Net Asset Value(s)

RNS Number : 7909N

Law Debenture Corp PLC

01 October 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 September 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 September 2021 was 814.65 pence per share (cum income) which includes the proposed 2021 second interim dividend of 6.875 pence per share as the shares go ex-dividend on 07 October 2021. With the Corporation's long term debt stated at fair value, the NAV was 782.23 pence per share (cum income). The mid-market price at the close of business on 30 September 2021 was 766.00 pence per share. The second interim dividend will be 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	796.84	814.65
NAV with debt at fair value	764.42	782.23

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	19.2	48.2	31.2	61.8	211.7
NAV total return (with debt at fair value) 2	22.3	53.5	30.3	65.7	202.5
FTSE Actuaries All-Share Index Total Return 3	13.6	27.9	9.5	29.8	119.2
Share price total return 3	13.3	55.4	41.0	80.3	211.3
Change in Retail Price Index 4	4.1	4.8	8.2	16.0	30.2

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, August 2021.

Geographical Split of investment portfolio

Region	% of portfolio 30 September 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.5	82.1	80.7
Europe	9.6	10.1	7.8
North America	6.1	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 September 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	23,507	2.40
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	20,620	2.10
Barclays	UK	Financials	Banks	20,477	2.09
BP	UK	Oil & Gas	Oil & gas producers	19,394	1.97
Rio Tinto	UK	Basic Materials	Mining	18,426	1.87
HSBC	UK	Financials	Banks	16,913	1.72
Accsys Technologies	UK	Industrials	Construction & materials	14,693	1.49
Senior	UK	Industrials	Aerospace & defence	14,683	1.49
Herald Investment Trust	UK	Financials	Equity investment instruments	14,580	1.48
Direct Line Insurance	UK	Financials	Nonlife insurance	14,480	1.47
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	14,136	1.43
NatWest	UK	Financials	Banks	14,050	1.43
Lloyds Banking Group	UK	Financials	Banks	13,968	1.42
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,860	1.41
Prudential Corp	UK	Financials	Life insurance/assurance	13,585	1.38
Aviva	UK	Financials	Life insurance/assurance	13,401	1.36
Severn Trent	UK	Utilities	Gas, water & multiutilities	13,020	1.32
Relx	UK	Consumer Services	Media	12,882	1.31
IP Group	UK	Financials	Financial services	12,734	1.29
National Grid	UK	Utilities	Gas, water & multiutilities	12,465	1.27
Rolls Royce	UK	Industrials	Aerospace & defence	11,842	1.20
Anglo American	UK	Basic Materials	Mining	11,801	1.20
Dunelm	UK	Consumer Services	General retailers	11,794	1.20
Tesco	UK	Consumer Goods	Food & Drug Retailers	11,785	1.20
Smith (DS)	UK	Industrials	General industrials	11,627	1.18
M & G	UK	Financials	Financial services	11,198	1.14
Marks & Spencer	UK	Consumer Services	General retailers	11,194	1.14
Linde	Germany	Basic Materials	Chemicals	11,079	1.12
Flutter Entertainment	UK	Consumer Services	Travel & leisure	11,010	1.12
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,004	1.12
Vodafone	UK	Telecommunications	Mobile telecommunications	10,764	1.09
Land Securities	UK	Financials	Real estate investment trusts	10,620	1.08
BHP	UK	Basic Materials	Mining	10,384	1.05
Hill & Smith	UK	Industrials	Industrial engineering	10,271	1.04
BAE Systems	UK	Industrials	Aerospace & defence	10,174	1.03
BT Group	UK	Telecommunications	Fixed Line Telecommunications	9,988	1.01
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,881	1.00
Croda	UK	Basic Materials	Chemicals	9,821	1.00
Kier	UK	Industrials	Construction & materials	9,734	0.99
Applied Materials	USA	Technology	Technology hardware & equipment	9,550	0.97
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,803	0.89
Elementis	UK	Basic Materials	Chemicals	8,731	0.89
Mondi	UK	Basic Materials	Forestry & paper	8,688	0.88
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	8,590	0.87
Johnson Service Group	UK	Industrials	Support services	8,556	0.87
Royal Mail	UK	Industrials	Industrial transportation	8,420	0.85
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,362	0.85
AFC Energy	UK	Oil & Gas	Alternative Energy	8,346	0.85
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	8,289	0.84
Spectris	UK	Industrials	Electronic & electrical equipment	8,226	0.84
Standard Chartered	UK	Financials	Banks	8,222	0.83
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	8,213	0.83
Jubilee Metals Group	UK	Basic Materials	Mining	8,118	0.82
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	7,916	0.80
Cummins	USA	Industrials	Industrial engineering	7,837	0.80
Standard Life Aberdeen	UK	Financials	Financial services	7,681	0.78
Hiscox	UK	Financials	Nonlife insurance	7,595	0.77
Balfour Beatty	UK	Industrials	Construction & materials	7,491	0.76
General Motors	USA	Consumer Goods	Automobiles & parts	7,430	0.75
Provident Financial	UK	Financials	Financial services	7,385	0.75
IMI	UK	Industrials	Industrial engineering	7,263	0.74
Hammerson	UK	Financials	Real estate investment trusts	7,125	0.72
Caterpillar	USA	Industrials	Industrial engineering	7,119	0.72
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	7,082	0.72
SigmaRoc	UK	Industrials	Construction & materials	6,959	0.71
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,927	0.70
Marshalls	UK	Industrials	Construction & materials	6,714	0.68
International Personal Finance	UK	Financials	Financial services	6,426	0.65
Centrica	UK	Utilities	Gas, water & multiutilities	6,374	0.65
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,307	0.64
Glencore	Switzerland	Basic Materials	Mining	6,157	0.63
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,135	0.62
Smith & Nephew	UK	Health Care	Health care equipment & services	6,049	0.61
Unilever	UK	Consumer Goods	Personal goods	6,008	0.61
Halfords	UK	Consumer Services	General retailers	5,928	0.60
Chesnara	UK	Financials	Life insurance/assurance	5,906	0.60
Euromoney	UK	Consumer Services	Media	5,615	0.57
Convatec Group	UK	Health Care	Health care equipment & services	5,613	0.57
Babcock	UK	Industrials	Aerospace & defence	5,561	0.56
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,488	0.56
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,487	0.56
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	5,048	0.51
Ibstock	UK	Industrials	Construction & materials	4,956	0.50
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.50
Blue Prism Group	UK	Technology	Software & computer services	4,883	0.50
Bawag	Austria	Financials	Banks	4,768	0.48
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	4,738	0.48
SSE	UK	Utilities	Electricity	4,712	0.48
Redde Northgate	UK	Industrials	Support services	4,692	0.48
Meggitt	UK	Industrials	Aerospace & defence	4,430	0.45
Morses Club	UK	Financials	Financial services	4,352	0.44
Boku	UK	Industrials	Support services	4,127	0.42
Studio Retail Group	UK	Consumer Services	General retailers	4,009	0.41
Oxford Nanopore Tehcnologies	UK	Technology	Advanced Medical Equipment & Technology	3,915	0.40
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,878	0.39
Augean	UK	Industrials	Support services	3,745	0.38
Nestle	Switzerland	Consumer Goods	Food producers	3,655	0.37
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,628	0.37
Ricardo	UK	Industrials	Support services	3,552	0.36
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,510	0.36
Ilika	UK	Oil & Gas	Alternative Energy	3,499	0.36
Weir Group	UK	Industrials	Industrial engineering	3,381	0.34
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,370	0.34
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,308	0.34
UniCredit	Italy	Financials	Banks	3,295	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	3,019	0.31
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,018	0.31
iEnergizer	Guernsey	Industrials	Support services	2,987	0.30
Marstons	UK	Consumer Services	Travel & leisure	2,980	0.30
Sig Combibloc	Switzerland	Industrials	General industrials	2,888	0.29
Vertu Motors	UK	Consumer Services	General retailers	2,887	0.29
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	2,805	0.28
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,794	0.28
Amundi	France	Financials	Financial services	2,705	0.27
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,568	0.26
Longboat Energy	UK	Oil & Gas	Oil & gas producers	2,550	0.26
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,348	0.24
Worldline	France	Industrials	Support services	2,263	0.23
CNH Industrial	UK	Industrials	Industrial engineering	2,205	0.22
Plant Health Care	USA	Basic Materials	Chemicals	2,149	0.22
Allied Minds	UK	Financials	Financial services	2,072	0.21
Faurecia	France	Consumer Goods	Automobiles & parts	1,789	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,773	0.18
Nexi	Italy	Industrials	Support services	1,742	0.18
Renold	UK	Industrials	Industrial engineering	1,530	0.16
Danone SA	France	Consumer Goods	Food producers	1,452	0.15
Mirriad Advertising	UK	Consumer Services	Media	1,372	0.14
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	1,290	0.13
Allfunds Group	UK	Other	Other	1,199	0.12
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,182	0.12
Safran SA	France	Industrials	Aerospace & defence	1,116	0.11
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,025	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	995	0.10
Prosus	Netherlands	Technology	Software & computer services	837	0.08
Velocys	UK	Oil & Gas	Oil equipment services & distribution	806	0.08
Harbour Energy	UK	Oil & Gas	Oil & gas producers	681	0.07
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	540	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	522	0.05
AUTO1 Group	Germany	Other	Financial Technology	454	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	452	0.05
Jackson Financial	USA	Financials	Financial services	450	0.05
Carclo	UK	Basic Materials	Chemicals	394	0.04
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	116	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	5

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

 

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