Annual report 2025

Temple Bar has today announced annual results for the year ended 31 December 2025. Highlights are provided below, but please click the link above to access the full report. 

• Net Asset Value (NAV) total return with debt at fair value of +33.9%*
• Share price total return of +45.3%*
• Dividend of 15 pence per ordinary share – an increase of 33.3%, representing a yield of 4%
• Premium of 1.4% of share price to NAV per share with debt at fair value – enabling the Company to reissue shares from Treasury and raise over £50m at the time of writing since issuance began in October 2025
• The Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025

“It would be easy for investors to take fright given the uncertain macro-economic and geopolitical outlook. It is worth recognising, though, that the Company’s performance is not closely correlated to the health of the UK economy. Indeed, the Portfolio Manager estimates that only approximately 35% of the underlying revenue of the portfolio companies comes from the UK. On a global level, the outlook is equally uncertain. However, the Company’s Portfolio Manager has historically been adept at taking advantage of periods of market dislocation. As a result, the Board believes that Temple Bar is well-placed to continue delivering attractive long-term returns for shareholders through a combination of capital growth and income."
Charles Cade, Chairman

“Although valuations have risen from the quite extreme levels seen post the COVID pandemic, they are still low in an absolute and historical sense. In aggregate, the Company’s portfolio is now valued at around eleven times earnings, higher than it was, but still a discount to the wider UK market, and around half the valuation accorded to the wider global equity indices. Accordingly, we believe the Company is still priced to deliver meaningful excess return, and shareholders can look forward to the future with optimism.”
Ian Lance and Nick Purves, Redwheel, Portfolio Managers

*Source: Frostrow Capital

Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. Forecasts and estimates are based upon subjective assumptions about circumstances and events that may not yet have taken place and may never do so.

No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. Information contained in this document should not be viewed as indicative of future results. The value of investments can go down as well as up.

This article is issued by RWC Asset Management LLP (Redwheel), in its capacity as the appointed portfolio manager to the Temple Bar Investment Trust Plc. Redwheel is authorised and regulated by the UK Financial Conduct Authority and the US Securities and Exchange Commission.

The statements and opinions expressed in this article are those of the author as of the date of publication.

Redwheel may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document. Redwheel seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.

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