Temple Bar - Time to shine
It is coming up to two years since Redwheel took over management responsibility for Temple Bar (TMPL), and performance figures since (see page 9) suggest that the change has been a good one for the trust. The apparent change in investor appetite from growth to value-style investing has helped it along its way, but the willingness of the managers – Ian Lance and Nick Purves - to go against the trend (by buying cyclical businesses at the lows, for example) shows the importance of stock-picking too. The managers say that valuations are a measure of appetite for risk, and that on that score we are back down to the lowest levels we have seen for about the past 25 years. In times like this (as seen during the GFC, for example), they say, it pays to take on more risk.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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