# EDGAR Filing Document

**Accession Number:** 0001515070
**File Stem:** 0000902664-23-001747
**Filing Date:** 2023-2
**Character Count:** 12337
**Document Hash:** c57db9f5041a3453da66314cbdd45e30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-23-001747.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000902664-23-001747

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TFG Asset Management GP Ltd
- **CENTRAL INDEX KEY:** 0001515070
- **IRS NUMBER:** 980646182
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15287
- **FILM NUMBER:** 23625176

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 309
- **STREET 2:** UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 212-359-7356

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 309
- **STREET 2:** UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Polygon Management Ltd.
- **DATE OF NAME CHANGE:** 20110310

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** TFG Asset Management GP Ltd<br>**Address:** Po Box 309<br>Ugland House<br>Grand Cayman, E9 KY1-1104

**Form 13F File Number:** 028-15287

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Stacy Scheehle<br>**Title:** Chief Compliance Officer<br>**Phone:** 212-359-7357

**Signature, Place, and Date of Signing:**

/s/ Stacy Scheehle  New York, NY  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 3

**Form 13F Information Table Entry Total:** 75

**Form 13F Information Table Value Total:** $699022424

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                        | Form 13F File Number   |
|:---|:---|:---|
|  | TFG Asset Management US LP  | 028-15284              |
|  | TFG Asset Management L.P.   | 028-15282              |
|  | TFG Asset Management UK LLP | 028-15285              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 2U INC | NOTE 2.250% 5/0 | 90214JAB7 |  | 4548250 | 7000000 | PRN |  | DFND | 123 | 0 | 7000000 | 0 |
| AHREN ACQUISITION CORP | *W EXP 12/09/202 | G01322125 |  | 14875 | 175000 | SH |  | DFND | 123 | 0 | 175000 | 0 |
| AHREN ACQUISITION CORP | CLASS A ORD SHS | G01322109 |  | 3582250 | 350000 | SH |  | DFND | 123 | 0 | 350000 | 0 |
| ALBEMARLE CORP | COM | 000000000 |  | 690699 | 3185 | SH |  | DFND | 123 | 0 | 3185 | 0 |
| AMBAC FINL GROUP INC | *W EXP 04/30/202 | 000000000 |  | 575903 | 283696 | SH |  | DFND | 123 | 0 | 283696 | 0 |
| ANTERO RESOURCES CORP | NOTE 4.250% 9/0 | 03674XAM8 |  | 17863542 | 2500000 | PRN |  | DFND | 123 | 0 | 2500000 | 0 |
| APOLLO STRATEGIC GRWT CPTL I | *W EXP 02/12/202 | G0412A128 |  | 4175 | 29824 | SH |  | DFND | 123 | 0 | 29824 | 0 |
| APOLLO STRATEGIC GRWT CPTL I | SHS CL A | G0412A102 |  | 1494212 | 149123 | SH |  | DFND | 123 | 0 | 149123 | 0 |
| ATI INC | NOTE 3.500% 6/1 | 01741RAK8 |  | 8073622 | 4000000 | PRN |  | DFND | 123 | 0 | 4000000 | 0 |
| AURORA CANNABIS INC | NOTE 5.500% 2/2 | 05156XAG3 |  | 1935632 | 2000000 | PRN |  | DFND | 123 | 0 | 2000000 | 0 |
| AUTOLUS THERAPEUTICS PLC | SPON ADS | 05280R100 |  | 15770000 | 8300000 | SH |  | DFND |  | 0 | 8300000 | 0 |
| BALLYS CORPORATION | COM | 05875B106 |  | 10734446 | 553893 | SH |  | DFND | 123 | 0 | 553893 | 0 |
| BALLYS CORPORATION | COM | 05875B106 |  | 7422366 | 382991 | SH |  | DFND | 12 | 0 | 382991 | 0 |
| ALLEGO N V | *W EXP 03/16/202 | N0796A118 |  | 2433 | 24328 | SH |  | DFND | 123 | 0 | 24328 | 0 |
| TRITIUM DCFD LIMITED | *W EXP 01/13/202 | Q9225T116 |  | 977 | 3333 | SH |  | DFND | 123 | 0 | 3333 | 0 |
| BLUERIVER ACQUISITION CORP | *W EXP 01/04/202 | G1261Q115 |  | 265 | 16639 | SH |  | DFND | 123 | 0 | 16639 | 0 |
| BLUERIVER ACQUISITION CORP | SHS CL A | G1261Q107 |  | 504540 | 50004 | SH |  | DFND | 123 | 0 | 50004 | 0 |
| BRIDGEBIO PHARMA INC | NOTE 2.500% 3/1 | 10806XAB8 |  | 4623611 | 10000000 | PRN |  | DFND | 123 | 0 | 10000000 | 0 |
| CAZOO GROUP LTD | COM | G2007L105 |  | 812496 | 5181733 | SH |  | DFND | 123 | 0 | 5181733 | 0 |
| CAZOO GROUP LTD | COM | G2007L105 |  | 557187 | 3553487 | SH |  | DFND | 12 | 0 | 3553487 | 0 |
| CHESAPEAKE ENERGY CORP | *W EXP 02/09/202 | 165167164 |  | 103124371 | 1224755 | SH |  | DFND | 123 | 0 | 1224755 | 0 |
| CHURCHILL CAPITAL CORP V | COM CL A | 17144T107 |  | 779256 | 78396 | SH |  | DFND | 123 | 0 | 78396 | 0 |
| COINBASE GLOBAL INC | NOTE 0.500% 6/0 | 19260QAB3 |  | 5740667 | 10000000 | PRN |  | DFND | 123 | 0 | 10000000 | 0 |
| COLLIERS INTL GROUP INC | NOTE 4.000% 6/0 | 194693AB3 |  | 2519375 | 1500000 | PRN |  | DFND | 123 | 0 | 1500000 | 0 |
| CORENERGY INFRASTRUCTURE TR | NOTE 5.875% 8/1 | 21870UAC0 |  | 7058006 | 9773000 | PRN |  | DFND | 123 | 0 | 9773000 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 26322500 | 250000 | SH |  | DFND |  | 0 | 250000 | 0 |
| CUTERA INC | NOTE 2.250% 3/1 | 232109AB4 |  | 11443844 | 7750000 | PRN |  | DFND | 123 | 0 | 7750000 | 0 |
| EAGLE BULK SHIPPING INC | NOTE 5.000% 8/0 | 269442AB5 |  | 11752024 | 7031000 | PRN |  | DFND | 123 | 0 | 7031000 | 0 |
| ENVISTA HOLDINGS CORPORATION | NOTE 2.375% 6/0 | 29415FAB0 |  | 94436113 | 56000000 | PRN |  | DFND | 123 | 0 | 56000000 | 0 |
| FREELINE THERAPEUTICS HLDGS | SPONSORED ADS | 35655L107 |  | 1900400 | 4000000 | SH |  | DFND |  | 0 | 4000000 | 0 |
| GEO GROUP INC NEW | COM | 36162J106 |  | 273750 | 25000 | SH | Call | DFND | 123 | 0 | 25000 | 0 |
| GOL LINHAS AEREAS INTELIGENT | SPON ADR PFD NEW | 38045R206 |  | 68227 | 25553 | SH |  | DFND | 123 | 0 | 25553 | 0 |
| GUARDANT HEALTH INC | NOTE 11/1 | 40131MAB5 |  | 19699829 | 31114000 | PRN |  | DFND | 123 | 0 | 31114000 | 0 |
| HERTZ GLOBAL HLDGS INC | *W EXP 06/30/205 | 42806J148 |  | 10899784 | 1462077 | SH |  | DFND | 123 | 0 | 1462077 | 0 |
| HESKA CORP | NOTE 3.750% 9/1 | 42805EAB4 |  | 3388260 | 3250000 | PRN |  | DFND | 123 | 0 | 3250000 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 1290258 | 500100 | SH | Put | DFND | 123 | 0 | 500100 | 0 |
| INFORMATICA INC | COM CL A | 45674M101 |  | 1289956 | 79187 | SH |  | DFND |  | 0 | 79187 | 0 |
| INSEEGO CORP | NOTE 3.250% 5/0 | 45782BAD6 |  | 1040833 | 2000000 | PRN |  | DFND | 123 | 0 | 2000000 | 0 |
| INTEGRA RES CORP | COM NEW | 45826T301 |  | 197314 | 311664 | SH |  | DFND | 123 | 0 | 311664 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 7430740 | 100920 | SH |  | DFND | 123 | 0 | 100920 | 0 |
| JAWS MUSTANG ACQUISITION COR | *W EXP 01/30/202 | G50737124 |  | 1568 | 24121 | SH |  | DFND | 123 | 0 | 24121 | 0 |
| JAWS MUSTANG ACQUISITION COR | SHS CL A | G50737108 |  | 975001 | 96487 | SH |  | DFND | 123 | 0 | 96487 | 0 |
| LAZARD GROWTH ACQUISITION CO | *W EXP 02/10/202 | G54035111 |  | 198 | 33075 | SH |  | DFND | 123 | 0 | 33075 | 0 |
| LAZARD GROWTH ACQUISITION CO | CL A ORD SHS | G54035103 |  | 1670338 | 165380 | SH |  | DFND | 123 | 0 | 165380 | 0 |
| LITHIUM AMERS CORP NEW | NOTE 1.750% 1/1 | 53680QAA6 |  | 18069063 | 22500000 | PRN |  | DFND | 123 | 0 | 22500000 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 35815000 | 3250000 | SH |  | DFND |  | 0 | 3250000 | 0 |
| MICROSTRATEGY INC | NOTE 0.750%12/1 | 594972AC5 |  | 8038167 | 17000000 | PRN |  | DFND | 123 | 0 | 17000000 | 0 |
| MSD ACQUISITION CORP | CLASS A ORD SHS | G5709C109 |  | 245187 | 24300 | SH |  | DFND | 123 | 0 | 24300 | 0 |
| NCL CORP LTD | NOTE 6.000% 5/1 | 62886HAT8 |  | 21554079 | 18312000 | PRN |  | DFND | 123 | 0 | 18312000 | 0 |
| NEW VISTA ACQUISITION CORP | *W EXP 02/01/202 | G6529L121 |  | 1016 | 17607 | SH |  | DFND | 123 | 0 | 17607 | 0 |
| NEW VISTA ACQUISITION CORP | CL A SHS | G6529L105 |  | 533228 | 52821 | SH |  | DFND | 123 | 0 | 52821 | 0 |
| NICE SYS INC | NOTE 1.250% 1/1 | 65366HAB9 |  | 31116284 | 13495000 | PRN |  | DFND | 123 | 0 | 13495000 | 0 |
| OKTA INC | CL A | 679295105 |  | 1708250 | 25000 | SH |  | DFND |  | 0 | 25000 | 0 |
| PALO ALTO NETWORKS INC | NOTE 0.375% 6/0 | 697435AF2 |  | 36898563 | 25000000 | PRN |  | DFND | 123 | 0 | 25000000 | 0 |
| PANACEA ACQUISITION CORP II | CL A SHS | G6882C106 |  | 599794 | 59681 | SH |  | DFND | 123 | 0 | 59681 | 0 |
| ROSS ACQUISITION CORP II | *W EXP 02/01/202 | G7641C114 |  | 2513 | 50164 | SH |  | DFND | 123 | 0 | 50164 | 0 |
| ROSS ACQUISITION CORP II | SHS CL A | G7641C106 |  | 1522989 | 150493 | SH |  | DFND | 123 | 0 | 150493 | 0 |
| SEADRILL 2021 LTD | COM | G7997W102 |  | 3213636 | 98457 | SH |  | DFND | 123 | 0 | 98457 | 0 |
| SKILLSOFT CORP | *W EXP 06/11/202 | 83066P119 |  | 57185 | 450630 | SH |  | DFND | 123 | 0 | 450630 | 0 |
| SLAM CORP | *W EXP 02/23/202 | G8210L121 |  | 2202 | 25020 | SH |  | DFND | 123 | 0 | 25020 | 0 |
| SLAM CORP | CL A SHS | G8210L105 |  | 1163479 | 115082 | SH |  | DFND | 123 | 0 | 115082 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 7177000 | 50000 | SH |  | DFND |  | 0 | 50000 | 0 |
| SONDER HOLDINGS INC | *W EXP 01/18/202 | 83542D110 |  | 1527 | 18898 | SH |  | DFND | 123 | 0 | 18898 | 0 |
| SPOTIFY USA INC | NOTE 3/1 | 84921RAB6 |  | 5869725 | 7275000 | PRN |  | DFND | 123 | 0 | 7275000 | 0 |
| SPRINGBIG HOLDINGS INC | *W EXP 06/14/202 | 85021Q116 |  | 1055 | 50000 | SH |  | DFND | 123 | 0 | 50000 | 0 |
| SPRINKLR INC | CL A | 85208T107 |  | 17956475 | 2197855 | SH |  | DFND |  | 0 | 2197855 | 0 |
| SVF INVESTMENT CORP | CL A SHS | G8601L102 |  | 1011000 | 100000 | SH |  | DFND | 123 | 0 | 100000 | 0 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 17914494 | 1148365 | SH |  | DFND | 123 | 0 | 1148365 | 0 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 11782633 | 755297 | SH |  | DFND | 12 | 0 | 755297 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 988237 | 26130 | SH |  | DFND | 123 | 0 | 26130 | 0 |
| UIPATH INC | CL A | 90364P105 |  | 35785386 | 2815530 | SH |  | DFND |  | 0 | 2815530 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 3562505 | 99930 | SH |  | DFND | 123 | 0 | 99930 | 0 |
| WARBURG PINCUS CAPTAL CORP I | SHS CL A | G9460M108 |  | 1483230 | 147000 | SH |  | DFND | 123 | 0 | 147000 | 0 |
| WARBURG PINCUS CAPTAL CORP I | SHS CL A | G9461D107 |  | 711929 | 70488 | SH |  | DFND | 123 | 0 | 70488 | 0 |
| WORLD WRESTLING ENTMT INC | NOTE 3.375% 12/1 | 98156QAB4 |  | 41722500 | 15000000 | PRN |  | DFND | 123 | 0 | 15000000 | 0 |

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