Net Asset Value(s)

RNS Number : 5102X

Law Debenture Corp PLC

04 May 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 April 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 April 2021 was 771.70 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 738.40 pence per share (cum income). The mid-market price at the close of business on 30 April 2021 was 749.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	764.49	771.70
NAV with debt at fair value	731.19	738.40

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	12.0	45.6	26.1	70.5	161.1
NAV total return (with debt at fair value) 2	14.5	49.4	25.3	69.0	152.4
FTSE Actuaries All-Share Index Total Return 3	9.7	25.9	7.7	39.9	81.0
Share price total return 3	9.8	56.4	41.2	85.8	192.3
Change in Retail Price Index 4	0.5	1.5	6.7	13.7	27.7

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 latest published RPI; March 2021.

Geographical Split of investment portfolio

Region	% of portfolio 30 April 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.5	82.0	80.7
Europe	9.5	10.6	7.8
North America	6.3	5.4	8.3
Japan	1.0	1.1	1.1
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 April 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Rio Tinto	UK	Basic Materials	Mining	22,785	2.49
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	22,438	2.44
HSBC	UK	Financials	Banks	19,634	2.14
Barclays PLC	UK	Financials	Banks	18,954	2.06
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	17,490	1.90
BP	UK	Oil & Gas	Oil & gas producers	17,271	1.88
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	16,235	1.77
Royal Mail	UK	Industrials	Industrial transportation	14,632	1.59
Prudential Corp	UK	Financials	Life insurance/assurance	14,332	1.56
Anglo American	UK	Basic Materials	Mining	13,815	1.50
Lloyds Banking Group	UK	Financials	Banks	13,631	1.48
Herald Investment Trust	UK	Financials	Equity investment instruments	13,590	1.48
Aviva	UK	Financials	Life insurance/assurance	13,543	1.48
National Grid	UK	Utilities	Gas, water & multiutilities	12,830	1.40
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,375	1.35
NatWest	UK	Financials	Banks	12,284	1.34
Dunelm	UK	Consumer Services	General retailers	12,234	1.33
BHP	UK	Basic Materials	Mining	12,015	1.31
Vodafone	UK	Telecommunications	Mobile telecommunications	11,970	1.30
Smith (DS)	UK	Industrials	General industrials	11,849	1.29
Accsys Technologies	UK	Industrials	Construction & materials	11,769	1.28
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,377	1.24
IP Group plc	UK	Financials	Financial services	11,373	1.24
Relx	UK	Consumer Services	Media	11,274	1.23
Land Securities	UK	Financials	Real estate investment trusts	10,979	1.20
M & G	UK	Financials	Financial services	10,865	1.18
AFC Energy	UK	Oil & Gas	Alternative Energy	10,818	1.18
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	10,410	1.13
Linde	Germany	Basic Materials	Chemicals	10,340	1.13
BT Group PLC	UK	Telecommunications	Fixed Line Telecommunications	10,306	1.12
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,946	1.08
Standard Chartered	UK	Financials	Banks	9,798	1.07
Applied Materials	USA	Technology	Technology hardware & equipment	9,606	1.05
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,396	1.02
Mondi	UK	Basic Materials	Forestry & paper	9,329	1.02
General Motors	USA	Consumer Goods	Automobiles & parts	9,317	1.01
Direct Line Insurance	UK	Financials	Nonlife insurance	9,266	1.01
Senior	UK	Industrials	Aerospace & defence	9,206	1.00
BAE Systems	UK	Industrials	Aerospace & defence	9,112	0.99
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,872	0.97
Johnson Service	UK	Industrials	Support services	8,863	0.97
Rolls Royce	UK	Industrials	Aerospace & defence	8,839	0.96
Hammerson	UK	Financials	Real estate investment trusts	8,776	0.96
Elementis	UK	Basic Materials	Chemicals	8,766	0.95
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,751	0.95
Balfour Beatty	UK	Industrials	Construction & materials	8,625	0.94
Cummins	USA	Industrials	Industrial engineering	8,574	0.93
Standard Life Aberdeen	UK	Financials	Financial services	8,339	0.91
Hill & Smith	UK	Industrials	Industrial engineering	8,314	0.91
Caterpillar	USA	Industrials	Industrial engineering	8,256	0.90
Marks and Spencer	UK	Consumer Services	General retailers	8,058	0.88
St Modwen Properties	UK	Financials	Real estate investments & services	8,011	0.87
Croda	UK	Basic Materials	Chemicals	7,775	0.85
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	7,655	0.83
Smith & Nephew	UK	Health Care	Health care equipment & services	7,374	0.80
Hiscox	UK	Financials	Nonlife insurance	7,345	0.80
Irish Continental	Ireland	Consumer Services	Travel & leisure	6,994	0.76
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,970	0.76
IMI	UK	Industrials	Industrial engineering	6,969	0.76
Spectris	UK	Industrials	Electronic & electrical equipment	6,915	0.75
Halfords	UK	Consumer Services	General retailers	6,779	0.74
Marshalls	UK	Industrials	Construction & materials	6,543	0.71
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,340	0.69
SigmaRoc	UK	Industrials	Construction & materials	6,331	0.69
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,258	0.68
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,145	0.67
International Personal Finance	UK	Financials	Financial services	5,906	0.64
Chesnara	UK	Financials	Life insurance/assurance	5,749	0.63
Convatec Group	UK	Health Care	Health care equipment & services	5,673	0.62
Centrica	UK	Utilities	Gas, water & multiutilities	5,658	0.62
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,647	0.62
SANOFI SA	France	Health Care	Pharmaceuticals & biotechnology	5,644	0.61
Euromoney	UK	Consumer Services	Media	5,471	0.60
Provident Financial	UK	Financials	Financial services	5,397	0.59
Ibstock	UK	Industrials	Construction & materials	5,291	0.58
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,800	0.52
Meggitt	UK	Industrials	Aerospace & defence	4,660	0.51
Tesco	UK	Consumer Goods	Food & Drug Retailers	4,535	0.49
Studio Retail Group plc	UK	Consumer Services	General retailers	4,417	0.48
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,414	0.48
SSE	UK	Utilities	Electricity	4,403	0.48
Babcock	UK	Industrials	Aerospace & defence	4,310	0.47
Redde Northgate	UK	Industrials	Support services	4,243	0.46
Unilever	UK	Consumer Goods	Personal goods	4,232	0.46
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	4,027	0.44
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,992	0.43
Bawag	Austria	Financials	Banks	3,951	0.43
Boku	UK	Industrials	Support services	3,884	0.42
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,878	0.42
Weir Group	UK	Industrials	Industrial engineering	3,833	0.42
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,750	0.41
Grit Real Estate Income	Guernsey	Financials	Real estate investment trusts	3,700	0.40
Marstons	UK	Consumer Services	Travel & leisure	3,569	0.39
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,556	0.39
Nestle	Switzerland	Consumer Goods	Food producers	3,514	0.38
Ricardo	UK	Industrials	Support services	3,502	0.38
Prosus	Netherlands	Technology	Software & computer services	3,484	0.38
iEnergizer Ltd	Guernsey	Industrials	Support services	3,060	0.33
Mirriad Advertising	UK	Consumer Services	Media	3,037	0.33
VH Global Sustainable Energy Opportunities plc	UK	Other	Sustainable Energy	3,006	0.33
Morses Club	UK	Financials	Financial services	2,932	0.32
Ilika	UK	Oil & Gas	Alternative Energy	2,874	0.31
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,864	0.31
Worldline	France	Industrials	Support services	2,834	0.31
Jubilee Metals Group plc	UK	Basic Materials	Mining	2,805	0.31
Amundi	France	Financials	Financial services	2,784	0.30
Plant Health Care PLC	USA	Basic Materials	Chemicals	2,714	0.30
Kier	UK	Industrials	Construction & materials	2,625	0.29
Sig Combibloc	Switzerland	Industrials	General industrials	2,580	0.28
ASML	Netherlands	Technology	Technology hardware & equipment	2,560	0.28
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,490	0.27
UniCredit	Italy	Financials	Banks	2,478	0.27
Augean	UK	Industrials	Support services	2,137	0.23
Vertu Motors PLC	UK	Consumer Services	General retailers	2,133	0.23
Allied Minds	UK	Financials	Financial services	2,128	0.23
Stellantis N.V.	Netherlands	Consumer Goods	Automobiles & parts	1,997	0.22
Faurecia	France	Consumer Goods	Automobiles & parts	1,969	0.21
Bacanora Lithium PLC	UK	Basic Materials	Mining	1,937	0.21
Nexi	Italy	Industrials	Support services	1,737	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,726	0.19
CNH Industrial	UK	Industrials	Industrial engineering	1,626	0.18
Renold	UK	Industrials	Industrial engineering	1,524	0.17
Simec Atlantis Energy	UK	Utilities	Electricity	1,445	0.16
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,372	0.15
Surface Transforms plc	UK	Consumer Goods	Automobiles & parts	1,280	0.14
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,180	0.13
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,082	0.12
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,058	0.12
Logistics Development Group Plc	UK	Industrials	Industrial transportation	969	0.11
Harbour Energy plc	UK	Oil & Gas	Oil & gas producers	765	0.08
Embracer Group	Sweden	Consumer Goods	Leisure Goods	696	0.08
AUTO1 Group SE	Germany	Other	Financial Technology	560	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	559	0.06
Allfunds Group Ltd	UK	Other	Other	545	0.06
Carclo	UK	Basic Materials	Chemicals	508	0.06
Unlisted	UK	Financials	Financial services	213	0.02
EQTEC	Ireland	Utilities	Electricity	155	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	110	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	89	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	5
Fastjet (delisted)	UK	Consumer Services	Travel & leisure
Interserve (delisted)	UK	Industrials	Support services

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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