Temple Bar has published results for the year ended 31 De ember 2014. Over the period the fund returned -1.7% on net assets, behind the 1.2% return on the fund’s benchmark index, the FTSE All-Share. The fund borrowed £50m for 15 years in 2013 but still hasn’t spent any of the money on equities, the manager is expecting to be able to take advantage of more turbulent markets. At the end of the year they had £100m invested in a short-term gilt and £37m in cash.
The Board is recommending a final dividend of 23.33p, to produce a total dividend for the year of 38.88p, an increase of 3.0%. With effect from the financial year which started on 1 January 2015 the Company will pay dividends on a quarterly basis. A final dividend for the 2014 financial year will be paid on 31 March 2015, following which there will be three interim dividends payable in respect of the current year on 30 June, 30 September and 30 December before a final dividend is paid in late March 2016.
TMPL : Temple Bar sitting on cash