Business

Temple Bar Investment Trust rides UK value revival with 220% five-year share surge

Sunday, 16 November 2025 5:03AM UTC

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

More on this

https://www.dailymail.co.uk/money/investing/article-15293803/TEMPLE-BAR-INVESTMENT-TRUST-Theres-come-say-bosses.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 - Please view link - unable to able to access data
https://www.theaic.co.uk/aic/news/industry-news/temple-bar-delivers-another-year-of-strong-outperformance-and-proposes - Temple Bar Investment Trust has announced impressive results for the year ended 31 December 2024, delivering a net asset value (NAV) total return of 19.9%, comfortably outperforming its All-Share benchmark, which returned 9.5%. The share price total return was 19.1%, reflecting a modest narrowing of the discount to NAV, which stood at 6.6% at year-end. Since Redwheel took over management in October 2020, the NAV total return has been 123.9%, versus 64.2% for the benchmark—a notable outperformance over the period. The board has declared a total dividend of 11.25p per share for 2024, up 17.2% from 9.60p in 2023. Looking ahead, TMPL is proposing a change to its dividend policy, with plans to pay an enhanced quarterly dividend of 3.75p per share (previously 3.0p), part-funded from capital reserves. This would equate to an annualised yield of approximately 5.0%, based on the current share price.
https://ukinvestormagazine.co.uk/temple-bar-delivers-221-return-over-five-years-of-redwheel-stewardship/ - On the fifth anniversary of Redwheel’s management of the Temple Bar Investment Trust, the trust’s share price has surged 221.0% over the five-year period to 31 October 2025, more than doubling the FTSE All-Share Index’s 98.6% return. Net asset value has risen 189.7%, outperforming the benchmark by 91.1%. The transformation of the trust was driven by co-portfolio managers Ian Lance and Nick Purves, who have remained staunch UK-focused value investors. Temple Bar has secured the number one ranking in the UK Equity Income Sector across one, two, three, and five-year periods according to Citywire data. Within the AIC’s UK Equity Income peer group, the Trust ranked first out of 17 constituents over both three and five years, with NAV total returns of 84.3% and 189.7% respectively—substantially ahead of the peer group median of 17.9% and 60.3%. The Trust’s discount to NAV, which existed at the point of Redwheel’s appointment, has closed entirely and now trades at a premium. In September 2025, Temple Bar achieved a significant milestone by reaching a market capitalisation of £1 billion for the first time in its history. Despite the strong performance this year, managers believe the UK remains undervalued, suggesting further opportunity for investors.
https://www.prnewswire.co.uk/news-releases/regulatory-news/temple-bar-investment-trust-plc-annual-financial-report-862850798.html - Temple Bar Investment Trust has reported a share price total return of 12.5% for the year ended 31 December 2023. Since Redwheel took over the management of the Trust at the end of October 2020, the Net Asset Value total return to the end of 2023 has been 86.7% compared with 50.0% for the Benchmark, a significant outperformance. The Board has continued with its active share buyback policy, purchasing 27,209,505 shares to be held in treasury for a total consideration of £63.5m during the year. These buybacks not only have the effect of stabilising the supply/demand balance but are also accretive to the Trust’s Net Asset Value, adding 1.4p per share to the year-end Net Asset Value.
https://www.directorstalkinterviews.com/temple-bar-investment-trust-delivers-19-9-share-price-return-in-h1-2025/4121212783 - Temple Bar Investment Trust has presented its unaudited half-year results for the six months ended 30 June 2025. The Trust’s portfolio performed well in the six months, delivering strong absolute and relative returns. Performance was helped by large rises in Johnson Matthey, the banks Barclays, NatWest, Standard Chartered and ABN Amro, insurance companies Aviva and NN Group, electrical retailer Currys, asset manager Aberdeen and BT Group. WPP Group detracted from the Trust’s return in the six months. At the time of its results in May, Johnson Matthey announced the sale of one of its divisions and an intention to return 90% of the proceeds to shareholders. This division accounts for just one quarter of the company’s profits and yet the sales proceeds accounted for around two thirds of its market value at the time of the announcement. It is perhaps unsurprising therefore that the shares responded very favourably on the day, rising by more than 30%. Despite this strong performance, the Trust continues to believe that the shares are significantly undervalued.
https://www.investing.com/news/company-news/temple-bar-investment-trust-reports-continued-outperformance-93CH-4076380 - Temple Bar Investment Trust has consistently outpaced its market benchmarks over the past three years, according to a recent update from QuotedData. The trust’s Net Asset Value (NAV) and share price total return have both surpassed the UK market, global equities, and the MSCI UK Value Index during this period. The investment managers, Ian Lance and Nick Purves, attribute this success to their steadfast commitment to a value investing philosophy that focuses on companies with a credible path to recovery, rather than merely targeting undervalued stocks. They believe there is a potential for this trend of outperformance to continue, citing the absolute valuations across the market remain low and identifying numerous investment opportunities in individual companies. In a strategic move, Temple Bar has introduced a new dividend policy that takes into account the role of share buybacks in companies’ returns.

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.

Investment Trusts
UK Equities
Value Investing