Net Asset Value(s)

RNS Number : 4937U

Law Debenture Corp PLC

01 August 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 July 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 29 July 2022 was 768.85 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 766.33 pence per share (cum income). The mid-market price at the close of business on 29 July 2022 was 776.00 pence per share.

The NAV has been updated to reflect the change in the valuation of the IPS business, as reported in the 2022 Half Year Report.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	756.03	768.85
NAV with debt at fair value	753.51	766.33

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-5.4	0.1	26.5	37.6	159.8
NAV total return (with debt at fair value) 2	-0.8	4.4	32.9	43.8	162.1
FTSE Actuaries All-Share Index Total Return 3	-0.4	5.5	9.9	21.5	100.4
Share price total return 3	-1.8	4.7	45.3	58.9	177.1
Change in Retail Price Index 4	7.0	11.8	17.4	24.9	40.6

¹ The fair value of the IPS business has been calculated as at 30 June 2022.

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, June 2022.

Geographical Split of investment portfolio

Region	% of portfolio 29 July 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	84.4	82.6	82.1
Europe	8.9	10.0	10.1
North America	5.5	5.4	5.4
Japan	1.2	1.1	1.1
Other		0.2	0.4
Other Pacific		0.7	0.9
TOTAL	100	100	100

Full Portfolio Listing

As at 29 July 2022 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	27,238	3.02
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	23,150	2.57
BP	UK	Oil & Gas	Oil & gas producers	22,797	2.53
HSBC	UK	Financials	Banks	22,273	2.47
Barclays	UK	Financials	Banks	19,333	2.14
Rio Tinto	UK	Basic Materials	Mining	18,463	2.05
NatWest	UK	Financials	Banks	17,402	1.93
National Grid	UK	Utilities	Gas, water & multiutilities	14,813	1.65
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,925	1.55
BAE Systems	UK	Industrials	Aerospace & defence	13,860	1.54
Lloyds Banking Group	UK	Financials	Banks	13,572	1.51
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,536	1.51
Anglo American	UK	Basic Materials	Mining	13,273	1.48
Direct Line Insurance	UK	Financials	Nonlife insurance	13,184	1.47
Senior	UK	Industrials	Aerospace & defence	12,388	1.38
Flutter Entertainment	UK	Consumer Services	Travel & leisure	12,339	1.37
M & G	UK	Financials	Financial services	11,726	1.31
Vodafone	UK	Telecommunications	Mobile telecommunications	11,476	1.28
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	11,431	1.27
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,358	1.26
Land Securities	UK	Financials	Real estate investment trusts	11,138	1.24
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,875	1.21
Standard Chartered	UK	Financials	Banks	10,639	1.18
Herald Investment Trust	UK	Financials	Equity investment instruments	10,476	1.17
Aviva	UK	Financials	Life insurance/assurance	10,187	1.13
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,109	1.13
Marks & Spencer	UK	Consumer Services	General retailers	9,898	1.10
Accsys Technologies	UK	Industrials	Construction & materials	9,675	1.08
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,567	1.07
Prudential Corp	UK	Financials	Life insurance/assurance	9,396	1.05
i3 Energy	UK	Oil & Gas	Oil & gas producers	9,242	1.03
DS Smith	UK	Industrials	General industrials	9,219	1.03
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	9,151	1.02
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,954	1.00
Hill & Smith	UK	Industrials	Industrial engineering	8,746	0.97
Cummins	USA	Industrials	Industrial engineering	8,549	0.95
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	8,523	0.95
Ibstock	UK	Industrials	Construction & materials	8,492	0.95
Rolls Royce	UK	Industrials	Aerospace & defence	8,435	0.94
Convatec Group	UK	Health Care	Health care equipment & services	8,390	0.93
IMI	UK	Industrials	Industrial engineering	8,159	0.91
Caterpillar	USA	Industrials	Industrial engineering	8,152	0.91
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,140	0.91
Hiscox	UK	Financials	Nonlife insurance	8,074	0.90
IP Group	UK	Financials	Financial services	7,867	0.88
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,848	0.87
Balfour Beatty	UK	Industrials	Construction & materials	7,751	0.86
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,583	0.84
Mondi	UK	Basic Materials	Forestry & paper	7,358	0.82
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	7,311	0.81
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,147	0.80
Cranswick	UK	Consumer Goods	Food producers	7,134	0.79
Dunelm	UK	Consumer Services	General retailers	7,055	0.79
Jubilee Metals Group	UK	Basic Materials	Mining	7,039	0.78
Johnson Service Group	UK	Industrials	Support services	7,038	0.78
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	6,831	0.76
Marshalls	UK	Industrials	Construction & materials	6,822	0.76
Spectris	UK	Industrials	Electronic & electrical equipment	6,607	0.74
Elementis	UK	Basic Materials	Chemicals	6,387	0.71
Centrica	UK	Utilities	Gas, water & multiutilities	6,358	0.71
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	6,244	0.70
Kier	UK	Industrials	Construction & materials	6,207	0.69
Chesnara	UK	Financials	Life insurance/assurance	6,156	0.69
iEnergizer	Guernsey	Industrials	Support services	6,030	0.67
Unilever	UK	Consumer Goods	Personal goods	6,005	0.67
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,992	0.67
Royal Mail	UK	Industrials	Industrial transportation	5,937	0.66
Hammerson	UK	Financials	Real estate investment trusts	5,828	0.65
General Motors	USA	Consumer Goods	Automobiles & parts	5,664	0.63
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,471	0.61
Babcock	UK	Industrials	Aerospace & defence	5,452	0.61
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,375	0.60
Kistos	UK	Oil & Gas	Oil & gas producers	5,350	0.60
SSE	UK	Utilities	Electricity	5,304	0.59
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,167	0.58
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,125	0.57
Britishvolt Limited	UKULM	Other	Sustainable Energy	5,000	0.56
Halfords	UK	Consumer Services	General retailers	4,998	0.56
Standard Life Aberdeen	UK	Financials	Financial services	4,980	0.55
Smith & Nephew	UK	Health Care	Health care equipment & services	4,923	0.55
Provident Financial	UK	Financials	Financial services	4,757	0.53
Boku	UK	Industrials	Support services	4,726	0.53
AFC Energy	UK	Oil & Gas	Alternative Energy	4,714	0.52
International Personal Finance	UK	Financials	Financial services	4,480	0.50
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	4,313	0.48
Redde Northgate	UK	Industrials	Support services	4,278	0.48
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,082	0.45
ITV	UK	Consumer Services	Media	4,045	0.45
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,981	0.44
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,960	0.44
Vertu Motors	UK	Consumer Services	General retailers	3,929	0.44
Ricardo	UK	Industrials	Support services	3,427	0.38
Weir Group	UK	Industrials	Industrial engineering	3,339	0.37
SigmaRoc	UK	Industrials	Construction & materials	3,281	0.37
Plant Health Care	USA	Basic Materials	Chemicals	2,943	0.33
Reach	UK	Consumer Services	Media	2,897	0.32
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,858	0.32
Nestle	Switzerland	Consumer Goods	Food producers	2,832	0.32
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,578	0.29
ASML	Netherlands	Technology	Technology hardware & equipment	2,536	0.28
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,463	0.27
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,356	0.26
Glencore	Switzerland	Basic Materials	Mining	2,305	0.26
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	2,206	0.25
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,098	0.23
Ilika	UK	Oil & Gas	Alternative Energy	1,952	0.22
Amundi	France	Financials	Financial services	1,920	0.21
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,778	0.20
Allied Minds	UK	Financials	Financial services	1,767	0.20
Marstons	UK	Consumer Services	Travel & leisure	1,756	0.20
Gelion	UK	Other	Sustainable Energy	1,746	0.19
Bawag	Austria	Financials	Banks	1,683	0.19
Libertine Holdings	UK	Other	Sustainable Energy	1,600	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,598	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,589	0.18
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,583	0.18
Safran SA	France	Industrials	Aerospace & defence	1,526	0.17
Renold	UK	Industrials	Industrial engineering	1,524	0.17
LVMH	France	Consumer Goods	Leisure Goods	1,476	0.16
Danone SA	France	Consumer Goods	Food producers	1,435	0.16
UniCredit	Italy	Financials	Banks	1,420	0.16
Sig Combibloc	Switzerland	Industrials	General industrials	1,414	0.16
SAP	Germany	Technology	Software & computer services	1,292	0.14
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,277	0.14
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,166	0.13
Arkema SA	France	Basic Materials	Chemicals	1,156	0.13
Deutsche Boerse	Germany	Financials	Financial services	1,109	0.12
CNH Industrial	UK	Industrials	Industrial engineering	1,105	0.12
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,080	0.12
Kion Group AG	Germany	Industrials	Construction & materials	1,069	0.12
Sartorius AG	Germany	Health Care	Health care equipment & services	1,063	0.12
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,051	0.12
Universal Music Group	Netherlands	Consumer Services	Media	1,035	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,033	0.11
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,027	0.11
Allfunds Group	UK	Other	Other	814	0.09
First Tin	UK	Basic Materials	Mining	795	0.09
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	702	0.08
Harbour Energy	UK	Oil & Gas	Oil & gas producers	686	0.08
Jackson Financial	USA	Financials	Financial services	527	0.06
Mirriad Advertising	UK	Consumer Services	Media	422	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	404	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	325	0.04
Morses Club	UK	Financials	Financial services	279	0.03
Carclo	UK	Basic Materials	Chemicals	245	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	126	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	84	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	4

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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