Net Asset Value(s)

RNS Number : 9205D

Law Debenture Corp PLC

07 March 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 4 March 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 4 March 2022 was 758.99 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 735.38 pence per share (cum income). The mid-market price at the close of business on 4 March 2022 was 741.00 pence per share. The final dividend of 8.375p will be paid on 14 April 2022 to shareholders on the register at the record date of 11 March 2022. The NAV has been updated for the fair value of the IPS business at 31 December 2021 in line with the annual results announcement.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	752.46	758.99
NAV with debt at fair value	728.85	735.38

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-8.4	8.4	29.2	40.2	151.4
NAV total return (with debt at fair value) 2	-6.7	10.5	30.1	42.6	146.4
FTSE Actuaries All-Share Index Total Return 3	-7.3	5.7	10.6	17.5	81.1
Share price total return 3	-7.3	6.9	43.7	56.1	171.4
Change in Retail Price Index 4	0.0	7.8	12.3	19.7	33.5

¹ The fair value of the IPS business has been calculated as at 31 December 2021 and was published as part of the annual results announcement on 25 February 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, January 2022.

Geographical Split of investment portfolio

Region	% of portfolio 4 March 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	81.5	82.6	82.1
Europe	9.6	10.0	10.1
North America	5.0	5.4	5.4
Japan	1.2	1.1	1.1
Other	0.2	0.2	0.4
Other Pacific	2.5	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 4 March 2022 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	24,934	2.82
Shell plc	UK	Oil & Gas	Oil & gas producers	22,918	2.59
Rio Tinto	UK	Basic Materials	Mining	22,605	2.56
HSBC	UK	Financials	Banks	20,278	2.29
BP	UK	Oil & Gas	Oil & gas producers	19,845	2.24
Anglo American	UK	Basic Materials	Mining	17,224	1.95
Barclays	UK	Financials	Banks	16,932	1.91
National Grid	UK	Utilities	Gas, water & multiutilities	15,608	1.77
BHP Group	Australia	Basic Materials	Mining	15,260	1.73
Severn Trent	UK	Utilities	Gas, water & multiutilities	14,365	1.62
Relx	UK	Consumer Services	Media	13,554	1.53
Aviva	UK	Financials	Life insurance/assurance	13,093	1.48
Direct Line Insurance	UK	Financials	Nonlife insurance	13,015	1.47
Accsys Technologies	UK	Industrials	Construction & materials	12,991	1.47
Lloyds Banking Group	UK	Financials	Banks	12,909	1.46
Tesco	UK	Consumer Goods	Food & Drug Retailers	12,811	1.45
NatWest	UK	Financials	Banks	12,656	1.43
BAE Systems	UK	Industrials	Aerospace & defence	12,449	1.41
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,128	1.37
Vodafone	UK	Telecommunications	Mobile telecommunications	11,729	1.33
Land Securities	UK	Financials	Real estate investment trusts	10,921	1.24
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,723	1.21
Linde	Germany	Basic Materials	Chemicals	10,514	1.19
Senior	UK	Industrials	Aerospace & defence	10,494	1.19
Herald Investment Trust	UK	Financials	Equity investment instruments	10,476	1.18
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,466	1.18
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	10,154	1.15
Prudential Corp	UK	Financials	Life insurance/assurance	10,134	1.15
M & G	UK	Financials	Financial services	9,974	1.13
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	9,881	1.12
Marks & Spencer	UK	Consumer Services	General retailers	9,586	1.08
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	9,188	1.04
Standard Chartered	UK	Financials	Banks	8,846	1.00
Dunelm	UK	Consumer Services	General retailers	8,599	0.97
Rolls Royce	UK	Industrials	Aerospace & defence	8,527	0.96
Smith (DS)	UK	Industrials	General industrials	8,377	0.95
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,337	0.94
Centrica	UK	Utilities	Gas, water & multiutilities	8,188	0.93
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,159	0.92
Hammerson	UK	Financials	Real estate investment trusts	8,146	0.92
Glencore	Switzerland	Basic Materials	Mining	8,061	0.91
Jubilee Metals Group	UK	Basic Materials	Mining	8,015	0.91
Urban Logistics REIT	UK	Financials	Real estate investment trusts	7,591	0.86
Hiscox	UK	Financials	Nonlife insurance	7,490	0.85
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	7,408	0.84
Caterpillar	USA	Industrials	Industrial engineering	7,396	0.84
IP Group	UK	Financials	Financial services	7,316	0.83
Johnson Service Group	UK	Industrials	Support services	7,293	0.82
Cummins	USA	Industrials	Industrial engineering	7,182	0.81
Hill & Smith	UK	Industrials	Industrial engineering	7,047	0.80
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,000	0.79
Kier	UK	Industrials	Construction & materials	6,922	0.78
Scottish Oriental Small Co	Other Asia	Financials	Equity investment instruments	6,705	0.76
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,554	0.74
IMI	UK	Industrials	Industrial engineering	6,545	0.74
Mondi	UK	Basic Materials	Forestry & paper	6,401	0.72
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	6,371	0.72
General Motors	USA	Consumer Goods	Automobiles & parts	6,089	0.69
Elementis	UK	Basic Materials	Chemicals	6,082	0.69
Balfour Beatty	UK	Industrials	Construction & materials	6,065	0.69
Flutter Entertainment	UK	Consumer Services	Travel & leisure	5,999	0.68
Smith & Nephew	UK	Health Care	Health care equipment & services	5,828	0.66
Euromoney	UK	Consumer Services	Media	5,713	0.65
i3 Energy	UK	Oil & Gas	Oil & gas producers	5,656	0.64
Chesnara	UK	Financials	Life insurance/assurance	5,614	0.63
Convatec Group	UK	Health Care	Health care equipment & services	5,503	0.62
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	5,490	0.62
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,420	0.61
Standard Life Aberdeen	UK	Financials	Financial services	5,380	0.61
AFC Energy	UK	Oil & Gas	Alternative Energy	5,371	0.61
Provident Financial	UK	Financials	Financial services	5,362	0.61
Royal Mail	UK	Industrials	Industrial transportation	5,292	0.60
Spectris	UK	Industrials	Electronic & electrical equipment	5,223	0.59
Marshalls	UK	Industrials	Construction & materials	5,162	0.58
Unilever	UK	Consumer Goods	Personal goods	5,115	0.58
Ibstock	UK	Industrials	Construction & materials	5,107	0.58
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,072	0.57
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,007	0.57
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	5,001	0.57
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.56
SSE	UK	Utilities	Electricity	4,785	0.54
Halfords	UK	Consumer Services	General retailers	4,690	0.53
Babcock	UK	Industrials	Aerospace & defence	4,586	0.52
iEnergizer	Guernsey	Industrials	Support services	4,441	0.50
International Personal Finance	UK	Financials	Financial services	4,357	0.49
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,356	0.49
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,245	0.48
Redde Northgate	UK	Industrials	Support services	4,074	0.46
Nestle	Switzerland	Consumer Goods	Food producers	3,893	0.44
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,844	0.43
SigmaRoc	UK	Industrials	Construction & materials	3,765	0.43
ITV PLC	UK	Consumer Services	Media	3,763	0.43
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,354	0.38
Vertu Motors	UK	Consumer Services	General retailers	3,277	0.37
Ricardo	UK	Industrials	Support services	3,126	0.35
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,892	0.33
Weir Group	UK	Industrials	Industrial engineering	2,858	0.32
Libertine Holdings	UK	Other	Sustainable Energy	2,800	0.32
Ilika	UK	Oil & Gas	Alternative Energy	2,688	0.30
Marstons	UK	Consumer Services	Travel & leisure	2,535	0.29
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,518	0.28
Oxford Nanopore Tehcnologies	UK	Technology	Advanced Medical Equipment & Technology	2,502	0.28
Boku	UK	Industrials	Support services	2,497	0.28
ASML	Netherlands	Technology	Technology hardware & equipment	2,397	0.27
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,157	0.24
GELION PLC	Other	Other	Sustainable Energy	2,129	0.24
ONDINE BIOMEDICAL INC.	Canada	Health Care	Pharmaceuticals & biotechnology	2,125	0.24
Bawag	Austria	Financials	Banks	2,079	0.24
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	2,024	0.23
Plant Health Care	USA	Basic Materials	Chemicals	2,001	0.23
Amundi	France	Financials	Financial services	1,964	0.22
Allied Minds	UK	Financials	Financial services	1,721	0.19
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,659	0.19
SAP	Germany	Technology	Software & computer services	1,642	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,480	0.17
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,470	0.17
Sig Combibloc	Switzerland	Industrials	General industrials	1,462	0.17
Moncler	Italy	Consumer Goods	Personal goods	1,449	0.16
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	1,330	0.15
UniCredit	Italy	Financials	Banks	1,296	0.15
Arkema SA	France	Basic Materials	Chemicals	1,258	0.14
Renold	UK	Industrials	Industrial engineering	1,206	0.14
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,178	0.13
Danone SA	France	Consumer Goods	Food producers	1,159	0.13
Kion Group AG	Germany	Industrials	Construction & materials	1,107	0.13
Logistics Development Group	UK	Industrials	Industrial transportation	1,102	0.12
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,057	0.12
CNH Industrial	UK	Industrials	Industrial engineering	1,031	0.12
Safran SA	France	Industrials	Aerospace & defence	995	0.11
Faurecia	France	Consumer Goods	Automobiles & parts	967	0.11
Mirriad Advertising	UK	Consumer Services	Media	950	0.11
Prosus	Netherlands	Technology	Software & computer services	807	0.09
Allfunds Group	UK	Other	Other	788	0.09
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	780	0.09
Harbour Energy	UK	Oil & Gas	Oil & gas producers	741	0.08
Morses Club	UK	Financials	Financial services	740	0.08
Jackson Financial	USA	Financials	Financial services	676	0.08
Brockhaus Capital Management	Germany	Financials	Financial services	460	0.05
AB Skf	Sweden	Industrials	Construction & materials	432	0.05
Carclo	UK	Basic Materials	Chemicals	276	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	208	0.02
Unlisted	UK	Financials	Financial services	100	0.01
Iveco Group	Italy	Industrials	Industrial transportation	97	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	80	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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