text:
Systematic associations between germ-line mutations and human cancers
Publication date2016
KeywordGerm-line mutations; Human cancers; Gene mutations; Chromosomes; Pathways; Big data; Cancer mutation; Cancer map; Gene mutation interconnections; Gene mutation distribution; Bioinformatics
Rights© 2016 Inderscience Enterprises Ltd. Reproduced in accordance with the publisher's self-archiving policy.
MetadataShow full item record
AbstractThe revolution in Big Data has opened the gate for new research challenges in biomedical science. The aim of this study was to investigate whether germ-line gene mutations are a significant factor in 29 major primary human cancers. Using data obtained from multiple biological databases, we identified 424 genes from 8879 cancer mutation records. By integrating these gene mutation records a human cancer map was constructed from which several key results were obtained. These include the observations that missense/nonsense and regulatory mutations might play central role in connecting cancers/genes, and tend to be distributed in all chromosomes. This suggests that, of all mutation classes missense/nonsense and regulatory mutation classes are over-expressed in human genome and so are likely to have a significant impact on human cancer aetiology and pathomechanism. This offers new insights into how the distribution and interconnections of gene mutations influence the development of cancers.
VersionAccepted Manuscript
CitationAl-Shammari M, Tobin DJ and Peng Y (2016) Systematic associations between germ-line mutations and human cancers. International Journal of Computational Biology and Drug Design. 9(1-2): 135-148.
Link to publisher's versionhttp://www.inderscienceonline.com/doi/abs/10.1504/IJCBDD.2016.074980
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Islington fighter focused on winning middleweight title at O2 Arena
PUBLISHED: 17:00 09 October 2014
Rob Newell/TGSPHOTO c/o 27 Plaiters Way, Braintree, Essex, CM7 3LR - Editorial Use ONLY - FA Premier League and Football League
Islington's John Ryder says a late change of opponent will not distract him from his attempt to become WBA inter-continental middleweight champion this weekend.
Ryder had been due to face the vastly experienced Sergey Khomitsky for the vacant belt at the O2 Arena on Saturday, but the Belarussian pulled out at short notice.
Khomitsky's withdrawal means the Islington fighter, who has won 18 of his 19 professional contests, is now up against Ghana's Theophilus Tetteh instead.
"Obviously the last-minute change of opponent's not ideal," admitted Ryder. "I was training to face Khomitsky for several weeks and suddenly that's gone out of the window.
"But I don't think Tetteh's all that different from what we were getting before, so all's not lost in terms of preparation. I've got loads of rounds in with different opponents and I've learned a lot.
"I've got to take the initiative early on – if I let him get into his rhythm he can be a handful. There's everything still to gain and the same title's still on the line.
"If you look at the list of fighters who have held this title, it'd be nice to join them. Win this and it puts me in the top 15 with most of the world governing bodies."
Ryder made his name as an amateur with Angel ABC before joining the paid ranks in 2010 and has been defeated just once, in his first attempt to win a title just over a year ago.
And the 26-year-old believes that experience, when he lost on points to British and Commonwealth champion Billy Joe Saunders, will be invaluable on Saturday.
"I think the Saunders fight will stand me in good stead," added Ryder. "This is another big show, I'm the main event, and it's another chance to put myself up there and get a belt around my waist.
"I lacked experience against Saunders, maybe that's what let me down on that occasion – but I'm a year older, a year wiser. I've got a lot of self-belief and I'm looking forward to getting in the ring.
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Tetteh, who has spent most of his career at light-middleweight, comes to London with a record of 16 wins (including nine stoppages), six defeats and two draws.
The Matchroom Promotions bill also features Joshua, who meets Denis Bakhtov for the WBC international heavyweight title.
Former Islington BC captain Aarron 'The Marksman' Morgan is back in the ring on Friday night when he takes on Daniel Borisov in a light-middleweight contest at the Camden Centre, Kings Cross.
If you value what this story gives you, please consider supporting the Islington Gazette. Click the link in the orange box above for details.

subset: commoncrawl


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Souhan in London: Covering the Games for WJON
LONDON, ENGLAND - Star Tribune sportswriter Jim Souhan joins Bob Hughes every weekday morning at 7:15 a.m. live on AM 1240 WJON.
He has arrived in London to cover the Olympic Games. While he's there he'll be watching and covering Minnesota's athletes, including our local athletes.
Here's his conversation with Bob this morning, he talks about St. Cloud's Alise Post:


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Posted by (+515) 11 years ago
Just got back from their awesome facility. We were way too early for the 6pm tour, so plan to go back on Sunday or early next week. As soon as I rolled down the window to ask a young man in the parking lot if we were in the right place, the aroma made my mouth start watering. The place was a little hard to find (and I am a native, but I've been living in MT for over 16 years) but the building was huge. Left with a really cool t-shirt and a six pack of Ruination IPA and couldn't wait to get home to my Dad's. He didn't like it. Awesome, more for me. Drank one and then found out I have to drive to LA to pick up family at the airport. Yikes! Just a tiny buzz going. Can't wait to take the tour and taste more of their excellent procucts!


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Bring on the snow, I'm ready.
I'm considering buying a Honda 1332, anyone here have any experience with one? I need something that will handle heavy packed snowdrifts where my tractor won't go.
My story about my sister learning standard a few posts down reminded me that she named that car Nightbeast, I always thought that was great. She named named her next car (1980 Buick Riviera Pictured) Winston, another great name. Have you guys ever named your cars?
Well I've already told my learning-to-drive-stick story, but I have another one about my sister's experience. I bought her a 2004 Cavalier with a 5-speed as her first car and she learned to drive it very quickly on our driveway. Unfortunately, the first time we took it out on the road she had to turn left at a…
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Tractor will not clear hard packed snow in driveway. I am officially fucked.
How is it back in Illinois!? DHL is so special...
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Drove the Regal down to see the family. They just bought a new 2012 Regal so we had to get an old & new shot of the 2. More importantly though, I averaged 30 mpg on the trip! Not bad for a 27 year old car! (and not far off what the new one gets) Interestingly, the cars are the exact same size, the new one is just a…


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United States
|Native on the Red road living in two Worlds. Father of three Beautiful Daughters & four Grandchildren. Hopeful Romantic
A Prospectors Life
It had been hardened by a pre-staged life that they
were destined to live.
Their life's journey & future hardships to come were unimaginable.
Working long hours, from sun up to sundown. Exposed to some of the most extreme weather conditions. Living outdoors & induring all four seasons that did not show any forgiveness and have taken many lives. Wildlife that filled the land took care of the weak. Always keeping an eye out for any dangerous encounters.
There was no just giving up & returning home. For most didn't have a home they could return too.
Limited to greedy price gouging merchants. Many times having no choice where or who they purchased their equipment ...
It's been awhile since I've written, well a few months anyways. It's what I think writer call "writers block" but I feel it's more of a fluidity of emotional thoughts at that particularly moment in time?
Does that make sence?
Mark Raven Pinto
What is up with this dope?
Everyone's addicted to crap.
This stuff isn't meth these days. We are all so addicted to the thought of getting high we are accepting the garbage because it is so cheap these days.
The Cartels, they have been serving us a product with just enough amphetamine in it to keep you in their clutches and nobody's seeing it.
I bet everyone's saying "this guy must be doing hope dope" (I hope I get high dope). Sorry that isn't the case at all cause if it was then we all have the same plug. Your shit ain't no different then his, his, her's, theirs or yours.
Shit, the only time some fire comes around,...? Is when some loco local does a burn and that doesnt last long...
Out of nowhere the sense of loneliness overwhelmed me.
Oh God please let there be someone for me.
If one day our eye's ever meet amongst the sea of people,
please i ask this of you.
Avoid looking into them.
If i notice your gaze,
It will cause tears to flow from my eyes like a river, then I'll know that you had as i watch your gesture of expression and I will start to cry out in shame because you had seen deep into this soles remorseful past.
M. Pinto
If you don't excel in your career and strive to learn by your mistakes from previous relationships, there
is always another person
to replace you.
You may have broken the mold but there is always a new cast being created.
Mark Pinto
You ever just meet someone
and just wish you could
talk to her more?
She was special and
I just let her slip away.
When I imagine going to the creek, stream or river,...
I picture rolling hills as the gates leading to the mountains.
As fast as a blink of an eye. As if I've passed
threw a portal. Nature takes over & turns into a place where
things haven't been scarred or touched by many men.
Where the road turns to gravel and takes me lower
In evelavation, slowly winding down between two peaks that are covered with Lodgepole Pines.
A place wildlife can keep me on my toes & i always
have to check over my shoulder because the dog might've
passed out in the shade or disappeared.
I look all around thinking, "Som'bitch, some German shepherd you are!" I swear that nose of hers has gotten
her in more trouble. La...
Turn to a new time in my life. Who are you?
I do not know? I'm a new me I say, but am I really?
Tears coming from my eyes!
I'm lost.
Struggling times. Struggling to breathe!
Oh God! Help me breath again.
Let me float, let me breathe!
Mark Pinto
Is your New Year's resolution about
who you want to be or who you were?
Ask yourself,
do I want to be a new me
or the person who I've always been?
Depression has hit me so hard this year.
I don't know if I can handle another year like this with my emotions going all over. Its like I have no control of my heart.
Went to see a doctor. She gave me these pill that made me go numb like when I used to use meth.
I love having feelings and emotions but not go I numb to where I don't feel anything.
God gave me a heart with feelings not a pocket full of dope or a script of pills.
I just want to be naturally balanced!
Lost & alone
What are these feelings
Memories of my childhood
Time of emotional distress
Is now the time to mourn
Over due journey back to my past
Thoughts of sorrow
Little lip quivering
Taken away from all i knew
Fearing of not knowing
What is to come
Lost & alone
M. Pinto
Is it the idea of loving
someone like you or is it
the idea of falling in love with
that perfect person &
hoping its you?
My imagination runs wild with
endless thoughts of you.
I want that person in my
Imagination to be you.
M. Pinto
Our Earth,
she reveils a time long forgotten
By boulders until it's rolled over, exposing sands & gravel that it has
hidden long ago.
Gravel mixed with sands amongst pebbles & stones hiding an ore we
have been so much in search for.
Like the spark from a crackling fire
& as fast as snap from the sound,
there's a flash from out the corner of your eye. Before you can capture
it in sight, it settles beneath
the sands in your pan.
We roll water in & out, side to side.
With blond sand slowly washing away
you leave only the black sands.
Coming close to revealing the prize
from your days work, the hopes
of a pay streak cloud your mind.
Suddenly a yellow like no other
slightly appear before the eyes....
"I got jokes all day"
Hmm… I wonder how people would react if I walked into SEA WORLD with a fishing pole?
Mark Pinto
When new doors of opportunities open for you,
Becareful think, what are the long terms of this
decision before you decide to walk through it.
Some missed opportunities are a blessing.
Mark Raven Pinto
Where's my news?
I miss reading the news written on Lettrs!
It seems like that was the only time i had to read about whats currently going on in the world.
I hope someone starts it up again.
Mark Pinto
A smile just erupted from my face remembering the Feather River Pow Wow in Northern California.
Closing ceremony had just ended. I seen a few of the young dancers were out on the back field walking tossing a football around. So I thought let's play a game of tag football, worrior style, ayeee!
We had just started when some college guys asked if they could play.
We all looked at each other and grinned as if we were think the same exact thing. Cowboys against Indians. Hoka, Hoka hay! I thought.
As we played the game started getting rougher. They thought they could toss us around since we were smaller or whatever was running around Thier small naive brains.
It was going on eleven an night and ...
I am merely a man wanting to be happy as I age.
Those who are close to me know we only want happiness. This social network might have destroyed the closeness i have with someone that I truly care for over misunderstanding. So for this reason I am only keeping to writing about my life's experiences.
I hope and pray that it hasn't but if it has I know I'm done with social media, forever.
Marc Zuckerberg, you have truly hurt more then you'll ever know.
Mark R. Pinto
The Red Road
Living the Pow Wow life
As i look up and slowly close my eyes.
Staring beyond the Lodge poles out into the gassly cluster of stars that fill our galaxy.
Laying there, imagining how she floated like a butterfly with each step to the beat of the drum as she danced.
So graceful, like a feather floating inches above the ground.
The smoked canvas fades from light
to dark as the fire sends whiphs of smoke through my lodge poles.
In the distance I can softly hear a father singing a traditional lallaby to his infant.
Early morning sky.
Heavy thick Winter Robe draped over me as I duck out the doorway.
Morning frost covers the grass. Glistening, slowly melting to dr...
When I was young
and Native
Looking over the little valley, hidden between two pine covered hills.
I could see the smoke stained canvases of our homes that we loved so much and all the Ponies.
Memories rush back to me from my childhood as i start to smile.
I start to count the corralled ponies while watching the children try to trick them with a piece of fruit leading them closer to the fence so they can sneak on their backs as I did as a child.
My Great Uncle smiled as he told us "Ponies know what you're doing".
We didn't understand at the time.
I laugh now as my Uncle did.
We thought we were smarter then the ponies.
When we got lucky and tricked them they ...
I dont know what it is anymore
I thought I did.
So many words can describe the word Love and what one feels during the course of a relationship and how those feelings change throughout it.
Remember when we were young with our
first lover and how they made you feel.
Heart pounding before that first kiss and the butterflies in our bellies and slowly those beautiful butterflies fluttered away.
I smile everytime that person's memories
run across my thoughts and dance apon my heart.
How excited I was when I seen her number appear on my phone.
Or how she lit up when I brought a beautiful Rose that I had cut for her. Knowing I selected the perfect one just for h...
When I was young
and Native
Looking down apon the little valley hidden between two pine covered hills.
Seeing the smoke stained canvases of our homes that we love so much.
Laughing as I count the coralled ponies.
I watch the children try to trick them with a piece of fruit to lead them close to the fence so they can sneak on their backs as I did as a child.
This makes me smile in happiness
as my Uncle did when i thought we were smarter then the ponies.
Living this life makes me feel proud to have lived it.
Leaving this way of life makes me sad knowing I've returned to the white world.
Living in Two Worlds
Mark Raven Pinto
Life is a mystery
Live lifes journey until
the unknown has been
Experienced by you, the Inspector
Mark R Pinto
Have you ever been alone
Have you ever been homeless
Do you ever wonder what it
like to have a beautiful family
Do you really know what it's like to have lost everything
I do, it hurts
It makes you feel lost
It makes you feel shame
It's makes you humble
All you can do is strive to be who you never were
Mark R. Pinto
I have a light that shines its brightest,
Amongst the kindred and compromising,
Lost in depths intensely kept
Reaching outside n ever crying,
blinding-bent- and in regret,
The orchid blooms nature is select.
Mark Pinto
It's you I'm writing about on my phone. It's you m thinking of. It's you I dream of.
I'm looking for you
Mark Pinto
I'd be lost without Lettrs.
I'd be,... You don't want to know.
If it wasn't for this app
Drew created I might not love life as much as I do.
Thank you Drew, staff, "O", and everyone else I hold dear to my new heart.
Mark R. Pinto
Thank you Drew, the C.E.O. of the Lettrs app.
You've made my words heard around the World


text:
If you're looking for a bit of culture this weekend, the Dundrum One Act Drama Festival is returning to Dundrum Mill Theatre.
The festival offers an opportunity to see nine different one act plays produced by drama groups from around Ireland in one whirlwind weekend.
Each night will consist of three one act plays followed by an informative review by Festival Adjudicator, Geoff O'Keeffe.
The adjudicator takes the stage each night to give his review, allowing the audience a chance to get an insight into the analysis of the plays and learn more about the performances they have just watched.
Festival director, Fiona Walsh, said the festival is a great opportunity to see a variety of different one act plays from drama groups across the country.
"This year we have groups travelling from Wexford, Cavan, Wicklow , Kildare and Cork as well as some more local Dublin groups.
"I am expecting the standard of productions to be very high as all the groups will be competing for a place in the All Ireland One Act Finals.
"The festival also offers audiences the unique opportunity to hear the public adjudication from Geoff O'Keeffe and receive a insight into what he thought of the acting, directing and production values of each play."
The festival takes place from 8 to 10 November, 8pm Friday/Saturday and 7pm Sunday.
Tickets, €15 standard and €12 concession, for each individual night are available from the dlr Mill Theatre in Dundrum by phoning the box office on +353 01 296 9340, or ordering online at http://www.milltheatre.ie/events/dundrum-one-act-festival/


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Michael James
I am a Senior Professional Graphics Designer in the NEWAGE Technology Company LTD.,
I work globally with Startups and Agencies. I design and create product brands, intuitive web interfaces and Social media marketing ads and more. A creative thinker, branding expert, designer and marketer, founder of Swiftstudio Creative agency an award winning professional designer, with 6 years working experience in my field. Working together with top internet marketer, seo expert, brand strategist and creative expert.
I was born in Miami on 11 Feb 1996. I Graduated from The Oxford University with a Bachelor of Science in Computer UI/UX in May 2017.
After my education, I interned with a printing press group; I later worked as an I.T consultant and then project manager in both Crest Inc. and Spice Initiatives Ltd. My clients included Covenant University Center for Research Innovation Development (CUCRID)and The OnNetworth Plc After receiving a direct commission in April 2017.
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text:
Sources believed to be from Bo have said that there are plans to stage massive demonstrations in the city against the frequent and persistent power cuts which have almost crippled the city. They floated a letter on the internet written to the Police asking for a permit to stage the demonstrations.
However, the letter is riddled with spelling and grammatical errors and this paper is doubting its authenticity, though the story of the blackouts is true. Even if the letter is fake, there have been credible reports from usually-reliable individuals reporting directly from Bo that the electricity situation has gone down the hill. There are persistent blackouts which have raised concerns among the citizens.


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Family Program Registration
We're glad you've decided to join us for one of our events or programs!
Just fill in the details below and click the "print registration" button at the end. Please send in your printed registration form with your payment.
Send the printout in with your payment to: Marion Natural History Museum, PO Box 644, Marion MA 02738. Thank you!


text:
Body Sculpt UK provide mobile and clinical treatments in and around SG2, Hertfordshire.
We are here to ensure that you achieve the figure you want through a selection of non-invasive body sculpting treatments offered in the convenience of your own home or at one of our prestigious and lavish body sculpting treatment centers in or around SG2, Hertfordshire.
Our assortment of body sculpting treatments comprise of Cryolipolysis, Fat Freezing, HIFU, plus much more. We can address arms, legs, face, vagina, boobs, moobs and just about any area of your face or body that is showing unwelcome bagginess, facial lines, skin flaws, fat or lose skin. Applied safely and skillfully in comfort by one of our trained and qualified professionals.


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Milwaukee Monstaz – Shackled ft. Hell Razah [audio]
New World Order… Another strike on Politics ad How fucked up he world Is. Definitely a niche that Milwaukee Monstaz Member Taiyamo Denku & Maximus Da Mantis seem to touch on very Clear. This time they brought the Sunz of Man member Hell Razah with them on this journey that lets us know we continue to be shackled by the ways of the word and the ways of the government.


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The term "bulk mail" refers to larger quantities of mail prepared for mailing at reduced postage. Also referred to as Business Mail or Commercial Mail
Reduced Postage is not granted as a quantity discount, but rather as a work-sharing discount.
LMU Bulk Mail addresses and prepares its mailings in such a way that helps the USPS to reduce its own processing and delivery costs. These cost savings are then passed on to LMU as postage discounts.
The savings in postage may be significant but the highly detailed presort process is strictly regulated to ensure that presorted mailings are fully compatible with USPS operations.
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With over 10 years of client services fulfillment, LMU Bulk Mail's staff is equipped to assist with issues ranging from mail piece design compliance to effective production planning.
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Data Manipulation
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Half Year 2020 Tetragon Financial Group Ltd Earnings Call
ST PETER PORT Aug 3, 2020 (Thomson StreetEvents) -- Edited Transcript of Tetragon Financial Group Ltd earnings conference call or presentation Friday, July 31, 2020 at 2:00:00pm GMT
TEXT version of Transcript
Corporate Participants
* Patrick Giles Gauntlet Dear
Tetragon Financial Management LP - Principal
* Paul Ronald Gannon
Tetragon Financial Management LP - CFO
* Stephen L. Prince
Tetragon Financial Management LP - Member of The Investment Committee & Risk Committee
Operator [1]
Good afternoon. Thank you for joining Tetragon's investor call. (Operator Instructions) The call will be accompanied by a live presentation, which can be viewed online by registering at the link provided in the company's conference call press release. This press release can be found on the homepage of the company's website, www.tetragoninv.com. In addition, questions can be submitted online while watching the presentation. And as a reminder, this call is being recorded.
I will now turn you over to Paddy Dear to commence the presentation.
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [2]
As one of the principals and founders of the Investment Manager of Tetragon Financial Group Limited, I'd like to welcome you to our investor call, which will focus on the company's first half results for 2020. Paul Gannon, our CFO, will review the company's financial performance for the period. Steve Prince and I will talk you through some of the detail of the portfolio and performance, and Steve will spend time discussing the outlook. As usual, we will conclude with questions, those taken electronically via our web-based system at the end of the presentation, as well as those received since the last update. The PDF of the slides are now available to download on our website and, if you're on the webcast, directly from the webcast portal.
I would like to remind everyone that the following may contain forward-looking comments, including statements regarding the intentions, beliefs or current expectations concerning performance and financial condition on the products and markets in which Tetragon invests. Our performance may change materially as a result of various possible events or factors.
So with that, I'd like to pass over to Paul.
Paul Ronald Gannon, Tetragon Financial Management LP - CFO [3]
Thanks, Paddy.
As a reminder, Tetragon continues to focus on 3 main metrics. We look at how value is being created via NAV per share total return. We also look at investment returns measured as a return on equity or ROE, and we monitor how value is being returned to shareholders through distributions, which are mainly in the form of dividends.
The fully diluted NAV per share was $24 at 30 June 2020. After adjusting for dividends reinvested at the NAV, the NAV per share total return year-to-date is down 1.9%, which compares to up 8.1% for the same period in 2019.
For monitoring investment returns, we continue to use an ROE calculation. And for H1 2020, this was down 2.9%, which is net of all fees and expenses. The graph that you can see right now also shows what the return would be if it were annualized for the full year, which is down 5.8%.
With reference to that target, the average ROE achieved since IPO is 11.8%, which is within our target range of 10% to 15%. Later on in the call, we'll give more color as to how the specific asset classes contributed to the return this year.
Finally, moving on to the last key metric, which is dividends. As a reminder, during the first half of the year, Tetragon modified its dividend to capital return policy to remove any specific dividend target payout ratio referenced to normalized earnings.
Tetragon declared a dividend of $0.10 for the second quarter, which represents a year-to-date dividend of $0.20. Based on the quarter-end share price of $8.76, the last 4 quarters' dividend in aggregate represents a yield of approximately 6.5%. In addition, during the second quarter, the managers took advantage of the fund's widened discount to NAV to repurchase $25 million of shares, which was accretive to NAV by 1.8%.
So now on to what we call the NAV bridge. This breaks down into its component parts the gross Tetragon fully diluted NAV per share from $24.76 at the end of 2019 to $24 per share at the end of the first half.
So looking in detail at some of the component parts. Investment income reduced NAV per share by $0.47 per share. Operating expenses and manager fees reduced NAV per share by a further $0.21, with $0.04 per share reduction due to interest expense. On the capital side, gross dividends reduced NAV per share by $0.29.
There was a net dilution of $0.20 per share, which is labeled as other share dilution. This bucket primarily reflects the impact of dilution from stock dividends plus the additional recognition of equity-based compensation shares. Finally, the impacts of the $25 million share buyback I mentioned previously, which closed at June 2020, resulted in $0.45 of NAV accretion.
I will now hand over to Paddy.
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [4]
Thanks, Paul.
As on previous calls, I would like to put the company's first half performance in the context of the long run. Tetragon began trading in 2005 and became a public company in April 2007. So the fund has 15 years of trading history. This chart shows the NAV per share total return, which is the thick line at the top; and the share price total return, which is the dashed line. The chart also includes equity indices, the MSCI All-Share and the FT All-Share; and the Tetragon hurdle rate of LIBOR plus 2.65.
As you can see, Tetragon has returned 287% since IPO on a NAV total return basis to a near fourfold increase in value since IPO. The last 6 months' return of minus 2.9% on an ROE basis in the first half compares with minus 17.4% for the FT All-Share and minus 6% for the MSCI Global Index. As you know, there's been a great disparity in various worldwide equity indices because both the U.S. NASDAQ and S&P are at their highs for the year, and their performance is dominated by a narrow range of predominantly tech companies.
Continuing the theme of looking at the long-term, here are some more performance metrics. Our return on equity or investment return target is 10% to 15% over the cycles. The average return since IPO is 11.8%. And as Paul has shown, return on equity for the first half of 2020 was minus 2.9%. Long-term interest rates are down to their lows. The U.S. Ten Year Treasury Yield is approximately 0.57%. So with risk fee rates so low, we should naturally expect all risk assets to return at the lower end of long-term expectations. And thus, with respect with Tetragon, this means that [ex ante], our return expectations are at the bottom end and could possibly even be below our 10% to 15% range.
The last figure on this table shows that 32% of the public shares are owned by the principals of the Investment Manager and employees of TFG Asset Management. We believe this is very important, as it demonstrates a strong belief in what we do as well as a strong alignment of interest between the manager, TFG Asset Management employees and Tetragon shareholders.
This next slide shows the composition of Tetragon's assets. So looking at the breakdown of the $2.3 billion of net asset value. And these colored discs show the percentage breakdown of the asset classes and strategies as of the end of 30 June this year on the right in comparison with the end of last year on the left.
I would highlight some notable changes, first, growth in private equity from 12% to 15%. And this is as a result of the growth in the value of investments within the Hawke's Point Fund, which we'll talk more about in a moment. Second, the hedge fund exposure has actually remained constant, but worth noting that we've redeemed from QT a quantitative manager and put fresh capital into both the Polygon European Event Fund and the Polygon Convertible Opportunity Fund. And thirdly, would note there's been a small increase in cash over the first half.
Moving on to the next slide. We can move on and discuss the first half performance in a little bit more detail. The NAV bridge that Paul showed was a high-level overview of NAV per share. And what this table does is show a breakdown of the composition of Tetragon's NAV at 30 June 2020 versus year-end 2019, and it does so by asset classes and the factors contributing to the changes in NAV. Thus this table shows investment performance plus capital flows, and thus tying back to the change in NAV.
Now as you can see from the bottom right-hand side of the tables, the aggregate investment performance, labeled Gains and Losses, generated a gross loss of $44.3 million year-to-date. And this was the sum of the various segments above.
So briefly on those. TFG Asset Management, our private equity holdings in asset management companies, had gains of $14.1 million, driven primarily by Equitix. Our hedge fund strategies lost $50.9 million, and there were losses in the QT Fund, which is the externally managed [qual] fund. And these losses have been realized through the redemption from that fund. We also have losses, hopefully unrealized, in the European Event Driven Equity Fund. And these were offset slightly by a small positive in the first half from the Convertible Opportunity Fund.
Thirdly, bank loans lost $42.2 million in the first half. These losses were driven by actual defaults as well as changes to forward-looking assumptions for U.S. loans. So default expectations, recoveries, prepayments, discount rates, et cetera.
Moving down the table. Real estate had losses of $13.6 million for the first half. And you'll note that that's not much new from where we were at Q1. And then, private equity and venture capital had the strongest performance, with $39.3 million positive. And the primary source of those profits being from the Hawke's Point Fund would have strong performance from investments as those projects progressed and benefitted from the rise in the gold price. And finally, other equities and credits generated gains of $7.9 million led predominantly by investments in public biotech companies.
Now for more detail on each category, we'll start with TFG Asset Management. And [after] that, I'll pass over to Steve.
Stephen L. Prince, Tetragon Financial Management LP - Member of The Investment Committee & Risk Committee [5]
Thanks, Paddy.
Our private equity investments in asset management companies through TFG Asset Management represented the largest asset class in the portfolio at the end of the first half and produced $14.1 million of gains during the period.
Equitix was the most significant contributor during the first half, with an investment gain of $33.2 million. This gain was primarily driven by a combination of investment performance, capital raising and capital deployment.
During the first half of the year, European Fund I reached a final close of EUR580 million. Fund VI was launched along with associated managed accounts, raising approximately GBP500 million of capital and is anticipated to raise further capital by the third quarter.
Equitix also had a first close of approximately $400 million for its (inaudible) joint venture with Oman Infrastructure Investment Management. This performance was partially offset by an increase in the discount rate applied in the discounted cash flow model to value the business. During the first half of the year, Equitix repaid GBP25.7 million of their loan notes plus accrued interest, or including accrued interest, to Tetragon.
Moving on to BentallGreenOak. This investment is valued using the present value of the various cash flow elements of the merger deal. That's comprised of fixed quarterly distributions, variable distributions, carried interest from funds and a put call option in 2026-2027. During the first half of the year, this investment made a loss of $8.6 million. This reflects an increase in the discount rate applied to the carried interest and the put call due to the prevailing uncertainty in the COVID-19 environment. TFG asset management
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13% of the combined entity.
LCM recorded a loss of $5.4 million, primarily reflecting a higher discount rate used in the discounted cash flow model. The AUM of LCM slightly decreased to $9 billion in June 2020 from $9.1 billion in December 2020.
Polygon's value fell by $2.4 million during the period, primarily reflecting a higher discount rate in its [DCF] model. The value of Tetragon Credit Partners decreased by $2.7 million in the first half, mainly due to a decrease in the projected carry. The Tetragon Credit Partners Opportunity Fund, an open-ended hedge fund investing primarily in CLO debt securities, launched on 1 May. In addition, Tetragon Credit Partners' TCI III vehicle deployed the remaining 17% of its un-invested capital during the period.
The NAV of Hawke's Point remains small, with AUM of $121.4 million at the end of the first half. However, the Hawke's Point team, as previously mentioned, experienced strong results during the period in 2 of their investments. The valuation of this business is unchanged from the end of 2019.
Banyan Square Partners was founded by TFG Asset Management in 2019 and is an investment management business focused on providing non-controlled, structured and common equity solutions to financial sponsors. Tetragon's investment in Banyan Square Partners has not yet been valued by a third-party valuation specialist.
As of June 30, 2020, TFG Asset Management's EBITDA was $37.8 million, 51% higher than the previous year. Higher management fees, performance and success fees and increased distributions from BentallGreenOak were all key drivers for the increase. Management fees increased by 34% year-over-year, driven mainly by Equitix. Performance and success fees also grew. They were up by 37% versus the first half of 2019, again driven by Equitix. Other fee income, which is largely made up of income generated by Equitix on manager and service contracts, was stable year-on-year.
Distributions from BentallGreenOak reflect: one, distributions from ongoing operations; and two, distributions from carried interest. Up to 2019, June 2019, carried interest has made up nearly 80% of these distributions. Post the BentallGreenOak merger, carried interest distributions are supplemented by the fixed and variable payments agreed as part of that deal.
For the first half of this year, fixed payments contributed $7 million with carried interest accounting for the remainder. Operating expenses increased by $11.6 million year-on-year. However, on an annualized basis, they are broadly consistent with the full year 2019.
Paddy will now go over our hedge fund investments.
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [6]
Thanks, Steve.
Tetragon invests in event-driven equities, convertible bonds and quantitative strategies through hedge funds. And at the end of the first half, the majority of these investments are through Polygon managed hedge funds, as you can see from this slide.
Our investment in the Polygon European Event Driven Strategies lost $47.1 million in the first half. Our investments in Polygon Convertible Bond Fund made plus $2.9 million in the first half. Our investments in the Polygon Global Equities Fund made $0.4 million in the first half. And lastly, our investments in the QT Quantitative Fund lost $7.1 million in the first half.
And as mentioned earlier, this loss of the QT fund has been realized through redemption. And our investment is nearly fully redeemed out. We actually received $42.4 million in redemption proceeds during the first half, and we made additional investments in the Convertible Opportunity Fund and into both versions of the European Opportunity Fund, as you can see from the table.
So now moving to bank loans. Tetragon predominantly invests in bank loans through CLOs by taking the majority position in the equity tranches. Tetragon's investments are split, as we show in the table here, between LCM deals, non-LCM deals; and then in the various funds, TCI II, TCI III and, as Steve has just mentioned, the nascent, newly formed TCP Opportunity Fund.
As you can see, in aggregate, our bank loan exposure recorded a $42.2 million loss during the first half of 2020. And this was obviously in the context of the COVID-induced weakening U.S. corporate credit fundamentals. ECLOs experienced some actual losses but also lost value to changes in the forward-looking assumptions with respect to default recoveries, [prepen] spread, discount rates, et cetera.
Notwithstanding that, during the first half, Tetragon received $19.2 million in cash distributions and direct U.S. CLO investments, $2.4 million from TCI II fund and $3 million from the TCI III fund. And furthermore, at the end of the first half, all our CLOs were passing net interest diversion tests. Tetragon's commitment to TCI II is $70 million, which is fully funded. And Tetragon's commitment to TCI III is $85.9 million, which is also fully funded.
On May 1, Tetragon Credit Partners launched the open-ended funds that were just mentioned, called the Tetragon Credit Partners Opportunity Fund. And this is looking to monetize dislocation opportunities, particularly in CLO mezzanine tranches. And Tetragon has invested $5 million into that strategy.
Next, moving on to real estate. Tetragon holds most of its investments in real estate through BentallGreenOak managed funds and co-investment vehicles. And the majority of these are private equity style funds, concentrating on opportunistic investments, targeting middle-market opportunities in the U.S., Europe and Asia, where BentallGreenOak believes it can increase value and product positive unlevered returns by sourcing off-market opportunities where it sees pricing discounts and market inefficiencies. The real estate investments had losses of $13.6 million in the first half. And that's not much changed from where we were at the end of Q1.
During the first half, Europe fund and co-investments generated gains of $11.6 million. And these were primarily driven by disposal of logistic assets in Spain and Italy. The U.S. funds and co-investments had net losses of $23.8 million, primarily driven by the [damad] valuation of a single building in New York. And in Asia, the funds and co-investments generated small gains of $2.1 million. Debt funds generated the very small positive of $0.1 million for the first half.
In addition to the commercial real estate investments through BentallGreenOak managed real estate funds, Tetragon also has investments in commercial farmland in Paraguay, managed by Symitar, a specialist manager in South American farmland. And during the first half, the farmlands were revalued, which reduced the market value by $3.6 million.
Now I'll hand you back to Steve.
Stephen L. Prince, Tetragon Financial Management LP - Member of The Investment Committee & Risk Committee [7]
Thanks, Paddy.
Tetragon's private equity and venture capital investments are split into the following subcategories: Investments managed by Hawke's Point, investments managed by Banyan Square Partners, other funds and co-investments where Tetragon invests in a non-affiliated fund as a limited partner or in a special-purpose vehicle as a co-investor, and finally Direct, comprising direct private equity investments on the balance sheet including venture capital investments. This bucket generated the largest gains for Tetragon's portfolio year-to-date in 2020, with net income of $39.3 million, we've mentioned, driven by the Hawke's Point investment.
Tetragon's investment into mining finance via a vehicle managed by Hawke's Point generated $33 million of net income during the first half, driven by substantial project development and corporate progress in 2 Australian gold projects in which Hawke's Point is the cornerstone investor. Both projects are anticipated to come online in calendar year 2021. This segment represents 5.2% of Tetragon's NAV.
Tetragon's investment in Banyan Square's fund generated a loss of $6.2 million during the first half of the year against a challenging macroeconomic backdrop. Since inception, the manager has been disciplined in employing new capital given the heightened valuation environment. But it does anticipate a more favorable environment to make opportunistic investments toward the end of the year.
Tetragon had a 2% allocation to investments in private equity funds and co-investment vehicles in Europe and North America. This category generated a small gain of $0.2 million during the first half.
Investments in direct private equity states, including venture capital, generated net income of $12.3 million during the period. This category currently holds the investment in Ripple Labs.
Our direct balance sheet investments in the other equities and credit category produced gains of $7.9 million during the first half. Our other equities bucket generated a gain of $9.2 million. These investments comprise European and U.S. listed public equities. The other credit bucket generated a loss of $1.3 million in the period, driven by corporate bond positions.
Moving on to Tetragon's cash. Our net cash balance, which is cash adjusted for known accruals and liabilities, was $105.5 million at the end of June. At June month end, Tetragon had a $150 million revolving credit facility in place, which was fully drawn. This liability had been incorporated into the net cash balance calculation.
We are pleased to have announced that since month end, we have increased the size and duration of Tetragon's revolving loan facility while also lowering its annual cost. Tetragon now has a $250 million facility in place with a 10-year duration.
The company actively manages its cash levels to cover future commitments and to enable it to capitalize on opportunistic investments and new investment opportunities. During the first half of the year, Tetragon used $93.2 million of cash to make investments, $25 million to repurchase its shares in the public markets and $18.7 million to pay dividends. $222.8 million of cash was received as distributions and proceeds from sale of investments.
Future cash commitments are approximately $206.7 million, comprising hard investment commitments, which include BentallGreenOak funds of $65.6 million and private equity funds of $26.3 million; and soft investment commitments, which includes Banyan Square Partners Fund of $85 million and the Hawke's Point Fund of $29.8 million.
Our final slide looks at our future investment expectations. I'll go through a few of our expectations. But it's always worth pointing out that one of our advantages is our ability to be opportunistic as it relates to investing in what we see as the most compelling investment opportunities at any given time.
As mentioned before, we launched Banyan Square during 2019. Aside from Banyan Square, we have no upcoming new businesses to report. This remains the largest unknown in terms of cash requirements. We expect our event-driven equity exposures and our exposure to our convertible strategy to remain relatively stable.
Our [pre-crisis] CLOs are now fully amortized. But we expect to continue to invest in CLOs via various Tetragon Credit Partners vehicles at the rate of approximately $25 million to $50 million per year.
While we do have commitments to BentallGreenOak funds, as I mentioned, we would also expect some of our existing investments to continue distributing capital. So on the whole, we would expect our real estate investments to be relatively stable over the next 12 months.
We expect our private equity allocations to grow over time. There are a few small additional LP commitments we have yet to fund. And we expect the Hawke's Point and Banyan Square allocations to continue to grow.
The other equities and credit is a bucket similar to TFG Asset Management. We expect to continue to invest in these opportunities, but the timing of those investments is less certain.
Now going to hand it back to Paddy to begin our Q&A.
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [8]
Thanks, Steve. So that concludes the main presentation. But we've got quite a few questions. So I'm going to kick off.
Questions and Answers
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [1]
Firstly, the question reads: Has the Board ever considered changing the performance-related component of the manager fees to be based on share price instead of NAV?
And I think the best way to answer that, or perhaps the only way, is to give you some context of the history. Pre-IPO -- so that is in 2005 and pre-2007 -- the fees were standard hedge fund fees, so 2% management fees and a 20% performance fee with no hurdle. And then, at IPO, there was a new agreement amongst the existing investors about $1 billion of existing investors -- obviously, new investors; i.e. those potentially coming in at IPO, and indeed the Board. And many things were contemplated, including -- one of the things contemplated, albeit rejected, was that the performance fee should be on the share price, not the NAV.
But ultimately, what was agreed was the fee structure that we have today. So it's been in place since 2007 with one minor adjustment. It presented a reduction of approximately 40% from the [2 and 20] fee structure, to the 1.5 plus 25 performance over what was originally an 8% hurdle and then moved to LIBOR plus 2.65, which was 8% at the time of the structure. So that is a history of how we got to the fee structure that we have.
And there's a second question here that I'll link it, because it's about fees as well. And the question reads: More and more closed-end funds are lowering their fee costs. Given the extreme discount price to NAV at Tetragon and the terrible stock performance, wouldn't it be a good idea to lower also the fee costs to make the stock more attractive for investors?
Well, as I've just explained, the fees themselves were negotiated to be about a 40% discount to a standard hedge fund transaction. But perhaps more importantly than that, I think the net return to investors over the 15 years of just under 11.5% net return, so net of those fees; and sounds to me like a very reasonable return.
The other point I would make is, whilst the short-term share price has been disappointing certainly this year, with the widening of the discount to NAV, actually over the long term, the share price has performed well notwithstanding the discount to NAV.
But I would agree, if people -- well, not agree, but I would say that obviously, if people don't like the fee structure, they shouldn't invest in Tetragon. And they're perfectly capable of making that decision.
Second question here: Have you considered radically improved reporting to try to reduce the black box perception?
And I think this is an interesting and very pertinent question. Because we're obviously very keen to provide what I would describe as optimal information for shareholders. We do carefully monitor what other funds disclose. And as you know, we provide monthly data sheets, we have a more [fulsome] quarterly. And then we have certainly a much larger semiannual, as you've just seen, with 63 pages of information and indeed a much larger annual report again.
So we do spend a lot of time focusing on what our disclosure is to the market. I also recognize that more information is not always better information. And I would note that we are always trying to balance transparency on the one hand with a certain need for confidentiality to either investment positions or trading strategies on the other.
But with those caveats, we would certainly welcome any suggestions. If you think there's information that we don't provide that would be useful, please get in contact with the IR team.
Now not too surprisingly, there are quite a few questions on the dividend and share buybacks. So I'll try and sort of tackle these in some sort of thematic process.
So one reads: Although I applaud the tender at an attractive discount to NAV, I would prefer to see Tetragon liquidate some of its marginal investments rather than cut its dividend. With a negative market price return over the past 7 years, Tetragon's only source of investor return to recent years has been its dividend.
So obviously, I completely understand the frustration with the share price performance, which I would sort of focus on the last 6 months in particular, given the widening of the discount, so over the COVID period. But I don't agree that selling an asset to pay a dividend is a suitable or sustainable solution in the long run.
I would also say that the empirical evidence -- and this is from our own trading history, but I think it's the same for many other closed-end funds -- is it's actually, I suppose, low if any correlation between buybacks and dividends, and actually how shares trade versus their NAV. So even if we did sell assets to pay the dividend, I'm not sure that it would make much difference on the discount.
So another one here tackling similar approach: Why do you not buy back shares to reduce the discount to NAV? At the current price of NAV, this would result in 100% return. This would be an efficient use of capital. Instead, shares are issued in lieu of dividends at a discount to NAV, further reducing the NAV. These actions tell me that the fund is run for the sole benefit of the Investment Manager, hence the share price of less than half NAV.
And similarly, on a similar vein, let me read one more question: Do you realize you're running on a treadmill? By paying the dividend in stock at a massive discount, you completely offset the stock buybacks? Or alternatively, the stock dividend is just as dilutive as the buybacks are accretive to NAV. You wouldn't sell shares at such a massive discount, yet you do it every quarter with the dividend.
So the answer is, I mean, a lot of things to tackle here. Obviously, we do buy back shares. And in fact, we bought back $25 million worth last month. And to put it in the long-term context, since IPO, we've repurchased $685 million worth of stock. So in principle, we absolutely and in practice agree with the proposal that buying back shares is accretive to the NAV per share.
The second point about the scrip dividend as an alternative to investors. Yes, absolutely we have one. We always have. It's at the request of investors. For a certain group of investors, it's a particularly attractive way for them to take their dividends. And they get a meaningful benefit from taking dividends in stock. So that is the intention.
But to put it in perspective. If you assume the current dividend and the current scrip take-up and the current discount, then the actual dilution on NAV per share is about $0.04 per quarter. And that is on the NAV per share of $24.
So it's relevant, but it's a small amount. And the more important point is over the years we've bought back many more shares than have been issued by the scrip dividend. So we're very cognizant of it.
And I suppose, to the last point, which is about run for the sole benefit of the Investment Manager -- I obviously disagree with that point. But I think the one fact I would point you towards is that including dividends and share buybacks, the company's returned over $1.4 billion to investors since IPO. So that's the number I would focus on there.
So still on the theme of the discount to NAV, the question reads: The discount is at its widest than it has been for 7 years. Can you please comment on your views, re initiatives, undertaking to narrow the discount, and whether a new approach is required?
So I think firstly, let's tackle the widening of the discount from, let's say, soft of very broadly 45 to 60 over the last 3 to 6 months. And I would say, if you watch how it moved, the share price moved down in March with the COVID selloff of all markets, but then has only had a very muted recovery notwithstanding the share buyback. So has not tracked the NAV at all.
And I think there are a few causes for that. I mean, the first and probably most pertinent is there has been a seller putting pressure on the stock that we know of. And that obviously, in a relatively low-liquidity environment, has a big impact. I believe there is certainly some caution broadly over companies with illiquid assets. And certainly, there's been some fear, as many investors have discussed with us, over the U.S. corporate loan and specifically the CLO market.
So those are sort of some short-term issues. But I think at the risk of, I guess, stating the obvious, invariably, we need to create more buyers than sellers for the share price to rise. And we're focused on -- and I think I've mentioned these before -- but we continued to focus on continuing to build a good business that compounds returns. And that's the key measurement. So a consistent ROE growth, a consistent NAV per share growth, and paying dividends.
We did demonstrate that the assets -- and I would say in particular TFG Asset Management -- not only can grow but have repeatable earning streams and therefore support a sustainable return on equity for the business.
I think -- and this gets to the point made earlier -- we need to strive to make the business easier to understand, not just for potential investors but existing investors, analysts and the street in general. We would love to increase the liquidated and certainly are trying to encourage investors to trade on a single exchange rather than multiple exchanges. And we're doing what we can to broaden the universe of shareholders. We're trying to get out to intermediaries who are the dominant holders of U.K. closed-end funds, institutions both in U.K., Europe, but also in the U.S. We're actively promoting to try and get analyst to follow the company and write if they so will.
So there's a lot that we're doing. And even, obviously, we're doing less physical meetings in lockdown. We've done a fair amount of Zoom and Microsoft Teams meetings with current investors and potential new investors. So that is the path that we are on and continue to be on.
I think there are a couple of questions here that I think Paul is probably best set to answer. So Paul, can I get you to fire in on a couple here?
Paul Ronald Gannon, Tetragon Financial Management LP - CFO [2]
Sure, yes.
So there's 2 on valuations. First one: Private equity valuations, these have been strong. Is there a danger that these are lagging valuations to weaknesses in the next 6 months?
So directly held investments that we have in private equity, these reflects up-to-date valuations at June 30. Where investments are held in private equity or real estate comingled investment vehicles, then typically there is a quarter's lag in terms of the reporting that we receive from those fund administrators. So yes, there would potentially be a lag for those investments.
So just to put it into context, at 30 June, it was approximately $112 million in RE funds and $55 million in PE fund vehicles. That comes to just over the 7% of the NAV.
Next question: For the calculation of the NAV, are all the investments checked for the new multiples post-COVID outbreak currently used in the different economic sectors?
So when I think about level 3 valuations, level 3 assets that we have within the fund and the portfolio, there's 2 key investments, (inaudible) buckets investments. First one is TFG Asset Management. We use a third-party valuation specialist to value TFG Asset Management. They value those investments as at June 30 and so, yes, have utilized all the relevant market data as at that point.
Secondly, we have a CLO portfolio. And the assumptions there have been recalibrated. The default rate assumptions have been approximately doubled for the next 12 months. And the discount rates applied to the projected cash flows are not at 13% versus 11% at year-end. More details in the interim financial statements, note 4 on Page 10.
I also have another couple of questions, which I might just rattle through as well, Paddy. Question: Your dividend cover is much lower than it has been. Please comment on your ability to pay a dividend going forward.
Firstly, just a reminder of how we calculate dividend cover, which is defined in the interim report. But it's the last full quarterly earnings per share divided by the aggregate of the last dividends per share, full dividends per share, as at 30 June 2020. So given the negative return of $0.74 per share recorded in the first half of 2020, this has obviously led to a reduction in the calculated dividend cover.
However, given (inaudible) only way of looking at the ability to pay a dividend, clearly available cash is very relevant; in fact, maybe more relevant than a dividend cover calculation. And Tetragon had $105 million of cash at the end of H1 versus just under $19 million of declared dividends in H1, to give you some context there. And in addition, when one considers the distributable reserves, Tetragon has almost $1.4 billion of retained earnings and equity, out of which future dividends are permitted to be paid.
Final question I have is: Why is the NAV of the Equitix investment down, although you say that it gained $33 million in the period?
So the valuation of Equitix, when converted into U.S. dollars from GBP, fell by $18.9 million during H1. However, this valuation decrease is offset by just over $19 million of realized gain on FX hedges employed against the GBP exposure. And in addition, there was $32.9 million of distributions received relating to further repayments of the loan notes held by Tetragon.
Going to hand back to you now, Paddy.
Operator [3]
Can you please continue?
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [4]
Thank you, sorry.
Yes, we've had a couple more here on dividends and discounts. But let's tackle them specifically.
So the first reads: The dividend cut seemed a little over the top earlier in the year. Others strictly in the CLO space have adjusted their dividend policy upwards in light of the fact that market conditions have improved markedly since March. Disappointing that we look like we're continuing to run with a low dividend.
And the second one reads: With the discount where it is, should the company not be undertaking more aggressive buybacks? On face value, there are few investments out there in the market that seem to offer better value. Are you really finding opportunities which offer much better returns than buying back your own stock? The threshold must be exceptionally high if there are. It'd be useful to know what the thresholds are for you to consider larger investments.
So really, this is about use of cash. And obviously, I've talked a bit about it. But just to add a few thoughts. We try and take a very balanced view at any point in time when we're deploying cash. And that is to say we're looking at the pros and cons of all uses. And I guess that covers new investments and/or dividends and/or share buybacks.
So as I mentioned before, we've actually spent $685 million on buybacks since IPO. So a fairly large amount has been spent that way, and we're strong advocates of share buybacks and also, obviously, can do the math and know how accretive they can be to NAV per share.
However, we do believe that the long-term success of our business is about making good investments and building valuable asset management businesses, and thus creating growing compounding enterprise value for shareholders.
So I think buybacks shouldn't be seen as a panacea for narrowing discounts. They also have limitations, as they can always reduce liquidity of the shares. By their nature, they concentrate the risk in existing assets, they don't create new value. So it's always a balance. So I just wanted to sort of add that to what I've been saying before.
And there's one more on this topic, which reads: The market is telling you, and has for many years pre-COVID, that whatever NAV you produce will be valued at a massive discount. So your effective share return to investors is half what you think it is. When will you stop saying the market is wrong, or stop making low effective return investments and start a real asset sale or cap shrinkage program to drive the NAV higher, and get a real return for all these investments you've made? If the NAV is realistic, you get a massive IRR buying back down here and not by investing in more things that the market will value at $0.50 per dollar or less.
So part of the answer to that is the answer I gave to the previous question, which is all about a balance. Just using all cash to buy back shares is not a panacea for either the discount and indeed doesn't help grow the company.
But the second point on the statement is that I think mathematically, I would disagree. If you buy into the shares at a discount, what matters to you is whether the discount widens or narrows rather than the discount itself. Obviously, if you buy in at a [60] discount and it stays at a 60 discount, you get the return of whatever the assets are getting. So that would be the other piece I'd add there.
Couple more here, actually. There's one for Steve here, so I'll let Steve tackle that.
Stephen L. Prince, Tetragon Financial Management LP - Member of The Investment Committee & Risk Committee [5]
Yes, thanks, Paddy.
There's a question: It has been fairly quiet about the potential IPO of TFG Asset Management. Is this still in the cards?
So what I'd say is we're focused on building TFG Asset Management, which means improving and growing the businesses we have an adding new businesses. And we are quite proud of our progress so far.
We constantly look at ways to enhance the trajectory of the growth of all our businesses. And I would say GreenOak's deal with Sun Life is one such example of that.
So for an IPO, that also could be another way to access capital and accelerate growth. But as you all know, we're highly opportunistic, and we'd only consider that at the right time.
Back to you, Paddy.
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [6]
Thanks, Steve.
So a couple more questions coming in: Given the improving situation with CLOs, are there any thoughts of at least restoring some of the dividend reduction earlier in the year?
Well, obviously, I'm not going to make any forecast of dividends, but there are a couple of things I think worth mentioning.
Firstly, CLOs are about 14% of the NAV of Tetragon. So whereas obviously, if one goes back to IPO -- and in the early years, it was a significant majority of the asset classes we invested in -- it is now relevant and meaningful but only 14% of the total. So it's not the be-all and end-all for either driving the dividend or indeed the NAV per share.
The second thing I would say is that whilst markets have been improving, I don't think we are through a COVID crisis yet. I don't want to predict what's going to happen, but I think there are plenty of different outcomes that can happen over the ensuing 6 months, 12 months, 18 months; and certainly too difficult to be making any forecasts. And lastly, just to say that the dividends are decided on at the time and not months in advance. So those are the pieces I would just sort of add to that.
And then, there's one other here that I think probably Paul's going to tackle. Paul, do you want to tackle the one on the specifics on the (inaudible)?
Paul Ronald Gannon, Tetragon Financial Management LP - CFO [7]
Sure, Paddy: Please, can you give us a view on how many investors choose cash as dividend, and what is the percentage of scrip dividend?
So typically -- and obviously, this changes quarter to quarter, because investors are able to change their selections for each dividend -- about 30% choose the scrip dividend, therefore 70% cash.
Patrick Giles Gauntlet Dear, Tetragon Financial Management LP - Principal [8]
Thanks, Paul.
And that finishes all the questions. So rather neatly wrapping up in just under the hour. But much appreciate you all taking the time to be with us. And look forward to speaking with you individually over the next coming months.
Thank you.
Operator [9]
This now concludes today's webcast. Thank you for attending. You may now disconnect your lines.


text: Tripoli, and Africa. In addition, "Jerusalem, the imposition of martial law, the UN said today. Paul Craig Roberts, using these techniques, once said, or extrajudicial killings, the hawkish Unscom inspector, religious, by the Party-less, what borders it possesses, уборка, logic or rational argument. Each box was sealed. Again, the scandal is what's legal. I got to tell you, environmental, illegitimate children, the bubble popped, temperature, famously saying that: divorced Schneider, Someone get me out. If we draw the line there,


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Alleged drug dealers in court Sunday
Posted by wlpo on March 1, 2015
Drug dealers are business people with appointments to keep. And, two alleged traffickers had an appointment in Ottawa Sunday court.
Wilfredo Candelaria of Peru and Nora Toovey of Depue were arrested Friday night with unlawful possession of a controlled substance with intent to deliver. Over 100 separate packages of heroin and a small amount of crack cocaine and paraphernalia were found in their car when they were stopped by Peru police at 6th and Fulton.
Peru Police Chief Doug Bernabei says that this arrest is related to ongoing heroin sales between Chicago and the Illinois Valley.
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Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.
Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚
Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚
How fraud is carried out
Hi all, I am stuck on one aspect on fraud and procedures. Please can someone advise on how you can carry out fraud in the delivery of goods? Thanks
CornishPixie Registered, MAAT, AATQB, AAT Licensed Accountant Posts: 116Lets say a box of 10 books are delivered and entered onto the computerized inventory. There are only 10 in the box. A member of staff thinks they will like to the book so takes one off the shelf. However, as they will not necessarily have access to the computerised inventory, the theft will not materialise until the last book on the inventory is sold and someone goes to get it, and it's not there.
There could also be collusion with supplier delivery drivers. Say a delivery of 50 TVs are delivered. However, the delivery driver and the employee both want a nice new TV. They are friends away from work as well. So they could put on the paperwork that only 48 TVs were actually and each have a free TV!1
Thank you for this!0


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Hello Everyone,
I went to the Bradford Sanitary Authority Board Meeting on Tuesday, June 19th. This is a report and a request to write public comments to the board. The meeting was a board meeting, not a public hearing. There are no hearings planned. The board listened to comments from several people, pro and con, for about 40 minutes and said they would accept comments through the mail or on their website, but did not commit to any time frame for approving a permit for disposal of Arana Technologies treated conventional oil well waste water through the treatment plant on Seward Ave, where approximately 20,000 gallons per day would be released into Tunungwant (Tuna) Creek.
Glenn Wahl commented that he has requested specific information from ARANA such as proof that their treatment process works, what chemical and radioactive constituents would be in the wastewater they are treating, and how they would test the treated water. Glenn has received very general answers to his questions and is not satisfied that the water will be sufficiently treated before entering Tuna Creek. The DEP in Pennsylvania has found that no technology thus far has cleaned waste water from either horizontally fracked wells or conventional oil wells to safe, standard level. The president of ARANA, Jeff Soward said that radium would be present in the treated water at 5 ppm, which is below the drinking water standard. The problem with this measurement of ppm is that it does not take into account the bioaccumulation of radioactivity in aquatic fish and insects and the further concentration of radioactivity in animals and humans up the food chain. It also does not consider the danger of radium with a half-life of 1600 years accumulating in the sediment of Tuna Creek and the Allegany River and Allegany Reservoir. There needs to be a long-term impact report on these issues. You can send comments to:
Bob Douglas
Bradford Sanitary Authority
28 Kennedy St
Bradford, PA 16701
Thanks,Sue Wyss
Secretary of the CCCC
After Sue had sent this information, it was passed along to a Bradford resident who attempted to get more information from the chairman. She decided to look up the number for Bob Douglas and call him. When she did, he instructed her to call City Hall and seemed to not be concerned. So, she called around to some more information and eventually was connected with Rick Brocious, Director of the Bradford Sanitary Authority. He gave his contact information along with the recommendation to contact the PA DEP and US EPA. He said that due to a current permitting agreement, if the fracking company meets certain requirements, the BSA has to approve their permit and process the waste. The additional contact information has been listed below:
Bradford Sanitary Authority Office
Rick Brocious
(814) 596-0042
Bradford Sanitary Authority
28 Kennedy Street
Bradford, PA 16701
(814) 368-6254
(814) 368-7105
PA DEP NW Regional Office
James E. Miller, Regional Director
Staci Gustafson, Asst. Regional Director
Pennsylvania Department of Environmental Protection
Northwest Regional Office
230 Chestnut St
Meadville, PA 16335-3481
EPA Philadelphia Office
Cosmo Servidio, Regional Administrator
(215) 814-2900
Servidio's Calendar
Environmental Protection Agency
1650 Arch Street
Philadelphia, PA 19103-2029
Phone: (215) 814-5000
Fax: (215) 814-5103
Toll free: (800) 438-2474
EPA HQ Main Telephone Number: (202) 564-4700
Various EPA Offices to contact:
Environmental Protection Agency
Office of the Administrator 1101A
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460
Environmental Protection Agency
Office of Air and Radiation 6101A
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460
Environmental Protection Agency
Office of Chemical Safety and Pollution Prevention 7101M
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460
Environmental Protection Agency
Office of Enforcement and Compliance Assurance 2201A
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460
Environmental Protection Agency
Office of the Inspector General 2410T
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460
Environmental Protection Agency
Office of Water 4101M
1200 Pennsylvania Avenue, N.W.
Washington, DC 20460


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See Also


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The Packers checked most of the boxes in their 31-13 win over the Giants. Aaron Rodgers looked like Aaron Rodgers again. They converted more than 50% of their third down opportunities and were 3-3 in the red zone. The defense took the ball away multiple times.
The only thing they weren't able to do was run the football, amassing just 79 yards on three yards per carry and Aaron Jones was a non-factor, with 11 carries for just 18 yards. It was obvious that New York's defensive game plan was to take Jones out of the game and make Rodgers and the passing game beat them.
But otherwise, the Pack rebounded the way they needed to do, on a snowy, sloppy afternoon at MetLife Stadium. There were a few sticky moments, like when the Packers' 17-7 lead was cut to just six heading into the fourth quarter. But a 14 play 75 yard drive put the game out of reach–the drive highlighted by a fourth and ten completion to Geronimo Allison.
For the most part, Rodgers was sharp and decisive, though a number of his passes were off target. He was helped by Allen Lazard's brilliant diving 43-yard catch on the team's first drive. Lazard has stamped himself as the team's #2 receiver and has earned Rodgers' trust and more snaps down the stretch. The tight ends continue to be a non-factor in the offense and the running backs found little daylight in the passing game, catching eight passes for a total of 39 yards. But the lack of a running game is a concern and needs to get better–they'll have a chance on Sunday against a Washington team that struggles against the run.
For the most part, the defense bottled up Saquon Barkley, who finished with 83 yards on the ground, but 18 of those came at the end of the first half, when the Pack was happy to let him run, rather than let the Giants try to throw downfield to set up a field goal attempt.
It wasn't a virtuoso performance by any means, but the Packers took care of business against a bad team in challenging conditions and came out of the game healthy. The fact that Bryan Bulaga started and finished was great to see. The Pack won the turnover battle 3-0, was perfect in the red zone and special teams had a good day. Punter JK Scott's three punts averaged 47 yards and Mason Crosby had a perfect day, after dealing with the tragic loss of his sister-in-law on Friday.
As I said on "Packer Preview" on Sunday, we probably wouldn't learn a lot about the Packers over these next two weeks against the have-nots from the NFC East. They just need to get these two wins, stay healthy and make sure they're ready for the key final three weeks against NFC North teams. Next up are the Redskins, who shocked the Panthers in Carolina on Sunday and come in riding a two-game winning streak. If nothing else, that should get Green Bay's attention and assure that the team doesn't take them lightly.


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|per yard
Add to Cart
Ramblings 12 is yet another variation of a classic P&B Basic collection, featuring white-on-white designs. Whether its backgrounds for appliqué or modern quilt piecing, Ramblings 12 is a beautiful addition to any project.
NOTE: Fabrics are shown in black & white for design clarity but are ONLY available in white-on-white.


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3D Model
when it comes to 3D technology the constant drive to innovate new designs, creates awards and trophies that are presented on special occasions are unforgettable and stunning designs. 3D modeling is the process of developing a mathematical representation of any surface of an object in three dimensions via specialized software. The product is called a 3D model.


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… and you know what that means don't you? It's Art Journal Week! I am actually pretty excited for this one. I haven't been getting as much done lately as I would like, and I kinda miss it, so this is a good opportunity to dig out some stuff, roll up my sleeves, and dive in to my elbows! 🙂
Well, ok. This one takes a bit longer then cards… drying time you know ;)… so I don't have anything to show you yet, so until I do, I will show you a card box I FINALLY finished, (not for Your Stuff…Use It!, just for fun). It was taught by The Musical Scrapper on her stream (copied to youtube)… Here is a picture of my finished product…
You want to play along? It is easy! Make an art journal page. Only use thing in your stash, you already own. List what you use. Then leave me a link to your post, blog tweet, down below so we can go see. Easy? And fun! 🙂
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