Temple Bar Investment Trust : Monthly Fact Sheet as at 30 April 2024

Market commentary

UK equities performed well in April with the FTSE All-Share Index returning a positive 2.5% and ending the month as the top performing equity market. The UK market was helped by rising commodity prices and the prospect of lower interest rates. Concerns over rising geopolitical tensions in the Middle East boosted oil and commodity prices. UK inflation continued to slow, with the market pricing in a rate cut from the Bank of England in September.

The Fund performed well in the month. The largest contributors to performance were Anglo American, NatWest and Shell, while Pearson, Stellantis and HP detracted from performance. BHP Group, the world's largest mining company, made a takeover approach for Anglo American which comes after a period of underperformance. The takeover proposal was rejected by Anglo American who said that it "significantly undervalues" the company. NatWest continued its strong performance this year as it released another set of positive results which beat analyst estimates. Shell benefitted from rising oil prices during the month.

Pearson was a detractor from performance. The company released a 2024 Q1 trading update during the month, indicating they are on track to achieve their 2024 guidance. Stellantis was a detractor following the release of its first quarter results. However, the company reiterated their full year guidance, stating their ambition to maintain their strong double-digit operating margins. HP was also a small detractor during the month.

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 (%)

40
30
20
10
0
-10
Apr-21	Apr-22	Apr-23	Apr-24

Share Price(total return) +30.2%

NetAssetValue per share(total return) +31.3%

Benchmark: FTSE All-Share Index(net dividendsreinvested) +23.9%

Past performance is nota guide to futureperformance. The value of investments and the income from themmay fall aswell as rise and is notguaranteed; an investor may receive back lessthan the original amount invested.

Source: Morningstar

Sector and geographic analysis (%)*

Temple Bar Investment Trust Plc

Monthly factsheet - 30 April 2024

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		7.0
BP	Energy		6.7
NatWest	Financials		6.6
TotalEnergies	Energy		5.6
Barclays	Financials		4.9
Anglo American	Materials		4.7
ITV	Communications	4.5
Aviva	Financials		4.4
NN	Financials		4.2
Marks & Spencer	Consumer Staples	3.7
Total			52.3
No of holdings: 31
Financial data
Gross Assets			£855.2m
Share price (p)			258.00
NAV (p) (cum income)*		277.21
Premium/(Discount), Cum income*	(6.9%)
Historic net yield			3.7%
Net gearing*			7.0%
*Calculated with debt at fair value
Dividend history
Type	Amount (p)	XD date	Pay date
4th interim - 2023	2.50	07.03.24	02.04.24
3rd interim - 2023	2.50	30.11.23	29.12.23
2nd interim - 2023	2.30	24.08.23	29.09.23
1st interim - 2023	2.30	01.06.23	30.06.23

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

							27.7%	Financials
						Energy
						19.3%
						Consumer Discretionary
					14.7%
					Communications
				11.1%
					Materials
			8.6%
					Industrials
		4.9%
					Consumer Staples
		3.8%
					Healthcare
	3.6%
					Information Technology
	2.7%
				Utilities
	2.5%
				Cash & equivalents
1.1%

		74.1%	United Kingdom
			Netherlands
	10.2%
			France
	5.6%
			United States
	4.0%
			Japan
	2.0%
			Hong Kong
1.1%
		Canada
1.1%
		Germany
0.8%
		Cash & equivalents
1.1%

	Price		All-Share
1 month	7.3	3.4	2.5
3 months	11.9	13.9	7.5
3 year	30.2	31.3	23.9
5 year	19.1	21.9	30.1
10 year	54.0	63.5	75.8
Since 30/10/2020	110.9	107.2	59.2

	Share	NAV	FTSE
	Price		All-Share
30.04.23 - 30.04.24	13.3	14.6	7.5
30.04.22 - 30.04.23	10.2	9.4	6.0
30.04.21 - 30.04.22	4.2	4.7	8.7
30.04.20 - 30.04.21	57.1	50.9	25.9
30.04.19 - 30.04.20	-41.8	-38.5	-16.7

Performance, price and yield information is sourced from Morningstar as at 30.04.24.

• Exposures expressed as a % of the gross assets (investments plus cash) of the Company.

Temple Bar Investment Trust Plc

Monthly factsheet - 30 April 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: 286,516,158 in circulation 47,847,667 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 [e-mail] 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 notbeen prepared in connection with any such offer or invitation. Before investing in the Company, or any other investment product, you should satisfy yourself asto its suitability and the risks involved, and you may wish to consulta 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 your investment. For information on the principal risks the Company is exposed to please refer to the Company's Annual Report, Key Information Document or Investor Disclosure Document, available athttps://www.templebarinvestments.co.uk/documents/.

Company share price risk

Shares in the Company arebought and sold on the London Stock Exchange. Theprice 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/

Interest rate

The value of fixed income assets & liabilities (e.g. bonds) tends to decrease when interest rates and/or inflation rises and 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 and is eligible for all distribution channels.

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 or regular income, 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 ConductAuthority (FCA) rulessetout in the Consumer Duty regulation. Theassessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market 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) and considerswhether vulnerable consumersare able to receive fair value from the product.

Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.

Important information

This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").

All rights in any referenced index are vested in the index owner and/or its licensors, who do not accept any liability for any errors or omissions in the index or any underlying data.