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Temple Bar's Ian Lance on the Fund's Winning Formula | Merryn Talks Money, Sonic AI
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Temple Bar's Ian Lance on the Fund's Winning Formula | Merryn Talks Money
Merryn Talks Money
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May 4, 2026
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28:16
Interview
Temple Bar's Ian Lance on the Fund's Winning Formula | Merryn Talks Money
From
Merryn Talks Money
Ian Lance
(Manager, Temple Bar Investment Trust, guest)
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Executive Summary
The Temple Bar Investment Trust, managed by Red Wheel since late 2020, has delivered exceptional returns (approx.
240%) by adhering to a strict value investing philosophy.
The strategy involves buying fundamentally sound but out-of-favor companies, often with controversy, at very low valuations (portfolio P/E is less than 10), and holding them for recovery.
Key contrarian holdings include energy giants like BP and Shell, which are benefiting from strategic shifts and geopolitical tailwinds, and advertising firm WPP, which is seen as a deep value turnaround story.
Despite being bullish on their portfolio, the manager expresses significant concern about broader market complacency, particularly in the US, which seems to be ignoring geopolitical risks like the shutdown of the Strait of Hormuz.
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Value Investing Philosophy
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Critique of 'Quality Growth' Investing
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