Net Asset Value and Portfolio information

RNS Number : 7323L

Law Debenture Corp PLC

04 May 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 April 2020

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business¹ on 30 April 2020 was 553.07 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 517.23 pence per share (cum income). The final dividend in respect of the year ended 31 December 2019 of 19.4 pence per share was paid on 16 April 2020. The mid-market price at the close of business on 30 April 2020 was 497.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	545.95	553.07
NAV with debt at fair value	510.11	517.23

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-21.8	-15.5	-5.8	12.7	111.4
NAV total return (with debt at fair value) 2	-23.5	-17.9	-7.9	8.2	99.2
FTSE Actuaries All-Share Index Total Return 3	-21.4	-16.7	-7.5	4.8	63.4
Share price total return 3	-20.8	-15.1	-2.7	17.7	132.4
Change in Retail Price Index 4	0.2	2.6	8.7	13.8	32.6

¹ The fair value of the IPS business has been calculated as at 31 December 2019 and was published as part of the year end results announcement on 27 February 2020.

² NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.

³ Source: Thomson Reuters.

⁴ Source: Bloomberg, subject to the latest published RPI data based on March 2020.

Geographical Split of investment portfolio

Region	% of portfolio 30 April 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	80.0	80.7	74.5
Europe	10.1	7.8	8.6
North America	7.2	8.3	9.9
Japan	1.2	1.1	1.1
Other	0.7	1.2	1.4
Other Pacific	0.8	0.9	4.5
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 30 April 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	27,822	4.20
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	19,584	2.95
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	16,080	2.43
Rio Tinto	UK	Basic Materials	Mining	13,815	2.09
Relx	UK	Consumer Services	Media	13,474	2.04
National Grid	UK	Utilities	Gas, water & multiutilities	13,156	1.99
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,945	1.81
Herald Investment Trust	UK	Financials	Equity investment instruments	11,645	1.76
Flutter Entertainment PLC	UK	Consumer Services	Travel & leisure	11,396	1.72
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	11,145	1.69
HSBC	UK	Financials	Banks	10,810	1.63
Prudential Corp	UK	Financials	Life insurance/assurance	10,540	1.59
BP	UK	Oil & Gas	Oil & gas producers	10,019	1.51
Dunelm	UK	Consumer Services	General retailers	9,481	1.43
Land Securities	UK	Financials	Real estate investment trusts	9,248	1.40
BAE Systems	UK	Industrials	Aerospace & defence	9,151	1.38
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,968	1.36
Direct Line Insurance	UK	Financials	Nonlife insurance	8,856	1.34
Smith (DS)	UK	Industrials	General industrials	8,783	1.33
Johnson Service	UK	Industrials	Support services	8,680	1.31
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	8,412	1.27
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,143	1.23
Croda	UK	Basic Materials	Chemicals	8,049	1.22
Cummins	USA	Industrials	Industrial engineering	7,798	1.18
Hill & Smith	UK	Industrials	Industrial engineering	7,681	1.16
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,436	1.12
BHP	UK	Basic Materials	Mining	7,348	1.11
Smith & Nephew	UK	Health Care	Health care equipment & services	7,323	1.11
Standard Chartered	UK	Financials	Banks	7,277	1.10
Balfour Beatty	UK	Industrials	Construction & materials	7,171	1.08
Chesnara	UK	Financials	Life insurance/assurance	6,929	1.05
St Modwen Properties	UK	Financials	Real estate investments & services	6,799	1.03
Mondi	UK	Basic Materials	Forestry & paper	6,698	1.01
M & G	UK	Financials	Financial services	6,613	1.00
Caterpillar	USA	Industrials	Industrial engineering	6,459	0.98
Rolls Royce	UK	Industrials	Aerospace & defence	6,435	0.97
Watkin Jones	UK	Consumer Goods	Household goods & home construction	6,371	0.96
Aviva	UK	Financials	Life insurance/assurance	6,369	0.96
Hiscox	UK	Financials	Nonlife insurance	6,260	0.95
Accsys Technologies	UK	Industrials	Construction & materials	6,144	0.93
Lloyds Banking	UK	Financials	Banks	5,803	0.88
Marshalls	UK	Industrials	Construction & materials	5,738	0.87
Spectris	UK	Industrials	Electronic & electrical equipment	5,665	0.86
Senior	UK	Industrials	Aerospace & defence	5,533	0.84
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	5,472	0.83
British American Tobacco	UK	Consumer Goods	Tobacco	5,387	0.81
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,264	0.80
Babcock	UK	Industrials	Aerospace & defence	5,253	0.79
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	5,090	0.77
RSA Insurance	UK	Financials	Nonlife insurance	5,057	0.76
Royal Mail	UK	Industrials	Industrial transportation	4,995	0.76
IP Group plc	UK	Financials	Financial services	4,915	0.74
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,828	0.73
Irish Continental	Ireland	Consumer Services	Travel & leisure	4,720	0.71
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	4,706	0.71
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	4,563	0.69
Applied Materials	USA	Technology	Technology hardware & equipment	4,534	0.69
Deere	USA	Industrials	Industrial engineering	4,497	0.68
Ibstock	UK	Industrials	Construction & materials	4,415	0.67
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,270	0.65
Johnson & Johnson	USA	Health Care	Pharmaceuticals & biotechnology	4,163	0.63
Royal Bank Of Scotland	UK	Financials	Banks	4,146	0.63
Euromoney	UK	Consumer Services	Media	4,142	0.63
General Motors	USA	Consumer Goods	Automobiles & parts	3,980	0.60
Vodafone	UK	Telecommunications	Mobile telecommunications	3,925	0.59
Anglo American	UK	Basic Materials	Mining	3,891	0.59
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,873	0.59
Oxford Sciences Innovation	UKULM	Financials	Financial services	3,855	0.58
Foresight Solar	UK	Financials	Equity investment instruments	3,850	0.58
SSE	UK	Utilities	Electricity	3,750	0.57
Standard Life Aberdeen	UK	Financials	Financial services	3,662	0.55
Linde	Germany	Basic Materials	Chemicals	3,656	0.55
IMI	UK	Industrials	Industrial engineering	3,620	0.55
Ryanair	Ireland	Consumer Services	Travel & leisure	3,616	0.55
Nestle	Switzerland	Consumer Goods	Food producers	3,591	0.54
Elementis	UK	Basic Materials	Chemicals	3,399	0.51
Provident Financial	UK	Financials	Financial services	3,352	0.51
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,226	0.49
Tesco	UK	Consumer Goods	Food & Drug Retailers	3,056	0.46
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,051	0.46
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,033	0.46
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,005	0.45
Grit Real Estate Income	Other	Financials	Real estate investments & services	2,953	0.45
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,906	0.44
Studio Retail Group plc	UK	Consumer Services	General retailers	2,844	0.43
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,831	0.43
Allied Minds	UK	Financials	Financial services	2,817	0.43
Meggitt	UK	Industrials	Aerospace & defence	2,793	0.42
Pernod-Ricard	France	Consumer Goods	Beverages	2,726	0.41
Vivendi	France	Consumer Services	Media	2,723	0.41
Hammerson	UK	Financials	Real estate investment trusts	2,714	0.41
Prosus	Netherlands	Technology	Software & computer services	2,559	0.39
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,521	0.38
Deutsche Boerse	Germany	Financials	Financial services	2,480	0.38
Carnival	UK	Consumer Services	Travel & leisure	2,465	0.37
Bawag	Austria	Financials	Banks	2,448	0.37
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,432	0.37
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,355	0.36
International Personal Finance	UK	Financials	Financial services	2,320	0.35
Sig Combibloc	Switzerland	Industrials	General industrials	2,275	0.34
SAP	Germany	Technology	Software & computer services	2,200	0.33
SigmaRoc	UK	Industrials	Construction & materials	2,132	0.32
St. James's Place	UK	Financials	Life insurance/assurance	2,129	0.32
Deutsche Telekom	Germany	Telecommunications	Mobile telecommunications	2,078	0.31
Unilever	UK	Consumer Goods	Personal goods	2,051	0.31
SGS	Switzerland	Industrials	Support services	1,994	0.30
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,946	0.29
Weir Group	UK	Industrials	Industrial engineering	1,909	0.29
ASML	Netherlands	Technology	Technology hardware & equipment	1,891	0.29
Marks and Spencer	UK	Consumer Services	General retailers	1,842	0.28
Morses Club	UK	Financials	Financial services	1,731	0.26
Embraer	Other	Industrials	Aerospace & defence	1,726	0.26
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,698	0.26
Redde Northgate	UK	Industrials	Support services	1,647	0.25
Worldline	France	Industrials	Support services	1,627	0.25
Amundi	France	Financials	Financial services	1,586	0.24
Kier	UK	Industrials	Construction & materials	1,535	0.23
Augean	UK	Industrials	Support services	1,506	0.23
Marstons	UK	Consumer Services	Travel & leisure	1,389	0.21
UniCredit	Italy	Financials	Banks	1,375	0.21
Premier Oil	UK	Oil & Gas	Oil & gas producers	1,222	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,156	0.17
Wincanton	UK	Industrials	Industrial transportation	1,102	0.17
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	1,068	0.16
Simec Atlantis Energy	UK	Utilities	Electricity	1,056	0.16
Ricardo	UK	Industrials	Support services	970	0.15
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	709	0.11
Severfield	UK	Industrials	Industrial engineering	575	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	519	0.08
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	501	0.08
Ilika	UK	Oil & Gas	Alternative Energy	500	0.08
Velocys	UK	Oil & Gas	Oil equipment services & distribution	457	0.07
Renold	UK	Industrials	Industrial engineering	444	0.07
Centrica	UK	Utilities	Gas, water & multiutilities	399	0.06
Unlisted	UK	Other	Other	213	0.03
Mirriad Advertising	UK	Consumer Services	Media	169	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	73	0.01
Carclo	UK	Basic Materials	Chemicals	63	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	61	0.01
Fastjet	UK	Consumer Services	Travel & leisure	57	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00
Permanent TSB	Ireland	Financials	Banks	2	0.00

In accordance with listing rule 15.6.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed investment companies that require to be disclosed.

Released by The Law Debenture Corporation p.l.c., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Debbie Fish, Company Secretariat, 020 7696 5940).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

 

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