Merryn Somerset Webb

And also, interestingly, I noticed in one of the reports I was reading in the run-up to talking to you that even in this period where everyone thinks that you're going to only outperform if you go to America,

Temple Bar performance has been ahead of the S&P composite.

So that's really quite something given you are not entirely, but almost entirely UK invested.

I think you can have 30% invested outside the UK.

Is that right?

That's correct.

Okay, so let's start by talking about how you did that.

And then we'll talk a little bit about whether it's sustainable or not.

I mean, I think the important thing to say for investors and listeners who do not know the Temple Bar Investment Trust is that you are very much value investors, always have been.

And even when the manager was changed in 2020, one of the interesting things that the board thought then was it was not the right time to move away from the value strategy.

And they continued with it just with a different manager.

So let's talk a little bit about what value means to you and how you have created that really fantastic performance over the last six years.

Okay.

And how are we defining lower valuations?

How are we defining cheap?

What do you look at?

It really sounds very straightforward, quite obvious.

Why doesn't everybody invest like this?

And when you look at the top 10 holdings, it's actually a very concentrated portfolio, isn't it?

So there are 65-odd holdings across the portfolio, but the top 10 make up a very significant proportion.