Like many investors who have been in the stock market for a few decades, I have several 10-baggers, or shares whose price soared by 10 times or more, under my belt.
Ian Cowie ii
Interesting to compare charts to see how they react to market panics and how they all recover in time. The charts show a KISS strategy of re-investing all earned dividends back into the share but as the prices get over bought the yield falls and it would be more profitable to re-invest in your Snowball’s higher yielders or squirrel away your dividends to re-invest in market panics.
Remember it’s always easier with
But if you are happy with the yield, your entry price in ten years time will be of little importance, advice only for Trusts with ‘secure’ dividends, such as Dividend Heroes.
With the recent changes to the SNOWBALL the first projection for next year, that starts very soon, where we start with nothing, zilch, zero in the pot is for income above the fcast of £10,500.
With fast changing markets the figure may change if more Trusts reduce their dividends but there is a built in buffer as earned dividends are added to some truly wonderful yields.
There is 10k to be allocated to 2 dividend hero shares, which will add a modest amount of income to the total and unless markets reverse un-expectedly earned dividends may be added to these shares.
Temple Bar eyes overseas expansion if UK market ‘continues to reduce materially’
The £1.1bn trust considers expanding its 30% limit on investments outside of the UK.
ByLotte Edwards
CityWire
Temple Bar (TMPL) has delivered another strong set of results, with six stocks in its portfolio rising more than 50% in 2025.
The £1.1bn UK equity income trust’s net asset value (NAV) was up 33.9% in 2025, outperforming the FTSE All-Share’s 24% gain. Returns for shareholders soared an even further 45.3% over the period.
It builds upon a strong few years since Redwheel duo Nick Purves and Ian Lance took over the mandate in November 2020, with shares up 224.9% and NAV climbing 193.2%.
But while the managers continue to see a large enough opportunity set within the trust’s current investment restrictions, chair Charles Cade said he and the board will consider broadening its overseas limit beyond the current 30% constraint should the universe of UK listed companies continue to reduce materially. Any such proposal would require shareholder approval.
Top performers in 2025 included banks and financial services providers NatWest, Barclays and Standard Chartered, Aviva and NN Group, as well as specialist chemicals and sustainable technologies leader Johnson Matthey − each contributing at least 2% to absolute returns.
Another eight stocks − ABN Amro, GlaxoSmithKline, Aberdeen, Macys and BET − added at least 1%, while only one stock, advertising company WPP, detracted more than 1% over the period.
Total dividends of 15p were declared for the year representing an increase of 33.3% . TMPL moved from a discount of 6.6% to a premium of 1.4% and was able the re-issue around 5m shares from treasury at a 3% premium, raising £19m.
Post year-end, an additional 8.1m shares were issued, raising £32m and expanding the trust’s market capitalisation by £1.1bn. The board said it remains committed to discount control, having bought back shares worth £114m since 2021.
Commenting on the results, Purves and Lance noted that ‘although valuations have risen from quite extreme levels seen post the COVID pandemic, they are still low in an absolute and historical sense’.
In aggregate, the trust’s portfolio is now valued at around eleven times earnings, higher than it was, but still a discount to the wider UK market, and around half the valuation given to the wider global equity indices. ‘Accordingly, we believe the company is still price to deliver meaningful excess return, and shareholders can look forward to the future with optimism,’ they said.
Panmure Liberum’s Callum Stokeld recognised a ‘strong streak’ for TMPL under the current management.
‘Undoubtedly the managers have enjoyed style factor-tailwinds when we assess their performance relative to the FTSE All-Share, with Value having enjoyed a strong streak as interest rates normalised from the lows seen during the pandemic, but… TMPL’s NAV has also consistently seen positive alpha generation relative to the wider UK Value-factor index,’ he said.
The analyst added that TMPL’s bumper dividend policy, designed to reflect increasing use of buybacks by UK corporates, ‘looks well-aligned to the investment process too, with the managers placing emphasis on returns of capital from all sources.’
‘We see evidence to support the contention that UK companies are increasingly returning capital via buybacks, with more FTSE companies retiring more than 5% of starting issued share capital over each of the last 4 years than in the S&P 500, aside from the premium level of yield that the UK market offers,’ he said.
Market sell offs are opportunities for dividend hunters but only buy if you think the dividend is ‘secure’ and you are happy with the yield as if prices continue to fall the yield will widen. Mr. Market may prove your thinking wrong and you will need to take action.
If you used the cloud chart, you were late to the party, buying just before the xd date turned out to be a good entry point but it could be different this time.
If you buy the yield and are content with the yield and if you intend to buy and hold forever, the price isn’t that important. The risk is that you end up with no position.
Buy the first reversal candle but only if you are content with the yield or set yourself a target if the price goes up between 3-5%.
The market will most probably bounce again when a ceasefire is announced but the critical element will be how the oil price reacts.
I’ve added FGEN yielding around 10% with the intention of pair trading with a lower yielder but with a higher chance of growth, the risk is that the growth becomes a negative figure.
The 4 shares I am considering, all for different reasons
CTY,LWDB,MRCH,TMPL
I can’t decide on any share so I may split the 10k investment into two Trusts.
The blended yield would still be around 8%
Oil market faces ‘higher for longer’ risk: Saxo Bank
Ole Hansen, commodity strategy head at Saxo Bank, discusses the impact of the ongoing conflict in the Middle East on energy markets as oil heads for another weekly gain. Speaking on Bloomberg Television, Hansen says everything “points to a higher for longer” scenario. “It will take time to get that supply back, so higher for longer seems to be the risk right now,” he adds.
But there may be no rush to buy until the Gulf of Hormuz problem is addressed.
Annual Financial Report for the year ended 31 December 2025
London, 20 March 2026 Temple Bar Investment Trust Plc (LSE:TMPL), the UK-listed investment company that focuses on intrinsic value and long-term growth by investing primarily in UK-listed securities, has today announced annual results for the year ended 31 December 2025.
Highlights:
Net Asset Value (“NAV”) total return with debt at fair value of +33.9% (2024: +19.9%) [1], once again exceeding the Benchmark, the FTSE All-Share Index, which delivered +24.0% (2024: +9.5%) [2]
Share price total return of +45.3%, (2024: +19.1%) 1
Dividend of 15 pence per ordinary share an increase of 33.3% (2024: 11.25 pence), representing a yield of 4%
Premium of 1.4% of share price to NAV per share with debt at fair value (2024: discount of 6.6%) enabling the Company to reissue shares from Treasury and raise over £50m at the time of writing since issuance began in October 2025
The Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025
Charles Cade, Chairman of Temple Bar Investment Trust comments:
“2025 was another strong year for the Company’s performance, both in absolute terms and relative to the FTSE All-Share Index, the Company’s benchmark. The Net Asset Value total return with debt at fair value was +33.9% and the share price total return was +45.3%, compared with a total return of +24.0% for the Benchmark.
“Returns were primarily driven by stock selection rather than broader market movements, reflecting the Portfolio Manager’s focus on company fundamentals, valuation discipline and active engagement with investee companies.
“The Board continues to monitor the Company’s net revenue position closely and, based on the latest forecasts, expects to maintain a progressive dividend policy with future annual dividends increasing over time. It is the Board’s current intention to increase the quarterly dividends to 3.90p per share in 2026 (2025: 3.75p per share), an increase of 4.0% on 2025, representing an annualised dividend yield of 4.3%, based on the share price at the time of writing.
“The combination of strong performance, a rising dividend and increased marketing has led to significant demand for the Company’s shares, particularly from retail investment platforms such as interactive investor and Hargreaves Lansdown. This has helped move the Company’s share price to a premium to Net Asset Value per share. I am pleased to report that as a result, the Company was able to re-issue 5,045,000 shares out of treasury during the year at an average premium of 3.0%, raising £18.6m. Since 31 December 2025 to 18 March 2026, further shares have been re-issued from treasury and as a result, the Company’s market capitalisation is £1.1bn at the time of writing, up from £776m at the start of 2025.
“In our last annual report, we highlighted that the Board monitors the Company’s investable universe to ensure that the Portfolio Manager has a large enough opportunity set to build a diversified portfolio of attractively valued investments. At present, the Portfolio Manager continues to believe that the opportunity set is large enough under the Company’s current investment restrictions. However, should the universe of UK listed companies continue to reduce materially, the Board may in the future propose a broadening of the investment policy to increase the ability of our Portfolio Manager to access overseas opportunities beyond the current 30% limit.
“It would be easy for investors to take fright given the uncertain macro-economic and geopolitical outlook. It is worth recognising, though, that the Company’s performance is not closely correlated to the health of the UK economy. Indeed, the Portfolio Manager estimates that only approximately 35% of the underlying revenue of the portfolio companies comes from the UK. On a global level, the outlook is equally uncertain. However, the Company’s Portfolio Manager has historically been adept at taking advantage of periods of market dislocation. As a result, the Board believes that Temple Bar is well-placed to continue delivering attractive long-term returns for shareholders through a combination of capital growth and income.
“This is my first Chair’s Statement for Temple Bar, having been appointed as Chair on 2 December 2025 when Richard Wyatt retired from the Board. I would like to thank Richard for his significant contribution, and I take on the role of Chair with the Company in a far stronger position than it has been for many years. Together with Arthur Copple, the previous Chair, Richard was instrumental in the decision to appoint Redwheel as Portfolio Manager in 2020, at a time when value investing was firmly out of favour. Since Redwheel took over the management of the Company’s portfolio at the end of October 2020, the Net Asset Value total return to the end of 2025 has been +199.8% compared with +103.7% for the Benchmark, representing outperformance of 8.9% per annum.”
Ian Lance and Nick Purves, co-managers of Temple Bar Investment Trust comment:
“The Company’s portfolio performed well in 2025. Six stocks, NatWest Group, Barclays, Standard Chartered, Aviva, NN Group, and Johnson Matthey, rose by more than 50% in the year, and each thereby added at least 2% to the Company’s absolute return. Another eight stocks, including ABN Amro, GlaxoSmithKline, Aberdeen, Macys and BET, each added at least 1% to the Company’s absolute return. Only one stock, WPP, detracted more than 1% from the Company’s return in the year, more than halving in the period.
“Although valuations have risen from the quite extreme levels seen post the COVID pandemic, they are still low in an absolute and historical sense. In aggregate, the Company’s portfolio is now valued at around eleven times earnings, higher than it was, but still a discount to the wider UK market, and around half the valuation accorded to the wider global equity indices. Accordingly, we believe the Company is still priced to deliver meaningful excess return, and shareholders can look forward to the future with optimism.”
You don’t have to take high risks with your hard earned.
It is the Board’s current intention to increase the quarterly dividends to 3.90p per share in 2026 (2025: 3.75p per share), an increase of 4.0% on 2025, representing an annualised dividend yield of 4.3%, based on the share price at the time of writing.
One to consider if Mr. Market gives you the opportunity.
