Net Asset Value(s)

RNS Number : 9710Q

Law Debenture Corp PLC

01 November 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 October 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 29 October 2021 was 812.16 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 779.93 pence per share (cum income). The mid-market price at the close of business on 29 October 2021 was 771.00 pence per share. The second interim dividend was paid on 28 October 2021 to shareholders on the register at the record date of 08 October 2021.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	799.22	812.16
NAV with debt at fair value	766.98	779.93

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	19.9	52.2	43.6	59.7	198.9
NAV total return (with debt at fair value) 2	23.1	58.1	43.2	61.9	190.2
FTSE Actuaries All-Share Index Total Return 3	15.6	35.4	20.9	32.2	109.3
Share price total return 3	15.0	58.8	60.0	82.4	214.4
Change in Retail Price Index 4	4.5	4.9	8.6	16.5	29.7

¹ The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 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: Office for National Statistics, subject to latest published RPI, September 2021.

Geographical Split of investment portfolio

Region	% of portfolio 29 October 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	81.9	82.1	80.7
Europe	9.9	10.1	7.8
North America	6.4	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 29 October 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	25,269	2.57
Barclays	UK	Financials	Banks	21,843	2.22
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	21,060	2.14
BP	UK	Oil & Gas	Oil & gas producers	19,961	2.03
HSBC	UK	Financials	Banks	19,146	1.95
Rio Tinto	UK	Basic Materials	Mining	17,102	1.74
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	16,359	1.67
Lloyds Banking Group	UK	Financials	Banks	15,066	1.54
Direct Line Insurance	UK	Financials	Nonlife insurance	14,620	1.49
Herald Investment Trust	UK	Financials	Equity investment instruments	14,100	1.44
Prudential Corp	UK	Financials	Life insurance/assurance	13,959	1.42
NatWest	UK	Financials	Banks	13,819	1.41
Accsys Technologies	UK	Industrials	Construction & materials	13,752	1.40
Severn Trent	UK	Utilities	Gas, water & multiutilities	13,690	1.40
Senior	UK	Industrials	Aerospace & defence	13,668	1.39
Relx	UK	Consumer Services	Media	13,584	1.38
Aviva	UK	Financials	Life insurance/assurance	13,361	1.36
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,302	1.36
National Grid	UK	Utilities	Gas, water & multiutilities	13,181	1.34
Tesco	UK	Consumer Goods	Food & Drug Retailers	12,557	1.28
Anglo American	UK	Basic Materials	Mining	12,521	1.28
Linde	Germany	Basic Materials	Chemicals	11,738	1.20
Marks & Spencer	UK	Consumer Services	General retailers	11,190	1.14
Rolls Royce	UK	Industrials	Aerospace & defence	11,139	1.14
IP Group	UK	Financials	Financial services	11,001	1.12
M & G	UK	Financials	Financial services	10,989	1.12
Croda	UK	Basic Materials	Chemicals	10,871	1.11
Smith (DS)	UK	Industrials	General industrials	10,796	1.10
BHP	UK	Basic Materials	Mining	10,641	1.08
Dunelm	UK	Consumer Services	General retailers	10,616	1.08
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,587	1.08
Land Securities	UK	Financials	Real estate investment trusts	10,467	1.07
Hill & Smith	UK	Industrials	Industrial engineering	10,350	1.06
Flutter Entertainment	UK	Consumer Services	Travel & leisure	10,343	1.05
Vodafone	UK	Telecommunications	Mobile telecommunications	10,262	1.05
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,076	1.03
Applied Materials	USA	Technology	Technology hardware & equipment	9,980	1.02
BAE Systems	UK	Industrials	Aerospace & defence	9,932	1.01
AFC Energy	UK	Oil & Gas	Alternative Energy	9,582	0.98
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,410	0.96
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	9,409	0.96
Standard Chartered	UK	Financials	Banks	9,332	0.95
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	9,209	0.94
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,061	0.92
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,936	0.91
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,678	0.88
Mondi	UK	Basic Materials	Forestry & paper	8,669	0.88
Kier	UK	Industrials	Construction & materials	8,661	0.88
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	8,392	0.86
Cummins	USA	Industrials	Industrial engineering	8,228	0.84
Jubilee Metals Group	UK	Basic Materials	Mining	8,221	0.84
Elementis	UK	Basic Materials	Chemicals	8,174	0.83
Provident Financial	UK	Financials	Financial services	8,140	0.83
Spectris	UK	Industrials	Electronic & electrical equipment	7,999	0.82
Standard Life Aberdeen	UK	Financials	Financial services	7,636	0.78
General Motors	USA	Consumer Goods	Automobiles & parts	7,553	0.77
Hiscox	UK	Financials	Nonlife insurance	7,535	0.77
Johnson Service Group	UK	Industrials	Support services	7,532	0.77
Caterpillar	USA	Industrials	Industrial engineering	7,448	0.76
IMI	UK	Industrials	Industrial engineering	7,149	0.73
Hammerson	UK	Financials	Real estate investment trusts	7,090	0.72
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	7,082	0.72
Balfour Beatty	UK	Industrials	Construction & materials	7,021	0.72
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,844	0.70
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,793	0.69
Centrica	UK	Utilities	Gas, water & multiutilities	6,786	0.69
Glencore	Switzerland	Basic Materials	Mining	6,392	0.65
Marshalls	UK	Industrials	Construction & materials	6,377	0.65
Royal Mail	UK	Industrials	Industrial transportation	6,308	0.64
Chesnara	UK	Financials	Life insurance/assurance	5,948	0.61
International Personal Finance	UK	Financials	Financial services	5,924	0.60
Smith & Nephew	UK	Health Care	Health care equipment & services	5,899	0.60
Unilever	UK	Consumer Goods	Personal goods	5,867	0.60
Euromoney	UK	Consumer Services	Media	5,792	0.59
Ibstock	UK	Industrials	Construction & materials	5,778	0.59
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,622	0.57
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,579	0.57
Convatec Group	UK	Health Care	Health care equipment & services	5,559	0.57
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	5,465	0.56
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	5,429	0.55
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,331	0.54
Halfords	UK	Consumer Services	General retailers	5,195	0.53
SigmaRoc	UK	Industrials	Construction & materials	5,055	0.52
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.50
SSE	UK	Utilities	Electricity	4,931	0.50
Blue Prism Group	UK	Technology	Software & computer services	4,794	0.49
Babcock	UK	Industrials	Aerospace & defence	4,776	0.49
Bawag	Austria	Financials	Banks	4,641	0.47
Redde Northgate	UK	Industrials	Support services	4,634	0.47
Boku	UK	Industrials	Support services	3,958	0.40
Nestle	Switzerland	Consumer Goods	Food producers	3,923	0.40
Studio Retail Group	UK	Consumer Services	General retailers	3,903	0.40
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,878	0.40
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,866	0.39
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,769	0.38
Oxford Nanopore Tehcnologies	UK	Technology	Advanced Medical Equipment & Technology	3,537	0.36
Ricardo	UK	Industrials	Support services	3,510	0.36
Vertu Motors	UK	Consumer Services	General retailers	3,494	0.36
Weir Group	UK	Industrials	Industrial engineering	3,470	0.35
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,429	0.35
Morses Club	UK	Financials	Financial services	3,429	0.35
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	3,350	0.34
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,263	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	3,216	0.33
UniCredit	Italy	Financials	Banks	3,209	0.33
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,090	0.31
iEnergizer	Guernsey	Industrials	Support services	2,965	0.30
Ilika	UK	Oil & Gas	Alternative Energy	2,941	0.30
Marstons	UK	Consumer Services	Travel & leisure	2,925	0.30
Amundi	France	Financials	Financial services	2,812	0.29
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,492	0.25
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	2,307	0.24
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,301	0.23
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,291	0.23
Longboat Energy	UK	Oil & Gas	Oil & gas producers	2,250	0.23
Plant Health Care	USA	Basic Materials	Chemicals	2,056	0.21
Moncler	Italy	Consumer Goods	Personal goods	2,037	0.21
Allied Minds	UK	Financials	Financial services	2,035	0.21
Faurecia	France	Consumer Goods	Automobiles & parts	1,935	0.20
Renold	UK	Industrials	Industrial engineering	1,769	0.18
Mirriad Advertising	UK	Consumer Services	Media	1,741	0.18
Worldline	France	Industrials	Support services	1,698	0.17
Nexi	Italy	Industrials	Support services	1,591	0.16
Sig Combibloc	Switzerland	Industrials	General industrials	1,553	0.16
Danone SA	France	Consumer Goods	Food producers	1,356	0.14
Allfunds Group	UK	Other	Other	1,231	0.13
Safran SA	France	Industrials	Aerospace & defence	1,204	0.12
CNH Industrial	UK	Industrials	Industrial engineering	1,165	0.12
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	1,139	0.12
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,108	0.11
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,101	0.11
AB Skf	Sweden	Industrials	Construction & materials	1,080	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	941	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	919	0.09
Prosus	Netherlands	Technology	Software & computer services	908	0.09
Harbour Energy	UK	Oil & Gas	Oil & gas producers	659	0.07
Carclo	UK	Basic Materials	Chemicals	541	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	541	0.06
Jackson Financial	USA	Financials	Financial services	461	0.05
AUTO1 Group	Germany	Other	Financial Technology	391	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	280	0.03
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	110	0.01
Better Cap	UK	Financials	Equity investment instruments	25

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, Company Secretariat, 020 7606 5451).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

 

END

 

 

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