Net Asset Value(s)

RNS Number : 0051E

Law Debenture Corp PLC

02 November 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 October 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 October 2020 was 556.79 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 516.67 pence per share (cum income). The mid-market price at the close of business on 31 October 2020 was 504.00 pence per share. The second interim dividend in respect of the year ending 31 December 2020 of 6.5 pence per share was paid on 28 October 2020.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	549.70	556.79
NAV with debt at fair value	509.59	516.67

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-19.5	-14.0	-9.7	21.8	107.2
NAV total return (with debt at fair value) 2	-21.7	-15.8	-12.7	15.6	94.0
FTSE Actuaries All-Share Index Total Return 3	-23.0	-18.6	-14.4	8.9	53.7
Share price total return 3	-17.5	-9.8	-4.4	16.9	125.2
Change in Retail Price Index 4	0.8	1.1	7.0	13.4	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; September 2020. 

Geographical Split of investment portfolio

Region	% of portfolio 31 October 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	79.4	80.7	74.5
Europe	10.0	7.8	8.6
North America	8.0	8.3	9.9
Japan	1.2	1.1	1.1
Other	0.4	1.2	1.4
Other Pacific	1.0	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 31 October 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	23,314	3.48
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	21,638	3.24
Rio Tinto	UK	Basic Materials	Mining	16,337	2.45
Herald Investment Trust	UK	Financials	Equity investment instruments	13,518	2.03
National Grid	UK	Utilities	Gas, water & multiutilities	12,950	1.94
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,145	1.82
Dunelm	UK	Consumer Services	General retailers	12,109	1.81
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	11,608	1.74
Relx	UK	Consumer Services	Media	11,453	1.72
Cummins	USA	Industrials	Industrial engineering	10,197	1.53
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	9,624	1.44
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	9,567	1.43
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,382	1.41
Prudential Corp	UK	Financials	Life insurance/assurance	8,806	1.32
Direct Line Insurance	UK	Financials	Nonlife insurance	8,561	1.28
HSBC	UK	Financials	Banks	8,556	1.28
Caterpillar	USA	Industrials	Industrial engineering	8,494	1.27
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,447	1.27
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,286	1.24
BHP	UK	Basic Materials	Mining	8,196	1.23
Anglo American	UK	Basic Materials	Mining	8,150	1.22
Hill & Smith	UK	Industrials	Industrial engineering	7,987	1.20
Smith (DS)	UK	Industrials	General industrials	7,972	1.19
Land Securities	UK	Financials	Real estate investment trusts	7,757	1.16
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	7,724	1.16
Hiscox	UK	Financials	Nonlife insurance	7,457	1.12
Aviva	UK	Financials	Life insurance/assurance	7,429	1.11
M & G	UK	Financials	Financial services	7,333	1.10
Accsys Technologies	UK	Industrials	Construction & materials	7,261	1.09
BAE Systems	UK	Industrials	Aerospace & defence	7,144	1.07
IP Group plc	UK	Financials	Financial services	7,009	1.05
RSA Insurance	UK	Financials	Nonlife insurance	6,989	1.05
Mondi	UK	Basic Materials	Forestry & paper	6,949	1.04
Croda	UK	Basic Materials	Chemicals	6,936	1.04
Deere	USA	Industrials	Industrial engineering	6,820	1.02
Royal Mail	UK	Industrials	Industrial transportation	6,810	1.02
Standard Chartered	UK	Financials	Banks	6,634	0.99
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,405	0.96
BP	UK	Oil & Gas	Oil & gas producers	6,289	0.94
Smith & Nephew	UK	Health Care	Health care equipment & services	6,282	0.94
St Modwen Properties	UK	Financials	Real estate investments & services	6,124	0.92
Marshalls	UK	Industrials	Construction & materials	6,021	0.90
General Motors	USA	Consumer Goods	Automobiles & parts	6,001	0.90
Balfour Beatty	UK	Industrials	Construction & materials	5,899	0.88
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,646	0.85
Standard Life Aberdeen	UK	Financials	Financial services	5,627	0.84
Chesnara	UK	Financials	Life insurance/assurance	5,468	0.82
Tesco	UK	Consumer Goods	Food & Drug Retailers	5,338	0.80
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,300	0.79
Applied Materials	USA	Technology	Technology hardware & equipment	5,263	0.79
Spectris	UK	Industrials	Electronic & electrical equipment	5,255	0.79
Provident Financial	UK	Financials	Financial services	5,145	0.77
Lloyds Banking Group	UK	Financials	Banks	5,045	0.76
Johnson Service	UK	Industrials	Support services	4,955	0.74
Watkin Jones	UK	Consumer Goods	Household goods & home construction	4,943	0.74
Senior	UK	Industrials	Aerospace & defence	4,675	0.70
NatWest	UK	Financials	Banks	4,658	0.70
Euromoney	UK	Consumer Services	Media	4,548	0.68
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,546	0.68
IMI	UK	Industrials	Industrial engineering	4,519	0.68
Marks and Spencer	UK	Consumer Services	General retailers	4,457	0.67
Unilever	UK	Consumer Goods	Personal goods	4,404	0.66
Irish Continental	Ireland	Consumer Services	Travel & leisure	4,398	0.66
Elementis	UK	Basic Materials	Chemicals	4,359	0.65
British American Tobacco	UK	Consumer Goods	Tobacco	4,283	0.64
Ryanair	Ireland	Consumer Services	Travel & leisure	4,257	0.64
Linde	Germany	Basic Materials	Chemicals	4,250	0.64
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,114	0.62
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	4,112	0.62
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,077	0.61
Boku	UK	Industrials	Support services	3,863	0.58
Ibstock	UK	Industrials	Construction & materials	3,849	0.58
SSE	UK	Utilities	Electricity	3,765	0.56
Vodafone	UK	Telecommunications	Mobile telecommunications	3,605	0.54
Studio Retail Group plc	UK	Consumer Services	General retailers	3,601	0.54
Foresight Solar	UK	Financials	Equity investment instruments	3,553	0.53
Nestle	Switzerland	Consumer Goods	Food producers	3,538	0.53
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	3,492	0.52
Halfords	UK	Consumer Services	General retailers	3,487	0.52
Prosus	Netherlands	Technology	Software & computer services	3,426	0.51
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	3,384	0.51
Allied Minds	UK	Financials	Financial services	3,353	0.50
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,346	0.50
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,314	0.50
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,312	0.50
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,252	0.49
Simec Atlantis Energy	UK	Utilities	Electricity	3,243	0.49
Hammerson ORD GBP0.05	UK	Financials	Real estate investment trusts	3,139	0.47
SigmaRoc	UK	Industrials	Construction & materials	3,026	0.45
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,979	0.45
Bawag	Austria	Financials	Banks	2,959	0.44
Weir Group	UK	Industrials	Industrial engineering	2,867	0.43
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,828	0.42
Meggitt	UK	Industrials	Aerospace & defence	2,733	0.41
Babcock	UK	Industrials	Aerospace & defence	2,705	0.41
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,627	0.39
Vivendi	France	Consumer Services	Media	2,618	0.39
ROLLS ROYCE RIGHTS ISSUE	UK	Industrials	Aerospace & defence	2,530	0.38
International Personal Finance	UK	Financials	Financial services	2,526	0.38
Grit Real Estate Income	Other	Financials	Real estate investment trusts	2,442	0.37
UniCredit	Italy	Financials	Banks	2,328	0.35
Sig Combibloc	Switzerland	Industrials	General industrials	2,305	0.35
St. James's Place	UK	Financials	Life insurance/assurance	2,248	0.34
Amundi	France	Financials	Financial services	2,190	0.33
Deutsche Boerse	Germany	Financials	Financial services	2,125	0.32
Worldline	France	Industrials	Support services	2,118	0.32
Redde Northgate	UK	Industrials	Support services	2,075	0.31
Carnival	UK	Consumer Services	Travel & leisure	1,909	0.29
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,863	0.28
Marstons	UK	Consumer Services	Travel & leisure	1,775	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	1,763	0.26
Ricardo	UK	Industrials	Support services	1,760	0.26
Augean	UK	Industrials	Support services	1,730	0.26
Nexi	Italy	Industrials	Support services	1,479	0.22
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,410	0.21
Rolls Royce	UK	Industrials	Aerospace & defence	1,391	0.21
JDE Peet's	Netherlands	Consumer Goods	Food producers	1,273	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,204	0.18
AFC Energy	UK	Oil & Gas	Alternative Energy	1,056	0.16
EQTEC	Ireland	Utilities	Electricity	1,044	0.16
Ilika	UK	Oil & Gas	Alternative Energy	1,037	0.16
Hipgnosis Songs Fund - C Shares	UK	Financials	Equity investment instruments	1,030	0.15
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	923	0.14
Total (Fra)	France	Oil & Gas	Oil & gas producers	918	0.14
AMS AG	Switzerland	Technology	Technology hardware & equipment	915	0.14
Morses Club	UK	Financials	Financial services	888	0.13
Kier	UK	Industrials	Construction & materials	833	0.12
Velocys	UK	Oil & Gas	Oil equipment services & distribution	806	0.12
Mirriad Advertising	UK	Consumer Services	Media	784	0.12
Brockhaus Capital Management	Germany	Financials	Financial services	737	0.11
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	621	0.09
Renold	UK	Industrials	Industrial engineering	612	0.09
Premier Oil	UK	Oil & Gas	Oil & gas producers	422	0.06
Severfield	UK	Industrials	Industrial engineering	418	0.06
Tullow Oil	UK	Oil & Gas	Oil & gas producers	402	0.06
Centrica	UK	Utilities	Gas, water & multiutilities	372	0.06
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	324	0.05
Carclo	UK	Basic Materials	Chemicals	233	0.03
Unlisted	UK	Other	Other	213	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	206	0.03
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	39	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 Alison Skerritt-Black, Company Secretariat, 020 7606 5451).

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

 

END

 

 

NAVBLBDBSSGDGGD