Net Asset Value(s)

RNS Number : 4145X

Law Debenture Corp PLC

04 January 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 December 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 December 2021 was 821.12 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 780.09 pence per share (cum income). The mid-market price at the close of business on 31 December 2021 was 799.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	810.25	821.12
NAV with debt at fair value	769.22	780.09

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	21.2	21.2	47.0	57.2	194.7
NAV total return (with debt at fair value) 2	23.1	23.1	44.9	56.9	183.1
FTSE Actuaries All-Share Index Total Return 3	18.3	18.3	27.2	30.2	110.7
Share price total return 3	19.2	19.2	67.6	81.2	237.0
Change in Retail Price Index 4	6.4	7.1	10.4	18.4	31.8

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, November 2021.

Geographical Split of investment portfolio

Region	% of portfolio 31 December 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.6	82.1	80.7
Europe	10.0	10.1	7.8
North America	5.4	5.4	8.3
Japan	1.1	1.1	1.1
Other	0.2	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 December 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	26,911	2.72
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	20,280	2.05
Barclays	UK	Financials	Banks	20,196	2.04
HSBC	UK	Financials	Banks	19,454	1.96
BP	UK	Oil & Gas	Oil & gas producers	18,839	1.90
Rio Tinto	UK	Basic Materials	Mining	18,345	1.85
Accsys Technologies	UK	Industrials	Construction & materials	15,723	1.58
Herald Investment Trust	UK	Financials	Equity investment instruments	15,030	1.51
National Grid	UK	Utilities	Gas, water & multiutilities	14,934	1.50
Severn Trent	UK	Utilities	Gas, water & multiutilities	14,735	1.48
Relx	UK	Consumer Services	Media	14,388	1.45
Lloyds Banking Group	UK	Financials	Banks	14,340	1.44
Marks & Spencer	UK	Consumer Services	General retailers	14,115	1.42
NatWest	UK	Financials	Banks	14,100	1.42
Direct Line Insurance	UK	Financials	Nonlife insurance	13,950	1.41
Aviva	UK	Financials	Life insurance/assurance	13,892	1.40
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,783	1.39
Anglo American	UK	Basic Materials	Mining	13,572	1.37
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,488	1.36
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	13,058	1.32
Linde	Germany	Basic Materials	Chemicals	12,819	1.29
Senior	UK	Industrials	Aerospace & defence	12,542	1.26
BHP	UK	Basic Materials	Mining	12,095	1.22
Prudential Corp	UK	Financials	Life insurance/assurance	11,904	1.20
Land Securities	UK	Financials	Real estate investment trusts	11,820	1.19
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	11,663	1.17
Dunelm	UK	Consumer Services	General retailers	11,462	1.15
IP Group	UK	Financials	Financial services	11,274	1.14
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,151	1.12
M & G	UK	Financials	Financial services	10,948	1.10
Smith (DS)	UK	Industrials	General industrials	10,807	1.09
Vodafone	UK	Telecommunications	Mobile telecommunications	10,657	1.07
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,597	1.07
Rolls Royce	UK	Industrials	Aerospace & defence	10,383	1.05
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,157	1.02
Hill & Smith	UK	Industrials	Industrial engineering	10,124	1.02
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,969	1.00
BAE Systems	UK	Industrials	Aerospace & defence	9,896	1.00
Watkin Jones	UK	Consumer Goods	Household goods & home construction	9,676	0.97
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,524	0.96
Kier	UK	Industrials	Construction & materials	8,905	0.90
Flutter Entertainment	UK	Consumer Services	Travel & leisure	8,813	0.89
Mondi	UK	Basic Materials	Forestry & paper	8,674	0.87
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	8,655	0.87
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	8,559	0.86
Standard Chartered	UK	Financials	Banks	8,456	0.85
Johnson Service Group	UK	Industrials	Support services	8,249	0.83
General Motors	USA	Consumer Goods	Automobiles & parts	8,231	0.83
Jubilee Metals Group	UK	Basic Materials	Mining	8,221	0.83
Centrica	UK	Utilities	Gas, water & multiutilities	8,039	0.81
Provident Financial	UK	Financials	Financial services	7,928	0.80
AFC Energy	UK	Oil & Gas	Alternative Energy	7,817	0.79
Hiscox	UK	Financials	Nonlife insurance	7,786	0.78
Spectris	UK	Industrials	Electronic & electrical equipment	7,773	0.78
Elementis	UK	Basic Materials	Chemicals	7,711	0.78
Hammerson	UK	Financials	Real estate investment trusts	7,671	0.77
Caterpillar	USA	Industrials	Industrial engineering	7,640	0.77
IMI	UK	Industrials	Industrial engineering	7,595	0.77
Royal Mail	UK	Industrials	Industrial transportation	7,590	0.76
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	7,585	0.76
Cummins	USA	Industrials	Industrial engineering	7,574	0.76
Balfour Beatty	UK	Industrials	Construction & materials	7,242	0.73
Standard Life Aberdeen	UK	Financials	Financial services	7,239	0.73
Scottish Oriental Small Co	Other Asia	Financials	Equity investment instruments	7,082	0.71
Halfords	UK	Consumer Services	General retailers	6,901	0.70
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,807	0.69
Glencore	Switzerland	Basic Materials	Mining	6,562	0.66
Marshalls	UK	Industrials	Construction & materials	6,233	0.63
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,114	0.62
Smith & Nephew	UK	Health Care	Health care equipment & services	6,065	0.61
International Personal Finance	UK	Financials	Financial services	5,999	0.60
Convatec Group	UK	Health Care	Health care equipment & services	5,927	0.60
Unilever	UK	Consumer Goods	Personal goods	5,918	0.60
Ibstock	UK	Industrials	Construction & materials	5,886	0.59
Chesnara	UK	Financials	Life insurance/assurance	5,843	0.59
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,760	0.58
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,551	0.56
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,340	0.54
Euromoney	UK	Consumer Services	Media	5,112	0.52
Redde Northgate	UK	Industrials	Support services	5,089	0.51
SSE	UK	Utilities	Electricity	4,944	0.50
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.50
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,897	0.49
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	4,814	0.49
Babcock	UK	Industrials	Aerospace & defence	4,762	0.48
Ilika	UK	Oil & Gas	Alternative Energy	4,513	0.45
Oxford Nanopore Tehcnologies	UK	Technology	Advanced Medical Equipment & Technology	4,466	0.45
SigmaRoc	UK	Industrials	Construction & materials	4,410	0.44
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,356	0.44
Nestle	Switzerland	Consumer Goods	Food producers	4,204	0.42
Blue Prism Group	UK	Technology	Software & computer services	4,105	0.41
Vertu Motors	UK	Consumer Services	General retailers	3,930	0.40
iEnergizer	Guernsey	Industrials	Support services	3,808	0.38
UniCredit	Italy	Financials	Banks	3,785	0.38
Ricardo	UK	Industrials	Support services	3,753	0.38
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,738	0.38
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,729	0.38
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,672	0.37
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	3,631	0.37
Boku	UK	Industrials	Support services	3,471	0.35
Weir Group	UK	Industrials	Industrial engineering	3,423	0.34
Bawag	Austria	Financials	Banks	3,306	0.33
Morses Club	UK	Financials	Financial services	3,281	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	3,229	0.33
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	3,170	0.32
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,043	0.31
Libertine Holdings	UK	Other	Sustainable Energy	3,000	0.30
Marstons	UK	Consumer Services	Travel & leisure	2,829	0.29
Amundi	France	Financials	Financial services	2,631	0.27
Studio Retail Group	UK	Consumer Services	General retailers	2,481	0.25
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,314	0.23
ONDINE BIOMEDICAL INC.	Canada	Health Care	Pharmaceuticals & biotechnology	2,292	0.23
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,201	0.22
SAP	Germany	Technology	Software & computer services	2,142	0.22
Moncler	Italy	Consumer Goods	Personal goods	2,095	0.21
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,054	0.21
Allied Minds	UK	Financials	Financial services	1,980	0.20
GELION PLC	Other	Other	Sustainable Energy	1,931	0.19
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,895	0.19
Plant Health Care	USA	Basic Materials	Chemicals	1,864	0.19
Renold	UK	Industrials	Industrial engineering	1,836	0.18
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,830	0.18
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,766	0.18
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	1,678	0.17
Sig Combibloc	Switzerland	Industrials	General industrials	1,671	0.17
Faurecia	France	Consumer Goods	Automobiles & parts	1,612	0.16
Arkema SA	France	Basic Materials	Chemicals	1,552	0.16
Kion Group AG	Germany	Industrials	Construction & materials	1,501	0.15
Mirriad Advertising	UK	Consumer Services	Media	1,425	0.14
CNH Industrial	UK	Industrials	Industrial engineering	1,326	0.13
Danone SA	France	Consumer Goods	Food producers	1,308	0.13
Safran SA	France	Industrials	Aerospace & defence	1,293	0.13
Prosus	Netherlands	Technology	Software & computer services	1,272	0.13
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	1,270	0.13
Allfunds Group	UK	Other	Other	1,261	0.13
AB Skf	Sweden	Industrials	Construction & materials	1,243	0.13
Logistics Development Group	UK	Industrials	Industrial transportation	987	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	918	0.09
Jackson Financial	USA	Financials	Financial services	722	0.07
Harbour Energy	UK	Oil & Gas	Oil & gas producers	663	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	531	0.05
Carclo	UK	Basic Materials	Chemicals	497	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	280	0.03
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	83	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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