Net Asset Value(s)

RNS Number : 6075N

Law Debenture Corp PLC

01 February 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 January 2021

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 29 January 2021 was 678.37 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 636.66 pence per share (cum income). The mid-market price at the close of business on 29 January 2021 was 647.00 pence per share. The third interim dividend in respect of the year ending 31 December 2020 of 6.5 pence per share was paid on 28 January 2021.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	671.93	678.37
NAV with debt at fair value	630.22	636.66

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-2.5	-1.8	7.3	61.0	136.3
NAV total return (with debt at fair value) 2	-2.3	-2.6	4.9	54.9	123.8
FTSE Actuaries All-Share Index Total Return 3	-0.8	-11.0	-3.5	27.4	70.5
Share price total return 3	-6.2	5.9	17.9	76.3	158.1
Change in Retail Price Index 4	1.2	1.2	6.2	13.4	29.3

¹ The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020.  The fair value at 31 December 2020 is currently being calculated and will be published as part of our audited results.  This, along with other year-end adjustments, will result in a slight variance between the NAV we have and the final audited NAV we will disclose in our Annual Report and Accounts.

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; December 2020. 

Geographical Split of investment portfolio

Region	% of portfolio 29 January 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	80.5	82.1	80.7
Europe	10.5	10.1	7.8
North America	6.5	5.4	8.3
Japan	1.1	1.1	1.1
Other	0.5	0.4	1.2
Other Pacific	0.9	0.9	0.9
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 29 January 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	22,726	2.86
Rio Tinto	UK	Basic Materials	Mining	20,955	2.64
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	20,522	2.58
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	15,903	2.00
BP	UK	Oil & Gas	Oil & gas producers	15,476	1.95
Herald Investment Trust	UK	Financials	Equity investment instruments	13,200	1.66
Royal Mail	UK	Industrials	Industrial transportation	12,543	1.58
HSBC	UK	Financials	Banks	12,005	1.50
National Grid	UK	Utilities	Gas, water & multiutilities	11,978	1.50
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,555	1.45
Aviva	UK	Financials	Life insurance/assurance	11,343	1.42
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,223	1.41
BHP	UK	Basic Materials	Mining	11,063	1.39
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	11,000	1.38
Prudential Corp	UK	Financials	Life insurance/assurance	10,951	1.37
Accsys Technologies	UK	Industrials	Construction & materials	10,891	1.37
Relx	UK	Consumer Services	Media	10,875	1.36
Anglo American	UK	Basic Materials	Mining	10,861	1.36
Smith (DS)	UK	Industrials	General industrials	10,247	1.28
General Motors	USA	Consumer Goods	Automobiles & parts	10,170	1.27
Direct Line Insurance	UK	Financials	Nonlife insurance	9,734	1.22
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,710	1.22
Dunelm	UK	Consumer Services	General retailers	9,595	1.20
Land Securities	UK	Financials	Real estate investment trusts	9,366	1.17
Standard Life Aberdeen	UK	Financials	Financial services	9,082	1.14
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,038	1.13
Linde	Germany	Basic Materials	Chemicals	8,969	1.12
M & G	UK	Financials	Financial services	8,795	1.10
Hiscox	UK	Financials	Nonlife insurance	8,450	1.06
IP Group plc	UK	Financials	Financial services	8,419	1.06
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,396	1.05
Standard Chartered	UK	Financials	Banks	8,371	1.05
BAE Systems	UK	Industrials	Aerospace & defence	8,316	1.04
AFC Energy	UK	Oil & Gas	Alternative Energy	8,208	1.03
Mondi	UK	Basic Materials	Forestry & paper	8,203	1.03
NatWest	UK	Financials	Banks	8,118	1.02
Senior	UK	Industrials	Aerospace & defence	8,118	1.02
Applied Materials	USA	Technology	Technology hardware & equipment	8,108	1.02
Cummins	USA	Industrials	Industrial engineering	8,040	1.01
Caterpillar	USA	Industrials	Industrial engineering	7,996	1.00
Hill & Smith	UK	Industrials	Industrial engineering	7,766	0.97
Rolls Royce	UK	Industrials	Aerospace & defence	7,749	0.97
Lloyds Banking Group	UK	Financials	Banks	7,590	0.95
Johnson Service	UK	Industrials	Support services	7,521	0.94
Balfour Beatty	UK	Industrials	Construction & materials	7,436	0.93
Smith & Nephew	UK	Health Care	Health care equipment & services	7,245	0.91
Watkin Jones	UK	Consumer Goods	Household goods & home construction	7,230	0.91
Croda	UK	Basic Materials	Chemicals	7,223	0.91
Marks and Spencer	UK	Consumer Services	General retailers	7,219	0.90
St Modwen Properties	UK	Financials	Real estate investments & services	7,104	0.89
Barclays PLC	UK	Financials	Banks	7,078	0.89
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	7,062	0.89
Vodafone	UK	Telecommunications	Mobile telecommunications	6,865	0.86
Spectris	UK	Industrials	Electronic & electrical equipment	6,452	0.81
Elementis	UK	Basic Materials	Chemicals	6,445	0.81
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	6,340	0.79
Tesco	UK	Consumer Goods	Food & Drug Retailers	6,224	0.78
Irish Continental	Ireland	Consumer Services	Travel & leisure	6,045	0.76
Marshalls	UK	Industrials	Construction & materials	5,846	0.73
Chesnara	UK	Financials	Life insurance/assurance	5,749	0.72
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,603	0.70
IMI	UK	Industrials	Industrial engineering	5,447	0.68
Provident Financial	UK	Financials	Financial services	5,410	0.68
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,339	0.67
Euromoney	UK	Consumer Services	Media	5,272	0.66
EQTEC	Ireland	Utilities	Electricity	5,222	0.65
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,128	0.64
Ryanair	Ireland	Consumer Services	Travel & leisure	5,065	0.63
Ibstock	UK	Industrials	Construction & materials	4,937	0.62
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,914	0.62
Halfords	UK	Consumer Services	General retailers	4,905	0.61
SigmaRoc	UK	Industrials	Construction & materials	4,882	0.61
Boku	UK	Industrials	Support services	4,857	0.61
Hammerson	UK	Financials	Real estate investment trusts	4,841	0.61
British American Tobacco	UK	Consumer Goods	Tobacco	4,651	0.58
SSE	UK	Utilities	Electricity	4,452	0.56
Studio Retail Group plc	UK	Consumer Services	General retailers	4,312	0.54
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,251	0.53
Unilever	UK	Consumer Goods	Personal goods	4,240	0.53
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,077	0.51
Meggitt	UK	Industrials	Aerospace & defence	3,967	0.50
Weir Group	UK	Industrials	Industrial engineering	3,790	0.48
Grit Real Estate Income	Other	Financials	Real estate investment trusts	3,775	0.47
BT Group PLC	UK	Telecommunications	Fixed Line Telecommunications	3,767	0.47
Prosus	Netherlands	Technology	Software & computer services	3,766	0.47
International Personal Finance	UK	Financials	Financial services	3,720	0.47
Foresight Solar	UK	Financials	Equity investment instruments	3,553	0.45
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,478	0.44
Bawag	Austria	Financials	Banks	3,456	0.43
Simec Atlantis Energy	UK	Utilities	Electricity	3,433	0.43
SANOFI SA	France	Health Care	Pharmaceuticals & biotechnology	3,389	0.42
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,372	0.42
Nestle	Switzerland	Consumer Goods	Food producers	3,340	0.42
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,272	0.41
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,192	0.40
UniCredit	Italy	Financials	Banks	3,065	0.38
Marstons	UK	Consumer Services	Travel & leisure	3,026	0.38
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,022	0.38
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	3,018	0.38
Sig Combibloc	Switzerland	Industrials	General industrials	2,976	0.37
Babcock	UK	Industrials	Aerospace & defence	2,904	0.36
Redde Northgate	UK	Industrials	Support services	2,866	0.36
Morses Club	UK	Financials	Financial services	2,719	0.34
Ilika	UK	Oil & Gas	Alternative Energy	2,687	0.34
Vivendi	France	Consumer Services	Media	2,631	0.33
Carnival	UK	Consumer Services	Travel & leisure	2,621	0.33
Mirriad Advertising	UK	Consumer Services	Media	2,544	0.32
Allied Minds	UK	Financials	Financial services	2,498	0.31
Amundi	France	Financials	Financial services	2,347	0.29
Worldline	France	Industrials	Support services	2,295	0.29
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,269	0.28
ASML	Netherlands	Technology	Technology hardware & equipment	2,116	0.27
Augean	UK	Industrials	Support services	2,086	0.26
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,082	0.26
Faurecia	France	Consumer Goods	Automobiles & parts	1,938	0.24
Ricardo	UK	Industrials	Support services	1,930	0.24
CNH Industrial	UK	Industrials	Industrial engineering	1,760	0.22
Nexi	Italy	Industrials	Support services	1,622	0.20
Moncler	Italy	Consumer Goods	Personal goods	1,607	0.20
Centrica	UK	Utilities	Gas, water & multiutilities	1,553	0.19
Kier	UK	Industrials	Construction & materials	1,538	0.19
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,384	0.17
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	1,291	0.16
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,128	0.14
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	906	0.11
Renold	UK	Industrials	Industrial engineering	857	0.11
Premier Oil	UK	Oil & Gas	Oil & gas producers	716	0.09
Brockhaus Capital Management	Germany	Financials	Financial services	709	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	514	0.06
Carclo	UK	Basic Materials	Chemicals	240	0.03
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	76	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00
Permanent TSB	Ireland	Financials	Banks	3	0.00
Fastjet (delisted)	UK	Consumer Services	Travel & leisure		0.00
Interserve (delisted)	UK	Industrials	Support services		0.00
Stellantis N.V.	Netherlands	Consumer Goods	Automobiles & parts		0.00
VH Global Sustainable Energy Opportunities plc	UK	Other	Sustainable Energy		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., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Alison Skerritt-Black, Company Secretariat, 020 7606 5451).

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

 

END

 

 

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