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

 

END

 

 

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