Net Asset Value(s)

RNS Number : 4779A

Law Debenture Corp PLC

01 June 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 May 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 28 May 2021 was 788.07 pence per share (cum income) which includes the proposed 2021 first interim dividend of 6.875 pence per share as the shares go ex-dividend on 03 June 2021. With the Corporation's long term debt stated at fair value, the NAV was 755.02 pence per share (cum income). The mid-market price at the close of business on 28 May 2021 was 766.00 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	778.80	788.07
NAV with debt at fair value	745.75	755.02

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	14.4	40.9	25.6	77.8	167.5
NAV total return (with debt at fair value) 2	17.0	44.2	24.7	76.7	158.9
FTSE Actuaries All-Share Index Total Return 3	10.9	20.5	8.9	41.5	85.6
Share price total return 3	12.3	56.5	41.5	88.0	188.2
Change in Retail Price Index 4	1.9	2.9	7.7	15.2	28.5

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; April 2021.

Geographical Split of investment portfolio

Region	% of portfolio 28 May 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.9	82.1	80.7
Europe	9.0	10.1	7.8
North America	6.4	5.4	8.3
Japan	1.0	1.1	1.1
Other	-	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 28 May 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Rio Tinto	UK	Basic Materials	Mining	22,740	2.42
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	22,515	2.40
Barclays	UK	Financials	Banks	19,775	2.11
HSBC	UK	Financials	Banks	19,745	2.10
BP	UK	Oil & Gas	Oil & gas producers	17,451	1.86
Royal Mail	UK	Industrials	Industrial transportation	17,069	1.82
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	16,043	1.71
Lloyds Banking Group	UK	Financials	Banks	14,967	1.59
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	14,294	1.52
Accsys Technologies	UK	Industrials	Construction & materials	14,245	1.52
Anglo American	UK	Basic Materials	Mining	14,108	1.50
Prudential Corp	UK	Financials	Life insurance/assurance	14,019	1.49
Aviva	UK	Financials	Life insurance/assurance	13,919	1.48
Senior	UK	Industrials	Aerospace & defence	13,565	1.44
National Grid	UK	Utilities	Gas, water & multiutilities	13,235	1.41
NatWest	UK	Financials	Banks	12,938	1.38
Herald Investment Trust	UK	Financials	Equity investment instruments	12,900	1.37
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,840	1.37
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,255	1.30
M & G	UK	Financials	Financial services	12,225	1.30
Dunelm	UK	Consumer Services	General retailers	12,160	1.29
Smith (DS)	UK	Industrials	General industrials	11,782	1.25
BHP	UK	Basic Materials	Mining	11,677	1.24
Vodafone	UK	Telecommunications	Mobile telecommunications	11,226	1.20
Direct Line Insurance	UK	Financials	Nonlife insurance	11,149	1.19
Relx	UK	Consumer Services	Media	11,031	1.17
IP Group	UK	Financials	Financial services	10,965	1.17
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,928	1.16
Land Securities	UK	Financials	Real estate investment trusts	10,714	1.14
Linde	Germany	Basic Materials	Chemicals	10,586	1.13
AFC Energy	UK	Oil & Gas	Alternative Energy	10,192	1.09
St Modwen Properties	UK	Financials	Real estate investments & services	10,157	1.08
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,011	1.07
Applied Materials	USA	Technology	Technology hardware & equipment	9,735	1.04
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,666	1.03
Johnson Service Group	UK	Industrials	Support services	9,660	1.03
Standard Chartered	UK	Financials	Banks	9,576	1.02
BAE Systems	UK	Industrials	Aerospace & defence	9,479	1.01
General Motors	USA	Consumer Goods	Automobiles & parts	9,408	1.00
Elementis	UK	Basic Materials	Chemicals	9,270	0.99
Mondi	UK	Basic Materials	Forestry & paper	9,056	0.96
Rolls Royce	UK	Industrials	Aerospace & defence	9,041	0.96
Hammerson	UK	Financials	Real estate investment trusts	8,807	0.94
Hill & Smith	UK	Industrials	Industrial engineering	8,665	0.92
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	8,633	0.92
Balfour Beatty	UK	Industrials	Construction & materials	8,591	0.91
Cummins	USA	Industrials	Industrial engineering	8,520	0.91
Caterpillar	USA	Industrials	Industrial engineering	8,495	0.90
Marks & Spencer	UK	Consumer Services	General retailers	8,435	0.90
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,307	0.88
Standard Life Aberdeen	UK	Financials	Financial services	8,267	0.88
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,031	0.86
Croda	UK	Basic Materials	Chemicals	8,028	0.85
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	7,840	0.83
IMI	UK	Industrials	Industrial engineering	7,258	0.77
Smith & Nephew	UK	Health Care	Health care equipment & services	7,240	0.77
Hiscox	UK	Financials	Nonlife insurance	7,093	0.76
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,961	0.74
Halfords	UK	Consumer Services	General retailers	6,865	0.73
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,860	0.73
Spectris	UK	Industrials	Electronic & electrical equipment	6,821	0.73
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	6,754	0.72
Marshalls	UK	Industrials	Construction & materials	6,624	0.71
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,479	0.69
SigmaRoc	UK	Industrials	Construction & materials	6,408	0.68
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,358	0.68
Unilever	UK	Consumer Goods	Personal goods	6,338	0.67
Tesco	UK	Consumer Goods	Food & Drug Retailers	6,257	0.67
Convatec Group	UK	Health Care	Health care equipment & services	6,175	0.66
International Personal Finance	UK	Financials	Financial services	6,138	0.65
Euromoney	UK	Consumer Services	Media	5,869	0.62
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,791	0.62
Chesnara	UK	Financials	Life insurance/assurance	5,760	0.61
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	5,662	0.60
Ibstock	UK	Industrials	Construction & materials	5,497	0.59
Centrica	UK	Utilities	Gas, water & multiutilities	5,466	0.58
Provident Financial	UK	Financials	Financial services	5,251	0.56
Meggitt	UK	Industrials	Aerospace & defence	5,086	0.54
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,847	0.52
SSE	UK	Utilities	Electricity	4,626	0.49
Redde Northgate	UK	Industrials	Support services	4,494	0.48
Babcock	UK	Industrials	Aerospace & defence	4,473	0.48
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,413	0.47
Jubilee Metals Group	UK	Basic Materials	Mining	4,325	0.46
Studio Retail Group	UK	Consumer Services	General retailers	4,236	0.45
Bawag	Austria	Financials	Banks	3,944	0.42
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,878	0.41
Weir Group	UK	Industrials	Industrial engineering	3,838	0.41
Ricardo	UK	Industrials	Support services	3,836	0.41
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	3,792	0.40
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,678	0.39
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,604	0.38
Nestle	Switzerland	Consumer Goods	Food producers	3,544	0.38
Morses Club	UK	Financials	Financial services	3,532	0.38
Boku	UK	Industrials	Support services	3,492	0.37
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,473	0.37
Kier	UK	Industrials	Construction & materials	3,450	0.37
Marstons	UK	Consumer Services	Travel & leisure	3,361	0.36
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,012	0.32
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,002	0.32
UniCredit	Italy	Financials	Banks	2,994	0.32
iEnergizer	Guernsey	Industrials	Support services	2,980	0.32
Plant Health Care	USA	Basic Materials	Chemicals	2,878	0.31
Augean	UK	Industrials	Support services	2,799	0.30
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	2,720	0.29
Sig Combibloc	Switzerland	Industrials	General industrials	2,716	0.29
Amundi	France	Financials	Financial services	2,709	0.29
Worldline	France	Industrials	Support services	2,707	0.29
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,625	0.28
ASML	Netherlands	Technology	Technology hardware & equipment	2,580	0.27
Bacanora Lithium	UK	Basic Materials	Mining	2,490	0.27
Vertu Motors	UK	Consumer Services	General retailers	2,463	0.26
Mirriad Advertising	UK	Consumer Services	Media	2,427	0.26
Prosus	Netherlands	Technology	Software & computer services	2,388	0.25
Ilika	UK	Oil & Gas	Alternative Energy	2,375	0.25
CNH Industrial	UK	Industrials	Industrial engineering	2,109	0.22
Allied Minds	UK	Financials	Financial services	2,072	0.22
Faurecia	France	Consumer Goods	Automobiles & parts	1,973	0.21
Moncler	Italy	Consumer Goods	Personal goods	1,944	0.21
Nexi	Italy	Industrials	Support services	1,788	0.19
Renold	UK	Industrials	Industrial engineering	1,555	0.17
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	1,325	0.14
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,320	0.14
SIMEC Atlantis Energy	UK	Utilities	Electricity	1,265	0.13
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	1,195	0.13
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,109	0.12
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,026	0.11
Velocys	UK	Oil & Gas	Oil equipment services & distribution	991	0.11
Harbour Energy	UK	Oil & Gas	Oil & gas producers	767	0.08
Logistics Development Group	UK	Industrials	Industrial transportation	765	0.08
Carclo	UK	Basic Materials	Chemicals	685	0.07
Embracer Group	Sweden	Consumer Goods	Leisure Goods	639	0.07
Allfunds Group	UK	Other	Other	626	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	533	0.06
AUTO1 Group	Germany	Other	Financial Technology	510	0.05
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	113	0.01
NOW Inc	USA	Oil & Gas	Oil equipment services & distribution	92	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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