Net Asset Value(s)

RNS Number : 7544Q

Law Debenture Corp PLC

01 March 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 26 February 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 26 February 2021 was 705.18 pence per share (cum income) which includes the proposed 2020 final dividend of 8.0 pence as the shares go ex-dividend on 11 March 2021. With the Corporation's long term debt stated at fair value, the NAV was 671.26 pence per share (cum income). The mid-market price at the close of business on 26 February 2021 was 698.00 pence per share. The final dividend will be paid on 15 April 2021 to holders on the register at the record date of 12 March 2021.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	704.36	705.18
NAV with debt at fair value	670.44	671.26

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	1.2	3.5	17.1	66.4	141.2
NAV total return (with debt at fair value) 2	2.9	4.2	15.8	61.9	131.9
FTSE Actuaries All-Share Index Total Return 3	1.2	-7.7	0.4	34.1	68.2
Share price total return 3	1.2	19.7	35.0	90.4	178.3
Change in Retail Price Index 4	0.3	1.4	6.7	13.8	28.6

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 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; January 2021.

Geographical Split of investment portfolio

Region	% of portfolio 26 February 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	81.7	82.0	80.7
Europe	9.9	10.6	7.8
North America	6.6	5.4	8.3
Japan	1.0	1.1	1.1
Other Pacific	0.8	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 26 February 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Rio Tinto	UK	Basic Materials	Mining	23,201	2.74
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	19,946	2.35
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	17,345	2.04
Barclays PLC	UK	Financials	Banks	17,230	2.04
BP	UK	Oil & Gas	Oil & gas producers	16,630	1.97
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	16,385	1.94
Royal Mail	UK	Industrials	Industrial transportation	14,031	1.66
HSBC	UK	Financials	Banks	13,368	1.58
Prudential Corp	UK	Financials	Life insurance/assurance	13,155	1.56
Herald Investment Trust	UK	Financials	Equity investment instruments	12,660	1.50
BHP	UK	Basic Materials	Mining	12,482	1.48
Anglo American	UK	Basic Materials	Mining	12,474	1.48
Aviva	UK	Financials	Life insurance/assurance	12,250	1.45
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,935	1.41
National Grid	UK	Utilities	Gas, water & multiutilities	11,364	1.34
Smith (DS)	UK	Industrials	General industrials	11,190	1.32
Accsys Technologies	UK	Industrials	Construction & materials	11,171	1.32
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,915	1.29
Vodafone	UK	Telecommunications	Mobile telecommunications	10,675	1.26
Dunelm	UK	Consumer Services	General retailers	10,433	1.23
Direct Line Insurance	UK	Financials	Nonlife insurance	10,420	1.23
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	10,260	1.21
IP Group plc	UK	Financials	Financial services	10,238	1.21
Relx	UK	Consumer Services	Media	10,152	1.20
General Motors	USA	Consumer Goods	Automobiles & parts	10,134	1.20
Land Securities	UK	Financials	Real estate investment trusts	10,132	1.20
NatWest	UK	Financials	Banks	10,128	1.20
Lloyds Banking Group	UK	Financials	Banks	9,750	1.15
Johnson Service	UK	Industrials	Support services	9,353	1.11
Standard Life Aberdeen	UK	Financials	Financial services	9,340	1.11
Caterpillar	USA	Industrials	Industrial engineering	9,293	1.10
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,263	1.10
M & G	UK	Financials	Financial services	9,193	1.09
Rolls Royce	UK	Industrials	Aerospace & defence	9,096	1.08
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,976	1.06
Linde	Germany	Basic Materials	Chemicals	8,797	1.04
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,737	1.03
Senior	UK	Industrials	Aerospace & defence	8,728	1.03
Standard Chartered	UK	Financials	Banks	8,714	1.03
BAE Systems	UK	Industrials	Aerospace & defence	8,710	1.03
Hiscox	UK	Financials	Nonlife insurance	8,539	1.01
Cummins	USA	Industrials	Industrial engineering	8,537	1.01
Applied Materials	USA	Technology	Technology hardware & equipment	8,475	1.00
Mondi	UK	Basic Materials	Forestry & paper	8,189	0.97
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	7,832	0.93
BT Group PLC	UK	Telecommunications	Fixed Line Telecommunications	7,706	0.91
Balfour Beatty	UK	Industrials	Construction & materials	7,613	0.90
Watkin Jones	UK	Consumer Goods	Household goods & home construction	7,419	0.88
Elementis	UK	Basic Materials	Chemicals	7,389	0.87
St Modwen Properties	UK	Financials	Real estate investments & services	7,308	0.86
AFC Energy	UK	Oil & Gas	Alternative Energy	7,277	0.86
Marks and Spencer	UK	Consumer Services	General retailers	7,237	0.86
Hill & Smith	UK	Industrials	Industrial engineering	7,194	0.85
Croda	UK	Basic Materials	Chemicals	7,090	0.84
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	7,013	0.83
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,593	0.78
Irish Continental	Ireland	Consumer Services	Travel & leisure	6,549	0.77
Smith & Nephew	UK	Health Care	Health care equipment & services	6,512	0.77
Spectris	UK	Industrials	Electronic & electrical equipment	6,447	0.76
Provident Financial	UK	Financials	Financial services	6,192	0.73
Marshalls	UK	Industrials	Construction & materials	6,129	0.73
IMI	UK	Industrials	Industrial engineering	5,727	0.68
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,686	0.67
Chesnara	UK	Financials	Life insurance/assurance	5,635	0.67
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,500	0.65
Hammerson	UK	Financials	Real estate investment trusts	5,464	0.65
Euromoney	UK	Consumer Services	Media	5,372	0.64
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,365	0.63
Halfords	UK	Consumer Services	General retailers	5,202	0.62
SigmaRoc	UK	Industrials	Construction & materials	5,187	0.61
Ibstock	UK	Industrials	Construction & materials	5,114	0.61
Boku	UK	Industrials	Support services	4,925	0.58
Tesco	UK	Consumer Goods	Food & Drug Retailers	4,612	0.55
Studio Retail Group plc	UK	Consumer Services	General retailers	4,236	0.50
Meggitt	UK	Industrials	Aerospace & defence	4,231	0.50
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,077	0.48
Bawag	Austria	Financials	Banks	4,036	0.48
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,025	0.48
SSE	UK	Utilities	Electricity	3,972	0.47
Weir Group	UK	Industrials	Industrial engineering	3,964	0.47
Prosus	Netherlands	Technology	Software & computer services	3,771	0.45
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,767	0.45
International Personal Finance	UK	Financials	Financial services	3,767	0.45
Unilever	UK	Consumer Goods	Personal goods	3,733	0.44
Grit Real Estate Income	Guernsey	Financials	Real estate investment trusts	3,700	0.44
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,595	0.43
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,550	0.42
Carnival	UK	Consumer Services	Travel & leisure	3,545	0.42
Foresight Solar	UK	Financials	Equity investment instruments	3,518	0.42
Marstons	UK	Consumer Services	Travel & leisure	3,517	0.42
UniCredit	Italy	Financials	Banks	3,360	0.40
Morses Club	UK	Financials	Financial services	3,327	0.39
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,260	0.39
SANOFI SA	France	Health Care	Pharmaceuticals & biotechnology	3,257	0.39
EQTEC	Ireland	Utilities	Electricity	3,249	0.38
Babcock	UK	Industrials	Aerospace & defence	3,236	0.38
Redde Northgate	UK	Industrials	Support services	3,204	0.38
Nestle	Switzerland	Consumer Goods	Food producers	3,057	0.36
VH Global Sustainable Energy Opportunities plc	UK	Other	Sustainable Energy	3,030	0.36
Convatec Group	UK	Health Care	Health care equipment & services	3,013	0.36
iEnergizer Ltd	Guernsey	Industrials	Support services	3,000	0.35
Simec Atlantis Energy	UK	Utilities	Electricity	2,891	0.34
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,858	0.34
Mirriad Advertising	UK	Consumer Services	Media	2,761	0.33
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,753	0.33
Sig Combibloc	Switzerland	Industrials	General industrials	2,722	0.32
Ricardo	UK	Industrials	Support services	2,636	0.31
Ilika	UK	Oil & Gas	Alternative Energy	2,624	0.31
Allied Minds	UK	Financials	Financial services	2,405	0.28
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,396	0.28
Worldline	France	Industrials	Support services	2,365	0.28
Amundi	France	Financials	Financial services	2,356	0.28
ASML	Netherlands	Technology	Technology hardware & equipment	2,193	0.26
Augean	UK	Industrials	Support services	2,035	0.24
Vivendi	France	Consumer Services	Media	1,992	0.24
CNH Industrial	UK	Industrials	Industrial engineering	1,988	0.24
Bacanora Lithium PLC	UK	Basic Materials	Mining	1,914	0.23
Faurecia	France	Consumer Goods	Automobiles & parts	1,863	0.22
Kier	UK	Industrials	Construction & materials	1,730	0.20
Moncler	Italy	Consumer Goods	Personal goods	1,727	0.20
Nexi	Italy	Industrials	Support services	1,604	0.19
Centrica	UK	Utilities	Gas, water & multiutilities	1,583	0.19
Logistics Development Group Plc	UK	Industrials	Industrial transportation	1,378	0.16
Stellantis N.V.	Netherlands	Consumer Goods	Automobiles & parts	1,312	0.16
Surface Transforms plc	UK	Consumer Goods	Automobiles & parts	1,300	0.15
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,253	0.15
Renold	UK	Industrials	Industrial engineering	1,163	0.14
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,106	0.13
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,095	0.13
Premier Oil	UK	Oil & Gas	Oil & gas producers	1,068	0.13
Tullow Oil	UK	Oil & Gas	Oil & gas producers	878	0.10
Brockhaus Capital Management	Germany	Financials	Financial services	636	0.08
AUTO1 Group SE	Germany	Other	Financial Technology	545	0.06
Carclo	UK	Basic Materials	Chemicals	284	0.03
Unlisted	UK	Other	Other	213	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	176	0.02
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	95	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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