Net Asset Value and Portfolio Information

RNS Number : 9931U

Law Debenture Corp PLC

04 August 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 July 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 31 July 2020 was 559.57 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 517.08 pence per share (cum income). The mid-market price at the close of business on 31 July 2020 was 528.00 pence per share.  The first interim dividend in respect of the year ending 31 December 2020 of 6.5 pence per share was paid on 28 July 2020.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	554.23	559.57
NAV with debt at fair value	511.75	517.08

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-20.1	-14.8	-7.3	18.0	123.3
NAV total return (with debt at fair value) 2	-22.6	-17.2	-10.5	11.7	108.1
FTSE Actuaries All-Share Index Total Return 3	-20.5	-17.8	-9.1	8.4	73.0
Share price total return 3	-14.8	-6.3	2.5	19.8	145.1
Change in Retail Price Index 4	0.3	1.1	7.5	13.1	30.6

¹ The fair value of the IPS business has been calculated as at 30 June 2020 and was published as part of the interim results announcement on 31 July 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: Refinitiv.

⁴ Source: Bloomberg, subject to latest published RPI based on June 2020.

Geographical Split of investment portfolio

Region	% of portfolio 31 July 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	79.7	80.7	74.5
Europe	10.5	7.8	8.6
North America	7.1	8.3	9.9
Japan	1.1	1.1	1.1
Other	0.7	1.2	1.4
Other Pacific	0.9	0.9	4.5
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture now publishes details of its full investment portfolio monthly. As at 31 July 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	25,624	3.81
Rio Tinto	UK	Basic Materials	Mining	17,306	2.57
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	16,861	2.51
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	13,510	2.01
Herald Investment Trust	UK	Financials	Equity investment instruments	13,094	1.94
National Grid	UK	Utilities	Gas, water & multiutilities	12,682	1.89
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,250	1.83
Relx	UK	Consumer Services	Media	12,113	1.81
Dunelm	UK	Consumer Services	General retailers	11,430	1.71
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	10,570	1.58
Prudential Corp	UK	Financials	Life insurance/assurance	10,325	1.54
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,795	1.46
Direct Line Insurance	UK	Financials	Nonlife insurance	9,630	1.44
BHP	UK	Basic Materials	Mining	9,103	1.36
HSBC	UK	Financials	Banks	9,022	1.35
Cummins	USA	Industrials	Industrial engineering	8,858	1.32
BAE Systems	UK	Industrials	Aerospace & defence	8,820	1.32
BP	UK	Oil & Gas	Oil & gas producers	8,805	1.31
Land Securities	UK	Financials	Real estate investment trusts	8,782	1.31
Flutter Entertainment PLC	UK	Consumer Services	Travel & leisure	8,603	1.28
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,411	1.26
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	8,335	1.24
Hill & Smith	UK	Industrials	Industrial engineering	8,054	1.20
M & G	UK	Financials	Financial services	8,028	1.20
Aviva	UK	Financials	Life insurance/assurance	7,608	1.14
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	7,405	1.11
Smith (DS)	UK	Industrials	General industrials	7,355	1.10
Standard Chartered	UK	Financials	Banks	7,273	1.09
Smith & Nephew	UK	Health Care	Health care equipment & services	7,132	1.06
Caterpillar	USA	Industrials	Industrial engineering	7,102	1.06
RSA Insurance	UK	Financials	Nonlife insurance	7,080	1.06
Hiscox	UK	Financials	Nonlife insurance	7,070	1.06
Anglo American	UK	Basic Materials	Mining	7,013	1.05
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	6,854	1.02
Balfour Beatty	UK	Industrials	Construction & materials	6,651	0.99
Accsys Technologies	UK	Industrials	Construction & materials	6,623	0.99
Croda	UK	Basic Materials	Chemicals	6,575	0.98
Mondi	UK	Basic Materials	Forestry & paper	6,470	0.97
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	5,997	0.90
Chesnara	UK	Financials	Life insurance/assurance	5,937	0.89
IP Group plc	UK	Financials	Financial services	5,891	0.88
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,835	0.87
St Modwen Properties	UK	Financials	Real estate investments & services	5,698	0.85
Applied Materials	USA	Technology	Technology hardware & equipment	5,650	0.84
Spectris	UK	Industrials	Electronic & electrical equipment	5,459	0.81
Marshalls	UK	Industrials	Construction & materials	5,351	0.80
Johnson Service	UK	Industrials	Support services	5,296	0.79
Deere	USA	Industrials	Industrial engineering	5,259	0.78
Watkin Jones	UK	Consumer Goods	Household goods & home construction	5,062	0.76
Standard Life Aberdeen	UK	Financials	Financial services	5,024	0.75
Royal Mail	UK	Industrials	Industrial transportation	4,826	0.72
Lloyds Banking Group	UK	Financials	Banks	4,731	0.71
Linde	Germany	Basic Materials	Chemicals	4,672	0.70
Irish Continental	Ireland	Consumer Services	Travel & leisure	4,670	0.70
Unilever	UK	Consumer Goods	Personal goods	4,573	0.68
IMI	UK	Industrials	Industrial engineering	4,568	0.68
Tesco	UK	Consumer Goods	Food & Drug Retailers	4,559	0.68
Rolls Royce	UK	Industrials	Aerospace & defence	4,516	0.67
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,481	0.67
Senior	UK	Industrials	Aerospace & defence	4,449	0.66
British American Tobacco	UK	Consumer Goods	Tobacco	4,418	0.66
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	4,408	0.66
General Motors	USA	Consumer Goods	Automobiles & parts	4,278	0.64
Vodafone	UK	Telecommunications	Mobile telecommunications	4,045	0.60
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,008	0.60
Euromoney	UK	Consumer Services	Media	3,991	0.60
NatWest	UK	Financials	Banks	3,973	0.59
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,943	0.59
SSE	UK	Utilities	Electricity	3,903	0.58
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	3,890	0.58
Ryanair	Ireland	Consumer Services	Travel & leisure	3,788	0.57
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	3,787	0.57
Foresight Solar	UK	Financials	Equity investment instruments	3,763	0.56
Allied Minds	UK	Financials	Financial services	3,705	0.55
Nestle	Switzerland	Consumer Goods	Food producers	3,685	0.55
Provident Financial	UK	Financials	Financial services	3,622	0.54
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,602	0.54
Babcock	UK	Industrials	Aerospace & defence	3,594	0.54
Ibstock	UK	Industrials	Construction & materials	3,490	0.52
Grit Real Estate Income	Other	Financials	Real estate investments & services	3,477	0.52
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,381	0.50
Marks and Spencer	UK	Consumer Services	General retailers	3,321	0.50
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,293	0.49
Studio Retail Group plc	UK	Consumer Services	General retailers	3,207	0.48
Vivendi	France	Consumer Services	Media	3,200	0.48
Prosus	Netherlands	Technology	Software & computer services	3,145	0.47
Elementis	UK	Basic Materials	Chemicals	3,091	0.46
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,927	0.44
Bawag	Austria	Financials	Banks	2,889	0.43
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,857	0.43
UniCredit	Italy	Financials	Banks	2,823	0.42
SigmaRoc	UK	Industrials	Construction & materials	2,751	0.41
Simec Atlantis Energy	UK	Utilities	Electricity	2,716	0.41
Meggitt	UK	Industrials	Aerospace & defence	2,688	0.40
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,674	0.40
Deutsche Boerse	Germany	Financials	Financial services	2,575	0.38
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,560	0.38
Amundi	France	Financials	Financial services	2,496	0.37
Hammerson	UK	Financials	Real estate investment trusts	2,469	0.37
Worldline	France	Industrials	Support services	2,421	0.36
International Personal Finance	UK	Financials	Financial services	2,402	0.36
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,397	0.36
Weir Group	UK	Industrials	Industrial engineering	2,392	0.36
St. James's Place	UK	Financials	Life insurance/assurance	2,355	0.35
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	2,265	0.34
Halfords	UK	Consumer Services	General retailers	2,114	0.32
ASML	Netherlands	Technology	Technology hardware & equipment	2,036	0.30
Sig Combibloc	Switzerland	Industrials	General industrials	2,002	0.30
Redde Northgate	UK	Industrials	Support services	1,928	0.29
Carnival	UK	Consumer Services	Travel & leisure	1,859	0.28
Augean	UK	Industrials	Support services	1,832	0.27
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,739	0.26
JDE Peet's	Netherlands	Consumer Goods	Food producers	1,576	0.24
Boku	UK	Industrials	Support services	1,574	0.23
Nexi	Italy	Industrials	Support services	1,557	0.23
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,535	0.23
Embraer	Other	Industrials	Aerospace & defence	1,516	0.23
Ricardo	UK	Industrials	Support services	1,508	0.22
Marstons	UK	Consumer Services	Travel & leisure	1,479	0.22
Premier Oil	UK	Oil & Gas	Oil & gas producers	1,322	0.20
Morses Club	UK	Financials	Financial services	1,284	0.19
AFC Energy	UK	Oil & Gas	Alternative Energy	1,246	0.19
Kier	UK	Industrials	Construction & materials	1,178	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,140	0.17
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	1,109	0.17
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,018	0.15
Hipgnosis Songs Fund - C Shares	UK	Financials	Equity investment instruments	1,000	0.15
AMS AG	Switzerland	Technology	Technology hardware & equipment	980	0.15
EQTEC	Ireland	Utilities	Electricity	978	0.15
Wincanton	UK	Industrials	Industrial transportation	850	0.13
Ilika	UK	Oil & Gas	Alternative Energy	800	0.12
Brockhaus Capital Management	Germany	Financials	Financial services	710	0.11
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	683	0.10
Renold	UK	Industrials	Industrial engineering	612	0.09
GVS	Italy	Industrials	Waste & Environ Svcs & Equip	603	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	502	0.07
Severfield	UK	Industrials	Industrial engineering	490	0.07
Centrica	UK	Utilities	Gas, water & multiutilities	488	0.07
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	439	0.07
Mirriad Advertising	UK	Consumer Services	Media	349	0.05
Unlisted	UK	Other	Other	213	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	173	0.03
Carclo	UK	Basic Materials	Chemicals	88	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	75	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00
Fastjet	UK	Consumer Services	Travel & leisure	21	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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