Temple Bar reduction shrinks

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Over the period, Temple Bar had a share price return of 0.21%. The FTSE All-Share Index total return was 4.57%, while the Trust’s total net asset value return was slightly better, but still lost 4.03%.

The company’s discount to net asset value over the period, however, narrowed from 7.80% to 3.84%. During the period, nearly two million shares were repurchased by the company.

Positive contributors to performance were Shell, BP and Total Energies, Standard Chartered, Vodafone and Pearson, while four domestically focused names Royal Mail, Marks & Spencer, ITV and Currys were the main detractors from performance.

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No new holdings were created in the portfolio during the six-month period, although in early February managers reduced the trust’s debt level, fearing that even before the war in Ukraine, the deteriorating economic outlook is not adequately reflected in equities. prices.

Ian Lance and Nick Purves, Portfolio Managers of Redwheel, commented: “Conversely, at the end of June we reintroduced a leverage element, increasing the company’s holdings in the most undervalued stocks. -assessed, believing that the valuations of these stocks now fully discounted a probable recession.”

The managers noted that while the economic backdrop is very uncertain and investors have reason to be concerned, the stock market is a discounting mechanism and much of this will have already been factored into stock prices. shares.

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“From today’s depressed valuations, for those who can stretch their time horizons, the opportunities are attractive, with stocks in the portfolio offering significant upside potential at a reasonable view of intrinsic value,” they said. they added.

The current President, Arthur Copple, will step down at the next AGM meeting. He will be replaced by Richard Wyatt, subject to his re-election.


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