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Temple Bar Investment Trust at premium

Temple Bar Investment Trust traces its roots back to 1926. As a medium-risk investment, it is expected to have a higher risk level than gilts but a lower risk level than international equities.

Alastair Mundy, from Investec Asset Management, has been managing the Temple Bar portfolio since 2002. Mr Mundy also manages several open-ended funds including the Investec UK Special Situations Fund, the Investec Cautious Managed Fund and the Investec Capital Accumulator Fund.

Temple Bar Investment Trust aims to provide growth in income and capital to achieve a long-term total return greater than the benchmark FTSE All-Share Index through investment 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 100 Index.

Over three years, Mr Mundy has returned 31.4 per cent compared to -12.1 per cent from the UK Growth and Income peer group of investment trusts. He also managed to maintain the trust's dividend in 2010

In his latest manager's report, Mr Mundy says: "We must always discipline ourselves to look at arguments in as many ways as possible, even if it results in us appearing less certain than our peers."

The trust is geared by 13 per cent and trades at a slight premium to its net asset value.

TEMPLE BAR INVESTMENT TRUST PLC (TMPL)
PRICE858p*NAV8.36*
SIZE OF FUND£541.57 millionPRICE PREMIUM TO NAV*0.36%
No OF HOLDINGSn/a1 YEAR PRICE/NAV PERFORMANCE*19.26%/ 8.7%
SET UP DATE19263 YEAR PRICE/NAV PERFORMANCE31.44%/ 17.02%
MANAGER START DATE20025 YEAR PRICE/NAV PERFORMANCE*38.74%/ 36.13%
TURNOVER41.9*TOTAL EXPENSE RATIO*0.57%
VOLATILITY6.61*YIELD4.27
TRACKING ERROR4.25*GEARING113
SHARPE RATIO0.02*MORE DETAILSwww.templebarinvestments.co.uk

Source: Temple Bar and *Morningstar. Performance as at 19 November 2010

TOP TEN HOLDINGS (as at 30 September 2010)

Holding%
HSBC Holdings7.8
Royal Dutch Shell 7.5
GlaxoSmithKline7
BP6.6
Unilever5.9
Vodafone Group4.9
AstraZeneca4.8
Signet Jewelers4
Travis Perkins3.5
British American Tobacoo2.9

SECTOR BREAKDOWN (as at 30 September 2010)

Sector%
Oil & Gas14.2
Health Care13.9
Financials11.7
Industrials11.1
Consumer Goods10.4
Consumer Services9.3
Fixed Interest8.5
Telecommunications7.8
Utilties5.6
Cash3.2
Technology2.8
Basic Materials1.5

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