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Interim Management Statement

Released 13:12 22-Apr-2014

Interim Management Statement

Temple Bar Investment Trust Plc                        

                         Interim Management Statement                          
                      for the quarter ended 31 March 2014                      


The Company's investment objective is 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.

Material Events and Transactions

During the quarter to March 2014, Temple Bar achieved an NAV total return of
0.6%. This compares with a total return of capital and income from the FTSE
All-Share Index of -0.6%. Temple Bar's long term track record remains very
good, having delivered a share price total return of 218.5% over the 10 years
to 31 March 2014 compared with a 128.7% return for the FTSE All-Share Index.

Despite disappointing earnings growth and high equity valuations investors
appear more nervous of missing market gains than having exposure to losses.
Confidence in Central Banks to do the right thing (whatever that is) remains
high and in our opinion markets continue to price in a best-case scenario with
little regard for the tail risks which we believe remain as significant as

As usual, portfolio activity mainly consisted of selling stocks such as
Vodafone and Signet Jewelers, which had performed well and reinvesting the
proceeds in a variety of laggards such as BP, HSBC, and Royal Dutch Shell. A
significant amount of cash and cash equivalents are held in the portfolio
awaiting more attractive investment opportunities.

A final dividend of 22.65p per share was paid on 31 March 2014 to shareholders
on the register as at 14 March 2014. The total payment for the year ended 31
December 2013 was 37.75p per share.

Top Ten Holdings as at 31 March 2014

% total assets

HSBC Holdings PLC 8.4

Royal Dutch Shell PLC Class B 8.3

GlaxoSmithKline PLC 7.4

BP PLC 5.4

Grafton Group PLC 4.4

British American Tobacco PLC 3.2

Signet Jewelers Limited 2.9

Unilever PLC 2.8

QinetiQ Group PLC 2.8

BT Group PLC 2.7


Financial Performance

                                                    Quarter to        Year to
                                                      31 March    31 December
                                                          2014           2013
Total assets less current liabilities                £891.953m      £905.775m
NAV total return                                          0.6%          31.4%
Dividend yield                                            3.1%           3.0%
NAV per share (debt at book value)                   1,224.59p      1,250.84p
NAV per share (debt at market value)                 1,214.58p      1,242.97p
Price per share                                          1210p          1246p
(Discount)/premium (debt at market value)               (0.4)%           0.2%
(Discount)/premium (debt at book value)                 (1.2)%         (0.4)%
FTSE All-Share Index total return                       (0.6)%          20.8%

Note: The directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.

The net asset value is published on a daily basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at

Company Information

Launch date 1926

Year end 31 December


Interim Announcement in July 2014

Final Announcement in February 2015

Dividend payments March, September

Price information Published in the Financial Times under `Investment


Martin Slade

Investec Asset Management Limited

Woolgate Exchange

25 Basinghall Street

London EC2V 5HA

Tel: +44 (0)20 7597 1942


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Interim Management Statement - RNS