The latest episode of The IC Interviews features Ian Lance, co-manager of Temple Bar Investment Trust alongside Nick Purves, who together have more than five decades of experience. The duo focus on undervalued UK shares and are adept at avoiding value traps. In this episode, Dave and Ian discuss the possibility of a UK re-rating, the sectors most attracting Ian and Nick’s attention, news from Royal Mail-owner International Distribution Service (IDS), tobacco stocks and much more. This episode was recorded on 17 April. Timestamps 00:51 Is there a catalyst for a UK re-rating? 2:35 Buybacks  4:54 The sectors catching his eye 6:42 Energy and commodity prices 8:54 How Lance thinks banks balance the benefits of higher rates versus risk 11:11 Why the trust doesn’t have more UK holdings  13:52 The fund's income versus total return outlook 15:25 Holdings that don’t pay much out  17:11 International Distribution Service (IDS) 19:53 What would make Lance give up hope on a turnaround play 23:05 Sectors that are hard to be optimistic about 25:04 Other sectors with appeal Claim your first 12 weeks of Investors' Chronicle Print + Digital for just £12. You will get instant access to our website and app, plus the magazine delivered to your door every week. To start your trial, visit investorschronicle.co.uk/podcasttrial *After your 12-week trial you will pay just £56.25 every 13 weeks by direct debit.  If you’re not entirely satisfied, you can cancel up to 5 business days before your renewal date and only pay the £12 already debited. This offer is for UK subscribers only. Hosted on Acast. See acast.com/privacy for more information.