Net Asset Value(s)

RNS Number : 3043H

Law Debenture Corp PLC

02 August 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 July 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 July 2021 was 796.97 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 762.14 pence per share (cum income). The mid-market price at the close of business on 30 July 2021 was 756.00 pence per share.

We note that as part of our 2021 half year results, we have updated the valuation of our IPS business, which has increased from £135.95m to £149.71m.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	787.23	796.97
NAV with debt at fair value	752.40	762.14

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	16.6	46.8	27.7	67.5	165.8
NAV total return (with debt at fair value) 2	19.2	52.3	26.7	69.8	156.9
FTSE Actuaries All-Share Index Total Return 3	11.7	25.0	6.2	37.6	86.9
Share price total return 3	11.8	51.2	41.4	83.4	180.8
Change in Retail Price Index 4	2.9	3.9	8.0	15.5	29.3

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 one month lag based on timing of release of July 2021 RPI data.

Geographical Split of investment portfolio

Region	% of portfolio 30 July 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.3	82.1	80.7
Europe	9.5	10.1	7.8
North America	6.4	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 30 July 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	23,748	2.51
Rio Tinto	UK	Basic Materials	Mining	22,879	2.42
Barclays	UK	Financials	Banks	18,842	1.99
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	17,748	1.88
HSBC	UK	Financials	Banks	17,236	1.82
BP	UK	Oil & Gas	Oil & gas producers	16,482	1.74
Royal Mail	UK	Industrials	Industrial transportation	14,868	1.57
Accsys Technologies	UK	Industrials	Construction & materials	14,827	1.56
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	14,823	1.56
Anglo American	UK	Basic Materials	Mining	14,357	1.51
Severn Trent	UK	Utilities	Gas, water & multiutilities	13,995	1.47
Herald Investment Trust	UK	Financials	Equity investment instruments	13,920	1.46
Senior	UK	Industrials	Aerospace & defence	13,821	1.45
Lloyds Banking Group	UK	Financials	Banks	13,691	1.44
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	13,268	1.39
Aviva	UK	Financials	Life insurance/assurance	13,110	1.38
National Grid	UK	Utilities	Gas, water & multiutilities	13,021	1.37
BHP	UK	Basic Materials	Mining	12,782	1.34
Relx	UK	Consumer Services	Media	12,684	1.33
Prudential Corp	UK	Financials	Life insurance/assurance	12,665	1.33
NatWest	UK	Financials	Banks	12,644	1.33
Smith (DS)	UK	Industrials	General industrials	11,908	1.25
Direct Line Insurance	UK	Financials	Nonlife insurance	11,904	1.25
M & G	UK	Financials	Financial services	11,235	1.18
Linde	Germany	Basic Materials	Chemicals	11,045	1.16
Vodafone	UK	Telecommunications	Mobile telecommunications	11,035	1.16
Dunelm	UK	Consumer Services	General retailers	10,989	1.16
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,850	1.14
Tesco	UK	Consumer Goods	Food & Drug Retailers	10,838	1.14
Land Securities	UK	Financials	Real estate investment trusts	10,812	1.14
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,606	1.11
BAE Systems	UK	Industrials	Aerospace & defence	10,368	1.09
Kier	UK	Industrials	Construction & materials	10,221	1.07
IP Group	UK	Financials	Financial services	10,220	1.07
Applied Materials	USA	Technology	Technology hardware & equipment	10,063	1.06
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,767	1.03
Croda	UK	Basic Materials	Chemicals	9,678	1.02
Mondi	UK	Basic Materials	Forestry & paper	9,481	1.00
Hill & Smith	UK	Industrials	Industrial engineering	9,185	0.97
Johnson Service Group	UK	Industrials	Support services	8,841	0.93
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,803	0.93
AFC Energy	UK	Oil & Gas	Alternative Energy	8,747	0.92
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,603	0.90
Standard Life Aberdeen	UK	Financials	Financial services	8,538	0.90
Rolls Royce	UK	Industrials	Aerospace & defence	8,425	0.89
Balfour Beatty	UK	Industrials	Construction & materials	8,376	0.88
Elementis	UK	Basic Materials	Chemicals	8,356	0.88
Marks & Spencer	UK	Consumer Services	General retailers	8,262	0.87
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	8,200	0.86
Hammerson	UK	Financials	Real estate investment trusts	8,159	0.86
Standard Chartered	UK	Financials	Banks	8,146	0.86
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	8,105	0.85
Hiscox	UK	Financials	Nonlife insurance	7,924	0.83
Cummins	USA	Industrials	Industrial engineering	7,843	0.82
General Motors	USA	Consumer Goods	Automobiles & parts	7,768	0.82
IMI	UK	Industrials	Industrial engineering	7,678	0.81
Spectris	UK	Industrials	Electronic & electrical equipment	7,586	0.80
Caterpillar	USA	Industrials	Industrial engineering	7,435	0.78
TT Electronics	UK	Industrials	Electronic & electrical equipment	7,114	0.75
SigmaRoc	UK	Industrials	Construction & materials	6,939	0.73
International Personal Finance	UK	Financials	Financial services	6,938	0.73
Smith & Nephew	UK	Health Care	Health care equipment & services	6,869	0.72
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	6,757	0.71
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,579	0.69
Marshalls	UK	Industrials	Construction & materials	6,570	0.69
Provident Financial	UK	Financials	Financial services	6,258	0.66
Unilever	UK	Consumer Goods	Personal goods	6,224	0.65
Convatec Group	UK	Health Care	Health care equipment & services	6,157	0.65
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,128	0.64
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,102	0.64
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,778	0.61
Chesnara	UK	Financials	Life insurance/assurance	5,697	0.60
Euromoney	UK	Consumer Services	Media	5,626	0.59
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	5,564	0.58
Halfords	UK	Consumer Services	General retailers	5,512	0.58
Ibstock	UK	Industrials	Construction & materials	5,124	0.54
Redde Northgate	UK	Industrials	Support services	4,937	0.52
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,935	0.52
Glencore	Switzerland	Basic Materials	Mining	4,853	0.51
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,847	0.51
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	4,700	0.49
Meggitt	UK	Industrials	Aerospace & defence	4,691	0.49
Morses Club	UK	Financials	Financial services	4,557	0.48
Centrica	UK	Utilities	Gas, water & multiutilities	4,546	0.48
Jubilee Metals Group	UK	Basic Materials	Mining	4,350	0.46
SSE	UK	Utilities	Electricity	4,337	0.46
Studio Retail Group	UK	Consumer Services	General retailers	4,327	0.45
Bawag	Austria	Financials	Banks	4,131	0.43
Boku	UK	Industrials	Support services	4,106	0.43
Babcock	UK	Industrials	Aerospace & defence	3,829	0.40
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,775	0.40
Nestle	Switzerland	Consumer Goods	Food producers	3,714	0.39
Ilika	UK	Oil & Gas	Alternative Energy	3,676	0.39
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,458	0.36
Weir Group	UK	Industrials	Industrial engineering	3,447	0.36
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,396	0.36
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,379	0.36
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,171	0.33
Ricardo	UK	Industrials	Support services	3,168	0.33
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,138	0.33
Sig Combibloc	Switzerland	Industrials	General industrials	3,090	0.32
Marstons	UK	Consumer Services	Travel & leisure	3,056	0.32
ASML	Netherlands	Technology	Technology hardware & equipment	2,967	0.31
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	2,958	0.31
Augean	UK	Industrials	Support services	2,951	0.31
UniCredit	Italy	Financials	Banks	2,876	0.30
Amundi	France	Financials	Financial services	2,875	0.30
iEnergizer	Guernsey	Industrials	Support services	2,860	0.30
i3 Energy	UK	Oil & Gas	Oil & gas producers	2,782	0.29
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	2,721	0.29
Worldline	France	Industrials	Support services	2,684	0.28
Bacanora Lithium	UK	Basic Materials	Mining	2,674	0.28
Vertu Motors	UK	Consumer Services	General retailers	2,664	0.28
Plant Health Care	USA	Basic Materials	Chemicals	2,459	0.26
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,405	0.25
Blue Prism Group	UK	Technology	Software & computer services	2,110	0.22
CNH Industrial	UK	Industrials	Industrial engineering	2,100	0.22
Prosus	Netherlands	Technology	Software & computer services	2,093	0.22
Longboat Energy	UK	Oil & Gas	Oil & gas producers	2,010	0.21
Nexi	Italy	Industrials	Support services	1,932	0.20
Moncler	Italy	Consumer Goods	Personal goods	1,922	0.20
Allied Minds	UK	Financials	Financial services	1,850	0.19
Mirriad Advertising	UK	Consumer Services	Media	1,847	0.19
Faurecia	France	Consumer Goods	Automobiles & parts	1,634	0.17
Danone SA	France	Consumer Goods	Food producers	1,510	0.16
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	1,302	0.14
Renold	UK	Industrials	Industrial engineering	1,255	0.13
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,188	0.12
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,180	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,025	0.11
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	996	0.10
SIMEC Atlantis Energy	UK	Utilities	Electricity	994	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	897	0.09
Velocys	UK	Oil & Gas	Oil equipment services & distribution	734	0.08
Allfunds Group	UK	Other	Other	683	0.07
Harbour Energy	UK	Oil & Gas	Oil & gas producers	614	0.06
Embracer Group	Sweden	Consumer Goods	Leisure Goods	576	0.06
Carclo	UK	Basic Materials	Chemicals	555	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	513	0.05
AUTO1 Group	Germany	Other	Financial Technology	451	0.05
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	126	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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