The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 February 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 28 February 2020 was 660.38 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 624.69 pence per share (cum income). The mid-market price at the close of business on 28 February 2020 was 566.00 pence per share.
Net Asset Value |
Excluding Income |
Including Income |
NAV with debt at par |
637.97 |
660.38 |
NAV with debt at fair value |
602.28 |
624.69 |
Performance
|
1 year % |
3 years % |
5 years % |
10 years % |
NAV total return (with debt at par)2 |
1.4 |
11.3 |
29.7 |
159.2 |
NAV total return (with debt at fair value)2 |
-1.0 |
10.0 |
25.8 |
146.5 |
FTSE Actuaries All-Share Index Total Return3 |
-1.4 |
4.7 |
19.1 |
93.0 |
Share price total return3 |
0.3 |
11.7 |
22.8 |
175.7 |
Change in Retail Price Index3 |
2.7 |
9.5 |
13.8 |
33.8 |
1 The fair value of the IPS business has been calculated as at 28 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: Bloomberg.
4 Source: Bloomberg, subject to one month lag based on timing of release of February 2020 RPI data.
Geographical Split of investment portfolio
Region |
% of portfolio 28 February 2020 |
% of portfolio 31 December 2019 |
% of portfolio 31 December 2018 |
UK |
79.8 |
80.7 |
74.5 |
Europe |
9.2 |
7.8 |
8.6 |
North America |
7.9 |
8.3 |
9.9 |
Japan |
1.1 |
1.1 |
1.1 |
Other Pacific |
0.8 |
0.9 |
4.5 |
Other |
1.2 |
1.2 |
1.4 |
TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 28 February 2020 the portfolio comprised as follows:
Holding Name |
Location |
Sector |
Industry |
£000 |
% |
Glaxosmithkline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
26,167 |
3.47 |
Royal Dutch Shell |
UK |
Oil & Gas |
Oil & gas producers |
20,795 |
2.76 |
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
17,939 |
2.38 |
Relx |
UK |
Consumer Services |
Media |
14,003 |
1.86 |
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
13,845 |
1.84 |
HSBC |
UK |
Financials |
Banks |
13,811 |
1.83 |
Rio Tinto |
UK |
Basic Materials |
Mining |
13,524 |
1.79 |
Johnson Service |
UK |
Industrials |
Support services |
12,776 |
1.69 |
BP |
UK |
Oil & Gas |
Oil & gas producers |
12,672 |
1.68 |
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
12,320 |
1.63 |
Astrazeneca |
UK |
Health Care |
Pharmaceuticals & biotechnology |
12,155 |
1.61 |
Prudential Corp |
UK |
Financials |
Life insurance/ assurance |
11,829 |
1.57 |
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
11,492 |
1.52 |
Dunelm |
UK |
Consumer Services |
General retailers |
11,206 |
1.49 |
BAE Systems |
UK |
Industrials |
Aerospace & defence |
10,951 |
1.45 |
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
10,425 |
1.38 |
Land Securities |
UK |
Financials |
Real estate investment trusts |
10,421 |
1.38 |
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
10,227 |
1.36 |
Standard Chartered |
UK |
Financials |
Banks |
10,046 |
1.33 |
Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
9,974 |
1.32 |
Urban Logistics REIT |
UK |
Financials |
Real estate investment trusts |
9,520 |
1.26 |
Senior |
UK |
Industrials |
Aerospace & defence |
9,216 |
1.22 |
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
9,144 |
1.21 |
Hiscox |
UK |
Financials |
Nonlife insurance |
9,077 |
1.20 |
Lloyds Banking |
UK |
Financials |
Banks |
9,036 |
1.20 |
St Modwen Properties |
UK |
Financials |
Real estate investments & services |
8,871 |
1.18 |
Smith (DS) |
UK |
Industrials |
General industrials |
8,848 |
1.17 |
Royal Bank Of Scotland |
UK |
Financials |
Banks |
8,486 |
1.13 |
Toyota Motor |
Japan |
Consumer Goods |
Automobiles & parts |
8,452 |
1.12 |
Flutter Entertainment PLC |
UK |
Consumer Services |
Travel & leisure |
8,262 |
1.10 |
Hill & Smith |
UK |
Industrials |
Industrial engineering |
8,231 |
1.09 |
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
8,173 |
1.08 |
BHP |
UK |
Basic Materials |
Mining |
7,801 |
1.03 |
British American Tobacco |
UK |
Consumer Goods |
Tobacco |
7,656 |
1.02 |
Hipgnosis Songs Fund |
UK |
Financials |
Equity investment instruments |
7,508 |
1.00 |
Croda |
UK |
Basic Materials |
Chemicals |
7,508 |
1.00 |
M & G |
UK |
Financials |
Financial services |
7,451 |
0.99 |
Mondi |
UK |
Basic Materials |
Forestry & paper |
7,415 |
0.98 |
RSA Insurance |
UK |
Financials |
Nonlife insurance |
7,263 |
0.96 |
Accsys Technologies |
UK |
Industrials |
Construction & materials |
7,261 |
0.96 |
Cummins |
USA |
Industrials |
Industrial engineering |
7,080 |
0.94 |
Hammerson |
UK |
Financials |
Real estate investment trusts |
6,988 |
0.93 |
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
6,873 |
0.91 |
Caterpillar |
USA |
Industrials |
Industrial engineering |
6,783 |
0.90 |
Provident Financial |
UK |
Financials |
Financial services |
6,561 |
0.87 |
Marshalls |
UK |
Industrials |
Construction & materials |
6,543 |
0.87 |
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
6,489 |
0.86 |
Applied Materials |
USA |
Technology |
Technology hardware & equipment |
6,352 |
0.84 |
Scottish Oriental Small Co |
Pacific |
Financials |
Equity investment instruments |
6,332 |
0.84 |
Microsoft |
USA |
Technology |
Software & computer services |
6,322 |
0.84 |
Ibstock |
UK |
Industrials |
Construction & materials |
6,014 |
0.80 |
IP Group plc |
UK |
Financials |
Financial services |
5,908 |
0.78 |
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
5,772 |
0.77 |
Babcock |
UK |
Industrials |
Aerospace & defence |
5,527 |
0.73 |
Carnival |
UK |
Consumer Services |
Travel & leisure |
5,477 |
0.73 |
Taylor Wimpey |
UK |
Consumer Goods |
Household goods & home construction |
5,459 |
0.72 |
Euromoney |
UK |
Consumer Services |
Media |
5,419 |
0.72 |
Meggitt |
UK |
Industrials |
Aerospace & defence |
5,410 |
0.72 |
Aviva |
UK |
Financials |
Life insurance/assurance |
5,383 |
0.71 |
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
5,351 |
0.71 |
International Personal Finance |
UK |
Financials |
Financial services |
5,300 |
0.70 |
Irish Continental |
Ireland |
Consumer Services |
Travel & leisure |
5,280 |
0.70 |
Johnson & Johnson |
USA |
Health Care |
Pharmaceuticals & biotechnology |
5,245 |
0.70 |
Balfour Beatty |
UK |
Industrials |
Construction & materials |
4,959 |
0.66 |
Royal Mail |
UK |
Industrials |
Industrial transportation |
4,874 |
0.65 |
Grit Real Estate Income |
Other |
Financials |
Real estate investments & services |
4,795 |
0.64 |
Deere |
USA |
Industrials |
Industrial engineering |
4,766 |
0.63 |
Chesnara |
UK |
Financials |
Life insurance/ assurance |
4,759 |
0.63 |
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
4,702 |
0.62 |
SSE |
UK |
Utilities |
Electricity |
4,587 |
0.61 |
Standard Life Aberdeen |
UK |
Financials |
Financial services |
4,575 |
0.61 |
IMI |
UK |
Industrials |
Industrial engineering |
4,401 |
0.58 |
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
4,393 |
0.58 |
Ryanair |
Ireland |
Consumer Services |
Travel & leisure |
4,216 |
0.56 |
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,149 |
0.55 |
Embraer |
Other |
Industrials |
Aerospace & defence |
4,082 |
0.54 |
Foresight Solar |
UK |
Financials |
Equity investment instruments |
3,973 |
0.53 |
Pfizer |
USA |
Health Care |
Pharmaceuticals & biotechnology |
3,912 |
0.52 |
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
3,881 |
0.51 |
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
3,855 |
0.51 |
Koninklijke DSM |
Netherlands |
Basic Materials |
Chemicals |
3,844 |
0.51 |
Linde |
Germany |
Basic Materials |
Chemicals |
3,692 |
0.49 |
Phoenix Group Holdings |
UK |
Financials |
Life insurance/ assurance |
3,456 |
0.46 |
Muenchener Rueckver |
Germany |
Financials |
Nonlife insurance |
3,450 |
0.46 |
Nestle |
Switzerland |
Consumer Goods |
Food producers |
3,421 |
0.45 |
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
3,331 |
0.44 |
ITM Power plc |
UK |
Oil & Gas |
Oil equipment services & distribution |
3,237 |
0.43 |
Studio Retail Group plc |
UK |
Consumer Services |
General retailers |
3,116 |
0.41 |
Bawag |
Austria |
Financials |
Banks |
3,066 |
0.41 |
Novo-Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
3,050 |
0.40 |
Total (Fra) |
France |
Oil & Gas |
Oil & gas producers |
3,012 |
0.40 |
Elementis |
UK |
Basic Materials |
Chemicals |
2,998 |
0.40 |
Allied Minds |
UK |
Financials |
Financial services |
2,965 |
0.39 |
Telecom Italia RSP |
Italy |
Telecommunications |
Mobile telecommunications |
2,951 |
0.39 |
Premier Oil |
UK |
Oil & Gas |
Oil & gas producers |
2,910 |
0.39 |
Pernod-Ricard |
France |
Consumer Goods |
Beverages |
2,835 |
0.38 |
SigmaRoc |
UK |
Industrials |
Construction & materials |
2,615 |
0.35 |
Weir Group |
UK |
Industrials |
Industrial engineering |
2,611 |
0.35 |
St. James's Place |
UK |
Financials |
Life insurance/ assurance |
2,539 |
0.34 |
Deutsche Boerse |
Germany |
Financials |
Financial services |
2,473 |
0.33 |
Marstons |
UK |
Consumer Services |
Travel & leisure |
2,411 |
0.32 |
Morses Club |
UK |
Financials |
Financial services |
2,365 |
0.31 |
Vivendi |
France |
Consumer Services |
Media |
2,301 |
0.31 |
Deutsche Telekom |
Germany |
Telecommunications |
Mobile telecommunications |
2,298 |
0.30
|
Cellnex Telecom Sau |
Spain |
Telecommunications |
Mobile telecommunications |
2,287 |
0.30 |
Redde Northgate |
UK |
Industrials |
Support services |
2,266 |
0.30 |
SAP |
Germany |
Technology |
Software & computer services |
2,239 |
0.30 |
SGS |
Switzerland |
Industrials |
Support services |
2,150 |
0.29 |
Legrand |
France |
Industrials |
Electronic & electrical equipment |
2,130 |
0.28 |
Kier |
UK |
Industrials |
Construction & materials |
2,070 |
0.27 |
Prosus |
Netherlands |
Technology |
Software & computer services |
2,056 |
0.27 |
Daily Mail & General Trust 'A' |
UK |
Consumer Services |
Media |
2,043 |
0.27 |
Augean |
UK |
Industrials |
Support services |
1,913 |
0.25 |
Worldline |
France |
Industrials |
Support services |
1,787 |
0.24 |
Schlumberger |
USA |
Oil & Gas |
Oil equipment services & distribution |
1,691 |
0.22 |
Amundi |
France |
Financials |
Financial services |
1,672 |
0.22 |
Sig Combibloc |
Switzerland |
Industrials |
General industrials |
1,635 |
0.22 |
UniCredit |
Italy |
Financials |
Banks |
1,619 |
0.21 |
Simec Atlantis Energy |
UK |
Utilities |
Electricity |
1,509 |
0.20 |
Wincanton |
UK |
Industrials |
Industrial transportation |
1,249 |
0.17 |
Moncler |
Italy |
Consumer Goods |
Personal goods |
1,174 |
0.16 |
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
1,127 |
0.15 |
Eddie Stobart Logistics |
UK |
Industrials |
Industrial transportation |
897 |
0.12 |
National Oilwell Vaeco |
USA |
Oil & Gas |
Oil equipment services & distribution |
729 |
0.10 |
Centrica |
UK |
Utilities |
Gas, water & multiutilities |
721 |
0.10 |
Severfield |
UK |
Industrials |
Industrial engineering |
692 |
0.09 |
Renold |
UK |
Industrials |
Industrial engineering |
689 |
0.09 |
Tullow Oil |
UK |
Oil & Gas |
Oil & gas producers |
671 |
0.09 |
Velocys |
UK |
Oil & Gas |
Oil equipment services & distribution |
640 |
0.08 |
Better Cap |
UK |
Financials |
Equity investment instruments |
300 |
0.04 |
Unlisted |
UK |
Other |
Other |
213 |
0.03 |
Mirriad Advertising |
UK |
Consumer Services |
Media |
194 |
0.03 |
Carclo |
UK |
Basic Materials |
Chemicals |
109 |
0.01 |
Now Inc |
USA |
Oil & Gas |
Oil equipment services & distribution |
86 |
0.01 |
Fastjet |
UK |
Consumer Services |
Travel & leisure |
77 |
0.01 |
Providence Resources |
UK |
Oil & Gas |
Oil & gas producers |
76 |
0.01 |
Permanent TSB |
Ireland |
Financials |
Banks |
3 |
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