Temple Bar – True Colours

We are quickly approaching the third anniversary of Redwheel’s appointment as the manager of Temple Bar in November 2020. While sticking to its value-seeking roots, managers Ian Lance and Nick Purves favour what they describe as a more balanced approach than the deep value model employed by the fund’s previous manager, which had been a drag on performance through the growth dominated decade that followed the GFC.

So far, the change seems to have paid off handsomely, with the shares up 76% since the handover, 35 percentage points ahead of the benchmark UK index. While it might be disingenuous to attribute the recent outperformance purely to the change in management, considering the dramatic swings we have seen in equity markets since the pandemic, it has created a solid foundation for the fund to build from going forward.