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

 

END

 

 

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