Net Asset Value(s)

RNS Number : 4380K

Law Debenture Corp PLC

01 September 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 August 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 31 August 2021 was 827.66 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 792.33 pence per share (cum income). The mid-market price at the close of business on 31 August 2021 was 804.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	813.18	827.66
NAV with debt at fair value	777.84	792.33

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	21.1	47.0	32.3	66.7	201.5
NAV total return (with debt at fair value) 2	23.9	51.2	31.3	71.5	191.7
FTSE Actuaries All-Share Index Total Return 3	14.7	26.9	11.4	33.3	110.2
Share price total return 3	18.9	54.3	48.5	95.4	227.7
Change in Retail Price Index 4	3.4	3.8	8.4	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: Bloomberg, subject to latest published RPI, July 2021. 

Geographical Split of investment portfolio

Region	% of portfolio 31 August 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.7	82.1	80.7
Europe	9.5	10.1	7.8
North America	6.0	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 31 August 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	24,485	2.48
Rio Tinto	UK	Basic Materials	Mining	20,183	2.04
Barclays	UK	Financials	Banks	19,969	2.02
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	17,888	1.81
BP	UK	Oil & Gas	Oil & gas producers	16,926	1.72
HSBC	UK	Financials	Banks	16,744	1.69
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	15,491	1.56
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	15,419	1.55
Senior	UK	Industrials	Aerospace & defence	15,135	1.53
Herald Investment Trust	UK	Financials	Equity investment instruments	14,550	1.47
Prudential Corp	UK	Financials	Life insurance/assurance	14,145	1.43
Accsys Technologies	UK	Industrials	Construction & materials	13,886	1.40
Royal Mail	UK	Industrials	Industrial transportation	13,871	1.40
Anglo American	UK	Basic Materials	Mining	13,811	1.39
Severn Trent	UK	Utilities	Gas, water & multiutilities	13,810	1.39
Aviva	UK	Financials	Life insurance/assurance	13,679	1.38
NatWest	UK	Financials	Banks	13,319	1.34
National Grid	UK	Utilities	Gas, water & multiutilities	13,264	1.34
Lloyds Banking Group	UK	Financials	Banks	13,133	1.32
Relx	UK	Consumer Services	Media	13,086	1.32
Smith (DS)	UK	Industrials	General industrials	12,458	1.26
BHP	UK	Basic Materials	Mining	12,416	1.25
Direct Line Insurance	UK	Financials	Nonlife insurance	12,360	1.25
Tesco	UK	Consumer Goods	Food & Drug Retailers	11,867	1.20
Vodafone	UK	Telecommunications	Mobile telecommunications	11,584	1.17
IP Group	UK	Financials	Financial services	11,566	1.17
Linde	Germany	Basic Materials	Chemicals	11,431	1.15
M & G	UK	Financials	Financial services	11,330	1.14
Marks & Spencer	UK	Consumer Services	General retailers	10,946	1.10
Land Securities	UK	Financials	Real estate investment trusts	10,803	1.09
Dunelm	UK	Consumer Services	General retailers	10,674	1.08
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,613	1.07
Croda	UK	Basic Materials	Chemicals	10,513	1.06
Hill & Smith	UK	Industrials	Industrial engineering	10,475	1.06
Kier	UK	Industrials	Construction & materials	10,449	1.05
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,448	1.05
BAE Systems	UK	Industrials	Aerospace & defence	10,231	1.03
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,059	1.01
Applied Materials	USA	Technology	Technology hardware & equipment	9,823	0.99
Rolls Royce	UK	Industrials	Aerospace & defence	9,704	0.98
AFC Energy	UK	Oil & Gas	Alternative Energy	9,534	0.96
Mondi	UK	Basic Materials	Forestry & paper	9,524	0.96
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	9,340	0.94
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,061	0.91
Elementis	UK	Basic Materials	Chemicals	8,977	0.91
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,788	0.89
Standard Chartered	UK	Financials	Banks	8,576	0.86
Johnson Service Group	UK	Industrials	Support services	8,408	0.85
Spectris	UK	Industrials	Electronic & electrical equipment	8,373	0.84
Hiscox	UK	Financials	Nonlife insurance	8,309	0.84
Cummins	USA	Industrials	Industrial engineering	8,060	0.81
Hammerson	UK	Financials	Real estate investment trusts	8,009	0.81
Standard Life Aberdeen	UK	Financials	Financial services	7,982	0.80
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	7,967	0.80
IMI	UK	Industrials	Industrial engineering	7,967	0.80
Balfour Beatty	UK	Industrials	Construction & materials	7,906	0.80
Provident Financial	UK	Financials	Financial services	7,857	0.79
Caterpillar	USA	Industrials	Industrial engineering	7,665	0.77
SigmaRoc	UK	Industrials	Construction & materials	7,635	0.77
TT Electronics	UK	Industrials	Electronic & electrical equipment	7,528	0.76
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	7,522	0.76
Meggitt	UK	Industrials	Aerospace & defence	7,463	0.75
Marshalls	UK	Industrials	Construction & materials	7,277	0.73
Flutter Entertainment	UK	Consumer Services	Travel & leisure	7,055	0.71
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,862	0.69
International Personal Finance	UK	Financials	Financial services	6,836	0.69
General Motors	USA	Consumer Goods	Automobiles & parts	6,768	0.68
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	6,564	0.66
Smith & Nephew	UK	Health Care	Health care equipment & services	6,557	0.66
Chesnara	UK	Financials	Life insurance/assurance	6,261	0.63
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,093	0.61
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,075	0.61
Unilever	UK	Consumer Goods	Personal goods	6,069	0.61
Convatec Group	UK	Health Care	Health care equipment & services	5,860	0.59
Ibstock	UK	Industrials	Construction & materials	5,732	0.58
Glencore	Switzerland	Basic Materials	Mining	5,729	0.58
Euromoney	UK	Consumer Services	Media	5,704	0.58
Halfords	UK	Consumer Services	General retailers	5,627	0.57
Jubilee Metals Group	UK	Basic Materials	Mining	5,548	0.56
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,478	0.55
Babcock	UK	Industrials	Aerospace & defence	5,430	0.55
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	5,263	0.53
Centrica	UK	Utilities	Gas, water & multiutilities	5,194	0.52
Redde Northgate	UK	Industrials	Support services	5,101	0.51
SSE	UK	Utilities	Electricity	4,898	0.49
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,847	0.49
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	4,713	0.48
Bawag	Austria	Financials	Banks	4,394	0.44
Studio Retail Group	UK	Consumer Services	General retailers	4,281	0.43
Morses Club	UK	Financials	Financial services	4,158	0.42
Boku	UK	Industrials	Support services	4,064	0.41
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,844	0.39
Blue Prism Group	UK	Technology	Software & computer services	3,833	0.39
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,783	0.38
Nestle	Switzerland	Consumer Goods	Food producers	3,744	0.38
Ilika	UK	Oil & Gas	Alternative Energy	3,676	0.37
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,548	0.36
Weir Group	UK	Industrials	Industrial engineering	3,500	0.35
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,411	0.34
Augean	UK	Industrials	Support services	3,358	0.34
iEnergizer	Guernsey	Industrials	Support services	3,292	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	3,288	0.33
Sig Combibloc	Switzerland	Industrials	General industrials	3,241	0.33
Ricardo	UK	Industrials	Support services	3,176	0.32
Marstons	UK	Consumer Services	Travel & leisure	3,175	0.32
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,116	0.31
Vertu Motors	UK	Consumer Services	General retailers	3,093	0.31
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,068	0.31
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,060	0.31
Bacanora Lithium	UK	Basic Materials	Mining	3,043	0.31
UniCredit	Italy	Financials	Banks	3,019	0.30
Amundi	France	Financials	Financial services	2,970	0.30
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,869	0.29
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	2,860	0.29
Worldline	France	Industrials	Support services	2,579	0.26
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,552	0.26
Plant Health Care	USA	Basic Materials	Chemicals	2,277	0.23
Allied Minds	UK	Financials	Financial services	2,183	0.22
Longboat Energy	UK	Oil & Gas	Oil & gas producers	2,100	0.21
CNH Industrial	UK	Industrials	Industrial engineering	2,096	0.21
Nexi	Italy	Industrials	Support services	1,890	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,819	0.18
Faurecia	France	Consumer Goods	Automobiles & parts	1,784	0.18
Mirriad Advertising	UK	Consumer Services	Media	1,583	0.16
Danone SA	France	Consumer Goods	Food producers	1,511	0.15
Renold	UK	Industrials	Industrial engineering	1,469	0.15
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,280	0.13
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	1,252	0.13
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,173	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,040	0.10
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	1,037	0.10
SIMEC Atlantis Energy	UK	Utilities	Electricity	921	0.09
Prosus	Netherlands	Technology	Software & computer services	908	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	891	0.09
Velocys	UK	Oil & Gas	Oil equipment services & distribution	872	0.09
Allfunds Group	UK	Other	Other	707	0.07
Harbour Energy	UK	Oil & Gas	Oil & gas producers	669	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	507	0.05
Carclo	UK	Basic Materials	Chemicals	497	0.05
AUTO1 Group	Germany	Other	Financial Technology	453	0.05
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	120	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

 

END

 

 

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