AI Terminal
Temple Bar Investment Trust PLC
Fund Information / Factsheet • Nov 14, 2024
5205_rns_2024-11-14_9949f1b1-9779-4cd3-913d-eed8f8fdb871.pdf
Fund Information / Factsheet
Open in ViewerOpens in native device viewer
Market commentary
Equity markets moved lower in October with investors reducing expectations for a sharp decrease in interest rates and tensions remaining high in the Middle East. In the UK, the rise in headline inflation slowed to 1.7% year-over-year (versus 2.2% previously). Following the announcement of the budget at the end of the month, the Gilt market came under pressure due to higher financing needs than projected.
The largest contributors to performance for the Trust during the month were Standard Chartered, NatWest and Shell. The largest detractors from performance were Kingfisher, Direct Line Insurance and abrdn.
Standard Chartered was the largest contributor to performance after the bank reported better than expected results and announced that they would be increasing returns to shareholders over the coming years. NatWest's share price continues to perform well, reaching the highest level since 2015; during the month they raised their outlook for the year after earnings beat estimates. Despite the volatility in the oil price, Shell was also a positive contributor; in their latest results the company announced their buyback programme would continue and that their gearing has dropped to the lowest level since 2015.
abrdn was the largest detractor from performance following the disclosure of the size of redemptions from their equity funds. Direct Line's share price moved lower, along with other UK insurance stocks, after the FCA launched a study looking at whether people who borrow to pay for motor and home insurance are receiving fair, competitive, deals. Kingfisher's share price fell with other domestic retailers at the end of the month following the UK budget.
UK equities continue to be valued at a significant discount to global equities generally. Accordingly, we believe that, notwithstanding the shorter-term uncertainties, UK equities are priced to offer relatively attractive returns into the future.
Three-year performance (%)
Benchmark: FTSE All-Share Index (net dividends reinvested) +19.7%
Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed; an investor may receive back less than the original amount invested.
Source: Morningstar
Sector and geographic analysis (%)*
| 31.3% | Financials | 76.0% | United Kingdom | |||
|---|---|---|---|---|---|---|
| 16.8% | Consumer Discretionary | 9.1% | Netherlands | |||
| 15.1% | Energy | |||||
| 12.5% | Communications | 4.5% | United States | |||
| 8.5% | Materials | 4.5% | France | |||
| 4.1% | Consumer Staples | 1.6% | Japan | |||
| 3.2% | Information Technology | 1.2% | Canada | |||
| 2.9% | Healthcare | Hong Kong | ||||
| 2.3% | Utilities | 1.2% | ||||
| 2.2% | Industrials | 0.8% | Germany | |||
| 1.1% | Cash & Equivalents | 1.1% | Cash & Equivalents |
* Exposures expressed as a % of the gross assets (investments plus cash) of the Company.
Trust objective
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 Company's policy is to invest in a broad spread of securities with typically the majority of the portfolio selected from the constituents of the FTSE 350 Index.
Top 10 equity holdings (%)
| Shell | Energy | 6.1 |
|---|---|---|
| NatWest | Financials | 6.1 |
| Barclays | Financials | 5.6 |
| ITV | Communications | 4.6 |
| Standard Chartered Financials | 4.5 | |
| TotalEnergies | Energy | 4.5 |
| BP | Energy | 4.5 |
| NN | Financials | 4.2 |
| Aviva | Financials | 4.2 |
| Anglo American | Materials | 4.2 |
| Total | 48.5 | |
No of holdings: 34
Financial data
| Gross Assets | £876.3m |
|---|---|
| Share price (p) | 263.00 |
| NAV (p) (cum income)* | 285.64 |
| Premium/(Discount), Cum income* | (7.9%) |
| Historic net yield | 3.9% |
| Net gearing* | 6.8% |
| *Calculated with debt at fair value |
Dividend history
| Type | Amount (p) | XD date | Pay date | |
|---|---|---|---|---|
| 3rd interim – 2024 | 3.00 | 21.11.24 | 30.12.24 | |
| 2nd interim – 2024 | 2.75 | 22.08.24 | 27.09.24 | |
| 1st interim – 2024 | 2.50 | 30.05.24 | 28.06.24 | |
| 4th interim – 2023 | 2.50 | 07.03.24 | 02.04.24 | |
Performance (total return)
Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed; an investor may receive back less than the original amount invested. This Company may not be appropriate for investors who plan to withdraw their money within the short to medium term.
| Cumulative returns (%) | |||||
|---|---|---|---|---|---|
| Share | NAV | FTSE | |||
| Price | All-Share | ||||
| 1 month | -1.3 | -0.1 | -1.6 | ||
| 3 months | -6.3 | -1.5 | -2.5 | ||
| 3 year | 36.1 | 37.5 | 19.7 | ||
| 5 year | 23.6 | 28.5 | 31.9 | ||
| 10 year | 63.8 | 77.4 | 81.9 | ||
| Since 30/10/2020 0.0% |
119.2 | 117.4 Cash & equivalents |
62.1 | ||
| Share | NAV | FTSE | |||
| Price | All-Share | ||||
| 31.10.23 - 31.10.24 | 22.6 | 24.5 | 16.3 | ||
| 31.10.22 - 31.10.23 | 10.5 | 11.1 | 5.9 | ||
| 31.10.21 - 31.10.22 | 0.5 | -0.6 | -2.8 | ||
| 31.10.20 - 31.10.21 | 61.0 | 58.1 | 35.4 | ||
| 31.10.19 - 31.10.20 | -43.6 | -40.9 | -18.6 |
Performance, price and yield information is sourced from Morningstar as at 31.10.24.
Temple Bar Investment Trust Plc
Monthly factsheet – 31 October 2024
Trust facts Launch date: 1926
ISIN: GB00BMV92D64
Sedol: BMV92D6
Ticker: TMPL
Year end: 31 December
Dividends paid: Quarterly in April, June, September and December
Benchmark : FTSE All-Share
Association of Investment Companies (AIC) sector: UK Equity Income
ISA status: May be held in an ISA and Junior ISA
Capital structure:
Ordinary shares in issue: 285,440,426 in circulation 48,923,399 in treasury
Debt:
4.05% private placement loan 2028 £50m 2.99% private placement loan 2047 £25m
Ongoing charge: 0.56%, effective 31 December 2023 Includes a management fee of 0.325%. Excludes borrowing and portfolio transaction costs.
AIFM, Administrator & Company Secretary: Frostrow Capital LLP (effective from 1 July 2023)
Portfolio Manager: RWC Asset Management LLP ( effective from 30 October 2020)
Portfolio Management Team: Ian Lance and Nick Purves
Registrar: Equiniti Financial Services Limited
Depositary & Custodian: Bank of New York Mellon
How to Contact Us
Frostrow Capital LLP 25 Southampton Buildings London, WC2A 1AL frostrow.com [email protected] 0203 008 4910
Risk warnings
This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Company and has not been prepared in connection with any such offer or invitation. Before investing in the Company, or any other investment product, you should satisfy yourself as to its suitability and the risks involved, and you may wish to consult a financial adviser.
Any return you receive depends on future market performance and is uncertain. The Company does not seek any protection from future market performance so you could lose some or all of yourinvestment. For information on the principal risks the Company is exposed to please refer to the Company's Annual Report, Key Information Document orInvestor Disclosure Document, availableathttps://www.templebarinvestments.co.uk/documents/.
Company share price risk
Shares in the Company are bought and sold on the London Stock Exchange. The price you pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company. Usually, at any given time, the price you pay for a share will be higher than the price you could sell it.
Borrowing/leverage risk
The Company has increased its exposure to investments via borrowings and this could potentially magnify any losses or gains made by the Company.
The Company's gearing and discount management policies can be found at https://www.templebarinvestments.co.uk/ investment-approach/investment-policies/
Interestrate
The value of fixed income assets & liabilities (e.g. bonds) tends to decrease when interest rates and/or inflation risesand increase when interest rates and/or inflation falls.
Concentration risk
The Company's portfolio may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the portfolio, both up or down, which may adversely impact the Company's performance.
Target market
The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties andis eligible for alldistributionchannels.
The Company may not be suitable for investors who are concerned about short-term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed orregularincome, or a predictable return profile. The Company does not offer capital protection.
Value assessment
Frostrow Capital LLP has conducted an annual value assessment on the Company in line with Financial Conduct Authority (FCA) rulesset out in the Consumer Duty regulation. The assessment focuses on the nature of the product, including benefits received and its quality, limitations that are partoftheproduct, expected total costs to clients andtargetmarket considerations.
Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company) andconsiders whether vulnerable consumers are able to receive fair value from the product.
Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.
Importantinformation
This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").
Allrights in any referenced index are vested in the index owner and/orits licensors, who do not accept any liability for any errors or omissions in the index or any underlying data.
