Temple Bar Investment Trust : Monthly Fact Sheet as at 29 February 2024

Market commentary

The portfolio posted a positive return in February. Barclays, Currys and Stellantis were positive contributors to performance, while Anglo American, International Distribution Services (IDS) and WPP were detractors from performance.

February saw two of the holdings being approached for a possible takeover, Currys and Direct Line Group. We believe it is further evidence of the issue that the largest market participants in the UK have been allocating away from UK equities, which are close to all-time low valuations, and therefore should have the potential to offer attractive returns. In our view, this has resulted in pockets of the UK equity market being valued significantly below the true value of the businesses which, we believe, has led to a number of overseas corporate buyers stepping in to take advantage of the depressed valuations of UK equities.

Elsewhere, Barclays performed well following the release of its latest results in which they announced plans to return at least £10 billion of capital to shareholders over the next two years (Barclays, 20 February 2024). Stellantis' share price rose following their results in which they announced a €3bn share buyback and reported record sales (Bloomberg, Stellantis, 15 February 2024).

Anglo American was a detractor from performance as the company reported a fall in profit and lowered its dividend (Bloomberg, Anglo American, 22 February 2024). WPP's share price fell following results; the company said revenue declined due to lower spending by technology clients (Bloomberg, WPP, 22 February 2024). IDS was also a detractor from performance.

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 (%)

40
30
20
10
0
-10
Feb-21	Feb-22	Feb-23	Feb-24

Share Price(total return) +31.5%

NetAssetValue per share(total return) +29.9%

Benchmark: FTSE All-Share Index(net dividendsreinvested) +25.2%

Past performance is nota guide to futureperformance. The value of investments and the income from themmay fall aswell as rise and is notguaranteed; an investor may receive back lessthan the original amount invested.

Source: Morningstar

Sector and geographic analysis (%)

Temple Bar Investment Trust Plc

Monthly factsheet - 29 February 2024

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			7.0
BP			6.4
NatWest			5.6
TotalEnergies			5.2
Stellantis			4.6
Aviva			4.6
NN			4.3
Barclays			4.3
GSK			3.9
ITV			3.9
Total			49.8
Financial data
Gross Assets			£787.4m
Share price (p)			233.50
NAV (p) (cum income)*		251.42
Premium/(Discount), Cum income*	(7.1%)
Historic net yield			4.1%
Net gearing*			8.0%
*Calculated with debt at fair value
Dividend history
Type	Amount (p)	XD date	Pay date
4th interim - 2023	2.50	07.03.24	02.04.24
3rd interim - 2023	2.50	30.11.23	29.12.23
2nd interim - 2023	2.30	24.08.23	29.09.23
1st interim - 2023	2.30	01.06.23	30.06.23

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 (%)

	Share	NAV	FTSE
	Price		All-Share
1 month	0.2	2.3	0.2
3 months	2.0	3.0	3.3
3 year	31.5	29.9	25.2

26.6%	Financials
							Energy
							18.6%
						Consumer Discretionary
						16.7%
					Communications
					10.5%
					Materials
				7.1%
					Industrials
			5.4%
					Healthcare
		3.9%
				Consumer Staples
		3.7%
				Information…
	2.9%
				Utilities
	2.7%
			Cash & equivalents
	1.9%

			71.7%	United Kingdom
				Netherlands
		9.0%
				United States
		6.7%
				France
	5.2%
			Japan
	2.1%
			Hong Kong
	1.3%
			Germany
1.1%
			Canada
1.0%
			Cash & equivalents
	1.9%

5 year	12.0	14.3	27.7
10 year	35.1	44.5	63.0
Since 30/10/2020	88.9	86.1	48.3

	Share	NAV	FTSE
	Price		All-Share
29.02.23 - 28.02.24	-1.5	-1.0	0.6
28.02.22 - 28.02.23	6.3	12.2	7.3
28.02.21 - 28.02.22	25.5	16.9	16.0
29.02.20 - 28.02.21	-11.4	-6.0	3.5
28.02.19 - 29.02.20	-3.8	-6.4	-1.4

Performance, price and yield information is sourced from Morningstar as at 29.02.24.

• Exposures expressed as a % of the gross assets (investments plus cash) of the Company.

Temple Bar Investment Trust Plc

Monthly factsheet - 29 February 2024

Trust facts

Launch date: 1926

ISIN: GB00BMV92D64

Sedol: BMV92D6

Ticker: TMPL

Year end: 31 December

Dividends paid: Quarterly in March, 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: 288,866,416 in circulation 45,497,409 in treasury

Debt:

4.05% private placement loan 2028 £50m

2.99% private placement loan 2047 £25m

Ongoing charge: 0.54%, effective 31 December 2022 Includes a management fee of 0.325%. Excludes borrowing and portfolio transaction costs.

AIFM, Administrator & Company Secretary:

Frostrow Capital LLP with effect from 1 July 2023

Portfolio Manager: RWC Asset Management

LLP with effect from 30 October 2020

Portfolio Management Team: Ian Lance and

Nick Purves

Registrar: Equiniti Financial Services Limited

Depositary & Custodian: Bank of New York

Mellon

How to Contact Us

Frostrow Capital LLP

25 Southampton Buildings London, WC2A 1AL frostrow.com [e-mail] 0203 008 4910

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 investment 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, Key Information Document or Investor Disclosure Document, available athttps://www.templebarinvestments.co.uk/documents/.

Company share price risk

Shares in the Company arebought and sold on the London Stock Exchange. Theprice 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 the 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 ConductAuthority (FCA) rulessetout in the Consumer Duty regulation. Theassessment 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 considerswhether vulnerable consumersare 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.