Tetragon Financial Group (TFG) is one of the oddities of the investment trust sector. Set up by the founders of a hedge fund called Polygon, it went public on Euronext in 2007 at $10 per share, listing on the London market in 2015, and introducing a separate sterling quote in 2018. Originally an investor in debt instruments called CLOs, its business model has evolved to focus on investments in private equity firms and the funds they manage, plus direct private investments and listed equities. Governance is a key concern here as management controls the trust's 10 voting shares, and all its list...