Net Asset Value(s)

RNS Number : 5014K

Law Debenture Corp PLC

04 January 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 December 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 December 2020 was 695.81 pence per share (cum income) which excludes the proposed 2020 third interim dividend of 6.5 pence as the shares went ex-dividend on 24 December 2020.

The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020.  The fair value at 31 December 2020 is currently being calculated and will be published as part of our audited results.  This, along with other year-end adjustments, will result in a slight variance between the NAV we have and the final audited NAV we will disclose in our Annual Report and Accounts.

With the Corporation's long term debt stated at fair value, the NAV was 651.64 pence per share (cum income). The mid-market price at the close of business on 31 December 2020 was 690.00 pence per share. The third interim dividend will be paid on 28 January 2021 to holders on the register at the record date of 29 December 2020.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	689.72	695.81
NAV with debt at fair value	645.55	651.64

Performance

	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	0.6	12.2	54.4	140.5
NAV total return (with debt at fair value) 2	-1.2	9.7	48.2	127.3
FTSE Actuaries All-Share Index Total Return 3	-9.8	-2.7	28.5	71.9
Share price total return 3	12.9	24.3	67.3	174.8
Change in Retail Price Index 4	0.9	6.4	13.0	29.4

¹ The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020.  The fair value at 31 December 2020 is currently being calculated and will be published as part of our audited results.  This, along with other year-end adjustments, will result in a slight variance between the NAV we have and the final audited NAV we will disclose in our Annual Report and Accounts.

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; November 2020. 

Geographical Split of investment portfolio

Region	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.2	80.7
Europe	10.0	7.8
North America	5.4	8.3
Japan	1.1	1.1
Other	0.4	1.2
Other Pacific	0.9	0.9
TOTAL	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 December 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	24,198	2.99
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	22,479	2.78
Rio Tinto	UK	Basic Materials	Mining	20,513	2.54
Herald Investment Trust	UK	Financials	Equity investment instruments	17,506	2.17
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	15,743	1.94
BP	UK	Oil & Gas	Oil & gas producers	14,524	1.79
Prudential Corp	UK	Financials	Life insurance/assurance	12,581	1.55
National Grid	UK	Utilities	Gas, water & multiutilities	12,189	1.50
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,974	1.48
HSBC	UK	Financials	Banks	11,881	1.46
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	11,488	1.42
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,440	1.41
Accsys Technologies	UK	Industrials	Construction & materials	11,131	1.37
Aviva	UK	Financials	Life insurance/assurance	11,008	1.36
Anglo American	UK	Basic Materials	Mining	10,910	1.34
Relx	UK	Consumer Services	Media	10,755	1.33
BHP	UK	Basic Materials	Mining	10,588	1.30
Smith (DS)	UK	Industrials	General industrials	10,548	1.30
Royal Mail	UK	Industrials	Industrial transportation	10,466	1.29
Direct Line Insurance	UK	Financials	Nonlife insurance	10,368	1.28
Land Securities	UK	Financials	Real estate investment trusts	10,254	1.26
Dunelm	UK	Consumer Services	General retailers	10,068	1.24
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,035	1.24
M & G	UK	Financials	Financial services	9,898	1.22
Rolls Royce	UK	Industrials	Aerospace & defence	9,401	1.16
Hill & Smith	UK	Industrials	Industrial engineering	9,372	1.15
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	9,297	1.15
NatWest	UK	Financials	Banks	9,213	1.14
Hiscox	UK	Financials	Nonlife insurance	8,991	1.11
BAE Systems	UK	Industrials	Aerospace & defence	8,798	1.08
Standard Chartered	UK	Financials	Banks	8,784	1.08
IP Group plc	UK	Financials	Financial services	8,765	1.08
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,730	1.08
AFC Energy	UK	Oil & Gas	Alternative Energy	8,580	1.06
Standard Life Aberdeen	UK	Financials	Financial services	8,457	1.04
Mondi	UK	Basic Materials	Forestry & paper	8,168	1.01
Caterpillar	USA	Industrials	Industrial engineering	7,982	0.98
Johnson Service	UK	Industrials	Support services	7,953	0.98
Cummins	USA	Industrials	Industrial engineering	7,801	0.96
Lloyds Banking Group	UK	Financials	Banks	7,652	0.94
Senior	UK	Industrials	Aerospace & defence	7,576	0.93
Croda	UK	Basic Materials	Chemicals	7,561	0.93
Balfour Beatty	UK	Industrials	Construction & materials	7,469	0.92
St Modwen Properties	UK	Financials	Real estate investments & services	7,400	0.91
Barclays PLC	UK	Financials	Banks	7,261	0.89
Applied Materials	USA	Technology	Technology hardware & equipment	7,253	0.89
Smith & Nephew	UK	Health Care	Health care equipment & services	7,097	0.87
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	7,077	0.87
Marks and Spencer	UK	Consumer Services	General retailers	6,951	0.86
Irish Continental	Ireland	Consumer Services	Travel & leisure	6,949	0.86
General Motors	USA	Consumer Goods	Automobiles & parts	6,849	0.84
Watkin Jones	UK	Consumer Goods	Household goods & home construction	6,815	0.84
Provident Financial	UK	Financials	Financial services	6,780	0.84
Elementis	UK	Basic Materials	Chemicals	6,732	0.83
Marshalls	UK	Industrials	Construction & materials	6,728	0.83
Linde	Germany	Basic Materials	Chemicals	6,627	0.82
Chesnara	UK	Financials	Life insurance/assurance	6,115	0.75
Tesco	UK	Consumer Goods	Food & Drug Retailers	6,016	0.74
Spectris	UK	Industrials	Electronic & electrical equipment	5,988	0.74
Euromoney	UK	Consumer Services	Media	5,891	0.73
Ryanair	Ireland	Consumer Services	Travel & leisure	5,807	0.72
EQTEC	Ireland	Utilities	Electricity	5,667	0.70
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,666	0.70
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,493	0.68
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,491	0.68
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,472	0.67
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	5,301	0.65
Hammerson	UK	Financials	Real estate investment trusts	5,201	0.64
IMI	UK	Industrials	Industrial engineering	5,097	0.63
Ibstock	UK	Industrials	Construction & materials	4,951	0.61
Halfords	UK	Consumer Services	General retailers	4,806	0.59
British American Tobacco	UK	Consumer Goods	Tobacco	4,739	0.58
SigmaRoc	UK	Industrials	Construction & materials	4,729	0.58
Meggitt	UK	Industrials	Aerospace & defence	4,665	0.57
Boku	UK	Industrials	Support services	4,571	0.56
SSE	UK	Utilities	Electricity	4,499	0.55
Studio Retail Group plc	UK	Consumer Services	General retailers	4,402	0.54
Unilever	UK	Consumer Goods	Personal goods	4,392	0.54
Vodafone	UK	Telecommunications	Mobile telecommunications	4,233	0.52
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,193	0.52
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,077	0.50
Weir Group	UK	Industrials	Industrial engineering	3,979	0.49
BT Group PLC	UK	Telecommunications	Fixed Line Telecommunications	3,968	0.49
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,845	0.47
Simec Atlantis Energy	UK	Utilities	Electricity	3,794	0.47
International Personal Finance	UK	Financials	Financial services	3,790	0.47
Bawag	Austria	Financials	Banks	3,670	0.45
Grit Real Estate Income	Other	Financials	Real estate investment trusts	3,624	0.45
Foresight Solar	UK	Financials	Equity investment instruments	3,570	0.44
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,559	0.44
Nestle	Switzerland	Consumer Goods	Food producers	3,507	0.43
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,503	0.43
Prosus	Netherlands	Technology	Software & computer services	3,502	0.43
Babcock	UK	Industrials	Aerospace & defence	3,488	0.43
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,346	0.41
UniCredit	Italy	Financials	Banks	3,122	0.38
Redde Northgate	UK	Industrials	Support services	3,105	0.38
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	3,095	0.38
Carnival	UK	Consumer Services	Travel & leisure	3,076	0.38
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,064	0.38
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	3,048	0.38
Allied Minds	UK	Financials	Financial services	3,006	0.37
Sig Combibloc	Switzerland	Industrials	General industrials	2,900	0.36
Vivendi	France	Consumer Services	Media	2,765	0.34
Marstons	UK	Consumer Services	Travel & leisure	2,759	0.34
Worldline	France	Industrials	Support services	2,612	0.32
Amundi	France	Financials	Financial services	2,579	0.32
Ilika	UK	Oil & Gas	Alternative Energy	2,499	0.31
Mirriad Advertising	UK	Consumer Services	Media	2,328	0.29
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,294	0.28
Augean	UK	Industrials	Support services	2,137	0.26
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,124	0.26
ASML	Netherlands	Technology	Technology hardware & equipment	1,931	0.24
Faurecia	France	Consumer Goods	Automobiles & parts	1,886	0.23
Nexi	Italy	Industrials	Support services	1,828	0.23
Morses Club	UK	Financials	Financial services	1,795	0.22
CNH Industrial	UK	Industrials	Industrial engineering	1,742	0.21
Moncler	Italy	Consumer Goods	Personal goods	1,740	0.21
Ricardo	UK	Industrials	Support services	1,710	0.21
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,679	0.21
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,447	0.18
Kier	UK	Industrials	Construction & materials	1,425	0.18
Centrica	UK	Utilities	Gas, water & multiutilities	1,396	0.17
Brockhaus Capital Management	Germany	Financials	Financial services	743	0.09
Premier Oil	UK	Oil & Gas	Oil & gas producers	736	0.09
Renold	UK	Industrials	Industrial engineering	734	0.09
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	639	0.08
Tullow Oil	UK	Oil & Gas	Oil & gas producers	591	0.07
Unlisted	UK	Other	Other	213	0.03
Carclo	UK	Basic Materials	Chemicals	198	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	156	0.02
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	66	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00
Permanent TSB	Ireland	Financials	Banks	3	0.00
Fastjet (delisted)	UK	Consumer Services	Travel & leisure		0.00
Interserve (delisted)	UK	Industrials	Support services		0.00
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications		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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