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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