Temple Bar Investment Trust Plc

UK Equity Income

Rated Fund 2013-2015, 2018. Showing signs of a renaissance

Temple Bar's contrarian, value style could be coming back into fashion and it is Money Observer's 'conservative' UK equity investment trust tip for 2017/18. The portfolio is quite conservatively managed, but a poor recent run means it forms part of our 'adventurous' selection.The experienced Alastair Mundy of Investec Asset Management has been managing the trust since 2003. He is well-known for his contrarian investment style, influenced by profound scepticism about the global economic recovery that he believes has been artificially driven by quantitative easing.His value-oriented approach has been well and truly out of favour in recent years. 'Temple Bar, while an old favourite of ours, has been through a relatively rough patch over the past few years, but is showing signs of a renaissance,' says David Liddell, a director of IpsoFacto Investor.Two thirds of the portfolio is in blue-chip dividend payers and a further 16 per cent in cash and short-dated government bonds, giving Mundy ample room to take advantage of any market correction. Shares can be bought at a 5 per cent discount to net asset value. Three years ago they were trading at a near 2 per cent premium.

Narrative and ratings content all as of 01 January 2018.

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Temple Bar Investment Trust Plc
Investec Fund Managers Ltd
Closed Ended Investment Company
UK Equity Income
0.49 %
Risk Rating
3 Year Sharpe
3 Year Alpha
3.7 %
Fund Size
£ 831.9 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 %
GlaxoSmithKline PLC 7.08 %
Royal Dutch Shell PLC B 6.27 %
BP PLC 5.45 %
Capita PLC 5.15 %
Travis Perkins PLC 5.10 %
United Kingdom of Great Britain and Northern Ireland 2% 4.79 %
HSBC Holdings PLC 4.53 %
Lloyds Banking Group PLC 4.12 %
Grafton Group PLC 3.90 %
Barclays PLC 3.89 %
Region %
United Kingdom 92.74 %
United States 5.07 %
Sector %
Financial Services 22.55 %
Basic materials 16.38 %
Industrials 15.18 %
Energy 13.07 %
Consumer Cyclical 12.04 %
Healthcare 7.90 %
Consumer Defensive 5.87 %
Investec Fund Managers Ltd
EC2V 5HA, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Alastair Mundy
Joined 06/01/2000

Alastair is head of the Value team at Investec Asset Management having joined in 2000 from Morley Fund Management. Alastair manages a number of funds including the Investec Cautious Managed Fund and the Investec UK Special Situations Fund. He also manages the Temple Bar Investment Trust. Alastair graduated from City University with a Bachelor of Science degree in Actuarial Science in 1988.

Data provided by Morningstar.

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