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Craig Nerenberg Likes CLO's

by
February 4, 2011 4:01 pm
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Craig Nerenberg Likes CLO's

Craig Nerenberg of Brenn West Capital Partners spoke at the Harbor Investment Conference yesterday and laid out his case for Tetragon Financial, which is a company that invests in collateralized loan obligations.

From the company’s website, it describes itself as a company that “currently invests primarily through long-term funding vehicles such as collateralized loan obligations in selected securitized asset classes and aims to provide stable returns to investors across various interest rate and credit cycles.”

The company, which trades in Amsterdam, under the symbol. TFG.NA, is currently trading around $7 per share, and has a net asset value (NAV) of $9.40 per share. Nerenberg said he believes the NAV could go to $13+ in one year.

In addition to trading to a discount to NAV, the company sports a 4.7% dividend yield, and Nerenberg believes the company could increase that this year. Management also buys back 15% of the float everyday, and issues a press release around 11:45 a.m. to update investors on its progress.


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