Temple Bar, managed by Alastair Mundy (pictured) has released its interim results for the half year ended 30 June 2015. During this time, the trusts NAV total return of 4.5% beat that of the FTSE All-Share Index of 1.5%. The biggest contributor during the period was TNT Express, which received a bid from Fedex, whilst building products distributor Grafton also provided a strong contribution. The largest detractors were Avon Products, Royal Dutch Shell and Royal Bank of Scotland.
Temple Bar has introduced a policy of paying quarterly dividends for the current financial year. The second quarterly dividend has been declared at 7.93p (Q1 dividend 7.93p). This is to be paid on 30 September.
The board consider that equity ratings remain fairly high, particularly in medium-sized companies, and are giving consideration to where the downside risks may be. They say they’re preparing for such eventualities and so are continuing to wait for opportunities productively to use the trusts liquidity on the portfolio.
Temple Bar beats FTSE All-Share during H1 : TMPL