Net Asset Value(s)

RNS Number : 1760H

Law Debenture Corp PLC

01 December 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 November 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 November 2020 was 656.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 614.30 pence per share (cum income). The mid-market price at the close of business on 30 November 2020 was 618.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	646.98	656.00
NAV with debt at fair value	605.28	614.30

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-5.2	-0.3	8.5	42.2	145.9
NAV total return (with debt at fair value) 2	-6.9	-1.7	5.8	36.5	132.4
FTSE Actuaries All-Share Index Total Return 3	-13.2	-10.3	-1.9	22.1	77.3
Share price total return 3	1.1	7.7	16.1	48.3	177.6
Change in Retail Price Index 4	0.8	1.3	6.9	13.4	30.3

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 one month lag based on timing of release of October 2020 RPI data.

Geographical Split of investment portfolio

Region	% of portfolio 30 November 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	80.8	80.7	74.5
Europe	10.0	7.8	8.6
North America	6.9	8.3	9.9
Japan	1.1	1.1	1.1
Other	0.3	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 November 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	22,948	2.94
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	20,847	2.66
Rio Tinto	UK	Basic Materials	Mining	18,128	2.32
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	15,428	1.97
Herald Investment Trust	UK	Financials	Equity investment instruments	14,915	1.91
BP	UK	Oil & Gas	Oil & gas producers	14,116	1.80
Relx	UK	Consumer Services	Media	13,103	1.67
HSBC	UK	Financials	Banks	12,176	1.56
National Grid	UK	Utilities	Gas, water & multiutilities	11,955	1.53
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,940	1.53
Prudential Corp	UK	Financials	Life insurance/assurance	10,923	1.40
Aviva	UK	Financials	Life insurance/assurance	10,869	1.39
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,838	1.39
Urban Logistics REIT	UK	Financials	Real estate investment trusts	10,209	1.30
Dunelm	UK	Consumer Services	General retailers	10,126	1.29
Land Securities	UK	Financials	Real estate investment trusts	10,019	1.28
Anglo American	UK	Basic Materials	Mining	9,961	1.27
Hiscox	UK	Financials	Nonlife insurance	9,796	1.25
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	9,673	1.24
Direct Line Insurance	UK	Financials	Nonlife insurance	9,610	1.23
Royal Mail	UK	Industrials	Industrial transportation	9,539	1.22
M & G	UK	Financials	Financial services	9,373	1.20
Smith (DS)	UK	Industrials	General industrials	9,349	1.19
BHP	UK	Basic Materials	Mining	9,341	1.19
BAE Systems	UK	Industrials	Aerospace & defence	9,068	1.16
Rolls Royce	UK	Industrials	Aerospace & defence	8,927	1.14
Accsys Technologies	UK	Industrials	Construction & materials	8,897	1.14
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	8,789	1.12
Hill & Smith	UK	Industrials	Industrial engineering	8,786	1.12
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,663	1.11
Standard Chartered	UK	Financials	Banks	8,527	1.09
NatWest	UK	Financials	Banks	8,503	1.09
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,311	1.06
Cummins	USA	Industrials	Industrial engineering	8,156	1.04
Standard Life Aberdeen	UK	Financials	Financial services	8,141	1.04
Mondi	UK	Basic Materials	Forestry & paper	7,873	1.01
Caterpillar	USA	Industrials	Industrial engineering	7,818	1.00
Johnson Service	UK	Industrials	Support services	7,737	0.99
IP Group plc	UK	Financials	Financial services	7,612	0.97
General Motors	USA	Consumer Goods	Automobiles & parts	7,405	0.95
Lloyds Banking Group	UK	Financials	Banks	7,124	0.91
Applied Materials	USA	Technology	Technology hardware & equipment	7,119	0.91
Irish Continental	Ireland	Consumer Services	Travel & leisure	7,070	0.90
Balfour Beatty	UK	Industrials	Construction & materials	7,054	0.90
Elementis	UK	Basic Materials	Chemicals	7,031	0.90
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,945	0.89
Croda	UK	Basic Materials	Chemicals	6,841	0.87
Smith & Nephew	UK	Health Care	Health care equipment & services	6,817	0.87
Linde	Germany	Basic Materials	Chemicals	6,726	0.86
St Modwen Properties	UK	Financials	Real estate investments & services	6,716	0.86
Watkin Jones	UK	Consumer Goods	Household goods & home construction	6,601	0.84
Marks and Spencer	UK	Consumer Services	General retailers	6,411	0.82
Marshalls	UK	Industrials	Construction & materials	6,372	0.81
Senior	UK	Industrials	Aerospace & defence	6,143	0.79
Provident Financial	UK	Financials	Financial services	6,121	0.78
Tesco	UK	Consumer Goods	Food & Drug Retailers	5,902	0.75
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,856	0.75
Spectris	UK	Industrials	Electronic & electrical equipment	5,653	0.72
Euromoney	UK	Consumer Services	Media	5,637	0.72
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,606	0.72
Chesnara	UK	Financials	Life insurance/assurance	5,582	0.71
Ryanair	Ireland	Consumer Services	Travel & leisure	5,453	0.70
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,301	0.68
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,037	0.64
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	4,925	0.63
IMI	UK	Industrials	Industrial engineering	4,887	0.62
Halfords	UK	Consumer Services	General retailers	4,770	0.61
Deere	USA	Industrials	Industrial engineering	4,725	0.60
Ibstock	UK	Industrials	Construction & materials	4,668	0.60
British American Tobacco	UK	Consumer Goods	Tobacco	4,618	0.59
Unilever	UK	Consumer Goods	Personal goods	4,571	0.58
Hammerson ORD GBP0.05	UK	Financials	Real estate investment trusts	4,525	0.58
Vodafone	UK	Telecommunications	Mobile telecommunications	4,329	0.55
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	4,313	0.55
Babcock	UK	Industrials	Aerospace & defence	4,211	0.54
International Personal Finance	UK	Financials	Financial services	4,101	0.52
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,096	0.52
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,077	0.52
SSE	UK	Utilities	Electricity	4,023	0.51
Simec Atlantis Energy	UK	Utilities	Electricity	3,925	0.50
Meggitt	UK	Industrials	Aerospace & defence	3,913	0.50
Boku	UK	Industrials	Support services	3,863	0.49
AFC Energy	UK	Oil & Gas	Alternative Energy	3,803	0.49
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,728	0.48
Bawag	Austria	Financials	Banks	3,695	0.47
SigmaRoc	UK	Industrials	Construction & materials	3,645	0.47
Studio Retail Group plc	UK	Consumer Services	General retailers	3,631	0.46
Prosus	Netherlands	Technology	Software & computer services	3,610	0.46
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,583	0.46
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,573	0.46
Foresight Solar	UK	Financials	Equity investment instruments	3,570	0.46
UniCredit	Italy	Financials	Banks	3,562	0.46
BT Group PLC	UK	Telecommunications	Fixed Line Telecommunications	3,504	0.45
Barclays PLC	UK	Financials	Banks	3,498	0.45
Allied Minds	UK	Financials	Financial services	3,423	0.44
Nestle	Switzerland	Consumer Goods	Food producers	3,402	0.43
Weir Group	UK	Industrials	Industrial engineering	3,348	0.43
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,346	0.43
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	3,338	0.43
Carnival	UK	Consumer Services	Travel & leisure	2,986	0.38
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	2,979	0.38
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,964	0.38
Redde Northgate	UK	Industrials	Support services	2,819	0.36
Mirriad Advertising	UK	Consumer Services	Media	2,761	0.35
Vivendi	France	Consumer Services	Media	2,646	0.34
Amundi	France	Financials	Financial services	2,581	0.33
Worldline	France	Industrials	Support services	2,566	0.33
Grit Real Estate Income	Other	Financials	Real estate investment trusts	2,498	0.32
Sig Combibloc	Switzerland	Industrials	General industrials	2,495	0.32
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,253	0.29
Marstons	UK	Consumer Services	Travel & leisure	2,239	0.29
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,161	0.28
Augean	UK	Industrials	Support services	1,984	0.25
Faurecia	France	Consumer Goods	Automobiles & parts	1,902	0.24
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,882	0.24
EQTEC	Ireland	Utilities	Electricity	1,800	0.23
ASML	Netherlands	Technology	Technology hardware & equipment	1,771	0.23
Nexi	Italy	Industrials	Support services	1,764	0.23
Ricardo	UK	Industrials	Support services	1,730	0.22
CNH Industrial	UK	Industrials	Industrial engineering	1,553	0.20
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,491	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,434	0.18
Centrica	UK	Utilities	Gas, water & multiutilities	1,323	0.17
Kier	UK	Industrials	Construction & materials	1,295	0.17
Ilika	UK	Oil & Gas	Alternative Energy	1,262	0.16
Morses Club	UK	Financials	Financial services	1,244	0.16
Hipgnosis Songs Fund - C Shares	UK	Financials	Equity investment instruments	1,090	0.14
AMS AG	Switzerland	Technology	Technology hardware & equipment	1,059	0.14
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,041	0.13
Brockhaus Capital Management	Germany	Financials	Financial services	816	0.10
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	814	0.10
Renold	UK	Industrials	Industrial engineering	765	0.10
Premier Oil	UK	Oil & Gas	Oil & gas producers	757	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	557	0.07
Unlisted	UK	Other	Other	213	0.03
Severfield	UK	Industrials	Industrial engineering	186	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	183	0.02
Carclo	UK	Basic Materials	Chemicals	167	0.02
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	52	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00
Permanent TSB	Ireland	Financials	Banks	2	0.00
Fastjet (delisted)	UK	Consumer Services	Travel & leisure		0.00
Interserve (delisted)	UK	Industrials	Support services		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 Alison Skerritt-Black, Company Secretariat, 020 7606 5451).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

 

END

 

 

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