Temple Bar Investment Trust Plc

UK Equity Income

This trust has been placed ‘under review’ (24 April 2020). For further details see here.

Rated Fund 2013-15, 2018-20. Showing signs of a renaissance

Temple Bar is quite conservatively managed but has had a poor recent run – we stuck with it but moved it into our adventurous selection. If 2019 is anything to go by, that was the right call. It was the top-performing UK equity income investment trust last year, driven by UK domestic stocks and self-help candidates such as Capita and Travis Perkins and a ‘Boris bounce’ following the UK election result in December.

The experienced Alastair Mundy of Investec Asset Management has been at the helm of the trust since 2002. He is known for his contrarian investment style, influenced by scepticism about the global economic recovery that he believes has been artificially driven by quantitative easing. He is supported by a team of three, all of whom have worked together since 2006, making this a stable team. They back companies whose share prices have seen significant declines relative to the market. This runs the risk of falling into so-called value traps, but they put considerable emphasis on understanding business fundamentals and balance sheet dynamics to limit this possibility.

The board is committed to paying a rising dividend year after year and has met this commitment for the past 36 years. The trust yields 3.7% and pays income quarterly. “There should be plenty left in the income tank here, for example if Capita renews its dividend,” says David Liddell, a director of IpsoFacto Investor. “For those looking for a growing income this trust should be attractive.” Its revival has served to narrow the discount to some extent, with the shares trading in a range between 4% discount and around par in 2019.

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
Temple Bar Investment Trust Plc
Ninety One UK Limited
Closed Ended Investment Company
UK Equity Income
0.49 %
Risk Rating
3 Year Sharpe
3 Year Alpha
5.9 %
Fund Size
£ 508.23 million
Discount Premium
To provide growth in income and capital to achieve a long-term total return greater than the benchmark FTSE All-Share Index, through investment primarily in UK securities. The policy of the company is to invest in a broad spread of securities with typically most of the portfolio selected from the constituents of the FTSE 350 Index.
Holding %
United Kingdom of Great Britain and Northern Ireland 2% 5.75 %
Travis Perkins PLC 4.83 %
United Kingdom of Great Britain and Northern Ireland 3.75% 4.69 %
IWG PLC 4.21 %
Grafton Group PLC 3.92 %
Royal Dutch Shell PLC B 3.53 %
BP PLC 3.51 %
American Express Co 3.26 %
Rolls-Royce Holdings PLC 3.16 %
Bayer AG 3.09 %
Region %
United Kingdom 64.94 %
United States 16.58 %
Eurozone 12.53 %
Sector %
Industrials 38.73 %
Consumer Cyclical 21.53 %
Financial Services 14.90 %
Energy 9.87 %
Basic materials 5.78 %
Ninety One UK Limited
EC2V 7EL, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Alessandro Dicorrado
Joined 04/17/2020

Alessandro is a portfolio manager within the Value team at Investec Asset Management. Since January 2016, he assumed co-portfolio management of the Investec Global Special Situations and Investec Global Value Equity strategies. In 2011, Alessandro joined Investec Asset Management as an analyst in the Value team. Previously he worked at JP Morgan Chase & Co as a fixed income derivatives salesperson in London. He graduated from UCL in 2004 with a Bachelor of Science (Hons.) degree in Economics and holds a Master’s degree in Finance from the London Business School. He has passed level three of the CFA Programme.

Steve Woolley
Joined 04/17/2020

Steve is a portfolio manager within the Value team at Investec Asset Management. Since January 2016, he assumed co-portfolio management of the Investec Global Special Situations and Investec Global Value Equity strategies. Previously, Steve was an analyst in Investec Asset Management’s Value team. He joined the firm in 2008 from the Financial Services Authority where he supervised asset managers and financial advisors. Steve graduated from Nottingham University in 2004 where he obtained a first class Master’s degree in Mathematics and is also a CFA Charterholder.

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