Net Asset Value(s)

RNS Number : 6097N

Law Debenture Corp PLC

01 June 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 May 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 May 2022 was 808.96 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 798.71 pence per share (cum income). The mid-market price at the close of business on 31 May 2022 was 811.00 pence per share. The first interim dividend will be paid on 7 July 2022 to shareholders on the register at the record date of 6 June 2022.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	791.00	808.96
NAV with debt at fair value	780.75	798.71

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-1.3	6.4	37.9	44.6	185.9
NAV total return (with debt at fair value) 2	2.5	9.9	42.7	50.2	185.6
FTSE Actuaries All-Share Index Total Return 3	1.5	8.3	18.4	22.2	117.0
Share price total return 3	2.6	9.0	53.4	66.2	212.1
Change in Retail Price Index 4	5.3	11.1	16.1	23.7	38.0

¹ The fair value of the IPS business has been calculated as at 31 December 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, April 2022.

Geographical Split of investment portfolio

Region	% of portfolio 31 May 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	85.0	82.6	82.1
Europe	8.4	10.0	10.1
North America	5.4	5.4	5.4
Japan	1.2	1.1	1.1
Other	0.0	0.2	0.4
Other Pacific	0.0	0.7	0.9
TOTAL	100	100	100

Please note we have re-classified the 'Other' and 'Other Pacific' holdings as UK investments

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 May 2022 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Shell plc	UK	Oil & Gas	Oil & gas producers	29,706	3.22
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	29,014	3.13
BP	UK	Oil & Gas	Oil & gas producers	24,738	2.67
HSBC	UK	Financials	Banks	23,110	2.50
Rio Tinto	UK	Basic Materials	Mining	21,559	2.33
Barclays	UK	Financials	Banks	20,792	2.25
Anglo American	UK	Basic Materials	Mining	17,492	1.89
National Grid	UK	Utilities	Gas, water & multiutilities	15,324	1.65
Direct Line Insurance	UK	Financials	Nonlife insurance	15,181	1.64
NatWest	UK	Financials	Banks	14,263	1.54
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,729	1.48
BAE Systems	UK	Industrials	Aerospace & defence	13,597	1.47
Lloyds Banking Group	UK	Financials	Banks	13,464	1.45
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,676	1.37
Vodafone	UK	Telecommunications	Mobile telecommunications	12,405	1.34
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,301	1.33
Flutter Entertainment	UK	Consumer Services	Travel & leisure	12,188	1.32
Accsys Technologies	UK	Industrials	Construction & materials	12,119	1.31
M & G	UK	Financials	Financial services	11,886	1.28
Standard Chartered	UK	Financials	Banks	11,872	1.28
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	11,852	1.28
BT Group	UK	Telecommunications	Fixed Line Telecommunications	11,703	1.26
Land Securities	UK	Financials	Real estate investment trusts	11,683	1.26
Aviva	UK	Financials	Life insurance/assurance	11,062	1.19
Senior	UK	Industrials	Aerospace & defence	10,784	1.16
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,741	1.16
Herald Investment Trust	UK	Financials	Equity investment instruments	10,584	1.14
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	10,144	1.10
Marks & Spencer	UK	Consumer Services	General retailers	9,870	1.07
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	9,733	1.05
Prudential Corp	UK	Financials	Life insurance/assurance	9,690	1.05
i3 Energy	UK	Oil & Gas	Oil & gas producers	9,495	1.03
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,157	0.99
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,052	0.98
Centrica	UK	Utilities	Gas, water & multiutilities	8,906	0.96
IMI	UK	Industrials	Industrial engineering	8,642	0.93
Smith (DS)	UK	Industrials	General industrials	8,628	0.93
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,584	0.93
Caterpillar	USA	Industrials	Industrial engineering	8,559	0.92
Hiscox	UK	Financials	Nonlife insurance	8,362	0.90
Rolls Royce	UK	Industrials	Aerospace & defence	8,191	0.88
Convatec Group	UK	Health Care	Health care equipment & services	7,942	0.86
IP Group	UK	Financials	Financial services	7,895	0.85
Hill & Smith	UK	Industrials	Industrial engineering	7,884	0.85
Cummins	USA	Industrials	Industrial engineering	7,801	0.84
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,789	0.84
Jubilee Metals Group	UK	Basic Materials	Mining	7,604	0.82
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,481	0.81
Mondi	UK	Basic Materials	Forestry & paper	7,306	0.79
Dunelm	UK	Consumer Services	General retailers	7,287	0.79
Ibstock	UK	Industrials	Construction & materials	7,243	0.78
Balfour Beatty	UK	Industrials	Construction & materials	7,198	0.78
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	7,078	0.76
Euromoney	UK	Consumer Services	Media	6,977	0.75
Elementis	UK	Basic Materials	Chemicals	6,920	0.75
Marshalls	UK	Industrials	Construction & materials	6,832	0.74
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	6,768	0.73
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	6,750	0.73
Johnson Service Group	UK	Industrials	Support services	6,622	0.72
Cranswick PLC	UK	Consumer Goods	Food producers	6,526	0.70
Royal Mail	UK	Industrials	Industrial transportation	6,521	0.70
Hammerson	UK	Financials	Real estate investment trusts	6,420	0.69
Spectris	UK	Industrials	Electronic & electrical equipment	6,411	0.69
Kier	UK	Industrials	Construction & materials	6,370	0.69
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	6,217	0.67
Chesnara	UK	Financials	Life insurance/assurance	6,156	0.66
Smith & Nephew	UK	Health Care	Health care equipment & services	6,077	0.66
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	5,968	0.64
Standard Life Aberdeen	UK	Financials	Financial services	5,862	0.63
General Motors	USA	Consumer Goods	Automobiles & parts	5,831	0.63
Unilever	UK	Consumer Goods	Personal goods	5,735	0.62
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,675	0.61
Provident Financial	UK	Financials	Financial services	5,578	0.60
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,418	0.59
Halfords	UK	Consumer Services	General retailers	5,394	0.58
SSE	UK	Utilities	Electricity	5,312	0.57
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,205	0.56
Babcock	UK	Industrials	Aerospace & defence	5,051	0.55
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,917	0.53
AFC Energy	UK	Oil & Gas	Alternative Energy	4,774	0.52
iEnergizer	Guernsey	Industrials	Support services	4,654	0.50
Redde Northgate	UK	Industrials	Support services	4,401	0.48
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,388	0.47
Kistos Plc	UK	Oil & Gas	Oil & gas producers	4,253	0.46
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,224	0.46
Boku	UK	Industrials	Support services	4,177	0.45
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,118	0.44
ITV PLC	UK	Consumer Services	Media	3,865	0.42
International Personal Finance	UK	Financials	Financial services	3,860	0.42
Nestle	Switzerland	Consumer Goods	Food producers	3,671	0.40
SigmaRoc	UK	Industrials	Construction & materials	3,474	0.38
Plant Health Care	USA	Basic Materials	Chemicals	3,444	0.37
Vertu Motors	UK	Consumer Services	General retailers	3,357	0.36
Weir Group	UK	Industrials	Industrial engineering	3,177	0.34
Reach PLC	UK	Consumer Services	Media	3,043	0.33
Ricardo	UK	Industrials	Support services	2,984	0.32
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,921	0.32
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,700	0.29
Libertine Holdings	UK	Other	Sustainable Energy	2,540	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,483	0.27
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,444	0.26
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,441	0.26
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,382	0.26
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	2,374	0.26
Urban Logistics REIT	UK	Financials	Real estate investment trusts	2,184	0.24
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,173	0.23
GELION PLC	UK	Other	Sustainable Energy	2,023	0.22
Marstons	UK	Consumer Services	Travel & leisure	2,007	0.22
Amundi	France	Financials	Financial services	1,992	0.22
Bawag	Austria	Financials	Banks	1,804	0.19
ONDINE BIOMEDICAL INC.	Canada	Health Care	Pharmaceuticals & biotechnology	1,750	0.19
Renold	UK	Industrials	Industrial engineering	1,717	0.19
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,680	0.18
UniCredit	Italy	Financials	Banks	1,618	0.17
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,562	0.17
Ilika	UK	Oil & Gas	Alternative Energy	1,547	0.17
Sig Combibloc	Switzerland	Industrials	General industrials	1,537	0.17
Allied Minds	UK	Financials	Financial services	1,526	0.16
Moncler	Italy	Consumer Goods	Personal goods	1,480	0.16
Arkema SA	France	Basic Materials	Chemicals	1,430	0.15
SAP	Germany	Technology	Software & computer services	1,338	0.14
Danone SA	France	Consumer Goods	Food producers	1,329	0.14
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,266	0.14
CNH Industrial	UK	Industrials	Industrial engineering	1,197	0.13
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,167	0.13
First Tin	UK	Basic Materials	Mining	1,140	0.12
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,091	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,056	0.11
Mirriad Advertising	UK	Consumer Services	Media	1,055	0.11
Deutsche Boerse	Germany	Financials	Financial services	1,035	0.11
Safran SA	France	Industrials	Aerospace & defence	1,019	0.11
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	981	0.11
Universal Music Group	Netherlands	Consumer Services	Media	944	0.10
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	912	0.10
SARTORIUS AG	Germany	Health Care	Health care equipment & services	806	0.09
Kion Group AG	Germany	Industrials	Construction & materials	793	0.09
Allfunds Group	UK	Other	Other	754	0.08
Harbour Energy	UK	Oil & Gas	Oil & gas producers	720	0.08
Jackson Financial	USA	Financials	Financial services	674	0.07
Morses Club	UK	Financials	Financial services	456	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	434	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	338	0.04
Carclo	UK	Basic Materials	Chemicals	277	0.03
Unlisted	UK	Financials	Financial services	100	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	80	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	70	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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