Net Asset Value and Portfolio Update

RNS Number : 8647A
Law Debenture Corp PLC
01 October 2020
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 September 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 September 2020 was 565.53 pence per share (cum income) which excludes the proposed 2020 second interim dividend of 6.5 pence as the shares went ex-dividend on 24 September 2020. With the Corporation's long term debt stated at fair value, the NAV was 525.16 pence per share (cum income). The mid-market price at the close of business on 30 September 2020 was 503.00 pence per share. The second interim dividend will be paid on 28 October 2020 to shareholders on the register at the record date of 25 September 2020.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

560.93

565.53

NAV with debt at fair value

520.57

525.16

 

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par) 2

-18.3

-13.0

-6.2

27.6

116.2

NAV total return (with debt at fair value) 2

-20.4

-14.7

-9.2

21.4

102.6

FTSE Actuaries All-Share Index Total Return 3

-19.9

-16.6

-9.3

18.6

63.9

Share price total return 3

-13.0

-4.1

2.2

29.6

138.6

Change in Retail Price Index 4

0.5

0.5

6.8

12.9

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; August 2020.   

Geographical Split of investment portfolio

Region

% of portfolio

30 September 2020

% of portfolio

31 December 2019

% of portfolio

31 December 2018

UK

79.3

80.7

74.5

Europe

10.5

7.8

8.6

North America

7.7

8.3

9.9

Japan

1.2

1.1

1.1

Other

0.4

1.2

1.4

Other Pacific

0.9

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 September 2020 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

24,321

3.57

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

21,185

3.11

Rio Tinto

UK

Basic Materials

Mining

17,456

2.56

Dunelm

UK

Consumer Services

General retailers

12,955

1.91

Relx

UK

Consumer Services

Media

12,941

1.90

Herald Investment Trust

UK

Financials

Equity investment instruments

12,780

1.88

National Grid

UK

Utilities

Gas, water & multiutilities

12,533

1.84

Severn Trent

UK

Utilities

Gas, water & multiutilities

12,195

1.79

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

11,749

1.73

AstraZeneca

UK

Health Care

Pharmaceuticals & biotechnology

10,479

1.54

Prudential Corp

UK

Financials

Life insurance/assurance

10,358

1.52

Cummins

USA

Industrials

Industrial engineering

9,807

1.44

Urban Logistics REIT

UK

Financials

Real estate investment trusts

9,727

1.43

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

9,144

1.35

BHP

UK

Basic Materials

Mining

9,096

1.34

Direct Line Insurance

UK

Financials

Nonlife insurance

8,756

1.29

BAE Systems

UK

Industrials

Aerospace & defence

8,676

1.28

Anglo American

UK

Basic Materials

Mining

8,441

1.24

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

8,411

1.24

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

8,394

1.24

Smith (DS)

UK

Industrials

General industrials

8,284

1.22

Aviva

UK

Financials

Life insurance/assurance

8,242

1.21

Hiscox

UK

Financials

Nonlife insurance

8,081

1.19

Caterpillar

USA

Industrials

Industrial engineering

8,074

1.19

M & G

UK

Financials

Financial services

7,973

1.17

Land Securities

UK

Financials

Real estate investment trusts

7,961

1.17

HSBC

UK

Financials

Banks

7,949

1.17

Hill & Smith

UK

Industrials

Industrial engineering

7,947

1.17

Mondi

UK

Basic Materials

Forestry & paper

7,785

1.15

RSA Insurance

UK

Financials

Nonlife insurance

7,453

1.10

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

7,424

1.09

Accsys Technologies

UK

Industrials

Construction & materials

7,229

1.06

BP

UK

Oil & Gas

Oil & gas producers

7,206

1.06

Croda

UK

Basic Materials

Chemicals

7,175

1.06

Royal Mail

UK

Industrials

Industrial transportation

7,170

1.06

Smith & Nephew

UK

Health Care

Health care equipment & services

7,125

1.05

IP Group plc

UK

Financials

Financial services

6,911

1.02

Standard Chartered

UK

Financials

Banks

6,715

0.99

Deere

USA

Industrials

Industrial engineering

6,696

0.99

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,347

0.93

Balfour Beatty

UK

Industrials

Construction & materials

6,181

0.91

Marshalls

UK

Industrials

Construction & materials

5,873

0.86

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,831

0.86

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,823

0.86

St Modwen Properties

UK

Financials

Real estate investments & services

5,781

0.85

Chesnara

UK

Financials

Life insurance/assurance

5,729

0.84

Standard Life Aberdeen

UK

Financials

Financial services

5,664

0.83

Applied Materials

USA

Technology

Technology hardware & equipment

5,288

0.78

Spectris

UK

Industrials

Electronic & electrical equipment

5,179

0.76

Watkin Jones

UK

Consumer Goods

Household goods & home construction

5,158

0.76

General Motors

USA

Consumer Goods

Automobiles & parts

5,152

0.76

Johnson Service

UK

Industrials

Support services

5,109

0.75

Marks and Spencer

UK

Consumer Services

General retailers

4,876

0.72

British American Tobacco

UK

Consumer Goods

Tobacco

4,860

0.72

Unilever

UK

Consumer Goods

Personal goods

4,776

0.70

Lloyds Banking Group

UK

Financials

Banks

4,744

0.70

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,639

0.68

Linde

Germany

Basic Materials

Chemicals

4,592

0.68

IMI

UK

Industrials

Industrial engineering

4,589

0.68

Irish Continental

Ireland

Consumer Services

Travel & leisure

4,461

0.66

Tesco

UK

Consumer Goods

Food & Drug Retailers

4,460

0.66

Elementis

UK

Basic Materials

Chemicals

4,453

0.66

Euromoney

UK

Consumer Services

Media

4,432

0.65

Provident Financial

UK

Financials

Financial services

4,282

0.63

Pfizer

USA

Health Care

Pharmaceuticals & biotechnology

4,259

0.63

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,252

0.63

Ryanair

Ireland

Consumer Services

Travel & leisure

4,138

0.61

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,008

0.59

NatWest

UK

Financials

Banks

3,975

0.58

Simec Atlantis Energy

UK

Utilities

Electricity

3,823

0.56

Senior

UK

Industrials

Aerospace & defence

3,774

0.56

Nestle

Switzerland

Consumer Goods

Food producers

3,742

0.55

Ibstock

UK

Industrials

Construction & materials

3,736

0.55

Studio Retail Group plc

UK

Consumer Services

General retailers

3,706

0.55

Vivendi

France

Consumer Services

Media

3,657

0.54

SSE

UK

Utilities

Electricity

3,624

0.53

Foresight Solar

UK

Financials

Equity investment instruments

3,623

0.53

Vodafone

UK

Telecommunications

Mobile telecommunications

3,594

0.53

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,513

0.52

Taylor Wimpey

UK

Consumer Goods

Household goods & home construction

3,469

0.51

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,436

0.51

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,346

0.49

Allied Minds

UK

Financials

Financial services

3,339

0.49

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

3,327

0.49

SigmaRoc

UK

Industrials

Construction & materials

3,233

0.48

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,179

0.47

Hammerson ORD GBP0.05

UK

Financials

Real estate investment trusts

3,138

0.46

Babcock

UK

Industrials

Aerospace & defence

3,119

0.46

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,042

0.45

Prosus

Netherlands

Technology

Software & computer services

3,039

0.45

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

2,949

0.43

Bawag

Austria

Financials

Banks

2,872

0.42

Grit Real Estate Income

Other

Financials

Real estate investment trusts

2,775

0.41

Halfords

UK

Consumer Services

General retailers

2,627

0.39

Sig Combibloc

Switzerland

Industrials

General industrials

2,623

0.39

UniCredit

Italy

Financials

Banks

2,586

0.38

Meggitt

UK

Industrials

Aerospace & defence

2,575

0.38

Boku

UK

Industrials

Support services

2,554

0.38

Rolls Royce

UK

Industrials

Aerospace & defence

2,534

0.37

Deutsche Boerse

Germany

Financials

Financial services

2,520

0.37

Weir Group

UK

Industrials

Industrial engineering

2,500

0.37

Amundi

France

Financials

Financial services

2,358

0.35

Worldline

France

Industrials

Support services

2,353

0.35

St. James's Place

UK

Financials

Life insurance/assurance

2,328

0.34

Carnival

UK

Consumer Services

Travel & leisure

2,247

0.33

Redde Northgate

UK

Industrials

Support services

2,150

0.32

International Personal Finance

UK

Financials

Financial services

2,042

0.30

ASML

Netherlands

Technology

Technology hardware & equipment

1,793

0.26

Daily Mail & General Trust 'A'

UK

Consumer Services

Media

1,791

0.26

Nexi

Italy

Industrials

Support services

1,777

0.26

Augean

UK

Industrials

Support services

1,730

0.25

Ricardo

UK

Industrials

Support services

1,645

0.24

Marstons

UK

Consumer Services

Travel & leisure

1,618

0.24

JDE Peet's

Netherlands

Consumer Goods

Food producers

1,460

0.21

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,443

0.21

AMS AG

Switzerland

Technology

Technology hardware & equipment

1,317

0.19

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

1,306

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,237

0.18

EQTEC

Ireland

Utilities

Electricity

1,111

0.16

Morses Club

UK

Financials

Financial services

1,093

0.16

AFC Energy

UK

Oil & Gas

Alternative Energy

1,084

0.16

Ilika

UK

Oil & Gas

Alternative Energy

1,062

0.16

Total (Fra)

France

Oil & Gas

Oil & gas producers

1,047

0.15

Hipgnosis Songs Fund - C Shares

UK

Financials

Equity investment instruments

1,015

0.15

Velocys

UK

Oil & Gas

Oil equipment services & distribution

991

0.15

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

963

0.14

Wincanton

UK

Industrials

Industrial transportation

955

0.14

Kier

UK

Industrials

Construction & materials

891

0.13

Brockhaus Capital Management

Germany

Financials

Financial services

722

0.11

Mirriad Advertising

UK

Consumer Services

Media

660

0.10

Renold

UK

Industrials

Industrial engineering

630

0.09

Premier Oil

UK

Oil & Gas

Oil & gas producers

622

0.09

Eddie Stobart Logistics

UK

Industrials

Industrial transportation

595

0.09

Severfield

UK

Industrials

Industrial engineering

419

0.06

Centrica

UK

Utilities

Gas, water & multiutilities

401

0.06

National Oilwell Vaeco

USA

Oil & Gas

Oil equipment services & distribution

350

0.05

Tullow Oil

UK

Oil & Gas

Oil & gas producers

305

0.04

Carclo

UK

Basic Materials

Chemicals

283

0.04

Unlisted

UK

Other

Other

213

0.03

Providence Resources

UK

Oil & Gas

Oil & gas producers

209

0.03

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

44

0.01

Better Cap

UK

Financials

Equity investment instruments

25

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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