Thursday, 13 February 2014

Temple Bar IT - 2013 Full Year Results

I hold this investment trust in my ISA - it was the 3rd best performing trust in 2013 from my portfolio of ITs behind Aberforth and Bankers.

TMPL has been managed by Alastair Mundy since 2000. He takes a contrarian view on the timing of buy and sell decisions, buying the shares of companies when sentiment towards them is thought to be near its worst and selling them as fundamental profit improvement and/or re-evaluation of their long-term prospects takes place.

They have this week published full year results for 2013 (link via Investegate).

Over the year, net assets have increased from £600m to £792m. The total return on these net assets was 31.4%, compared with a total return for the FTSE All-Share Index of 20.8%. The proposed increase in the dividend for the full year is 3% to 37.75p. This will be the 30th year of consecutive dividend increase. The trust has significantly outperformed the All Share index over both 5 & 10 years.

5 yr comparison -v- All Share index
(thanks to Digital Look - click to enlarge)

I note from the top 20 holdings that heading the list is short dated UK gilts which would suggest the manager is locking in some of the gains from equities and possibly expecting some correction.

All in all, very happy with progress so far and happy to continue holding.

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