21st Jul 2015 10:18
LONDON (Alliance News) - Temple Bar Investment Trust PLC Tuesday said it generated a net asset value total return of 4.5%, outperforming the FTSE All-Share Index by 1.5% in the first six months of 2015.
"The biggest contributors to performance were the express delivery company TNT Express, which received a bid from its rival FedEx and distributor of building products Grafton Group," Chairman John Reeve said in a statement.
"The most notable laggards were Avon Products, Royal Dutch Shell and Royal Bank of Scotland," he added.
"In general, equity ratings remain fairly high, particularly in medium-sized companies. Most investors remain reluctant to call an end to the party given a lack of attractive investment alternatives and meaningful catalysts. As always, when others are partying we prefer to be thinking about what might go wrong and preparing for such eventualities. Consequently, we continue to wait for opportunities productively to use the liquidity on the portfolio," the chairman said.
Temple Bar Investment Trust shares were up 0.5% at 1,186.00 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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