**Summary of Temple Bar Investment Trust Plc Half-Year Report (H1 2025)**
**Overview**
Temple Bar Investment Trust Plc reported strong unaudited half-year results for the six months ended 30 June 2025, highlighting robust performance driven by its value investing strategy. The Trust focuses on undervalued companies with strong fundamentals, delivering competitive income yields and a progressive dividend policy.
**Key Financial Highlights**
**NAV Total Return (with debt at fair value):** +14.2% (vs. +19.9% in H1 2024 and +13.1% in FY 2024).
**Share Price Total Return** +19.9% (vs. +19.1% in H1 2024 and +11.0% in FY 2024).
**FTSE All-Share Index Return** +9.1% (vs. +9.5% in H1 2024 and +7.4% in FY 2024).
**Net Asset Value (NAV) per Share (with debt at fair value):** 325.4p (vs. 291.1p in H1 2024 and 280.1p in FY 2024).
**Share Price** 319.0p (vs. 272.0p in H1 2024 and 259.0p in FY 2024).
**Discount to NAV** 2.0% (vs. 6.6% in H1 2024 and 7.5% in FY 2024).
**Dividends per Share** 6.75p (vs. 5.00p in H1 2024).
**Historical Dividend Yield** 3.9% (vs. 3.8% in H1 2024).
**Performance and Strategy**
The Trust outperformed the FTSE All-Share Index, driven by strong stock selection and a reduction in the discount to NAV.
Over one and three years, the Trust ranked first in its UK Equity Income Trust peer group for NAV total return.
The portfolio manager, Redwheel, emphasized long-term value opportunities, with the portfolio remaining undervalued despite recent strong returns.
**Dividend and Share Buybacks**
The Board declared an increased second interim dividend of 3.75p per share, supported by a 12.3% rise in revenue earnings per share.
The Trust repurchased 2,160,900 shares into Treasury at a cost of £2.2m to reduce the discount and enhance NAV per share.
**Portfolio Highlights**
Top ten holdings accounted for 44.2% of the portfolio, led by Johnson Matthey (5.2%), Aviva (5.1%), and Royal Dutch Shell (5.0%).
Notable performers included Johnson Matthey, Barclays, NatWest, Aviva, and BT Group.
New positions were established in Smith & Nephew, Carrefour, Hana Financial, and Woori, funded by sales of Barrick Gold, Newmont Corp, and Forterra plc.
**Outlook**
Despite global macroeconomic uncertainty, the UK market benefits from political stability, attractive valuations, and corporate activity.
The Trust remains confident in its value investing approach, focusing on undervalued companies with strong fundamentals.
**Board and Governance**
Nick Bannerman and Wendy Colquhoun joined the Board on 1 July 2025, enhancing expertise in the investment trust sector.
**Conclusion**
Temple Bar Investment Trust Plc delivered strong H1 2025 results, outperforming benchmarks and peers while maintaining a progressive dividend policy. The Trust’s value investing strategy continues to position it well for future returns, despite global economic challenges.