Net Asset Value and Portfolio Update

RNS Number : 4982I

Law Debenture Corp PLC

02 April 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 March 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 March 2020 was 515.66 pence per share (cum income), which excludes the proposed 2019 final dividend of 19.40p as the shares went ex-dividend on 12 March. With the Corporation's long term debt stated at fair value, the NAV was 489.87 pence per share (cum income). The mid-market price at the close of business on 31 March 2020 was 464.00 pence per share. The final dividend will be paid, subject to shareholder approval, on 16 April 2020 to holders on the register at the record date of 13 March 2020.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	510.27	515.66
NAV with debt at fair value	484.48	489.87

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-27.1	-18.4	-11.4	5.8	98.0
NAV total return (with debt at fair value) 2	-27.5	-19.2	-11.9	3.4	89.6
FTSE Actuaries All-Share Index Total Return 3	-25.1	-18.5	-12.2	2.9	53.6
Share price total return 3	-26.0	-19.7	-6.3	7.6	114.6
Change in Retail Price Index 4	0.0	2.5	8.8	13.8	33.2

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 February 2020.

Geographical Split of investment portfolio

Region	% of portfolio 31 March 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	78.6	80.7	74.5
Europe	10.3	7.8	8.6
North America	8.0	8.3	9.9
Japan	1.3	1.1	1.1
Other	1.0	1.2	1.4
Other Pacific	0.8	0.9	4.5
TOTAL	100.0	100.0	100.0

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 March 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	25,363	4.10
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	16,995	2.75
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	15,528	2.51
Rio Tinto	UK	Basic Materials	Mining	13,941	2.25
National Grid	UK	Utilities	Gas, water & multiutilities	13,334	2.16
Relx	UK	Consumer Services	Media	12,986	2.10
HSBC	UK	Financials	Banks	11,977	1.94
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,395	1.84
BP	UK	Oil & Gas	Oil & gas producers	10,990	1.78
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	10,744	1.74
Prudential Corp	UK	Financials	Life insurance/assurance	9,639	1.56
Direct Line Insurance	UK	Financials	Nonlife insurance	9,601	1.55
BAE Systems	UK	Industrials	Aerospace & defence	9,389	1.52
Herald Investment Trust	UK	Financials	Equity investment instruments	9,350	1.51
Flutter Entertainment PLC	UK	Consumer Services	Travel & leisure	8,381	1.35
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,016	1.30
Standard Chartered	UK	Financials	Banks	7,961	1.29
Urban Logistics REIT	UK	Financials	Real estate investment trusts	7,864	1.27
Hiscox	UK	Financials	Nonlife insurance	7,779	1.26
Smith (DS)	UK	Industrials	General industrials	7,749	1.25
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,364	1.19
Dunelm	UK	Consumer Services	General retailers	7,277	1.18
Johnson Service	UK	Industrials	Support services	7,213	1.17
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	7,126	1.15
Aviva	UK	Financials	Life insurance/assurance	7,072	1.14
Croda	UK	Basic Materials	Chemicals	7,043	1.14
Land Securities	UK	Financials	Real estate investment trusts	6,945	1.12
British American Tobacco	UK	Consumer Goods	Tobacco	6,893	1.11
BHP	UK	Basic Materials	Mining	6,885	1.11
Smith & Nephew	UK	Health Care	Health care equipment & services	6,737	1.09
Rolls Royce	UK	Industrials	Aerospace & defence	6,642	1.07
Mondi	UK	Basic Materials	Forestry & paper	6,560	1.06
Caterpillar	USA	Industrials	Industrial engineering	6,540	1.06
Cummins	USA	Industrials	Industrial engineering	6,537	1.06
St Modwen Properties	UK	Financials	Real estate investments & services	6,114	0.99
Senior	UK	Industrials	Aerospace & defence	5,985	0.97
RSA Insurance	UK	Financials	Nonlife insurance	5,886	0.95
Hill & Smith	UK	Industrials	Industrial engineering	5,879	0.95
Lloyds Banking	UK	Financials	Banks	5,759	0.93
Watkin Jones	UK	Consumer Goods	Household goods & home construction	5,720	0.92
Chesnara	UK	Financials	Life insurance/assurance	5,676	0.92
M & G	UK	Financials	Financial services	5,630	0.91
Accsys Technologies	UK	Industrials	Construction & materials	5,585	0.90
Balfour Beatty	UK	Industrials	Construction & materials	5,441	0.88
Johnson & Johnson	USA	Health Care	Pharmaceuticals & biotechnology	5,273	0.85
Marshalls	UK	Industrials	Construction & materials	5,265	0.85
Spectris	UK	Industrials	Electronic & electrical equipment	5,213	0.84
Applied Materials	USA	Technology	Technology hardware & equipment	5,165	0.83
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	4,888	0.79
Babcock	UK	Industrials	Aerospace & defence	4,767	0.77
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,483	0.72
IP Group plc	UK	Financials	Financial services	4,436	0.72
Deere	USA	Industrials	Industrial engineering	4,340	0.70
Grit Real Estate Income	Other	Financials	Real estate investments & services	4,290	0.69
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	4,278	0.69
Irish Continental	Ireland	Consumer Services	Travel & leisure	4,255	0.69
Royal Bank Of Scotland	UK	Financials	Banks	4,234	0.68
Microsoft	USA	Technology	Software & computer services	4,125	0.67
Euromoney	UK	Consumer Services	Media	4,067	0.66
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,038	0.65
Vodafone	UK	Telecommunications	Mobile telecommunications	3,954	0.64
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	3,942	0.64
SSE	UK	Utilities	Electricity	3,912	0.63
Oxford Sciences Innovation	UKULM	Financials	Financial services	3,855	0.62
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	3,835	0.62
Foresight Solar	UK	Financials	Equity investment instruments	3,815	0.62
General Motors	USA	Consumer Goods	Automobiles & parts	3,765	0.61
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	3,758	0.61
Provident Financial	UK	Financials	Financial services	3,758	0.61
Royal Mail	UK	Industrials	Industrial transportation	3,750	0.61
Standard Life Aberdeen	UK	Financials	Financial services	3,708	0.60
Nestle	Switzerland	Consumer Goods	Food producers	3,570	0.58
Linde	Germany	Basic Materials	Chemicals	3,567	0.58
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,514	0.57
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,503	0.57
Ibstock	UK	Industrials	Construction & materials	3,339	0.54
Ryanair	Ireland	Consumer Services	Travel & leisure	3,271	0.53
IMI	UK	Industrials	Industrial engineering	3,270	0.53
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,242	0.52
International Personal Finance	UK	Financials	Financial services	3,162	0.51
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,133	0.51
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	2,958	0.48
Indus Gas	UK	Oil & Gas	Oil & gas producers	2,917	0.47
Meggitt	UK	Industrials	Aerospace & defence	2,895	0.47
Muenchener Rueckver	Germany	Financials	Nonlife insurance	2,798	0.45
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,665	0.43
Hammerson	UK	Financials	Real estate investment trusts	2,592	0.42
Pernod-Ricard	France	Consumer Goods	Beverages	2,590	0.42
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,390	0.39
Prosus	Netherlands	Technology	Software & computer services	2,386	0.39
Allied Minds	UK	Financials	Financial services	2,382	0.39
Vivendi	France	Consumer Services	Media	2,356	0.38
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,232	0.36
Deutsche Boerse	Germany	Financials	Financial services	2,221	0.36
Carnival	UK	Consumer Services	Travel & leisure	2,208	0.36
Elementis	UK	Basic Materials	Chemicals	2,185	0.35
Sig Combibloc	Switzerland	Industrials	General industrials	2,163	0.35
Studio Retail Group plc	UK	Consumer Services	General retailers	2,148	0.35
Anglo American	UK	Basic Materials	Mining	2,124	0.34
SAP	Germany	Technology	Software & computer services	2,095	0.34
SGS	Switzerland	Industrials	Support services	2,084	0.34
Embraer	Other	Industrials	Aerospace & defence	2,046	0.33
Bawag	Austria	Financials	Banks	2,041	0.33
Marks and Spencer	UK	Consumer Services	General retailers	1,984	0.32
St. James's Place	UK	Financials	Life insurance/assurance	1,899	0.31
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,880	0.30
Deutsche Telekom	Germany	Telecommunications	Mobile telecommunications	1,873	0.30
ASML	Netherlands	Technology	Technology hardware & equipment	1,729	0.28
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,689	0.27
SigmaRoc	UK	Industrials	Construction & materials	1,582	0.26
Marstons	UK	Consumer Services	Travel & leisure	1,517	0.25
Weir Group	UK	Industrials	Industrial engineering	1,442	0.23
Worldline	France	Industrials	Support services	1,439	0.23
Amundi	France	Financials	Financial services	1,437	0.23
Augean	UK	Industrials	Support services	1,384	0.22
Kier	UK	Industrials	Construction & materials	1,352	0.22
Redde Northgate	UK	Industrials	Support services	1,275	0.21
Wincanton	UK	Industrials	Industrial transportation	1,197	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,146	0.19
Simec Atlantis Energy	UK	Utilities	Electricity	1,132	0.18
UniCredit	Italy	Financials	Banks	1,033	0.17
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	971	0.16
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	869	0.14
Morses Club	UK	Financials	Financial services	808	0.13
Premier Oil	UK	Oil & Gas	Oil & gas producers	646	0.10
Severfield	UK	Industrials	Industrial engineering	507	0.08
Renold	UK	Industrials	Industrial engineering	490	0.08
Ilika	UK	Oil & Gas	Alternative Energy	400	0.06
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	395	0.06
Velocys	UK	Oil & Gas	Oil equipment services & distribution	386	0.06
Centrica	UK	Utilities	Gas, water & multiutilities	381	0.06
Tullow Oil	UK	Oil & Gas	Oil & gas producers	215	0.03
Unlisted	UK	Other	Other	213	0.03
Better Cap	UK	Financials	Equity investment instruments	150	0.02
Mirriad Advertising	UK	Consumer Services	Media	126	0.02
Ricardo	UK	Industrials	Support services	101	0.02
Fastjet	UK	Consumer Services	Travel & leisure	62	0.01
Carclo	UK	Basic Materials	Chemicals	62	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	53	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	52	0.01
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

 

END

 

 

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