Title: 242395666.pdf URL Source: https://documentscdn.financialexpress.net/Literature/8DAFD6D66E106D71C310EB9FE9B1541D/242395666.pdf Number of Pages: 2 Markdown Content: Market commentary Global equity markets delivered strong gains in April 2026 despite heightened geopolitical tensions, with US markets outperforming as investors rotated towards technology and other growth shares, while the UK market lagged given its larger exposure to ener gy and defensive sectors. Volatility in oil prices and moves in bond yields reflected shifting expectations around the Middle East conflict, inflation and the path of interest rates, with the 10 -year UK gilt yield moving above 5% durin g the month. The Trust performed well during the month and outperformed the FTSE All -Share Index. Financials and Communication Services names were the largest contributors to performance, while Energy names were the largest detractors from performance. Standard Chartered was the largest contributor to return s during the month. Shares rebounded after the sell -off in March before reporting record first -quarter earnings at the end of the month. WPP gained 14% during the month; the company provided a trading up date towards the end of the month which showed a like -for -like revenue decline of 6.7%, better than analysts had anticipated. ITV was also a positive contributor to performance. BP and Shell detracted from performance as energy shares lagged amid heightened volatility in crude prices and a broader rotation into growth stocks. BP’s first -quarter results released at the end of the month were ahead of expectations, but the market reaction was co nstrained by cautious production guidance and higher net debt. Tow ards the end of the month Shell announced an agreement to acquire Canadian energy company ARC Resources. The short -term outlook for markets remains highly dependent on the resolution of the Middle East conflict and its impact on energy prices and global growth. Despite heightened short -term uncertainty, we continue to focus on the long -term and stay true to o ur investment philosophy. Our approach is and has always been to think long term and buy what we believe to be fundamentally sound businesses at a sign ificant discount to their true economic worth, on the basis that eventually that economic worth will be reflected in a higher share price . Five -year performance (%) Share Price (total return) + 113.8 % Net Asset Value per share (total return) + 98.6 % Benchmark: FTSE All -Share Index (net dividends reinvested) + 66.9 % Source: Frostrow Capital LLP Sector and geographic analysis (%) * > *Exposures expressed as a % of the gross assets (investments plus cash) of the Company. # Temple Bar Investment Trust Plc Monthly factsheet – 30 April 2026 # 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 (%) BP Energy 5. 2 BT Communications 5. 2 Shell Energy 4.9 NN Financials 4. 3 Johnson Matthey Material s 4.1 NatWest Financial s 3. 9 WPP Communications 3. 8 ITV Communications 3. 8 GSK Healthcare 3. 6 Aviva Financials 3. 5 Total 42.3 No of holdings: 39 # Financial data Gross Assets £1,226.1 m Share price (p) 389.50 NAV (p) (cum income )* 386.42 Premium/(Discount), Cum income* 0. 8% Net yield (historic al ) 3.9 % Net yield ( prospective ) 4.0 % Net gearing* 4.9 % > *Calculated with debt at fair value # Dividend history Type Amount (p) XD date Pay date 1st interim – 202 6 3. 90 28 .05.2 6 26 .06.2 6 4th interim – 202 5 3.75 05 .03 .2 6 02 .04 .2 6 3rd interim – 202 5 3.75 20 .11 .2 5 30 .12 .2 5 2nd interim – 202 5 3.75 21 .08 .2 5 26 .09 .2 5 # 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 (%) Shar e NAV FTSE Price All -Share 1 month 4.4 3.7 2.8 3 months 2.6 2.1 2. 1 3 year 86.0 73.4 44.7 5 year 113.8 98.6 66.9 10 year 17 4.8 148.9 133.5 Since 30/10/2020 246.3 213.3 114.4 # Discret e returns (%) Share NAV FTSE Price All -Share 30.04.2 5 - 30.04.2 6 37.9 32.6 25.2 30.04.2 4 - 30 .04.2 5 19. 1 14.0 7.5 30.04.2 3 - 30.04.24 13.3 14.6 7.5 30.04.22 - 30.04.2 3 10.2 9.4 6.0 30.04.21 - 30.04.22 4.2 4.7 8.7 Performance, price and yield information is sourced from Frostrow Capi tal LLP . -10 0 10 20 30 40 50 60 70 80 90 100 110 120 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 > 23.7% > 16.5% > 12.3% > 12.2% > 11.1% > 6.7% > 5.8% > 4.1% > 3.1% > 1.6% > 1.3% > 1.6% > Financials > Communications > Consumer Discretionary > Energy > Consumer Staples > Healthcare > Industrials > Materials > Utilities > Information Technology > Diversified REITs > Cash & Equivalents > 71.5% > 9.0% > 5.3% > 4.4% > 3.7% > 3.3% > 1.2% > 1.6% > United Kingdom > United States > Netherlands > France > South Korea > Hong Kong > Japan > Cash & Equivalents 0.0% Cash & equivalents Temple Bar Investment Trust Plc Monthly factsheet – 30 April 2026 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 not been prepared in connection with any such offer or invitation. Before investing in the Company, or any other investm ent product, you should satisfy yourself as to its suitability and the risks involved, and you may wish to consult a 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 or Investor Disclosure Document, available at ht tps://www .t emplebarinv es tment s. co.uk/documents/. Company share price risk Shares in the Company are bought and sold on the London Stock Exchange. The price 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 an y 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 th e 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, professiona l 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 profil e. 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 Conduct Authority ( “FCA ”) rules set out in the Consumer Duty regulation. The assessment 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 p eers), total fees (including management fees and entry and exit fees as applicable to the Company ) and considers whether vulnerable consumers are 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 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. Disclaimers Morningstar 2026. All rights reserved. The information, sourced from Morningstar, contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether investment, tax, legal or otherwise. User is solely responsible for ensuring that it complies with all laws, regulations and restrictions applicable to it. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past performance is no guarantee of future results . 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: 301,494,378 in circulation 32,869,447 in treasury Debt : 4.05% private placement loan 2028 £50m 2.99% private placement loan 2047 £25m Ongoing charge s: 0. 59 %, effective 31 December 202 5 Includes a management fee of 0.3 25%. Excludes borrowing and portfolio transaction costs. AIFM , Administrator & Company Secretary : Frostrow Capital LLP (effect ive from 1 July 2023 ) Portfolio Manager : RWC Asset Management LLP (effect ive from 30 > October 202 0) Portfolio Manage ment Team : Ian Lance and Nick Purves Registrar : Equiniti Limited Depositary & Custodian : Bank of New York Mellon How to Contact Us Frostrow Capital LLP 25 Southampton Buildings London, WC2A 1AL frostrow.com info@frostrow.com 0203 008 4910 www.templebarinvestments.co.uk