Temple Bar - No compromise
The turnaround in Temple Bar (TMPL)’s fortunes following the appointment of RWC as manager last November and a surge in ‘value’ stocks on hopes of an end to the COVID-19 pandemic has been dramatic. Frustratingly, the discount that the trust’s shares trade on relative to their net asset value widened from the middle of April 2021, as investors fretted about the impact of new variants of the virus and switched back to buying ‘growth’ companies for their perceived ability to thrive even in a lacklustre economy. As we discuss on page 4 of this note, TMPL’s managers – Ian Lance and Nick Purves – are keen to highlight that value and poor quality do not necessarily go hand-in-hand. They seek to identify good quality and growing business trading on attractive valuations. An investment in a fund run in a value style such as TMPL should not mean compromising on long-term total returns.
Temple Bar Investment Trust is engaged as an investment company. Co.'s principal business activity of investment management is sub-contracted to Investec Fund Managers Limited, the Alternative Investment Fund Manager of Co.
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