Managed by Redwheel since 2020, Temple Bar has achieved remarkable growth through disciplined value strategies, outperforming benchmarks and capitalising on undervalued UK companies amid global market shifts.
Shareholders in Temple Bar Investment Trust have enjoyed remarkable gains in recent years, with the trust continuing to outperform its benchmarks under the stewardship of its managers Ian Lance and Nick Purves from Redwheel. Since assuming management in late October 2020, they have propelled the trust’s net asset value and share price upwards with a steadfast value investing approach focused mainly on UK equities. The trust has delivered net asset value total returns significantly above the FTSE All-Share Index and its UK equity income peers, with a five-year share price surge exceeding 220%.
The managers’ core strategy hinges on identifying chronically undervalued companies whose true worth is yet to be reflected in their share prices. This patient, long-term view has been key to their success. Early in their tenure, they capitalised on pandemic-era market dislocations by buying shares in deeply depressed but fundamentally strong companies such as Marks & Spencer and NatWest, which have seen respective gains of 193% and 292%. More recently, they have remained vigilant in finding new bargains, taking positions in companies like Johnson Matthey, a UK clean power and precious metals business, following activist investor pressure and corporate restructuring. Johnson Matthey’s recent sale of part of its business has led to a substantial rise in its share price, making it the trust’s largest holding.
The trust’s portfolio, though heavily UK-focused, is diversified with up to 30% allowed in overseas assets, including recent additions to South Korean banks offering attractive dividend yields. These strategic moves highlight management’s disciplined search for value where others might not be looking. However, the managers remain cautious on US equities, particularly warning of potential volatility in the AI-driven market sectors, suggesting that the trust’s focus on undervalued stocks offers investors defensive positioning amid potential market turbulence.
Temple Bar’s financial metrics reflect its robust performance and operational efficiency. The trust currently manages over £1.1 billion in assets, trades at a slight premium to its net asset value, and maintains a low annual charge of 0.61%. It pays quarterly dividends and, responding to ongoing strong cash flows and performance, is proposing an increase in its quarterly dividend from 3.0p to 3.75p per share, an annualised yield of approximately 5%, part-funded by capital reserves. Over the past year, the trust delivered a net asset value total return near 20%, notably outstripping the FTSE All-Share’s 9.5%. Share buybacks have also been strategically employed to stabilise the supply-demand balance and have added incremental value to shareholders.
Industry data affirms Temple Bar’s leading position in the UK equity income sector, where it ranks first across multiple time frames according to Citywire and the Association of Investment Companies’ UK equity income peer group. Since Redwheel’s management began, the trust has transformed, closing what was once a discount to net asset value and now regularly trading at a premium. Its market capitalisation surpassed the £1 billion milestone in 2025, a testament to sustained investor confidence.
Despite these strong gains, the trust’s managers remain optimistic about further opportunities within the UK market, which they continue to view as undervalued relative to global peers. Their rigorous value-focused discipline and readiness to adapt, whether rotating holdings or exploring overseas opportunities, position Temple Bar as a compelling option for investors seeking income combined with capital growth potential in the UK equity space.
📌 Reference Map:
- [1] (Daily Mail) – Paragraphs 1, 2, 3, 4, 5, 6, 7
- [2] (AIC) – Paragraphs 4, 5
- [3] (UK Investor Magazine) – Paragraphs 1, 4, 6
- [4] (PR Newswire) – Paragraph 5
- [5] (DirectorsTalk Interviews) – Paragraph 3
- [6] (Investing.com) – Paragraph 6
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
7
Notes:
🕰️ The narrative appears to be based on a press release, which typically warrants a high freshness score. However, the Daily Mail article is behind a paywall, preventing direct verification of its publication date. The earliest known publication date of substantially similar content is 27 March 2024, from a report by Marten & Co. ([templebarinvestments.co.uk](https://www.templebarinvestments.co.uk/application/files/9617/1214/9784/240327-TMPL-update-QD-.pdf?utm_source=openai)) This suggests that the Daily Mail article may be republished content, potentially affecting its freshness score.
Quotes check
Score:
6
Notes:
🕰️ The Marten & Co report from 27 March 2024 mentions that the managers, Ian Lance and Nick Purves, have been in charge for over three years, indicating they assumed management in late 2020. This aligns with the Daily Mail article’s claim that they assumed management in late October 2020. However, without access to the Daily Mail article, it’s challenging to verify the exact wording of any direct quotes.
Source reliability
Score:
5
Notes:
⚠️ The Daily Mail is a widely read publication but is often considered tabloid journalism, which may affect its reliability. The Marten & Co report is a paid analysis, which may introduce bias. The AIC (Association of Investment Companies) is a reputable source, but its content is promotional in nature.
Plausability check
Score:
8
Notes:
✅ The claims about Temple Bar Investment Trust’s performance under the management of Ian Lance and Nick Purves are plausible and consistent with known information. The trust’s focus on UK equities and value investing aligns with its historical strategy. The mention of specific companies like Marks & Spencer and NatWest, and their respective gains, is consistent with known market data.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
⚠️ The narrative’s freshness is questionable due to potential republishing from earlier content. 🕰️ The exact wording of quotes cannot be verified without access to the Daily Mail article. ⚠️ The source’s reliability is moderate, with the Daily Mail being a tabloid and other sources being promotional. ✅ The claims about the trust’s performance are plausible and consistent with known information.
