Title: URL Source: https://is.gd/21Rm9I Published Time: Thu, 08 May 2025 13:32:03 GMT Markdown Content: Market commentary Global equity markets were weaker in March on trade war fears and concerns of stagflation. In the US, new tariffs were announced on steel, aluminium and autos; beyond that there were concerns about reciprocal tariffs to be announced on the 2nd April. Tariffs also caused concerns about higher levels of inflation and lowering economic growth. The largest contributors to performance were Shell and ITV . The largest detractors from performance were International Consolidated Airlines (IAG) , Standard Chartered and Barclays . Shell’s share price rose ahead of their Capital Markets Day. At the CMD it was announced that Shell plans to grow sales of LNG by up to 5% each year until 2030, focus on cost reductions, and aim to return up to half its cash from operations to investors. ITV’s share price rose following the release of its 2024 results at the beginning of the month with ITV announcing that they expect to recoup their cumulative investment in ITVX by the end of 2025, much earlier than anticipated. IAG was the largest detractor from performance during the month. European airlines were weaker as US peers cut profit expectations on soft demand, and then later in the month IAG suffered as Heathrow Airport shut down due to a fire. Banks Barclays and Stan dard Chartered were detractors from performance, with their share prices falling on tariff concerns. Pearson was also a detractor during the month as the share price fell on concerns over weakening growth in US higher education. 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 (%) Share Price (total return) + 43.6 % Net Asset Value per share (total return) + 44.3 % Benchmark: FTSE All -Share Index (net dividends reinvested) + 23.3 % 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. 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 – 31 March 2025 # 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 6. 3 NatWes t Financials 6. 1 Barclays Financials 5.4 Standard Chartered Financials 5. 0 BP Energy 4. 9 Aviv a Financials 4. 8 ITV Communications 4. 6 NN Fi nancial s 4. 5 TotalEnergies Energy 3.8 Marks & Spencer Consumer Staples 3. 6 Total 49. 0 No of holdings: 3 5 # Financial data Gross Assets £930.3 m Share price (p) 293.50 NAV (p) (cum income )* 305.58 Premium/(Discount), Cum income* (4.0 %) Net yield 3.8 % Net gearing* 6.3 % > *Calculated with debt at fair value # Dividend history Type Amount (p) XD date Pay date 4th interim – 20 24 3.00 06 .03 .2 5 02 .04 .2 5 3rd interim – 202 4 3.00 21.11. 24 30.12.24 2nd interim – 202 4 2. 75 22 .08 .2 4 27 .09 .2 4 1st interim – 202 4 2. 50 30 .05 .2 4 28 .06 .2 4 # 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 -0.3 -1.4 -2.2 3 months 9.0 6.0 4.5 3 year 43.6 44.3 23.3 5 year 136.3 145.2 76.5 10 year 86.8 83.6 81.7 Since 30/10/2020 149.9 137.3 71.6 Share NAV FTSE Price All -Share 31 .03.2 4 - 31 .03.2 5 27.1 18.5 10.5 31 .03.2 3 - 31 .03.2 4 8.6 13.5 8.4 31 .03.2 2 - 31 .03.23 4.1 7.4 2.9 31 .03.21 - 31 .03.2 2 5.0 6.3 13.0 31 .03.20 - 31 .03.21 56.7 59.8 26.7 Performance, price and yield information is sourced from Frostrow Capi tal LLP . -20 -10 0 10 20 30 40 50 Mar-22 Mar-23 Mar-24 Mar-25 > 32.4% > 15.4% > 15.1% > 11.7% > 10.2% > 3.6% > 3.4% > 2.9% > 2.7% > 2.0% > 0.6% > Financials > Consumer Discretionary > Energy > Communications > Materials > Consumer Staples > Industrials > Healthcare > Utilities > Information Technology > Cash & Equivalents > 76.6% > 9.2% > 5.3% > 3.8% > 1.4% > 1.2% > 1.1% > 0.8% > 0.6% > United Kingdom > Netherlands > United States > France > Japan > Hong Kong > Canada > Germany > Cash & Equivalents 0.0% Cash & equivalents Temple Bar Investment Trust Plc Monthly factsheet – 31 March 2025 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 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 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, 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 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 peers), 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 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. 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: 284,6 04 ,378 in circulation 49,7 59 ,447 in treasury Debt : 4.05% private placement loan 2028 £50m 2.99% private placement loan 2047 £25m Ongoing charge s: 0. 61 %, effective 31 December 202 4 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