.2Unlisted stock - - 64.5 64.5Corporate bonds - 15.9 - 15.9Total non-derivative financial assets at FVTPL 158.5 612.1 2,148.6 2,919.2Derivative financial assets Contracts for difference (asset) - 0.3 - 0.3Currency options (asset) - 3.0 - 3.0Forward foreign exchange contracts (asset) - 18.4 - 18.4Total derivative financial assets - 21.7 - 21.7Derivative financial liabilitiesContracts for difference (liability) - (0.1) - (0.1)Forward foreign exchange contracts (liability) - (2.4) - (2.4)Total derivative financial liabilities - (2.5) - (2.5)(1) Investment in CLO equity and debt tranches held through special purpose vehicles are included in these captions. Transfers between levelsThere were no transfers between levels during the year ended 31 December 2023 or 31 December 2022.Other financial assets and liabilitiesFor all other financial assets and liabilities, the carrying value is an approximation of fair value, including other receivables, amounts due from/to brokers, cash and cashequivalents, loans and borrowings, and other payables. Level 3 reconciliation The following is a reconciliation of the Fund\u2019s assets in which significant unobservable inputs (Level 3) were used in determining fair value at 31 December 2023.CLO Unlisted Investment TFG TotalEquity StockFunds and Asset TranchesVehiclesManagement $M$M$M$M$MBalance at 1 January 2023 170.2 64.5 570.6 1,343.3 2,148.6Additions - 22.3 61.7 23.8 107.8Proceeds (4 8.1) (7.3) (48.6) (50.0) (154.0)Net gains through profit or loss 7.4 32.2 9.5 28.3 7 7.4Balance at 31 December 2023 129.5 111.7 593.2 1,345.4 2,179.8Change in unrealised gains/(losses) through profit or (5.3) 29.5 1.5 (17.7) 8.0loss for assets held at year-endThe following is a reconciliation of the Fund\u2019s assets in which significant unobservable inputs (Level 3) were used in determining fair value at 31 December 2022.CLO Unlisted Investment TFG TotalEquity StockFunds and Asset TranchesVehiclesManagement $M$M$M$M$MBalance at 1 January 2022 164.4 50.3 521.7 1,256.3 1,992.7Additions 34.7 32.3 95.8 26.1 188.9Proceeds (56.6) (18.7) (97.4) (34.8) (2 07.5)Net gains through profit or loss 27.7 0.6 50.5 95.7 174.5Balance at 31 December 2022 170.2 64.5 570.6 1,343.3 2,148.6Change in unrealised gains through profit or loss for 0.9 0.6 9.3 60.9 71.7assets held at year-end", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__85-1": { "value": "Note 5 Interest in Other Entities Investment in unconsolidated structured entitiesIFRS 12 defines a structured entity as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to the administrative tasks only and the relevant activities are directed by means of contractual agreements. The Fund holds various investments in CLOs and investment funds. The fair value of the CLOs and investment funds is recorded in the \u201cnon-derivative financial assets at fair value through profit or loss\u201d line in the Consolidated Statement of Financial Position. The Fund\u2019s maximum exposure to loss from these investments is equal to their total fair value and, if applicable, unfunded commitments. Once the Fund has disposed of its holding in any of these investments, the Fund ceases to be exposed to any risk from that investment. The Fund has not provided, and would not be required to provide, any financial support to these investees. The investments are non-recourse. Please refer to Note 14 for details of unfunded commitments.Below is a summary of the Fund\u2019s holdings in subsidiary unconsolidated structured entities.As at 31 December 2023 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs19 10 0.7\u2013741. 5 423.9 124.0 4.5%Investment Funds Total NAV$M(2)Westbourne River Event Fund1 484.5 NA 446.7 15.8%(2)TFG Asset Management Global Equities Fund1 3.3 NA 3.3 0.1%(3)Tetragon Credit Income funds3 588.6 NA 111.0 3.9%(3)Hawke\u2019s Point Holdings LP2 119.0 NA 116.7 4.1%(3)Banyan Square Capital Partners LP1 128.7 NA 127.0 4.5%(4)Other Real Estate4 37. 9 NA 37.9 1.3%As at 31 December 2022 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1) U.S. CLOs19 245.6\u2013751.6 491.4 158.5 5.7%Investment Funds Total NAV$M(2)Westbourne River Event Fund1 47 7. 2 NA 419.5 15.2%(2)TFG Asset Management Global Equities Fund1 4.4 NA 4.4 0.2%(3)Tetragon Credit Income funds3 674.1 NA 132.7 4.8%(3)Hawke\u2019s Point Holdings LP2 61.8 NA 59.1 2.1%(3)Banyan Square Capital Partners LP1 129.6 NA 123.6 4.5%(4)Other Real Estate4 41.7 NA 41.7 1.5%(1) This includes all U.S. CLOs deemed to be controlled by the Fund. U.S. CLOs are domiciled in the Cayman Islands. (2) Westbourne River Event Fund (formerly Polygon European Equity Opportunity Fund) and TFG Asset Management Global Equities Fund (formerly Polygon Global Equities Fund) are domiciled in the Cayman Islands. Given the applicable notice, liquidity up to 25% of the investment is available on a quarterly basis (subject to certain conditions), and the entire investment could be liquidated over four consecutive quarters.(3) Hawke\u2019s Point Holdings LP, Banyan Square Capital Partners LP, Tetragon Credit Partner funds (Tetragon Credit Income II LP (\u201cTCI II\u201d), Tetragon Credit Income III LP (\u201cTCI III\u201d) and Tetragon Credit Income IV LP (\u201cTCI IV\u201d)) are domiciled in the Cayman Islands. These are private-equity style investment funds. Please refer to Note 14 for details of unfunded commitments. (4) The Fund has investments in commercial farmland in Paraguay, via individual managed accounts managed by Scimitar, a specialist manager in South American farmland. The Fund\u2019s investment can only be redeemed when the underlying real estate assets are sold.Below is a summary of the Fund\u2019s holding in non-subsidiary unconsolidated structured entities: As at 31 December 2023 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs2 411.9 411.9 5.5 0.2%Real Estate Total AUM$M(2)BGO \u2013 U.S.7 37,3 31 NA 4 6 .1 1.6%(2)BGO \u2013 Europe11 14,680 NA 41.3 1.5%(2)BGO \u2013 Asia2 4,926 NA 22.4 0.8%Other Funds Total NAV$M(4)Acasta Funds2 1,036.3 NA 106.6 3.8%(3)Private Equity Funds42 5 4,16 3 .0 NA 2 07. 5 7. 3%As at 31 December 2022 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs2 415.0 \u2013 512.3 463.6 11.7 0.4%Real Estate Total AUM$M(2)BGO \u2013 U.S.7 39,333 NA 49.2 1.8%(2)BGO \u2013 Europe10 14,458 NA 39.2 1.4%(2)BGO \u2013 Asia2 4,581 NA 21.7 0.8%Other Funds Total NAV$M(4)Acasta Funds2 986.2 NA 104.2 3.8%(3)Private Equity Funds34 50,363 NA 162.5 5.9%(1) Includes all externally managed CLOs that are outside the Fund\u2019s control. U.S. CLOs are domiciled in the Cayman Islands. (2) BGO funds hold real estate investments in the U.S., Japan and various countries in Europe. Total assets under management (\u201cAUM\u201d) reflects 100% of BGO AUM in structured entities in each region. The number of investments indicates the Fund\u2019s investments in each region. The Fund\u2019s investment in these funds can only be redeemed in the form of capital distributions when the underlying real estate assets are sold. (3) Private equity funds are domiciled in the Cayman Islands, Luxembourg and the U.S. (4) Acasta Global Fund and Acasta Energy Evolution Fund are domiciled in the Cayman Islands. Given the applicable notice, liquidity up to 25% of the investment is available on a quarterly basis (subject to certain conditions), and the entire investment could be liquidated over four consecutive quarters. TFG Asset ManagementThe Fund owns 100% holdings and voting rights in TFG Asset Management LP. As at 31 December 2022 and 31 December 2023, TFG Asset Management LP\u2019s investments were comprised of the following:Notes(1) Equitix and BGO have a presence in North America, Europe, and Asia. (2) TFG Asset Management owns a non-controlling interest (\u201cNCI\u201d) as well as providing infrastructure services to these managers. The chief investment officers of underlying businesses own a controlling stake. Investment Principal Ownership interest Carrying value $M Percentage of NAVplace of 2023 2022 2023 2022 2023 2022business(1)Equitix Global 75% 75% 737.6 683.2 2 6.1% 24.8%(1)BGO Global 13% 13% 270.5 283.0 9.6% 10.3%LCM U.S. and U.K. 100% 100% 258.5 290.7 9.1% 10.5%Other asset managers: 78.8 86.4 2.8% 3.1%Westbourne River Partners U.S. and U.K. 100% 100%(2)NCIAcasta Partners U.S. and U.K. NCITetragon Credit Partners U.S. and U.K. 100% 100%Hawke\u2019s Point U.S. and U.K. 100% 100%Banyan Square Partners U.S. and U.K. 100% 100%(2)NCI(2)Contingency Capital U.S. and U.K. NCITetragon Financial Group Holdings LLC and Tetragon Financial Group (Delaware) LLCThe Fund holds a 100% ownership interest in Tetragon Financial Group Holdings LLC which is a holding company for a 100% ownership interest in Tetragon Financial Group (Delaware) LLC. Both companies are domiciled in Delaware. The purpose of Tetragon Financial Group (Delaware) LLC is to hold the collateral and liabilities related to the revolving credit facility (see Note 10). The fair value of the assets held by Tetragon Financial Group (Delaware) LLC as at 31 December 2023 is $1,215.4 million (2022: $1,190.3 million). The outstanding balance on the credit facility as at 31 December 2023 is $250.0 million (2022: $115.0 million). In case of non-payment of principal or interest, the provider of the credit facility has a lien over the assets held by Tetragon Financial Group (Delaware) LLC. There is no recourse to the Fund. The following table shows the breakdown of assets by asset class: 31 Dec 202331 Dec 2022$M$MInvestment funds and vehicles 802.8 780.2TFG Asset Management 332.0 332.8Unlisted stock 57.8 4 6.1CLO equity tranches 22.8 31.2Total 1,215.4 1,190.3LCM Euro LLC and LCM Euro II LLCThe Fund holds 100% ownership interest in LCM Euro LLC and LCM Euro II LLC Investment Series, domiciled in Delaware. The subsidiaries have invested in debt and equity tranches of certain LCM CLOs. They have entered into sales and repurchase agreements with regards to some of the CLO debt tranches that it holds. The timing and amount of payment of repo interest and repurchase obligations are matched by the interest and principal payments from the relevant debt tranches. Additional interest of 0.5% per annum is payable on the outstanding balance. As of 31 December 2023, LCM Euro LLC and LCM Euro II LLC Investment Series had total assets of $162.1 million (2022: $161.7 million) and aggregate repurchase obligations of $140.5 million (2022: $140.4 million). The fair value of LCM Euro LLC and LCM Euro II LLC Investment Series of $21.4 million (2022: $21.2 million) is included in non-derivative financial assets at FVTPL. There is no recourse to the Fund in case of non-payment of principal or interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__87": { "value": "Below is a summary of the Fund\u2019s holding in non-subsidiary unconsolidated structured entities: As at 31 December 2023 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs2 411.9 411.9 5.5 0.2%Real Estate Total AUM$M(2)BGO \u2013 U.S.7 37,3 31 NA 4 6 .1 1.6%(2)BGO \u2013 Europe11 14,680 NA 41.3 1.5%(2)BGO \u2013 Asia2 4,926 NA 22.4 0.8%Other Funds Total NAV$M(4)Acasta Funds2 1,036.3 NA 106.6 3.8%(3)Private Equity Funds42 5 4,16 3 .0 NA 2 07. 5 7. 3%As at 31 December 2022 No. of Range of Average Carrying Percentage investmentsnominal nominal value of Tetragon\u2019s $M $M$MNAVCLO Equity(1)U.S. CLOs2 415.0 \u2013 512.3 463.6 11.7 0.4%Real Estate Total AUM$M(2)BGO \u2013 U.S.7 39,333 NA 49.2 1.8%(2)BGO \u2013 Europe10 14,458 NA 39.2 1.4%(2)BGO \u2013 Asia2 4,581 NA 21.7 0.8%Other Funds Total NAV$M(4)Acasta Funds2 986.2 NA 104.2 3.8%(3)Private Equity Funds34 50,363 NA 162.5 5.9%(1) Includes all externally managed CLOs that are outside the Fund\u2019s control. U.S. CLOs are domiciled in the Cayman Islands. (2) BGO funds hold real estate investments in the U.S., Japan and various countries in Europe. Total assets under management (\u201cAUM\u201d) reflects 100% of BGO AUM in structured entities in each region. The number of investments indicates the Fund\u2019s investments in each region. The Fund\u2019s investment in these funds can only be redeemed in the form of capital distributions when the underlying real estate assets are sold. (3) Private equity funds are domiciled in the Cayman Islands, Luxembourg and the U.S. (4) Acasta Global Fund and Acasta Energy Evolution Fund are domiciled in the Cayman Islands. Given the applicable notice, liquidity up to 25% of the investment is available on a quarterly basis (subject to certain conditions), and the entire investment could be liquidated over four consecutive quarters.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__88": { "value": "Note 6 Financial Risks ReviewFinancial Risk Review:This note presents information about the Fund\u2019s objectives, policies and processes for measuring and managing risk. The Fund has exposure to the following risks from financial instruments:\u2013 Credit risk;\u2013 Liquidity risk; and\u2013 Market risksRisk Management Framework:The Fund\u2019s portfolio comprises a broad range of assets, including a diversified alternative asset management business, TFG Asset Management, and covers bank loans, real estate, equities, credit, convertible bonds, private equity and infrastructure. The Fund\u2019s investment strategy is to seek to identify asset classes that offer excess returns relative to their investment risk, or \u201cintrinsic alpha\u201d. The Investment Manager analyses the risk/reward, correlation, duration and liquidity characteristics of each potential capital use to gauge its attractiveness and incremental impact on the Fund. As part of the Fund\u2019s investment strategy, the Investment Manager may employ hedging strategies and leverage in seeking to provide attractive returns while managing risk. The Investment Manager\u2019s risk committee is responsible for the risk management of the Fund and performs active and regular oversight and risk monitoring. a) Credit risk \u201cCredit risk\u201d is the risk that a counterparty/issuer to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund, resulting in a financial loss to the Fund. It arises principally from the CLO portfolio held, and also from derivative financial assets, cash and cash equivalents, corporate bonds, other receivables and balances due from brokers. Credit risk is monitored on an ongoing basis by the Investment Manager in accordance with the policies and procedures in place. The Fund\u2019s activities may give rise to settlement risk. \u201cSettlement risk\u201d is the risk of loss due to the failure of an entity to honour its obligations to deliver cash, securities or other assets as contractually agreed. For the majority of transactions, the Fund mitigates this risk by conducting settlements through a broker to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. The Fund conducts diligence on its brokers and financing counterparties before entering into trading or financing relationships. The Fund also actively monitors and manages settlement risk by diversifying across counterparties and by monitoring developments in the perceived creditworthiness of financing counterparties.The carrying value and unfunded commitments of financial assets at fair value through profit or loss, derivatives, other receivables, amounts due from brokers and cash and cash equivalents, as disclosed in the Consolidated Statement of Financial Position and Note 14, represents the Fund\u2019s maximum credit exposure, hence, no separate disclosure is provided. The ECL on financial assets at amortised costs are immaterial. i. Analysis of Credit Quality Cash and cash equivalentsThe cash and cash equivalents are concentrated in five (2022: three) financial institutions with credit ratings between AA\u2013 and A+ (S&P) (2022: AA\u2013 and A+). The Investment Manager monitors these credit ratings and spreads of credit default swaps on a daily basis and actively moves balances between counterparties when deemed appropriate.Amounts due from brokersBalances due from brokers represent margin accounts, cash collateral for borrowed securities and sales transactions awaiting settlement. Any excess margin is included in cash and cash equivalents. Credit risk relating to unsettled transactions is considered small due to the short settlement period involved and the credit quality of the brokers used. As at the reporting date, the balance was concentrated in three brokers (2022: one) with S&P\u2019s credit rating between A- and A+ (2022: A+). Due to the high credit rating of the brokers, the expected credit losses on these balances are immaterial. The following table details the amounts held by brokers.31 Dec 202331 Dec 2022$M $MBNP Paribas 3.7 5.5Bank of America Merrill Lynch 0.3 -ING 3.2 -Total 7.2 5.5Corporate bondsThe Fund has an investment in a debt security of $15.7 million (2022: $15.9 million) with Moody\u2019s credit rating of Ba1 (2022: B3).CLOsThe Fund\u2019s portfolio is partly invested in CLO equity tranches which are subject to potential non-payment risk. The Fund will be in a first loss position with respect to realised losses on the collateral in each CLO investment. The Investment Manager assesses the credit risk of the CLOs on a look-through basis to the underlying loans in each CLO investment. The Investment Manager seeks to provide diversification in terms of underlying assets, geography and CLO managers. The maximum loss that the Fund can incur on CLOs is limited to the fair value of these CLOs as disclosed below. The underlying loans are made up of a variety of credit ratings including investment grade and non-investment grade.The following tables show the concentration of CLOs (including TCI II, III and IV) by region of underlying assets and by manager.31 Dec 202331 Dec 2022$M $MRegionUnited States 95% 95%Other 5% 5%100% 100%ManagerLCM 61% 62%Other managers 39% 38%Total 100% 100%DerivativesThe table below shows an analysis of derivative financial assets and liabilities outstanding at 31 December 2023 and 31 December 2022.Derivative assets Derivative liabilitiesFair ValueNotional Fair ValueNotional$M$M31 December 2023 5 .1 281.6 (8.3) 299.631 December 2022 21.7 460.9 (2.5) 59.8ii. Concentration of credit riskThe Fund\u2019s credit risk is concentrated in CLOs, and cash and cash equivalents. The table below shows a breakdown of credit risk per investment type. None of the Fund\u2019s financial assets was considered to be past due or impaired on 31 December 2023 or 31 December 2022.Investment type 31 Dec 2023 31 Dec 2022CLOs 71% 72%Cash and cash equivalents 13% 10%Corporate bonds 9% 7%Amount due from brokers 4% 2%Other loans and derivatives 3% 9%Total 100% 100%iii. Collateral and other credit enhancements, and their financial effectsThe Fund mitigates the credit risk of derivatives and reverse sale and repurchase agreements through collateral management including master netting agreements.Derivative transactions are either transacted on an exchange or entered into under International Derivative Swaps and Dealers Association (\u201cISDA\u201d) master netting agreements. Under ISDA master netting agreements in certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. The amount of collateral accepted in respect of derivative assets is shown in Note 6(iv).iv. Offsetting financial assets and liabilitiesThe Fund has not offset any financial assets and financial liabilities in the Consolidated Statement of Financial Position. The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting or similar agreement that covers financial instruments. 31 December 2023 Gross Gross Net Amounts Financial Cash Net Amount of Amounts Presented instruments collateral AmountRecognised Offset in the in the eligible for held by Assets/ Consolidated Consolidated nettingbrokersLiabilitiesStatement Statement of Financial of Financial PositionPosition$M$M$M$M$M$MAssetsING 5.1 - 5.1 (5.1) - -UBS AG - - - - - -Total 5.1 - 5.1 (5.1) - -LiabilitiesING 8.2 - 8.2 (5.1) - 3.1UBS AG 0.1 - 0.1 - - 0.1Total 8.3 - 8.3 (5.1) - 3.231 December 2022AssetsING 21.4 - 21.4 (2.4) - 19.0UBS AG 0.3 - 0.3 - - 0.3Total 21.7 - 21.7 (2.4) - 19.3LiabilitiesING 2.4 - 2.4 (2.4) - -BNP Paribas 0.1 - 0.1 - - 0.1Total 2.5 - 2.5 (2.4) - 0.1b) Liquidity risk\u201cLiquidity risk\u201d is the risk that the Fund will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Fund\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Fund\u2019s financial assets include some investments which are considered illiquid. These investments include TFG Asset Management, CLO equity tranches, real estate funds and vehicles and unlisted equities. The Fund also holds investments in hedge funds and private equity funds, which are subject to redemption restrictions such as notice periods and, in certain circumstances, redemption gates. As a result, the Fund may not be able to liquidate these investments readily.The Fund\u2019s liquidity risk is managed on a daily basis by the Investment Manager in accordance with the policies and procedures in place. The Fund has access to a revolving credit facility (Note 10) of $400.0 million (2022: $400.0 million) and can also access prime broker financing (Note 8). As of 31 December 2023, $250.0 million was drawn on the credit facility (2022: $115.0 million).The Fund has unfunded commitments (Note 14) to private-equity style funds which can be called immediately. The Fund is not exposed to the liquidity risk of meeting shareholder redemptions as the Fund\u2019s capital is in the form of non-redeemable shares. The following were the contractual maturities of non-derivative financial liabilities at the reporting date. The amounts are gross and undiscounted. The finance costs on borrowings are calculated assuming the drawn balance on the credit facility and the interest rate remains unchanged and principal repaid on the maturity date of the facility. 31 December 2023 Within 1 1 \u2013 3 3 months 1 \u2013 5Greater Totalmonthmonths\u2013 1 yearyearsthan 5 years$M$M$M$M$M$MFinance costs on borrowings 1.9 3.8 17.1 90.9 80.5 194.2Loans and borrowings - - - - 250.0 250.0Other payables 5.8 16.3 - - - 2 2.1Total 7.7 20.1 17.1 90.9 330.5 466.331 December 2022Finance costs on borrowings 0.9 1.8 8.0 42.4 48.2 101.3Loans and borrowings - - - - 115.0 115.0Other payables 3.7 26.5 - - - 30.2Amounts due to brokers 68.0 - - - - 68.0Total 72.6 28.3 8.0 42.4 163.2 314.5The tables below analyse the Fund\u2019s financial derivative instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the financial year-end date to the contractual maturity date.Inflows OutflowsWithin 1 \u2013 3 3 months 1 \u2013 5 Within 1 \u2013 3 3 months 1 \u2013 5 1 monthmonths\u2013 1 yearyears1 monthmonths\u2013 1 yearyears$M$M$M$M$M$M$M$M31 Dec 181.9 248.7 61.9 - (180.7) (253.8) (63.5) -202331 Dec 260.6 190.6 5.9 - (250.5) (184.7) (5.9) -2022The Fund manages its liquidity risk by holding sufficient financial liabilities. Cash and cash equivalents balance cash and cash equivalents and available balance to and undrawn balance on credit facility is disclosed below:withdraw on the revolving credit facility to meet its Investment type 31 Dec 202331 Dec 2022$M$MCash and cash equivalents 23.1 21.7Undrawn balance on credit facility 150.0 285.0c) Market riskMarket risk is the risk that changes in market prices, such as interest rates, foreign exchange rates, equity prices and credit spreads, will affect the Fund\u2019s income or the fair value of its holdings of financial instruments. The Fund\u2019s strategy for the management of market risk is driven by the Fund\u2019s investment objective of generating distributable income and capital appreciation. The Fund employs hedging strategies, from time to time as deemed necessary, to manage its exposure to foreign currency, interest rate and other price risks. The Fund does not apply hedge accounting. i. Interest Rate RiskInterest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments.The fair value of certain of the Fund\u2019s investments may be significantly affected by changes in interest rates. The Fund\u2019s investments in leveraged loans through CLOs generate SOFR plus returns and are sensitive to interest rate levels and volatility. Although CLOs are structured to hedge interest rate risk to some degree through the use of matched funding, there may be some difference between the timing of SOFR resets on the liabilities and assets of a CLO, which could have a negative effect on the amount of funds distributed to residual tranche holders. In addition, many obligors have the ability to choose their loan base from among various terms of SOFR and the Prime Rate thereby generating an additional source of potential mismatch. Furthermore, in the event of a significant rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may be expected to affect the Fund\u2019s cash flow, fair value of its assets and operating results adversely.Changes in interest rates may also affect the value of the Fund\u2019s investment in Acasta Global Fund. Generally, the value of convertible bonds and other fixed rate instruments will change inversely with changes in interest rates. The investment manager of Acasta Global Fund manages interest rate risk by, among other things, entering into interest rate swaps and other derivatives as and when required. The table below shows the sensitivity analysis for interest rates movement on the investment portfolio held by the Fund.31 December 2023 Fair Value Effects of +100bps change in Effects of \u2013 100bps change interest rate on net assetsin interest rate on net assets $M$M$MU.S. CLOs 133.3 5.6 (5.6)TCI II 29.7 1.3 (1.3)TCI III 60.5 2.6 (2.6)TCI IV 20.7 1.0 (1.0)Acasta Global Fund 102.8 (1.6) 1.9Total 347.0 8.9 (8.6)31 December 2022U.S. CLOs 170.2 8.6 (8.6)TCI II 41.5 1.5 (0.9)TCI III 75.6 2.8 (2.4)TCI IV 15.6 1.2 (1.0)Acasta Global Fund 100.4 (2.2) 2.3Total 403.3 11.9 (10.6)ii. Currency riskThe Fund invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in Euro (\u201cEUR\u201d), Sterling (\u201cGBP\u201d) and Norwegian Krone (\u201cNOK\u201d).Consequently, the Fund is exposed to risk that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the fair value or future cash flows of the Fund\u2019s financial assets or financial liabilities denominated in currencies other than USD. The Fund typically hedges against its currency risk, mainly by employing forward foreign exchange contracts. The currency exposure is monitored and managed on a daily basis. ExposureAt the reporting date, the carrying amount of the Fund\u2019s net financial assets and financial liabilities held in individual foreign currencies, expressed in USD were as follows.The sensitivity analysis sets out the effect on the net assets and profit for the year of reasonably possible weakening of USD against EUR, GBP, and NOK by 5%. The analysis assumes that all other variables, in particular interest rates, remain constant.31 December 2023 Net Monetary and Non-Forward foreign NetEffect of 5% Monetary Assets and Liabilities exchange hedging exposureon exchange $M$M $Mrate $MEUR 49.2 (44.9) 4.3 0.2GBP 817.1 (433.3) 383.8 19.2NOK 8.6 (9.2) (0.6) -Total 874.9 (487.4) 387.5 19.431 December 2022EUR 42.8 (45.4) (2.6) (0.1)GBP 750.5 (369.2) 381.3 19.1NOK 4.0 (6.0) (2.0) (0.1)Total 797.3 (420.6) 376.7 18.9A strengthening of the USD against the above currencies would have resulted in an equal but opposite effect to the amounts shown above.iii. Other price risk\u2018Other price risk\u2019 is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment or its issuer or by factors affecting all instruments traded in the market. The Investment Manager manages the Fund\u2019s price risk and monitors its overall market positions on a regular basis in accordance with the Fund\u2019s investment objectives and policies.The following table sets out the concentration of the investment assets and liabilities, including derivatives held by the Fund as at the reporting date. % of net assets % of net assets as at 31 Dec 2023as at 31 Dec 2022Asset classInvestment funds and vehicles 44.8% 42.3%TFG Asset Management 47.6% 48.7%CLO equity and debt tranches 4.8% 6.2%Unlisted stock 4.1% 2.3%Listed stock 6.7% 5.7%Corporate bonds 0.6% 0.6%Contracts for difference 0.0% 0.0%Forward foreign exchange contracts and options 0.1% 0.7%The Investment Manager reviews the concentrations against the limits which are set and reviewed periodically. The table below shows the impact of a positive 1% movement in the price of these investments on the NAV and profits of the Fund. A negative 1% movement will have an equal and opposite effect.31 Dec 31 Dec 20232022$M $MAsset classInvestment funds and vehicles 12.7 11.7TFG Asset Management 13.5 13.4CLO equity and debt tranches 1.4 1.7Unlisted stock 1.3 0.6Listed stock 1.8 1.6Corporate bonds 0.2 0.2Contracts for difference - -Forward foreign exchange contracts and options - 0.2", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__90": { "value": "a) Credit risk \u201cCredit risk\u201d is the risk that a counterparty/issuer to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund, resulting in a financial loss to the Fund. It arises principally from the CLO portfolio held, and also from derivative financial assets, cash and cash equivalents, corporate bonds, other receivables and balances due from brokers. Credit risk is monitored on an ongoing basis by the Investment Manager in accordance with the policies and procedures in place. The Fund\u2019s activities may give rise to settlement risk. \u201cSettlement risk\u201d is the risk of loss due to the failure of an entity to honour its obligations to deliver cash, securities or other assets as contractually agreed. For the majority of transactions, the Fund mitigates this risk by conducting settlements through a broker to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. The Fund conducts diligence on its brokers and financing counterparties before entering into trading or financing relationships. The Fund also actively monitors and manages settlement risk by diversifying across counterparties and by monitoring developments in the perceived creditworthiness of financing counterparties.The carrying value and unfunded commitments of financial assets at fair value through profit or loss, derivatives, other receivables, amounts due from brokers and cash and cash equivalents, as disclosed in the Consolidated Statement of Financial Position and Note 14, represents the Fund\u2019s maximum credit exposure, hence, no separate disclosure is provided. The ECL on financial assets at amortised costs are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__89": { "value": "a) Credit risk \u201cCredit risk\u201d is the risk that a counterparty/issuer to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund, resulting in a financial loss to the Fund. It arises principally from the CLO portfolio held, and also from derivative financial assets, cash and cash equivalents, corporate bonds, other receivables and balances due from brokers. Credit risk is monitored on an ongoing basis by the Investment Manager in accordance with the policies and procedures in place. The Fund\u2019s activities may give rise to settlement risk. \u201cSettlement risk\u201d is the risk of loss due to the failure of an entity to honour its obligations to deliver cash, securities or other assets as contractually agreed. For the majority of transactions, the Fund mitigates this risk by conducting settlements through a broker to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. The Fund conducts diligence on its brokers and financing counterparties before entering into trading or financing relationships. The Fund also actively monitors and manages settlement risk by diversifying across counterparties and by monitoring developments in the perceived creditworthiness of financing counterparties.The carrying value and unfunded commitments of financial assets at fair value through profit or loss, derivatives, other receivables, amounts due from brokers and cash and cash equivalents, as disclosed in the Consolidated Statement of Financial Position and Note 14, represents the Fund\u2019s maximum credit exposure, hence, no separate disclosure is provided. The ECL on financial assets at amortised costs are immaterial. i. Analysis of Credit Quality Cash and cash equivalentsThe cash and cash equivalents are concentrated in five (2022: three) financial institutions with credit ratings between AA\u2013 and A+ (S&P) (2022: AA\u2013 and A+). The Investment Manager monitors these credit ratings and spreads of credit default swaps on a daily basis and actively moves balances between counterparties when deemed appropriate.Amounts due from brokersBalances due from brokers represent margin accounts, cash collateral for borrowed securities and sales transactions awaiting settlement. Any excess margin is included in cash and cash equivalents. Credit risk relating to unsettled transactions is considered small due to the short settlement period involved and the credit quality of the brokers used. As at the reporting date, the balance was concentrated in three brokers (2022: one) with S&P\u2019s credit rating between A- and A+ (2022: A+). Due to the high credit rating of the brokers, the expected credit losses on these balances are immaterial. The following table details the amounts held by brokers.31 Dec 202331 Dec 2022$M $MBNP Paribas 3.7 5.5Bank of America Merrill Lynch 0.3 -ING 3.2 -Total 7.2 5.5Corporate bondsThe Fund has an investment in a debt security of $15.7 million (2022: $15.9 million) with Moody\u2019s credit rating of Ba1 (2022: B3).CLOsThe Fund\u2019s portfolio is partly invested in CLO equity tranches which are subject to potential non-payment risk. The Fund will be in a first loss position with respect to realised losses on the collateral in each CLO investment. The Investment Manager assesses the credit risk of the CLOs on a look-through basis to the underlying loans in each CLO investment. The Investment Manager seeks to provide diversification in terms of underlying assets, geography and CLO managers. The maximum loss that the Fund can incur on CLOs is limited to the fair value of these CLOs as disclosed below. The underlying loans are made up of a variety of credit ratings including investment grade and non-investment grade.The following tables show the concentration of CLOs (including TCI II, III and IV) by region of underlying assets and by manager.31 Dec 202331 Dec 2022$M $MRegionUnited States 95% 95%Other 5% 5%100% 100%ManagerLCM 61% 62%Other managers 39% 38%Total 100% 100%DerivativesThe table below shows an analysis of derivative financial assets and liabilities outstanding at 31 December 2023 and 31 December 2022.Derivative assets Derivative liabilitiesFair ValueNotional Fair ValueNotional$M$M31 December 2023 5 .1 281.6 (8.3) 299.631 December 2022 21.7 460.9 (2.5) 59.8ii. Concentration of credit riskThe Fund\u2019s credit risk is concentrated in CLOs, and cash and cash equivalents. The table below shows a breakdown of credit risk per investment type. None of the Fund\u2019s financial assets was considered to be past due or impaired on 31 December 2023 or 31 December 2022.Investment type 31 Dec 2023 31 Dec 2022CLOs 71% 72%Cash and cash equivalents 13% 10%Corporate bonds 9% 7%Amount due from brokers 4% 2%Other loans and derivatives 3% 9%Total 100% 100%iii. Collateral and other credit enhancements, and their financial effectsThe Fund mitigates the credit risk of derivatives and reverse sale and repurchase agreements through collateral management including master netting agreements.Derivative transactions are either transacted on an exchange or entered into under International Derivative Swaps and Dealers Association (\u201cISDA\u201d) master netting agreements. Under ISDA master netting agreements in certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. The amount of collateral accepted in respect of derivative assets is shown in Note 6(iv).iv. Offsetting financial assets and liabilitiesThe Fund has not offset any financial assets and financial liabilities in the Consolidated Statement of Financial Position. The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting or similar agreement that covers financial instruments. 31 December 2023 Gross Gross Net Amounts Financial Cash Net Amount of Amounts Presented instruments collateral AmountRecognised Offset in the in the eligible for held by Assets/ Consolidated Consolidated nettingbrokersLiabilitiesStatement Statement of Financial of Financial PositionPosition$M$M$M$M$M$MAssetsING 5.1 - 5.1 (5.1) - -UBS AG - - - - - -Total 5.1 - 5.1 (5.1) - -LiabilitiesING 8.2 - 8.2 (5.1) - 3.1UBS AG 0.1 - 0.1 - - 0.1Total 8.3 - 8.3 (5.1) - 3.231 December 2022AssetsING 21.4 - 21.4 (2.4) - 19.0UBS AG 0.3 - 0.3 - - 0.3Total 21.7 - 21.7 (2.4) - 19.3LiabilitiesING 2.4 - 2.4 (2.4) - -BNP Paribas 0.1 - 0.1 - - 0.1Total 2.5 - 2.5 (2.4) - 0.1", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__95-1": { "value": "The carrying value and unfunded commitments of financial assets at fair value through profit or loss, derivatives, other receivables, amounts due from brokers and cash and cash equivalents, as disclosed in the Consolidated Statement of Financial Position and Note 14, represents the Fund\u2019s maximum credit exposure, hence, no separate disclosure is provided.The tables below analyse the Fund\u2019s financial derivative instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the financial year-end date to the contractual maturity date.Inflows OutflowsWithin 1 \u2013 3 3 months 1 \u2013 5 Within 1 \u2013 3 3 months 1 \u2013 5 1 monthmonths\u2013 1 yearyears1 monthmonths\u2013 1 yearyears$M$M$M$M$M$M$M$M31 Dec 181.9 248.7 61.9 - (180.7) (253.8) (63.5) -202331 Dec 260.6 190.6 5.9 - (250.5) (184.7) (5.9) -2022DerivativesThe table below shows an analysis of derivative financial assets and liabilities outstanding at 31 December 2023 and 31 December 2022.Derivative assets Derivative liabilitiesFair ValueNotional Fair ValueNotional$M$M31 December 2023 5 .1 281.6 (8.3) 299.631 December 2022 21.7 460.9 (2.5) 59.8", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__94": { "value": "Corporate bondsThe Fund has an investment in a debt security of $15.7 million (2022: $15.9 million) with Moody\u2019s credit rating of Ba1 (2022: B3).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__93-1": { "value": "Amounts due from brokersBalances due from brokers represent margin accounts, cash collateral for borrowed securities and sales transactions awaiting settlement. Any excess margin is included in cash and cash equivalents. Credit risk relating to unsettled transactions is considered small due to the short settlement period involved and the credit quality of the brokers used. As at the reporting date, the balance was concentrated in three brokers (2022: one) with S&P\u2019s credit rating between A- and A+ (2022: A+). Due to the high credit rating of the brokers, the expected credit losses on these balances are immaterial. The following table details the amounts held by brokers.31 Dec 202331 Dec 2022$M $MBNP Paribas 3.7 5.5Bank of America Merrill Lynch 0.3 -ING 3.2 -Total 7.2 5.5Note 7 Other Receivables and Prepayments31 Dec 202331 Dec 2022$M $MOther receivables 0.4 2.1Prepayments 4.3 4.0Total 4.7 6.1Other receivables are expected to be settled within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__98-1": { "value": "iii. Collateral and other credit enhancements, and their financial effectsThe Fund mitigates the credit risk of derivatives and reverse sale and repurchase agreements through collateral management including master netting agreements.Derivative transactions are either transacted on an exchange or entered into under International Derivative Swaps and Dealers Association (\u201cISDA\u201d) master netting agreements. Under ISDA master netting agreements in certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. The amount of collateral accepted in respect of derivative assets is shown in Note 6(iv).Note 8 Amounts Due to Brokers 31 Dec 202331 Dec 2022$M $MAmounts due to brokers - 68.0Value of collateral posted with brokers 186.6 17 7.7The collateral is in the form of long- and short-listed equities and derivatives, and cash. The Fund can draw cash on the back of these securities from the broker. During 2023, no charges (2022: $0.2 million) were paid to the brokers in relation to this financing arrangement and included in finance costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__99": { "value": "The Fund mitigates the credit risk of derivatives and reverse sale and repurchase agreements through collateral management including master netting agreements.Derivative transactions are either transacted on an exchange or entered into under International Derivative Swaps and Dealers Association (\u201cISDA\u201d) master netting agreements. Under ISDA master netting agreements in certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. The amount of collateral accepted in respect of derivative assets is shown in Note 6(iv).iv. Offsetting financial assets and liabilitiesThe Fund has not offset any financial assets and financial liabilities in the Consolidated Statement of Financial Position. The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting or similar agreement that covers financial instruments. 31 December 2023 Gross Gross Net Amounts Financial Cash Net Amount of Amounts Presented instruments collateral AmountRecognised Offset in the in the eligible for held by Assets/ Consolidated Consolidated nettingbrokersLiabilitiesStatement Statement of Financial of Financial PositionPosition$M$M$M$M$M$MAssetsING 5.1 - 5.1 (5.1) - -UBS AG - - - - - -Total 5.1 - 5.1 (5.1) - -LiabilitiesING 8.2 - 8.2 (5.1) - 3.1UBS AG 0.1 - 0.1 - - 0.1Total 8.3 - 8.3 (5.1) - 3.231 December 2022AssetsING 21.4 - 21.4 (2.4) - 19.0UBS AG 0.3 - 0.3 - - 0.3Total 21.7 - 21.7 (2.4) - 19.3LiabilitiesING 2.4 - 2.4 (2.4) - -BNP Paribas 0.1 - 0.1 - - 0.1Total 2.5 - 2.5 (2.4) - 0.1", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__101": { "value": "b) Liquidity risk\u201cLiquidity risk\u201d is the risk that the Fund will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Fund\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Fund\u2019s financial assets include some investments which are considered illiquid. These investments include TFG Asset Management, CLO equity tranches, real estate funds and vehicles and unlisted equities. The Fund also holds investments in hedge funds and private equity funds, which are subject to redemption restrictions such as notice periods and, in certain circumstances, redemption gates. As a result, the Fund may not be able to liquidate these investments readily.The Fund\u2019s liquidity risk is managed on a daily basis by the Investment Manager in accordance with the policies and procedures in place. The Fund has access to a revolving credit facility (Note 10) of $400.0 million (2022: $400.0 million) and can also access prime broker financing (Note 8). As of 31 December 2023, $250.0 million was drawn on the credit facility (2022: $115.0 million).The Fund has unfunded commitments (Note 14) to private-equity style funds which can be called immediately. The Fund is not exposed to the liquidity risk of meeting shareholder redemptions as the Fund\u2019s capital is in the form of non-redeemable shares. The following were the contractual maturities of non-derivative financial liabilities at the reporting date. The amounts are gross and undiscounted. The finance costs on borrowings are calculated assuming the drawn balance on the credit facility and the interest rate remains unchanged and principal repaid on the maturity date of the facility. 31 December 2023 Within 1 1 \u2013 3 3 months 1 \u2013 5Greater Totalmonthmonths\u2013 1 yearyearsthan 5 years$M$M$M$M$M$MFinance costs on borrowings 1.9 3.8 17.1 90.9 80.5 194.2Loans and borrowings - - - - 250.0 250.0Other payables 5.8 16.3 - - - 2 2.1Total 7.7 20.1 17.1 90.9 330.5 466.331 December 2022Finance costs on borrowings 0.9 1.8 8.0 42.4 48.2 101.3Loans and borrowings - - - - 115.0 115.0Other payables 3.7 26.5 - - - 30.2Amounts due to brokers 68.0 - - - - 68.0Total 72.6 28.3 8.0 42.4 163.2 314.5The tables below analyse the Fund\u2019s financial derivative instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the financial year-end date to the contractual maturity date.Inflows OutflowsWithin 1 \u2013 3 3 months 1 \u2013 5 Within 1 \u2013 3 3 months 1 \u2013 5 1 monthmonths\u2013 1 yearyears1 monthmonths\u2013 1 yearyears$M$M$M$M$M$M$M$M31 Dec 181.9 248.7 61.9 - (180.7) (253.8) (63.5) -202331 Dec 260.6 190.6 5.9 - (250.5) (184.7) (5.9) -2022The Fund manages its liquidity risk by holding sufficient financial liabilities. Cash and cash equivalents balance cash and cash equivalents and available balance to and undrawn balance on credit facility is disclosed below:withdraw on the revolving credit facility to meet its Investment type 31 Dec 202331 Dec 2022$M$MCash and cash equivalents 23.1 21.7Undrawn balance on credit facility 150.0 285.0", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__102-1": { "value": "The Fund\u2019s liquidity risk is managed on a daily basis by the Investment Manager in accordance with the policies and procedures in place. The Fund has access to a revolving credit facility (Note 10) of $400.0 million (2022: $400.0 million) and can also access prime broker financing (Note 8). As of 31 December 2023, $250.0 million was drawn on the credit facility (2022: $115.0 million).Note 10 Credit FacilityThe Fund has access to a US$ 400.0 million revolving credit facility with maturity date in July 2032. The facility is subject to a non-usage fee of 0.5% which is applied to the undrawn notional amount and a servicing fee of 0.015% of the total size of the facility. Any drawn portion incurs interest at a rate of 3M Term SOFR plus a spread of 3.40%. 31 Dec 202331 Dec 2022$M $MDrawn balance at start of the year 115.0 75.0Interest and fees expensed 24.0 10.1Interest and fees paid (24.0) (10.1)Drawdowns 285.0 215.0Repayments (150.0) (175.0)Drawn balance at the end of the year 250.0 115.0", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__100-1": { "value": "The Fund has unfunded commitments (Note 14) to private-equity style funds which can be called immediately.Note 14 Contingencies and CommitmentsThe Fund has the following unfunded commitments: 31 Dec 202331 Dec 2022$M$MBGO investment vehicles 27.4 34.1Private equity funds 32.4 26.0Contingency Capital loan 1.6 2.1Contingency Capital fund 27. 9 42.6Tetragon Credit Income IV 6.1 11.0Total 95.4 115.8", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__103": { "value": "c) Market riskMarket risk is the risk that changes in market prices, such as interest rates, foreign exchange rates, equity prices and credit spreads, will affect the Fund\u2019s income or the fair value of its holdings of financial instruments. The Fund\u2019s strategy for the management of market risk is driven by the Fund\u2019s investment objective of generating distributable income and capital appreciation. The Fund employs hedging strategies, from time to time as deemed necessary, to manage its exposure to foreign currency, interest rate and other price risks. The Fund does not apply hedge accounting. i. Interest Rate RiskInterest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments.The fair value of certain of the Fund\u2019s investments may be significantly affected by changes in interest rates. The Fund\u2019s investments in leveraged loans through CLOs generate SOFR plus returns and are sensitive to interest rate levels and volatility. Although CLOs are structured to hedge interest rate risk to some degree through the use of matched funding, there may be some difference between the timing of SOFR resets on the liabilities and assets of a CLO, which could have a negative effect on the amount of funds distributed to residual tranche holders. In addition, many obligors have the ability to choose their loan base from among various terms of SOFR and the Prime Rate thereby generating an additional source of potential mismatch. Furthermore, in the event of a significant rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may be expected to affect the Fund\u2019s cash flow, fair value of its assets and operating results adversely.Changes in interest rates may also affect the value of the Fund\u2019s investment in Acasta Global Fund. Generally, the value of convertible bonds and other fixed rate instruments will change inversely with changes in interest rates. The investment manager of Acasta Global Fund manages interest rate risk by, among other things, entering into interest rate swaps and other derivatives as and when required. The table below shows the sensitivity analysis for interest rates movement on the investment portfolio held by the Fund.31 December 2023 Fair Value Effects of +100bps change in Effects of \u2013 100bps change interest rate on net assetsin interest rate on net assets $M$M$MU.S. CLOs 133.3 5.6 (5.6)TCI II 29.7 1.3 (1.3)TCI III 60.5 2.6 (2.6)TCI IV 20.7 1.0 (1.0)Acasta Global Fund 102.8 (1.6) 1.9Total 347.0 8.9 (8.6)31 December 2022U.S. CLOs 170.2 8.6 (8.6)TCI II 41.5 1.5 (0.9)TCI III 75.6 2.8 (2.4)TCI IV 15.6 1.2 (1.0)Acasta Global Fund 100.4 (2.2) 2.3Total 403.3 11.9 (10.6)ii. Currency riskThe Fund invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in Euro (\u201cEUR\u201d), Sterling (\u201cGBP\u201d) and Norwegian Krone (\u201cNOK\u201d).Consequently, the Fund is exposed to risk that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the fair value or future cash flows of the Fund\u2019s financial assets or financial liabilities denominated in currencies other than USD. The Fund typically hedges against its currency risk, mainly by employing forward foreign exchange contracts. The currency exposure is monitored and managed on a daily basis. ExposureAt the reporting date, the carrying amount of the Fund\u2019s net financial assets and financial liabilities held in individual foreign currencies, expressed in USD were as follows.The sensitivity analysis sets out the effect on the net assets and profit for the year of reasonably possible weakening of USD against EUR, GBP, and NOK by 5%. The analysis assumes that all other variables, in particular interest rates, remain constant.31 December 2023 Net Monetary and Non-Forward foreign NetEffect of 5% Monetary Assets and Liabilities exchange hedging exposureon exchange $M$M $Mrate $MEUR 49.2 (44.9) 4.3 0.2GBP 817.1 (433.3) 383.8 19.2NOK 8.6 (9.2) (0.6) -Total 874.9 (487.4) 387.5 19.431 December 2022EUR 42.8 (45.4) (2.6) (0.1)GBP 750.5 (369.2) 381.3 19.1NOK 4.0 (6.0) (2.0) (0.1)Total 797.3 (420.6) 376.7 18.9A strengthening of the USD against the above currencies would have resulted in an equal but opposite effect to the amounts shown above.iii. Other price risk\u2018Other price risk\u2019 is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment or its issuer or by factors affecting all instruments traded in the market. The Investment Manager manages the Fund\u2019s price risk and monitors its overall market positions on a regular basis in accordance with the Fund\u2019s investment objectives and policies.The following table sets out the concentration of the investment assets and liabilities, including derivatives held by the Fund as at the reporting date. % of net assets % of net assets as at 31 Dec 2023as at 31 Dec 2022Asset classInvestment funds and vehicles 44.8% 42.3%TFG Asset Management 47.6% 48.7%CLO equity and debt tranches 4.8% 6.2%Unlisted stock 4.1% 2.3%Listed stock 6.7% 5.7%Corporate bonds 0.6% 0.6%Contracts for difference 0.0% 0.0%Forward foreign exchange contracts and options 0.1% 0.7%The Investment Manager reviews the concentrations against the limits which are set and reviewed periodically. The table below shows the impact of a positive 1% movement in the price of these investments on the NAV and profits of the Fund. A negative 1% movement will have an equal and opposite effect.31 Dec 31 Dec 20232022$M $MAsset classInvestment funds and vehicles 12.7 11.7TFG Asset Management 13.5 13.4CLO equity and debt tranches 1.4 1.7Unlisted stock 1.3 0.6Listed stock 1.8 1.6Corporate bonds 0.2 0.2Contracts for difference - -Forward foreign exchange contracts and options - 0.2", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__91-1": { "value": "The Fund manages its liquidity risk by holding sufficient financial liabilities. Cash and cash equivalents balance cash and cash equivalents and available balance to and undrawn balance on credit facility is disclosed below:withdraw on the revolving credit facility to meet its Investment type 31 Dec 202331 Dec 2022$M$MCash and cash equivalents 23.1 21.7Undrawn balance on credit facility 150.0 285.0Cash and cash equivalentsThe cash and cash equivalents are concentrated in five (2022: three) financial institutions with credit ratings between AA\u2013 and A+ (S&P) (2022: AA\u2013 and A+). The Investment Manager monitors these credit ratings and spreads of credit default swaps on a daily basis and actively moves balances between counterparties when deemed appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__104": { "value": "Note 7 Other Receivables and Prepayments31 Dec 202331 Dec 2022$M $MOther receivables 0.4 2.1Prepayments 4.3 4.0Total 4.7 6.1Other receivables are expected to be settled within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__108": { "value": "Note 9 Other Payables and Accrued Expenses31 Dec 202331 Dec 2022$M $MIncentive fee payable 16.3 26.5Other payables and accrued expenses 5.8 3.7Total 22.1 30.2All other payables and accrued expenses are due within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__107": { "value": "Note 9 Other Payables and Accrued Expenses31 Dec 202331 Dec 2022$M $MIncentive fee payable 16.3 26.5Other payables and accrued expenses 5.8 3.7Total 22.1 30.2All other payables and accrued expenses are due within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__110": { "value": "Note 10 Credit FacilityThe Fund has access to a US$ 400.0 million revolving credit facility with maturity date in July 2032. The facility is subject to a non-usage fee of 0.5% which is applied to the undrawn notional amount and a servicing fee of 0.015% of the total size of the facility. Any drawn portion incurs interest at a rate of 3M Term SOFR plus a spread of 3.40%. 31 Dec 202331 Dec 2022$M $MDrawn balance at start of the year 115.0 75.0Interest and fees expensed 24.0 10.1Interest and fees paid (24.0) (10.1)Drawdowns 285.0 215.0Repayments (150.0) (175.0)Drawn balance at the end of the year 250.0 115.0", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__111": { "value": "Note 11 Incentive Fee The Fund pays the Investment Manager an incentive fee for each calculation period (a period of three months ending on 31 March, 30 June, 30 September and 31 December in each year or as otherwise determined by the Directors) (the \u201cCalculation Period\u201d) equal to 25% of the increase in the NAV of the Fund during the Calculation Period (before deduction of any dividend paid or the amount of any redemptions or repurchases of the shares (or other relevant capital adjustments) during such Calculation Period) above the Reference NAV (as defined below) plus the Hurdle (as defined below) for the Calculation Period. If the Hurdle is not met in any Calculation Period (and no incentive fee is paid), the shortfall will not carry forward to any subsequent Calculation Period. The Hurdle for any Calculation Period will equal the Reference NAV (as defined below) multiplied by the Hurdle Rate (as defined below). The Hurdle Rate for any Calculation Period, prior to and including 30 June 2023, equals 3-month USD LIBOR determined as of 11:00 a.m. London time on the first London business day of the then current Calculation Period, plus the Hurdle Spread of 2.647858% per annum, multiplied by the actual number of days in the Calculation Period divided by 365. The Hurdle rate for any Calculation Period commencing with the Calculation Period beginning on 1 July 2023, equals Term SOFR as of 5:00 p.m. New York time on the first day of the applicable Calculation Period on which Term SOFR is published, plus the Hurdle Spread of 2.747858% per annum, multiplied by the actual number of days in the Calculation Period, divided by 365. The \u2018\u2018Reference NAV\u2019\u2019 is the greater of (i) the NAV at the end of the Calculation Period immediately preceding the current Calculation Period and (ii) the NAV as of the end of the Calculation Period immediately preceding the Calculation Period referred to in clause (i). For the purpose of determining the Reference NAV at the end of a Calculation Period, the NAV shall be adjusted by the amount of accrued dividends and the amounts of any redemptions or repurchase of the shares (or other relevant capital adjustments) and incentive fees to be paid with respect to that Calculation Period.The incentive fee in respect of each Calculation Period is calculated by reference to the NAV before deduction of any accrued incentive fee. If the Investment Management Agreement is terminated other than at the end of a Calculation Period, the date of termination will be deemed to be the end of the Calculation Period. The incentive fee is normally payable in arrears after the end of the Calculation Period. The incentive fee for the year ended 31 December 2023 was $16.3 million (2022: $26.5 million). As at 31 December 2023, $16.3 million was outstanding (2022: $26.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__116": { "value": "Optional Stock DividendThe Fund has an Optional Stock Dividend Plan which offers investors an opportunity to elect to receive any declared dividend in the form of dividend shares at a reference price determined by calculating the five-day weighted average price post ex-dividend date.During the year, a total dividend of $37.1 million (2022: $38.8 million) was declared, of which $23.3 million was paid out as a cash dividend (2022: $23.8 million), and the remaining $13.8 million (2022: $15.0 million) was reinvested under the Optional Stock Dividend Plan.Treasury Shares and Share RepurchasesTreasury shares consist of non-voting shares that have been bought-back by the Fund from its investors through various tender offers and plans. Whilst they are held by the Fund, the shares are neither eligible to receive dividends nor are they included in the shares outstanding in the Consolidated Statement of Financial Position.During 2023, under the terms of \u201cmodified Dutch auction\u201d, the Fund accepted for purchase approximately 5.7 million (2022: 6.7 million) non-voting shares at an aggregate cost of $60.3 million (2022: $67.1 million), including applicable fees and expenses of $0.3 million (2022: $0.3 million). The Fund made the following purchases of its own shares from related parties using the then-current share price: Date Purchased from No. of shares Cost ($M) Then-current share priceJanuary 2022 TFG Asset Management LP 515,331 4.4 $8.50November 2022 TFG Asset Management LP 41,246 0.4 $8.66Escrow SharesEquity-based awardsIn 2015, the Fund bought back approximately 5.6 million of its non-voting shares in a tender offer for $57.4 million (including fees and expenses) to hedge against (or otherwise offset the future impact of) grants of shares under an equity-based long-term incentive plan and other equity awards by TFG Asset Management for certain of its senior employees (excluding the principals of the Investment Manager).Awards under the long-term incentive plan, along with other equity-based awards, are typically spread over multiple vesting dates up to 2024 which may vary for each employee and are subject to forfeiture provisions. The arrangements may also include additional periods, beyond the vesting dates, during which employees gain exposure to the performance of the Fund\u2019s shares, but the shares are not issued to the employees. Such periods may range from one to five years beyond the vesting dates. The shares underlying these equity-based incentive programs may be held in escrow until they vest and will be eligible to receive shares under the Optional Stock Dividend Plan.Under IFRS 2, TFG Asset Management is considered to be the settling entity. As the Fund has contributed these shares, the Fund recorded the imputed value of the shares contributed to escrow as credit to share-based compensation reserve in the year in which the shares were acquired for this purpose, with a corresponding debit to the cost of investment in TFG Asset Management.In 2021 and 2023, further awards to certain senior TFG Asset Management employees (excluding the principals of the investment manager) totalling approximately 3.4 million shares were made covering vesting and release periods out to 2030. In July 2019, TFG Asset Management entered into an employment agreement with Reade Griffith, Director of the Fund, that covers his services to TFG Asset Management for the period through to 30 June 2024. Mr. Griffith is currently the Chief Investment Officer of TFG Asset Management as well as the Chief Investment Officer of its European event-driven equities business, Westbourne River Partners (in addition to other roles). Under the terms of this agreement, Mr. Griffith received $9.5 million in July 2019 and $3.75 million in July 2020 in cash, 0.3 million Tetragon non-voting shares in July 2021 and will receive the following:\u2022 2.1 million Tetragon non-voting shares in July 2024; and\u2022 between zero and an additional 3.15 million Tetragon non-voting shares \u2013 with the number of shares based on agreed-upon investment performance criteria \u2013 vesting in years 5, 6 and 7. All of the Tetragon non-voting shares, covered by Mr. Griffith\u2019s employment agreement are subject to forfeiture conditions. The shares are held in escrow for release upon vesting and are eligible to participate in the optional stock dividend program, and as a result of subsequent dividends, further shares will be added to the escrow.As the Fund has the obligation to settle the shares, this award is treated as equity-settled. The fair value of the share award is determined using the share price at grant date of $12.50 (ticker symbol: TFG.NA). The total expense is determined by multiplying the share price at grant date and the estimated number of shares that will vest. The expense is recognised in Consolidated Statement of Comprehensive Income on a straight-line basis over the vesting period. A corresponding entry is made to the share-based compensation reserve. The following table shows the expense for each tranche up to the year ending 31 December 2024. Shares Vesting date 201920202021202220232024estimated$M$M$M$M$M$Mto vest (M)0.3 30 Jun 2021 0.9 1.9 0.9 - - -2.1 30 Jun 2024 2.6 5.3 5.3 5.3 5.3 2.61.575* 30 Jun 2024* 2.0 3.9 3.9 3.9 3.9 2.05.5 11.1 10.1 9.2 9.2 4.6*As at 31 December 2023, it is estimated that 1.575 million (2022: 1.575 million) of the maximum 3.15 million shares will vest according to the agreed-upon investment performance criteria at the end of year 5 with no shares vesting in years 6 and 7. This estimate will be revised at each reporting date and as a result, future expense may be different from the expense presented in the table above. As at 31 December 2023, 10.8 million (2022: 10.3 million) shares related to TFG Asset Management\u2019s employee reward schemes are held in escrow. These shares are eligible for stock dividends and during the year, 0.5 million (2022: 0.4 million) shares were allocated to this account. On 1 January 2020, the Independent Directors were awarded 24,490 shares each in Tetragon which vested on 31 December 2022. The fair value of the award, as determined by the share price on grant date of $12.25 per share, is $300,000 per Independent Director. In November 2022, a further 7,724 shares were awarded to each Independent Director with one-third of the shares vesting on 31 December 2023, 31 December 2024, and 31 December 2025. The fair value of the award, as determined by the relevant share price on grant date of $9.71 per share, is $75,000 per Independent Director. With respect to Director compensation from 1 January 2024, a further award of 10,122 shares were made to each Independent Director with 5,061 shares vesting on each of 31 December 2024 and 31 December 2025. The fair value of the awards as determined by the relevant share price of $9.88 per share is $100,000 per Independent Director. The Independent Directors have deferred the settlement of all the awards to earlier of three to five years from the vesting date and/or separation from service with the Fund. The expense is recognised on a straight-line basis in Consolidated Statement of Comprehensive Income over the vesting period of the awards. A corresponding entry is made to the share-based compensation reserve. Share-Based Compensation ReserveThe balance, $71.0 million (2022: $61.7 million) in share-based compensation reserve is related to Equity-based awards as described above. Capital ManagementThe Fund\u2019s capital is represented by the ordinary share capital, other equity, and accumulated retained earnings, as disclosed in the Consolidated Statement of Financial Position. The Fund\u2019s capital is managed in accordance with its investment objective. The Fund is not subject to externally imposed capital requirements and has no legal restrictions on the issue, repurchase or resale of its shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__117": { "value": "Treasury Shares and Share RepurchasesTreasury shares consist of non-voting shares that have been bought-back by the Fund from its investors through various tender offers and plans. Whilst they are held by the Fund, the shares are neither eligible to receive dividends nor are they included in the shares outstanding in the Consolidated Statement of Financial Position.During 2023, under the terms of \u201cmodified Dutch auction\u201d, the Fund accepted for purchase approximately 5.7 million (2022: 6.7 million) non-voting shares at an aggregate cost of $60.3 million (2022: $67.1 million), including applicable fees and expenses of $0.3 million (2022: $0.3 million). The Fund made the following purchases of its own shares from related parties using the then-current share price: Date Purchased from No. of shares Cost ($M) Then-current share priceJanuary 2022 TFG Asset Management LP 515,331 4.4 $8.50November 2022 TFG Asset Management LP 41,246 0.4 $8.66", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__113": { "value": "Note 12 Share CapitalAuthorisedThe Fund has an authorised share capital of $1.0 million divided into 10 voting shares, having a par value of $0.001 each and 999,999,990 non-voting shares (which are the \u201cshares\u201d referred to herein), having a par value of $0.001 each.Voting shares All of the Fund\u2019s voting shares are issued at par and are beneficially owned by the Voting Shareholder, a non-U.S. affiliate of the Investment Manager. The voting shares will be the only shares entitled to vote for the election of Directors and on all other matters put to a vote of shareholders, subject to the limited rights of the shares described below. The voting shares are not entitled to receive dividends.Non-voting sharesThe shares carry a right to any dividends or other distributions declared by the Fund. The shares are not entitled to vote on any matter other than limited voting rights in respect of variation of their own class rights. Dividend rightsDividends may be paid to the holders of shares at the sole and absolute discretion of the Directors. The voting shares carry no rights to dividends.Share Transactions Voting Non-Voting Treasury Shares held in Shares No.Shares* Shares EscrowNo. MNo. MNo. MShares in issue at 1 January 2022 10 90.2 38.6 10.9Stock dividends - 1.6 (2.0) 0.4Issued through release of tranche - 1.0 - (1.0)of escrow sharesShares purchased during the year - (7.2) 7.2 -Shares in issue at 31 December 2022 10 85.6 43.8 10.3Stock dividends - 1.3 (1.8) 0.5Shares purchased during the year - (5.7) 5.7 -Shares in issue at 31 December 2023 10 81.2 47.7 10.8*Non-voting shares do not include the treasury shares, or the shares held in escrow.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__112": { "value": "Note 12 Share CapitalAuthorisedThe Fund has an authorised share capital of $1.0 million divided into 10 voting shares, having a par value of $0.001 each and 999,999,990 non-voting shares (which are the \u201cshares\u201d referred to herein), having a par value of $0.001 each.Voting shares All of the Fund\u2019s voting shares are issued at par and are beneficially owned by the Voting Shareholder, a non-U.S. affiliate of the Investment Manager. The voting shares will be the only shares entitled to vote for the election of Directors and on all other matters put to a vote of shareholders, subject to the limited rights of the shares described below. The voting shares are not entitled to receive dividends.Non-voting sharesThe shares carry a right to any dividends or other distributions declared by the Fund. The shares are not entitled to vote on any matter other than limited voting rights in respect of variation of their own class rights. Dividend rightsDividends may be paid to the holders of shares at the sole and absolute discretion of the Directors. The voting shares carry no rights to dividends.Share Transactions Voting Non-Voting Treasury Shares held in Shares No.Shares* Shares EscrowNo. MNo. MNo. MShares in issue at 1 January 2022 10 90.2 38.6 10.9Stock dividends - 1.6 (2.0) 0.4Issued through release of tranche - 1.0 - (1.0)of escrow sharesShares purchased during the year - (7.2) 7.2 -Shares in issue at 31 December 2022 10 85.6 43.8 10.3Stock dividends - 1.3 (1.8) 0.5Shares purchased during the year - (5.7) 5.7 -Shares in issue at 31 December 2023 10 81.2 47.7 10.8*Non-voting shares do not include the treasury shares, or the shares held in escrow.Optional Stock DividendThe Fund has an Optional Stock Dividend Plan which offers investors an opportunity to elect to receive any declared dividend in the form of dividend shares at a reference price determined by calculating the five-day weighted average price post ex-dividend date.During the year, a total dividend of $37.1 million (2022: $38.8 million) was declared, of which $23.3 million was paid out as a cash dividend (2022: $23.8 million), and the remaining $13.8 million (2022: $15.0 million) was reinvested under the Optional Stock Dividend Plan.Treasury Shares and Share RepurchasesTreasury shares consist of non-voting shares that have been bought-back by the Fund from its investors through various tender offers and plans. Whilst they are held by the Fund, the shares are neither eligible to receive dividends nor are they included in the shares outstanding in the Consolidated Statement of Financial Position.During 2023, under the terms of \u201cmodified Dutch auction\u201d, the Fund accepted for purchase approximately 5.7 million (2022: 6.7 million) non-voting shares at an aggregate cost of $60.3 million (2022: $67.1 million), including applicable fees and expenses of $0.3 million (2022: $0.3 million). The Fund made the following purchases of its own shares from related parties using the then-current share price: Date Purchased from No. of shares Cost ($M) Then-current share priceJanuary 2022 TFG Asset Management LP 515,331 4.4 $8.50November 2022 TFG Asset Management LP 41,246 0.4 $8.66Escrow SharesEquity-based awardsIn 2015, the Fund bought back approximately 5.6 million of its non-voting shares in a tender offer for $57.4 million (including fees and expenses) to hedge against (or otherwise offset the future impact of) grants of shares under an equity-based long-term incentive plan and other equity awards by TFG Asset Management for certain of its senior employees (excluding the principals of the Investment Manager).Awards under the long-term incentive plan, along with other equity-based awards, are typically spread over multiple vesting dates up to 2024 which may vary for each employee and are subject to forfeiture provisions. The arrangements may also include additional periods, beyond the vesting dates, during which employees gain exposure to the performance of the Fund\u2019s shares, but the shares are not issued to the employees. Such periods may range from one to five years beyond the vesting dates. The shares underlying these equity-based incentive programs may be held in escrow until they vest and will be eligible to receive shares under the Optional Stock Dividend Plan.Under IFRS 2, TFG Asset Management is considered to be the settling entity. As the Fund has contributed these shares, the Fund recorded the imputed value of the shares contributed to escrow as credit to share-based compensation reserve in the year in which the shares were acquired for this purpose, with a corresponding debit to the cost of investment in TFG Asset Management.In 2021 and 2023, further awards to certain senior TFG Asset Management employees (excluding the principals of the investment manager) totalling approximately 3.4 million shares were made covering vesting and release periods out to 2030. In July 2019, TFG Asset Management entered into an employment agreement with Reade Griffith, Director of the Fund, that covers his services to TFG Asset Management for the period through to 30 June 2024. Mr. Griffith is currently the Chief Investment Officer of TFG Asset Management as well as the Chief Investment Officer of its European event-driven equities business, Westbourne River Partners (in addition to other roles). Under the terms of this agreement, Mr. Griffith received $9.5 million in July 2019 and $3.75 million in July 2020 in cash, 0.3 million Tetragon non-voting shares in July 2021 and will receive the following:\u2022 2.1 million Tetragon non-voting shares in July 2024; and\u2022 between zero and an additional 3.15 million Tetragon non-voting shares \u2013 with the number of shares based on agreed-upon investment performance criteria \u2013 vesting in years 5, 6 and 7. All of the Tetragon non-voting shares, covered by Mr. Griffith\u2019s employment agreement are subject to forfeiture conditions. The shares are held in escrow for release upon vesting and are eligible to participate in the optional stock dividend program, and as a result of subsequent dividends, further shares will be added to the escrow.As the Fund has the obligation to settle the shares, this award is treated as equity-settled. The fair value of the share award is determined using the share price at grant date of $12.50 (ticker symbol: TFG.NA). The total expense is determined by multiplying the share price at grant date and the estimated number of shares that will vest. The expense is recognised in Consolidated Statement of Comprehensive Income on a straight-line basis over the vesting period. A corresponding entry is made to the share-based compensation reserve. The following table shows the expense for each tranche up to the year ending 31 December 2024. Shares Vesting date 201920202021202220232024estimated$M$M$M$M$M$Mto vest (M)0.3 30 Jun 2021 0.9 1.9 0.9 - - -2.1 30 Jun 2024 2.6 5.3 5.3 5.3 5.3 2.61.575* 30 Jun 2024* 2.0 3.9 3.9 3.9 3.9 2.05.5 11.1 10.1 9.2 9.2 4.6*As at 31 December 2023, it is estimated that 1.575 million (2022: 1.575 million) of the maximum 3.15 million shares will vest according to the agreed-upon investment performance criteria at the end of year 5 with no shares vesting in years 6 and 7. This estimate will be revised at each reporting date and as a result, future expense may be different from the expense presented in the table above. As at 31 December 2023, 10.8 million (2022: 10.3 million) shares related to TFG Asset Management\u2019s employee reward schemes are held in escrow. These shares are eligible for stock dividends and during the year, 0.5 million (2022: 0.4 million) shares were allocated to this account. On 1 January 2020, the Independent Directors were awarded 24,490 shares each in Tetragon which vested on 31 December 2022. The fair value of the award, as determined by the share price on grant date of $12.25 per share, is $300,000 per Independent Director. In November 2022, a further 7,724 shares were awarded to each Independent Director with one-third of the shares vesting on 31 December 2023, 31 December 2024, and 31 December 2025. The fair value of the award, as determined by the relevant share price on grant date of $9.71 per share, is $75,000 per Independent Director. With respect to Director compensation from 1 January 2024, a further award of 10,122 shares were made to each Independent Director with 5,061 shares vesting on each of 31 December 2024 and 31 December 2025. The fair value of the awards as determined by the relevant share price of $9.88 per share is $100,000 per Independent Director. The Independent Directors have deferred the settlement of all the awards to earlier of three to five years from the vesting date and/or separation from service with the Fund. The expense is recognised on a straight-line basis in Consolidated Statement of Comprehensive Income over the vesting period of the awards. A corresponding entry is made to the share-based compensation reserve. Share-Based Compensation ReserveThe balance, $71.0 million (2022: $61.7 million) in share-based compensation reserve is related to Equity-based awards as described above. Capital ManagementThe Fund\u2019s capital is represented by the ordinary share capital, other equity, and accumulated retained earnings, as disclosed in the Consolidated Statement of Financial Position. The Fund\u2019s capital is managed in accordance with its investment objective. The Fund is not subject to externally imposed capital requirements and has no legal restrictions on the issue, repurchase or resale of its shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__114-1": { "value": "Dividend rightsDividends may be paid to the holders of shares at the sole and absolute discretion of the Directors. The voting shares carry no rights to dividends.Optional Stock DividendThe Fund has an Optional Stock Dividend Plan which offers investors an opportunity to elect to receive any declared dividend in the form of dividend shares at a reference price determined by calculating the five-day weighted average price post ex-dividend date.During the year, a total dividend of $37.1 million (2022: $38.8 million) was declared, of which $23.3 million was paid out as a cash dividend (2022: $23.8 million), and the remaining $13.8 million (2022: $15.0 million) was reinvested under the Optional Stock Dividend Plan.Note 13 Dividends31 Dec 202331 Dec 2022$M$MQuarter ended 31 December 2021 of $0.1100 per share - 9.9Quarter ended 31 March 2022 of $0.1100 per share - 9.6Quarter ended 30 June 2022 of $0.1100 per share - 9.6Quarter ended 30 September 2022 of $0.1100 per share - 9.7Quarter ended 31 December 2022 of $0.1100 per share 9.4 -Quarter ended 31 March 2023 of $0.1100 per share 9.2 -Quarter ended 30 June 2023 of $0.1100 per share 9.2 -Quarter ended 30 September 2023 of $0.1100 per share 9.3 -Total 37.1 38.8The fourth quarter dividend of $0.1100 per share was approved by the Directors on 4 March 2024 and has not been included as a liability in these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__118": { "value": "Escrow SharesEquity-based awardsIn 2015, the Fund bought back approximately 5.6 million of its non-voting shares in a tender offer for $57.4 million (including fees and expenses) to hedge against (or otherwise offset the future impact of) grants of shares under an equity-based long-term incentive plan and other equity awards by TFG Asset Management for certain of its senior employees (excluding the principals of the Investment Manager).Awards under the long-term incentive plan, along with other equity-based awards, are typically spread over multiple vesting dates up to 2024 which may vary for each employee and are subject to forfeiture provisions. The arrangements may also include additional periods, beyond the vesting dates, during which employees gain exposure to the performance of the Fund\u2019s shares, but the shares are not issued to the employees. Such periods may range from one to five years beyond the vesting dates. The shares underlying these equity-based incentive programs may be held in escrow until they vest and will be eligible to receive shares under the Optional Stock Dividend Plan.Under IFRS 2, TFG Asset Management is considered to be the settling entity. As the Fund has contributed these shares, the Fund recorded the imputed value of the shares contributed to escrow as credit to share-based compensation reserve in the year in which the shares were acquired for this purpose, with a corresponding debit to the cost of investment in TFG Asset Management.In 2021 and 2023, further awards to certain senior TFG Asset Management employees (excluding the principals of the investment manager) totalling approximately 3.4 million shares were made covering vesting and release periods out to 2030. In July 2019, TFG Asset Management entered into an employment agreement with Reade Griffith, Director of the Fund, that covers his services to TFG Asset Management for the period through to 30 June 2024. Mr. Griffith is currently the Chief Investment Officer of TFG Asset Management as well as the Chief Investment Officer of its European event-driven equities business, Westbourne River Partners (in addition to other roles). Under the terms of this agreement, Mr. Griffith received $9.5 million in July 2019 and $3.75 million in July 2020 in cash, 0.3 million Tetragon non-voting shares in July 2021 and will receive the following:\u2022 2.1 million Tetragon non-voting shares in July 2024; and\u2022 between zero and an additional 3.15 million Tetragon non-voting shares \u2013 with the number of shares based on agreed-upon investment performance criteria \u2013 vesting in years 5, 6 and 7. All of the Tetragon non-voting shares, covered by Mr. Griffith\u2019s employment agreement are subject to forfeiture conditions. The shares are held in escrow for release upon vesting and are eligible to participate in the optional stock dividend program, and as a result of subsequent dividends, further shares will be added to the escrow.As the Fund has the obligation to settle the shares, this award is treated as equity-settled. The fair value of the share award is determined using the share price at grant date of $12.50 (ticker symbol: TFG.NA). The total expense is determined by multiplying the share price at grant date and the estimated number of shares that will vest. The expense is recognised in Consolidated Statement of Comprehensive Income on a straight-line basis over the vesting period. A corresponding entry is made to the share-based compensation reserve. The following table shows the expense for each tranche up to the year ending 31 December 2024. Shares Vesting date 201920202021202220232024estimated$M$M$M$M$M$Mto vest (M)0.3 30 Jun 2021 0.9 1.9 0.9 - - -2.1 30 Jun 2024 2.6 5.3 5.3 5.3 5.3 2.61.575* 30 Jun 2024* 2.0 3.9 3.9 3.9 3.9 2.05.5 11.1 10.1 9.2 9.2 4.6*As at 31 December 2023, it is estimated that 1.575 million (2022: 1.575 million) of the maximum 3.15 million shares will vest according to the agreed-upon investment performance criteria at the end of year 5 with no shares vesting in years 6 and 7. This estimate will be revised at each reporting date and as a result, future expense may be different from the expense presented in the table above. As at 31 December 2023, 10.8 million (2022: 10.3 million) shares related to TFG Asset Management\u2019s employee reward schemes are held in escrow. These shares are eligible for stock dividends and during the year, 0.5 million (2022: 0.4 million) shares were allocated to this account. On 1 January 2020, the Independent Directors were awarded 24,490 shares each in Tetragon which vested on 31 December 2022. The fair value of the award, as determined by the share price on grant date of $12.25 per share, is $300,000 per Independent Director. In November 2022, a further 7,724 shares were awarded to each Independent Director with one-third of the shares vesting on 31 December 2023, 31 December 2024, and 31 December 2025. The fair value of the award, as determined by the relevant share price on grant date of $9.71 per share, is $75,000 per Independent Director. With respect to Director compensation from 1 January 2024, a further award of 10,122 shares were made to each Independent Director with 5,061 shares vesting on each of 31 December 2024 and 31 December 2025. The fair value of the awards as determined by the relevant share price of $9.88 per share is $100,000 per Independent Director. The Independent Directors have deferred the settlement of all the awards to earlier of three to five years from the vesting date and/or separation from service with the Fund. The expense is recognised on a straight-line basis in Consolidated Statement of Comprehensive Income over the vesting period of the awards. A corresponding entry is made to the share-based compensation reserve. Share-Based Compensation ReserveThe balance, $71.0 million (2022: $61.7 million) in share-based compensation reserve is related to Equity-based awards as described above.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__119": { "value": "Capital ManagementThe Fund\u2019s capital is represented by the ordinary share capital, other equity, and accumulated retained earnings, as disclosed in the Consolidated Statement of Financial Position. The Fund\u2019s capital is managed in accordance with its investment objective. The Fund is not subject to externally imposed capital requirements and has no legal restrictions on the issue, repurchase or resale of its shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__122": { "value": "Note 15 Related-party TransactionsInvestment ManagerThe Investment Manager is entitled to receive management fees equal to 1.5% per annum of the NAV of the Fund payable monthly in advance prior to the deduction of any accrued incentive fee. An incentive fee may be paid to the Investment Manager as disclosed in Note 11. Voting ShareholderThe Voting Shareholder is an affiliate of the Investment Manager and holds all of the voting shares. As a result of its ownership and the degree of control that it exercises, the Voting Shareholder will be able to control the appointment and removal of the Fund\u2019s Directors (subject to applicable law). Affiliates of the Voting Shareholder also control the Investment Manager and, accordingly, control the Fund\u2019s business and affairs.DirectorsThe remuneration for Directors shall be determined by resolution of the Voting Shareholder. Each of the Directors\u2019 annual fee for the year ended 31 December 2023 was $125,000 (2022: $125,000) as compensation for service as Directors of the Fund. From 1 January 2024, the annual fee has been increased to $150,000. As at 31 December 2023, $15,625 (2022: $15,625) was outstanding in relation to Directors\u2019 remuneration. The Directors have the option to elect to receive shares in the Fund instead of the quarterly fee. With respect to the year ended 31 December 2023, David O\u2019Leary elected to receive shares in lieu of half of his compensation and received 6,199 shares (2022: 6,508). In addition to the annual fee, the Fund has awarded its shares to the Independent Directors as described in Note 12. Reade Griffith and Paddy Dear have waived their entitlement to a fee in respect of their services as Directors. The Directors are entitled to be repaid by the Fund for all travel, hotel and other expenses reasonably incurred by them in the discharge of their duties. None of the Directors have a contract with the Fund providing for benefits upon termination of employment.Reade Griffith, Paddy Dear, David O\u2019Leary, Steven Hart, and Deron Haley \u2013 all Directors of the Fund during the year \u2013 maintained (directly or indirectly) interests in shares of the Fund as at 31 December 2023, with interests of 16,500,187, 5,676,316, 61,596, 31,889 and 31,889 shares respectively (2022: 16,010,947, 5,445,046, 51,458, 28,070 and 28,070 shares respectively). Mr. Griffith has an employment agreement with TFG Asset Management as described in Note 12. SubsidiariesThe Fund has entered into share-based employee reward schemes with its subsidiary, TFG Asset Management LP. See Note 12 for details. TFG Asset Management UK LLP and TFG Asset Management US LP (together the Service Providers) provide operational, financial control, trading, marketing and investor relations, legal, compliance, administrative, payroll and employee benefits and other services to the Investment Manager in exchange for fees payable by the Investment Manager to the Service Providers. One of these entities, TFG Asset Management UK LLP, which is authorised and regulated by the United Kingdom Financial Conduct Authority, also provides services to the Investment Manager relating to the dealing in and management of investments, arranging of deals and advising on investments. TFG Asset Management, through the Service Providers, has implemented a cost-allocation methodology with the objective of allocating service-related costs, including to the Investment Manager. TFG Asset Management then charges fees for the services allocated on a cost-recovery basis that is designed to achieve full recovery of the allocated costs. In the year, the amount recharged to the Investment Manager was $21.6 million (2022: $21.3 million). As at 31 December 2023, the outstanding balance due from the Investment Manager was $0.3 million (2022: $1.6 million). During the year ended 31 December 2022, the Fund purchased its own shares from TFG Asset Management LP. See Note 12 for details.Reade Griffith and Paddy Dear continue to hold membership interests in TFG Asset Management UK LLP (the \u201cU.K. Investment Manager\u201d) which collectively entitle them to exercise all of the voting rights in respect of the U.K. Investment Manager.As part of the acquisition of TFG Asset Management in 2012, Mr. Griffith and Mr. Dear have agreed that they will (i) exercise their voting rights in a manner that is consistent with the best interests of the Fund and (ii) upon the request of the Fund, for nominal consideration, sell, transfer, and deliver their membership interests in TFG Asset Management UK LLP to the Fund.Reade Griffith and Paddy Dear also hold membership interests in Pace Cayman Holdco Limited or Pace Holdco, an entity through which the Fund ultimately owns its equity stake in Equitix. These membership interests collectively entitle them to exercise all of the voting rights in respect of Pace Holdco. Mr. Griffith and Mr. Dear have agreed that they will (i) exercise their voting rights in a manner that is consistent with the best interests of the Fund and (ii) upon the request of the Fund, for nominal consideration, sell, transfer, and deliver their membership interests in the Pace Holdco to the Fund.Investments in internally managed fundsThe Fund holds various investments in funds managed within TFG Asset Management business. Please see Note 5 for details of these investments and Note 14 for the unfunded commitments related to these funds.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__123": { "value": "DirectorsThe remuneration for Directors shall be determined by resolution of the Voting Shareholder. Each of the Directors\u2019 annual fee for the year ended 31 December 2023 was $125,000 (2022: $125,000) as compensation for service as Directors of the Fund. From 1 January 2024, the annual fee has been increased to $150,000. As at 31 December 2023, $15,625 (2022: $15,625) was outstanding in relation to Directors\u2019 remuneration. The Directors have the option to elect to receive shares in the Fund instead of the quarterly fee. With respect to the year ended 31 December 2023, David O\u2019Leary elected to receive shares in lieu of half of his compensation and received 6,199 shares (2022: 6,508). In addition to the annual fee, the Fund has awarded its shares to the Independent Directors as described in Note 12. Reade Griffith and Paddy Dear have waived their entitlement to a fee in respect of their services as Directors. The Directors are entitled to be repaid by the Fund for all travel, hotel and other expenses reasonably incurred by them in the discharge of their duties. None of the Directors have a contract with the Fund providing for benefits upon termination of employment.Reade Griffith, Paddy Dear, David O\u2019Leary, Steven Hart, and Deron Haley \u2013 all Directors of the Fund during the year \u2013 maintained (directly or indirectly) interests in shares of the Fund as at 31 December 2023, with interests of 16,500,187, 5,676,316, 61,596, 31,889 and 31,889 shares respectively (2022: 16,010,947, 5,445,046, 51,458, 28,070 and 28,070 shares respectively). Mr. Griffith has an employment agreement with TFG Asset Management as described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__124": { "value": "Note 16 Earnings per ShareThe calculation of the basic and diluted earnings per share is based on the following data:Year endedYear ended31 Dec 202331 Dec 2022$M $M Earnings for the purposes of basic earnings per share 141.1 (32.1)being net profit attributable to shareholders for the yearWeighted average number of shares for the purposes 87. 3 90.8of basic earnings per shareEffect of dilutive potential sharesShare-based employee compensation \u2013 4.9 4.1equity-based awardsWeighted average number of shares for the 92.2 94.9purposes of diluted earnings per shareDiluted earnings per share is calculated by adjusting the weighted average number of shares outstanding assuming conversion of all dilutive potential shares. Share-based employee compensation shares are dilutive potential shares. In respect of share-based employee compensation \u2013 equity-based awards, it is assumed that all of the time-based shares currently held in escrow will be released, thereby increasing the weighted average number of shares. The number of dilutive performance-based shares is based on the number of shares that would be issuable if the end of the period were the end of the performance period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__125": { "value": "Note 17 Segment Information IFRS 8 Operating Segments requires a \u201cmanagement approach\u201d, under which segment information is presented on the same basis as that used for internal reporting purposes.For management purposes, the Fund is organised into one main operating segment \u2013 its investment portfolio \u2013 which invests, either directly or via fund vehicles, in a range of alternative asset classes including equity securities, debt instruments, real estate, infrastructure, loans and related derivatives. The Fund\u2019s investment activities are all determined by the Investment Manager in accordance with the Fund\u2019s investment objective. All of the Fund\u2019s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant operating decisions are based upon analysis of the Fund as one segment. The financial results from this segment are equivalent to the financial statements of the Fund as a whole.The shares in issue are in US Dollars. The Fund\u2019s investment geographical exposure is as follows:Region 31 Dec 2023 31 Dec 2022North America 42% 45%Europe 50% 48%Asia Pacific 7% 5%Latin America 1% 2%", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__126": { "value": "Note 18 Subsequent Events The Directors have evaluated the period up to 4 March 2024, which is the date that the financial statements were approved. The Directors have concluded that there are no material events that require disclosure or adjustment to the financial statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__127": { "value": "Note 19 Approval of Financial StatementsThe Directors approved and authorised for issue the financial statements on 4 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:14URO7KANNWKTLQY7F55", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }