Net Asset Value(s)

RNS Number : 9120D
Law Debenture Corp PLC
01 July 2021
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 June 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 30 June 2021 was 784.11 pence per share (cum income) which includes the proposed 2021 first interim dividend of 6.875 pence per share as the shares went ex-dividend on 03 June 2021. With the Corporation's long term debt stated at fair value, the NAV was 750.07 pence per share (cum income). The mid-market price at the close of business on 30 June 2021 was 750.00 pence per share. The first interim dividend will be paid on 07 July 2021 to shareholders on the register at the record date of 04 June 2021.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

776.57

784.11

NAV with debt at fair value

742.53

750.07

 

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par) 2

14.8

39.3

25.4

72.6

163.0

NAV total return (with debt at fair value) 2

17.3

43.5

24.3

73.9

154.3

FTSE Actuaries All-Share Index Total Return 3

11.1

21.5

6.3

36.9

85.5

Share price total return 3

10.9

50.0

42.6

85.5

184.0

Change in Retail Price Index 4

2.2

3.3

7.6

15.2

28.4

 

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 subject to latest published RPI; May 2021.

 

Geographical Split of investment portfolio

Region

% of portfolio

30 June 2021

% of portfolio

31 December 2020

% of portfolio

31 December 2019

UK

82.0

82.1

80.7

Europe

9.5

10.1

7.8

North America

6.7

5.4

8.3

Japan

1.1

1.1

1.1

Other

0.0

0.4

1.2

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 30 June 2021 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

23,775

2.52

Rio Tinto

UK

Basic Materials

Mining

22,309

2.37

Barclays

UK

Financials

Banks

18,481

1.96

HSBC

UK

Financials

Banks

18,095

1.92

BP

UK

Oil & Gas

Oil & gas producers

17,955

1.91

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

17,488

1.86

Royal Mail

UK

Industrials

Industrial transportation

16,986

1.80

Accsys Technologies

UK

Industrials

Construction & materials

16,305

1.72

Lloyds Banking Group

UK

Financials

Banks

14,007

1.48

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

13,886

1.47

Aviva

UK

Financials

Life insurance/assurance

13,740

1.45

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

13,591

1.44

Herald Investment Trust

UK

Financials

Equity investment instruments

13,080

1.38

National Grid

UK

Utilities

Gas, water & multiutilities

12,976

1.37

Anglo American

UK

Basic Materials

Mining

12,926

1.37

Senior

UK

Industrials

Aerospace & defence

12,925

1.37

Prudential Corp

UK

Financials

Life insurance/assurance

12,824

1.36

NatWest

UK

Financials

Banks

12,694

1.34

Severn Trent

UK

Utilities

Gas, water & multiutilities

12,505

1.32

BT Group

UK

Telecommunications

Fixed Line Telecommunications

12,122

1.28

Dunelm

UK

Consumer Services

General retailers

11,778

1.25

Smith (DS)

UK

Industrials

General industrials

11,765

1.24

BHP

UK

Basic Materials

Mining

11,715

1.24

Relx

UK

Consumer Services

Media

11,511

1.22

M & G

UK

Financials

Financial services

11,440

1.21

Direct Line Insurance

UK

Financials

Nonlife insurance

10,688

1.13

Kier

UK

Industrials

Construction & materials

10,644

1.13

Vodafone

UK

Telecommunications

Mobile telecommunications

10,617

1.12

Linde

Germany

Basic Materials

Chemicals

10,462

1.11

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

10,427

1.10

IP Group

UK

Financials

Financial services

10,327

1.09

Applied Materials

USA

Technology

Technology hardware & equipment

10,296

1.09

Land Securities

UK

Financials

Real estate investment trusts

10,288

1.09

AFC Energy

UK

Oil & Gas

Alternative Energy

10,160

1.07

Johnson Service Group

UK

Industrials

Support services

9,899

1.05

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

9,881

1.05

Tesco

UK

Consumer Goods

Food & Drug Retailers

9,591

1.01

BAE Systems

UK

Industrials

Aerospace & defence

9,396

0.99

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

9,100

0.96

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

9,048

0.96

Mondi

UK

Basic Materials

Forestry & paper

9,030

0.96

Elementis

UK

Basic Materials

Chemicals

8,830

0.93

Standard Chartered

UK

Financials

Banks

8,693

0.92

Balfour Beatty

UK

Industrials

Construction & materials

8,475

0.90

Croda

UK

Basic Materials

Chemicals

8,469

0.90

Hill & Smith

UK

Industrials

Industrial engineering

8,450

0.89

Rolls Royce

UK

Industrials

Aerospace & defence

8,359

0.88

Cummins

USA

Industrials

Industrial engineering

8,286

0.88

Hammerson

UK

Financials

Real estate investment trusts

8,207

0.87

Standard Life Aberdeen

UK

Financials

Financial services

8,147

0.86

General Motors

USA

Consumer Goods

Automobiles & parts

8,130

0.86

Urban Logistics REIT

UK

Financials

Real estate investment trusts

8,083

0.85

Watkin Jones

UK

Consumer Goods

Household goods & home construction

7,955

0.84

Caterpillar

USA

Industrials

Industrial engineering

7,869

0.83

Hiscox

UK

Financials

Nonlife insurance

7,522

0.80

IMI

UK

Industrials

Industrial engineering

7,521

0.80

Marks & Spencer

UK

Consumer Services

General retailers

7,469

0.79

Smith & Nephew

UK

Health Care

Health care equipment & services

7,344

0.78

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,925

0.73

Spectris

UK

Industrials

Electronic & electrical equipment

6,874

0.73

TT Electronics

UK

Industrials

Electronic & electrical equipment

6,847

0.72

SigmaRoc

UK

Industrials

Construction & materials

6,794

0.72

Halfords

UK

Consumer Services

General retailers

6,684

0.71

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

6,617

0.70

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,463

0.68

Unilever

UK

Consumer Goods

Personal goods

6,346

0.67

Convatec Group

UK

Health Care

Health care equipment & services

6,256

0.66

International Personal Finance

UK

Financials

Financial services

6,203

0.66

Marshalls

UK

Industrials

Construction & materials

6,170

0.65

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

6,038

0.64

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

5,987

0.63

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

5,681

0.60

Euromoney

UK

Consumer Services

Media

5,626

0.60

Chesnara

UK

Financials

Life insurance/assurance

5,530

0.58

Centrica

UK

Utilities

Gas, water & multiutilities

5,144

0.54

Provident Financial

UK

Financials

Financial services

5,123

0.54

Ibstock

UK

Industrials

Construction & materials

5,114

0.54

Morses Club

UK

Financials

Financial services

5,069

0.54

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,847

0.51

Merck & Co

USA

Health Care

Pharmaceuticals & biotechnology

4,671

0.49

Redde Northgate

UK

Industrials

Support services

4,651

0.49

Glencore

Switzerland

Basic Materials

Mining

4,641

0.49

Meggitt

UK

Industrials

Aerospace & defence

4,612

0.49

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,585

0.48

Jubilee Metals Group

UK

Basic Materials

Mining

4,550

0.48

SSE

UK

Utilities

Electricity

4,500

0.48

Studio Retail Group

UK

Consumer Services

General retailers

4,357

0.46

Babcock

UK

Industrials

Aerospace & defence

4,339

0.46

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

4,081

0.43

Bawag

Austria

Financials

Banks

3,882

0.41

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,878

0.41

Weir Group

UK

Industrials

Industrial engineering

3,701

0.39

Nestle

Switzerland

Consumer Goods

Food producers

3,668

0.39

Boku

UK

Industrials

Support services

3,640

0.39

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,542

0.37

Ricardo

UK

Industrials

Support services

3,410

0.36

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,375

0.36

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

3,322

0.35

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,309

0.35

Marstons

UK

Consumer Services

Travel & leisure

3,236

0.34

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

2,991

0.32

iEnergizer

Guernsey

Industrials

Support services

2,960

0.31

Sig Combibloc

Switzerland

Industrials

General industrials

2,861

0.30

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,853

0.30

Augean

UK

Industrials

Support services

2,849

0.30

UniCredit

Italy

Financials

Banks

2,836

0.30

Stellantis

Netherlands

Consumer Goods

Automobiles & parts

2,795

0.30

Amundi

France

Financials

Financial services

2,750

0.29

Worldline

France

Industrials

Support services

2,701

0.29

ASML

Netherlands

Technology

Technology hardware & equipment

2,701

0.29

Bacanora Lithium

UK

Basic Materials

Mining

2,674

0.28

Vertu Motors

UK

Consumer Services

General retailers

2,584

0.27

Plant Health Care

USA

Basic Materials

Chemicals

2,477

0.26

Mirriad Advertising

UK

Consumer Services

Media

2,427

0.26

Prosus

Netherlands

Technology

Software & computer services

2,316

0.24

CNH Industrial

UK

Industrials

Industrial engineering

2,083

0.22

Blue Prism Group

UK

Technology

Software & computer services

2,025

0.21

Nexi

Italy

Industrials

Support services

1,974

0.21

Ilika

UK

Oil & Gas

Alternative Energy

1,937

0.20

Allied Minds

UK

Financials

Financial services

1,924

0.20

Moncler

Italy

Consumer Goods

Personal goods

1,906

0.20

Faurecia

France

Consumer Goods

Automobiles & parts

1,805

0.19

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

1,492

0.16

Longboat Energy

UK

Oil & Gas

Oil & gas producers

1,400

0.15

Renold

UK

Industrials

Industrial engineering

1,291

0.14

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,240

0.13

Tullow Oil

UK

Oil & Gas

Oil & gas producers

1,189

0.13

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

1,136

0.12

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

1,064

0.11

Velocys

UK

Oil & Gas

Oil equipment services & distribution

882

0.09

Logistics Development Group

UK

Industrials

Industrial transportation

880

0.09

SIMEC Atlantis Energy

UK

Utilities

Electricity

867

0.09

Harbour Energy

UK

Oil & Gas

Oil & gas producers

707

0.07

Allfunds Group

UK

Other

Other

682

0.07

Carclo

UK

Basic Materials

Chemicals

644

0.07

Danone SA

France

Consumer Goods

Food producers

613

0.06

Embracer Group

Sweden

Consumer Goods

Leisure Goods

604

0.06

Brockhaus Capital Management

Germany

Financials

Financial services

537

0.06

AUTO1 Group

Germany

Other

Financial Technology

453

0.05

Unlisted

UK

Financials

Financial services

213

0.02

Providence Resources

UK

Oil & Gas

Oil & gas producers

116

0.01

Thungela Resources

Other

Other

Sustainable Energy

89

0.01

NOW Inc

USA

Oil & Gas

Oil equipment services & distribution

86

0.01

 

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

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