Net Asset Value(s)

RNS Number : 3818U

Law Debenture Corp PLC

01 April 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 March 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 31 March 2021 was 745.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 712.60 pence per share (cum income). The mid-market price at the close of business on 31 March 2021 was 725.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	741.45	745.00
NAV with debt at fair value	709.05	712.60

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	8.1	50.8	27.6	65.8	160.6
NAV total return (with debt at fair value) 2	10.5	52.2	27.1	64.0	151.8
FTSE Actuaries All-Share Index Total Return 3	5.2	26.7	9.9	35.7	79.0
Share price total return 3	6.3	62.2	42.9	89.3	194.0
Change in Retail Price Index 4

¹ The fair value of the IPS business has been calculated as at 31 December 2020 and was published as part of the year end results announcement on 26 February 2021.

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 March 2021 RPI data.

Geographical Split of investment portfolio

Region	% of portfolio 31 March 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	81.7	82.0	80.7
Europe	9.5	10.6	7.8
North America	7.0	5.4	8.3
Japan	1.1	1.1	1.1
Other Pacific	0.7	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 31 March 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	21,571	2.45
Rio Tinto	UK	Basic Materials	Mining	20,813	2.36
Barclays PLC	UK	Financials	Banks	20,079	2.28
HSBC	UK	Financials	Banks	18,350	2.08
BP	UK	Oil & Gas	Oil & gas producers	16,795	1.91
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	16,688	1.89
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	16,490	1.87
Royal Mail	UK	Industrials	Industrial transportation	15,636	1.77
Prudential Corp	UK	Financials	Life insurance/assurance	14,388	1.62
Aviva	UK	Financials	Life insurance/assurance	13,818	1.56
Accsys Technologies	UK	Industrials	Construction & materials	13,046	1.47
Anglo American	UK	Basic Materials	Mining	12,791	1.44
Lloyds Banking Group	UK	Financials	Banks	12,761	1.44
Herald Investment Trust	UK	Financials	Equity investment instruments	12,360	1.40
National Grid	UK	Utilities	Gas, water & multiutilities	12,175	1.37
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,993	1.35
Vodafone	UK	Telecommunications	Mobile telecommunications	11,540	1.30
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,530	1.30
BHP	UK	Basic Materials	Mining	11,517	1.30
Smith (DS)	UK	Industrials	General industrials	11,478	1.30
General Motors	USA	Consumer Goods	Automobiles & parts	11,467	1.29
IP Group plc	UK	Financials	Financial services	11,019	1.24
Relx	UK	Consumer Services	Media	10,914	1.23
NatWest	UK	Financials	Banks	10,794	1.22
Dunelm	UK	Consumer Services	General retailers	10,773	1.22
Land Securities	UK	Financials	Real estate investment trusts	10,515	1.19
M & G	UK	Financials	Financial services	10,370	1.17
Direct Line Insurance	UK	Financials	Nonlife insurance	10,182	1.15
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,157	1.15
Linde	Germany	Basic Materials	Chemicals	10,149	1.15
Caterpillar	USA	Industrials	Industrial engineering	10,106	1.14
Applied Materials	USA	Technology	Technology hardware & equipment	9,693	1.09
BT Group PLC	UK	Telecommunications	Fixed Line Telecommunications	9,675	1.09
Senior	UK	Industrials	Aerospace & defence	9,445	1.07
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	9,440	1.07
Standard Chartered	UK	Financials	Banks	9,419	1.06
AFC Energy	UK	Oil & Gas	Alternative Energy	9,324	1.05
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	9,317	1.05
BAE Systems	UK	Industrials	Aerospace & defence	9,086	1.03
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,038	1.02
Rolls Royce	UK	Industrials	Aerospace & defence	8,898	1.00
Cummins	USA	Industrials	Industrial engineering	8,836	1.00
Mondi	UK	Basic Materials	Forestry & paper	8,785	0.99
Standard Life Aberdeen	UK	Financials	Financial services	8,712	0.98
Hill & Smith	UK	Industrials	Industrial engineering	8,314	0.94
Johnson Service	UK	Industrials	Support services	8,249	0.93
Balfour Beatty	UK	Industrials	Construction & materials	8,160	0.92
Watkin Jones	UK	Consumer Goods	Household goods & home construction	7,844	0.89
Hiscox	UK	Financials	Nonlife insurance	7,783	0.88
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	7,714	0.87
Marks and Spencer	UK	Consumer Services	General retailers	7,691	0.87
St Modwen Properties	UK	Financials	Real estate investments & services	7,493	0.85
Elementis	UK	Basic Materials	Chemicals	7,348	0.83
Hammerson	UK	Financials	Real estate investment trusts	7,323	0.83
Croda	UK	Basic Materials	Chemicals	7,297	0.82
Spectris	UK	Industrials	Electronic & electrical equipment	7,070	0.80
Halfords	UK	Consumer Services	General retailers	6,840	0.77
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,817	0.77
Irish Continental	Ireland	Consumer Services	Travel & leisure	6,629	0.75
Smith & Nephew	UK	Health Care	Health care equipment & services	6,477	0.73
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,358	0.72
Marshalls	UK	Industrials	Construction & materials	6,161	0.70
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,139	0.69
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,998	0.68
Chesnara	UK	Financials	Life insurance/assurance	5,937	0.67
IMI	UK	Industrials	Industrial engineering	5,832	0.66
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,726	0.65
SigmaRoc	UK	Industrials	Construction & materials	5,721	0.65
Ibstock	UK	Industrials	Construction & materials	5,277	0.60
Euromoney	UK	Consumer Services	Media	5,272	0.60
International Personal Finance	UK	Financials	Financial services	4,873	0.55
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,800	0.54
Provident Financial	UK	Financials	Financial services	4,792	0.54
Meggitt	UK	Industrials	Aerospace & defence	4,774	0.54
Tesco	UK	Consumer Goods	Food & Drug Retailers	4,697	0.53
SSE	UK	Utilities	Electricity	4,365	0.49
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,177	0.47
Unilever	UK	Consumer Goods	Personal goods	4,056	0.46
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,997	0.45
Studio Retail Group plc	UK	Consumer Services	General retailers	3,979	0.45
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,914	0.44
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,878	0.44
Boku	UK	Industrials	Support services	3,862	0.44
Bawag	Austria	Financials	Banks	3,795	0.43
Grit Real Estate Income	Guernsey	Financials	Real estate investment trusts	3,700	0.42
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,670	0.41
Marstons	UK	Consumer Services	Travel & leisure	3,602	0.41
Redde Northgate	UK	Industrials	Support services	3,595	0.41
Prosus	Netherlands	Technology	Software & computer services	3,580	0.40
Carnival	UK	Consumer Services	Travel & leisure	3,567	0.40
Weir Group	UK	Industrials	Industrial engineering	3,553	0.40
Foresight Solar	UK	Financials	Equity investment instruments	3,553	0.40
SANOFI SA	France	Health Care	Pharmaceuticals & biotechnology	3,549	0.40
UniCredit	Italy	Financials	Banks	3,514	0.40
Nestle	Switzerland	Consumer Goods	Food producers	3,298	0.37
Convatec Group	UK	Health Care	Health care equipment & services	3,138	0.35
iEnergizer Ltd	Guernsey	Industrials	Support services	3,060	0.35
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,946	0.33
VH Global Sustainable Energy Opportunities plc	UK	Other	Sustainable Energy	2,946	0.33
Mirriad Advertising	UK	Consumer Services	Media	2,945	0.33
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,853	0.32
Babcock	UK	Industrials	Aerospace & defence	2,849	0.32
Plant Health Care PLC	USA	Basic Materials	Chemicals	2,769	0.31
Morses Club	UK	Financials	Financial services	2,666	0.30
Ricardo	UK	Industrials	Support services	2,513	0.28
Amundi	France	Financials	Financial services	2,509	0.28
Sig Combibloc	Switzerland	Industrials	General industrials	2,445	0.28
Worldline	France	Industrials	Support services	2,427	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,392	0.27
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,316	0.26
Ilika	UK	Oil & Gas	Alternative Energy	2,312	0.26
Stellantis N.V.	Netherlands	Consumer Goods	Automobiles & parts	2,144	0.24
Augean	UK	Industrials	Support services	2,137	0.24
Allied Minds	UK	Financials	Financial services	2,044	0.23
Faurecia	France	Consumer Goods	Automobiles & parts	1,953	0.22
Bacanora Lithium PLC	UK	Basic Materials	Mining	1,844	0.21
Kier	UK	Industrials	Construction & materials	1,803	0.20
CNH Industrial	UK	Industrials	Industrial engineering	1,726	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,625	0.18
Centrica	UK	Utilities	Gas, water & multiutilities	1,624	0.18
Nexi	Italy	Industrials	Support services	1,581	0.18
Vertu Motors PLC	UK	Consumer Services	General retailers	1,510	0.17
Surface Transforms plc	UK	Consumer Goods	Automobiles & parts	1,440	0.16
Simec Atlantis Energy	UK	Utilities	Electricity	1,355	0.15
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,348	0.15
Renold	UK	Industrials	Industrial engineering	1,298	0.15
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,162	0.13
Velocys	UK	Oil & Gas	Oil equipment services & distribution	991	0.11
Logistics Development Group Plc	UK	Industrials	Industrial transportation	984	0.11
EQTEC	Ireland	Utilities	Electricity	959	0.11
Tullow Oil	UK	Oil & Gas	Oil & gas producers	944	0.11
Premier Oil	UK	Oil & Gas	Oil & gas producers	892	0.10
Embracer Group	Sweden	Consumer Goods	Leisure Goods	618	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	566	0.06
AUTO1 Group SE	Germany	Other	Financial Technology	566	0.06
Carclo	UK	Basic Materials	Chemicals	388	0.04
Unlisted	UK	Other	Other	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	110	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	92	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00
Permanent TSB	Ireland	Financials	Banks	4	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., 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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