Temple Bar Investment Trust PLC Fund Data

March 2026 proved to be one of the most turbulent months for equity markets since the COVID-19 pandemic, dominated by the escalation of conflict between the United States, Israel, and Iran. The FTSE 100 Index declined 6.7% during the month, its largest monthly decline since March 2020. European and US stock markets also fell sharply. The conflict, which began on 28th February, effectively closed the Strait of Hormuz, triggering severe disruptions to global energy supplies. The price of Brent crude oil surged during March, up 94% for the quarter, the largest quarterly price increase since the first Gulf War. By month-end, sentiment improved markedly after President Trump indicated the US would end military operations within two to three weeks, sparking a relief rally in equities. The Trust's share price fell during the month in-line with the FTSE All-Share Index. The Trust's exposure to energy companies benefitted from the surge in oil prices during the month. Holdings in consumer discretionary, financials and industrials detracted from performance as concerns about economic growth and consumer spending intensified amid the geopolitical crisis. BP, Shell and TotalEnergies were the largest contributors to performance during the month, all benefiting from the move higher in oil prices. Centrica similarly benefited from the energy price rally. Pearson contributed positively after announcing it had accelerated its £350 million share buyback programme in early March. The largest detractor from performance was Currys. It was announced that CEO Alex Baldock would step down after eight years to take a new external position, with shares falling sharply on the news. Marks & Spencer was another detractor, as the share price suffered alongside other consumer discretionary stocks as concerns about economic growth intensified. IAG's share price fell as the airline sector faced headwinds from elevated fuel costs and travel disruption. Financial stocks more broadly struggled as concerns about economic growth and potential credit losses weighed on sentiment. The short-term outlook for markets remains highly dependent on the resolution of the Middle East conflict and its impact on energy prices and global growth. Despite heightened short-term uncertainty, we continue to focus on the long-term and stay true to our investment philosophy. Our approach is and has always been to think long-term and buy what we believe to be fundamentally sound businesses at a significant discount to their true economic worth, on the basis that eventually that economic worth will be reflected in a higher share price.

March 2026 proved to be one of the most turbulent months for equity markets since the COVID-19 pandemic, dominated by the escalation of conflict between the United States, Israel, and Iran. The FTSE 100 Index declined 6.7% during the month, its largest monthly decline since March 2020. European and US stock markets also fell sharply. The conflict, which began on 28th February, effectively closed the Strait of Hormuz, triggering severe disruptions to global energy supplies. The price of Brent crude oil surged during March, up 94% for the quarter, the largest quarterly price increase since the first Gulf War. By month-end, sentiment improved markedly after President Trump indicated the US would end military operations within two to three weeks, sparking a relief rally in equities. The Trust's share price fell during the month in-line with the FTSE All-Share Index. The Trust's exposure to energy companies benefitted from the surge in oil prices during the month. Holdings in consumer discretionary, financials and industrials detracted from performance as concerns about economic growth and consumer spending intensified amid the geopolitical crisis. BP, Shell and TotalEnergies were the largest contributors to performance during the month, all benefiting from the move higher in oil prices. Centrica similarly benefited from the energy price rally. Pearson contributed positively after announcing it had accelerated its £350 million share buyback programme in early March. The largest detractor from performance was Currys. It was announced that CEO Alex Baldock would step down after eight years to take a new external position, with shares falling sharply on the news. Marks & Spencer was another detractor, as the share price suffered alongside other consumer discretionary stocks as concerns about economic growth intensified. IAG's share price fell as the airline sector faced headwinds from elevated fuel costs and travel disruption. Financial stocks more broadly struggled as concerns about economic growth and potential credit losses weighed on sentiment. The short-term outlook for markets remains highly dependent on the resolution of the Middle East conflict and its impact on energy prices and global growth. Despite heightened short-term uncertainty, we continue to focus on the long-term and stay true to our investment philosophy. Our approach is and has always been to think long-term and buy what we believe to be fundamentally sound businesses at a significant discount to their true economic worth, on the basis that eventually that economic worth will be reflected in a higher share price.