In QuotedData’s morning briefing 21 August 2024:

• Temple Bar Investment Trust (TMPL) posted a NAV total return of 13.1% for the six month period to 30 June 2024, outperforming the FTSE All-Share Index of +7.4%, as market conditions for value investing improved. The share price total return was +11.0%. Particularly strong returns from portfolio companies included NatWest Group (up around 40%), Barclays (also up around 40%), ITV (up around 30%), Anglo American (subject of a bid by BHP that came to nothing) and the Dutch insurer, NN Group. Each of these five companies added a per cent or more to the trust’s total return in the six months. Performance was negatively impacted by a further fall in the share price of Capita. NAV performance over one and three years was +22.9% and +33.9% respectively and a share price total return of +21.8% and +36.7%, but considerably greater compared to a total return from the FTSE All-Share Index of +13.0% and +23.9%. The company’s discount to NAV at the end of the period widened to 7.5% (from 5.6% at the start of the year) but has since narrowed to 4.7%. The company purchased 4,096,723 shares during the period at a cost of £9.7m. The trust’s revenue earnings per share increased c.35% compared to the previous half year, enabling it to declare an increased second interim dividend of 2.75 pence per share. This follows the payment of a first interim dividend of 2.5 pence per share.
• Riverstone Energy (RSE) reported half year results for the six month period to 30 June 2024. On a per share basis, the portfolio saw an increase in value with NAV per share rising 6% from $15.96 / £12.53 to $16.91 / £13.37 due to a combination of portfolio performance and the change in share concentration following a tender offer. The total portfolio saw a decrease in value over the first half of the year with headwinds in the decarbonisation portfolio offsetting gains in the conventional portfolio. The decarbonisation portfolio declined in value by $41.6m or 35.8%, while the conventional assets increased in value by $30.8m or 3.8%. The decrease in the value of the portfolio was primarily due to the write-off of the investment in FreeWire ($3.5m write-off from December 2023) and the write-down in T-REX ($17.4m markdown). This was mostly offset by unrealised gains in the period from the shares of Permian Resources (increase $25.6m) and Veren (increase $7.5m) in the conventional energy portfolio.
• Gulf Investment Fund (GIF) has announced the launch of its second tender offer, in which shareholders can tender up to 100% of their shareholding. The tender offer follows the first in April 2024 (when 1,157,160 shares were tendered, equal to 2.89% of its issued share capital). Shareholders on the register on 27 August will have the option to either continue their full investment in the company or tender some or all of their shares. A minimum size condition exists whereby the post tender offer share capital should not fall below 38,000,000 shares – if it does the tender offer will not proceed. The company currently has 38,946,044 shares.