Net Asset Value(s)

RNS Number : 3705A
Law Debenture Corp PLC
01 February 2022
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 January 2022

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 January 2022 was 813.99 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 780.69 pence per share (cum income). The mid-market price at the close of business on 31 January 2022 was 801.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

801.12

813.99

NAV with debt at fair value

767.82

780.69

 

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par) 2

-0.9

24.4

40.8

56.4

183.8

NAV total return (with debt at fair value) 2

0.1

27.4

40.6

56.8

175.3

FTSE Actuaries All-Share Index Total Return 3

-0.3

18.9

21.7

30.2

104.4

Share price total return 3

0.3

27.5

56.5

80.5

228.5

Change in Retail Price Index 4

7.5

7.5

11.2

18.9

32.7

 

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.

 

Geographical Split of investment portfolio

Region

% of portfolio

31 January 2022

% of portfolio

31 December 2021

% of portfolio

31 December 2020

UK

81.5

82.6 

82.1

Europe

9.4

10.0 

10.1

North America

5.7

5.4 

5.4

Japan

1.2

1.1 

1.1

Other

1.5

0.2 

0.4

Other Pacific

0.7

0.7 

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 January 2022 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

27,517

2.82

Shell plc

UK

Oil & Gas

Oil & gas producers

23,570

2.41

HSBC

UK

Financials

Banks

22,876

2.33

BP

UK

Oil & Gas

Oil & gas producers

21,820

2.23

Barclays

UK

Financials

Banks

21,300

2.17

Rio Tinto

UK

Basic Materials

Mining

19,444

1.98

Lloyds Banking Group

UK

Financials

Banks

15,315

1.56

Direct Line Insurance

UK

Financials

Nonlife insurance

15,240

1.55

National Grid

UK

Utilities

Gas, water & multiutilities

15,213

1.55

NatWest

UK

Financials

Banks

15,144

1.54

Accsys Technologies

UK

Industrials

Construction & materials

14,782

1.51

Aviva

UK

Financials

Life insurance/assurance

14,698

1.50

Anglo American

UK

Basic Materials

Mining

14,526

1.48

Severn Trent

UK

Utilities

Gas, water & multiutilities

14,360

1.46

Tesco

UK

Consumer Goods

Food & Drug Retailers

13,818

1.41

Relx

UK

Consumer Services

Media

13,608

1.39

BHP Group

Other

Basic Materials

Mining

13,366

1.36

Marks & Spencer

UK

Consumer Services

General retailers

13,261

1.35

Vodafone

UK

Telecommunications

Mobile telecommunications

12,352

1.26

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

12,320

1.26

Kingfisher plc

UK

Consumer Goods

Household goods & home construction

12,249

1.25

BT Group

UK

Telecommunications

Fixed Line Telecommunications

12,209

1.25

Herald Investment Trust

UK

Financials

Equity investment instruments

12,120

1.24

Land Securities

UK

Financials

Real estate investment trusts

12,040

1.23

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

11,964

1.22

M & G

UK

Financials

Financial services

11,853

1.21

Linde

Germany

Basic Materials

Chemicals

11,654

1.19

Prudential Corp

UK

Financials

Life insurance/assurance

11,540

1.18

Senior

UK

Industrials

Aerospace & defence

11,364

1.16

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

11,356

1.16

Dunelm

UK

Consumer Services

General retailers

11,039

1.13

Smith (DS)

UK

Industrials

General industrials

10,571

1.08

BAE Systems

UK

Industrials

Aerospace & defence

10,390

1.06

Standard Chartered

UK

Financials

Banks

10,123

1.03

Watkin Jones

UK

Consumer Goods

Household goods & home construction

9,824

1.00

Rolls Royce

UK

Industrials

Aerospace & defence

9,674

0.99

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

9,588

0.98

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

9,550

0.97

Hammerson

UK

Financials

Real estate investment trusts

9,058

0.92

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

8,910

0.91

IP Group

UK

Financials

Financial services

8,784

0.90

Hiscox

UK

Financials

Nonlife insurance

8,781

0.90

Mondi

UK

Basic Materials

Forestry & paper

8,735

0.89

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

8,589

0.88

Johnson Service Group

UK

Industrials

Support services

8,579

0.87

Hill & Smith

UK

Industrials

Industrial engineering

8,450

0.86

Flutter Entertainment

UK

Consumer Services

Travel & leisure

8,389

0.86

Elementis

UK

Basic Materials

Chemicals

8,338

0.85

Centrica

UK

Utilities

Gas, water & multiutilities

8,136

0.83

Kier

UK

Industrials

Construction & materials

7,962

0.81

Cummins

USA

Industrials

Industrial engineering

7,717

0.79

Caterpillar

USA

Industrials

Industrial engineering

7,488

0.76

Jubilee Metals Group

UK

Basic Materials

Mining

7,450

0.76

General Motors

USA

Consumer Goods

Automobiles & parts

7,447

0.76

Urban Logistics REIT

UK

Financials

Real estate investment trusts

7,259

0.74

Standard Life Aberdeen

UK

Financials

Financial services

7,242

0.74

IMI

UK

Industrials

Industrial engineering

7,206

0.73

Spectris

UK

Industrials

Electronic & electrical equipment

7,153

0.73

Scottish Oriental Small Co

Other Asia

Financials

Equity investment instruments

7,082

0.72

Balfour Beatty

UK

Industrials

Construction & materials

6,944

0.71

Provident Financial

UK

Financials

Financial services

6,916

0.71

Glencore

Switzerland

Basic Materials

Mining

6,703

0.68

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,655

0.68

Royal Mail

UK

Industrials

Industrial transportation

6,606

0.67

Halfords

UK

Consumer Services

General retailers

6,556

0.67

Marshalls

UK

Industrials

Construction & materials

6,300

0.64

TT Electronics

UK

Industrials

Electronic & electrical equipment

6,246

0.64

Ibstock

UK

Industrials

Construction & materials

6,202

0.63

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

6,030

0.61

Chesnara

UK

Financials

Life insurance/assurance

5,895

0.60

Smith & Nephew

UK

Health Care

Health care equipment & services

5,889

0.60

International Personal Finance

UK

Financials

Financial services

5,813

0.59

AFC Energy

UK

Oil & Gas

Alternative Energy

5,710

0.58

Unilever

UK

Consumer Goods

Personal goods

5,681

0.58

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

5,612

0.57

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

5,472

0.56

Convatec Group

UK

Health Care

Health care equipment & services

5,441

0.55

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

5,363

0.55

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

5,350

0.55

Merck & Co

USA

Health Care

Pharmaceuticals & biotechnology

5,147

0.52

Euromoney

UK

Consumer Services

Media

5,040

0.51

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,933

0.50

SigmaRoc

UK

Industrials

Construction & materials

4,840

0.49

SSE

UK

Utilities

Electricity

4,748

0.48

Babcock

UK

Industrials

Aerospace & defence

4,517

0.46

Redde Northgate

UK

Industrials

Support services

4,476

0.46

iEnergizer

Guernsey

Industrials

Support services

4,391

0.45

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

4,356

0.44

ITV PLC

UK

Consumer Services

Media

3,924

0.40

i3 Energy

UK

Oil & Gas

Oil & gas producers

3,920

0.40

Nestle

Switzerland

Consumer Goods

Food producers

3,889

0.40

Ricardo

UK

Industrials

Support services

3,836

0.39

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,775

0.39

Vertu Motors

UK

Consumer Services

General retailers

3,769

0.38

Ilika

UK

Oil & Gas

Alternative Energy

3,550

0.36

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,476

0.35

Weir Group

UK

Industrials

Industrial engineering

3,457

0.35

Boku

UK

Industrials

Support services

3,386

0.35

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,248

0.33

Bawag

Austria

Financials

Banks

3,232

0.33

Libertine Holdings

UK

Other

Sustainable Energy

3,200

0.33

Oxford Nanopore Tehcnologies

UK

Technology

Advanced Medical Equipment & Technology

3,105

0.32

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

3,028

0.31

Reckitt Benckiser Group Plc

UK

Health Care

Health care equipment & services

3,005

0.31

Marstons

UK

Consumer Services

Travel & leisure

2,938

0.30

ASML

Netherlands

Technology

Technology hardware & equipment

2,694

0.27

Morses Club

UK

Financials

Financial services

2,506

0.26

Amundi

France

Financials

Financial services

2,477

0.25

ONDINE BIOMEDICAL INC.

Canada

Health Care

Pharmaceuticals & biotechnology

2,208

0.23

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,049

0.21

UniCredit

Italy

Financials

Banks

2,040

0.21

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

2,009

0.20

SAP

Germany

Technology

Software & computer services

1,901

0.19

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,896

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,822

0.19

Longboat Energy

UK

Oil & Gas

Oil & gas producers

1,770

0.18

Renold

UK

Industrials

Industrial engineering

1,738

0.18

Stellantis

Netherlands

Consumer Goods

Automobiles & parts

1,681

0.17

Allied Minds

UK

Financials

Financial services

1,665

0.17

Plant Health Care

USA

Basic Materials

Chemicals

1,652

0.17

Arkema SA

France

Basic Materials

Chemicals

1,625

0.17

Studio Retail Group

UK

Consumer Services

General retailers

1,558

0.16

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,530

0.16

Faurecia

France

Consumer Goods

Automobiles & parts

1,484

0.15

GELION PLC

Other

Other

Sustainable Energy

1,470

0.15

Sig Combibloc

Switzerland

Industrials

General industrials

1,394

0.14

Kion Group AG

Germany

Industrials

Construction & materials

1,354

0.14

Danone SA

France

Consumer Goods

Food producers

1,312

0.13

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,307

0.13

Safran SA

France

Industrials

Aerospace & defence

1,270

0.13

Prosus

Netherlands

Technology

Software & computer services

1,263

0.13

CNH Industrial

UK

Industrials

Industrial engineering

1,126

0.11

Allfunds Group

UK

Other

Other

1,083

0.11

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

1,052

0.11

Logistics Development Group

UK

Industrials

Industrial transportation

1,025

0.10

Tullow Oil

UK

Oil & Gas

Oil & gas producers

996

0.10

Mirriad Advertising

UK

Consumer Services

Media

950

0.10

AB Skf

Sweden

Industrials

Construction & materials

781

0.08

Harbour Energy

UK

Oil & Gas

Oil & gas producers

672

0.07

Jackson Financial

USA

Financials

Financial services

666

0.07

Brockhaus Capital Management

Germany

Financials

Financial services

468

0.05

Carclo

UK

Basic Materials

Chemicals

403

0.04

Unlisted

UK

Financials

Financial services

213

0.02

SIMEC Atlantis Energy

UK

Utilities

Electricity

213

0.02

Iveco Group

Italy

Industrials

Industrial transportation

146

0.01

Providence Resources

UK

Oil & Gas

Oil & gas producers

100

0.01

Better Cap

UK

Financials

Equity investment instruments

25

 

Permanent TSB

Ireland

Financials

Banks

6

 

 

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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