Net Asset Value(s)

RNS Number : 1604K

Law Debenture Corp PLC

03 May 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 April 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 April 2022 was 805.53 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 788.00 pence per share (cum income). The mid-market price at the close of business on 29 April 2022 was 796.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	791.20	805.53
NAV with debt at fair value	773.67	788.00

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-1.8	8.2	33.2	48.4	170.7
NAV total return (with debt at fair value) 2	1.1	10.8	36.0	52.6	167.9
FTSE Actuaries All-Share Index Total Return 3	0.8	8.7	14.1	26.6	100.8
Share price total return 3	0.7	9.4	45.2	66.5	192.1
Change in Retail Price Index 4	1.8	9.0	13.5	20.1	34.3

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, March 2022.

Geographical Split of investment portfolio

Region	% of portfolio 29 April 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	83.6	82.6	82.1
Europe	9.1	5.4	10.1
North America	5.1	10.0	5.4
Japan	1.2	1.1	1.1
Other	0.2	0.7	0.4
Other Pacific	0.8	0.2	0.9
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 29 April 2022 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	30,096	3.21
Shell plc	UK	Oil & Gas	Oil & gas producers	27,163	2.91
BP	UK	Oil & Gas	Oil & gas producers	22,318	2.39
HSBC	UK	Financials	Banks	21,735	2.33
Rio Tinto	UK	Basic Materials	Mining	21,398	2.29
National Grid	UK	Utilities	Gas, water & multiutilities	16,825	1.80
Barclays	UK	Financials	Banks	16,744	1.79
Anglo American	UK	Basic Materials	Mining	16,137	1.73
Severn Trent	UK	Utilities	Gas, water & multiutilities	15,730	1.68
Aviva	UK	Financials	Life insurance/assurance	14,667	1.57
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,418	1.54
Lloyds Banking Group	UK	Financials	Banks	13,764	1.47
Direct Line Insurance	UK	Financials	Nonlife insurance	13,700	1.47
NatWest	UK	Financials	Banks	13,625	1.46
BAE Systems	UK	Industrials	Aerospace & defence	13,320	1.43
Accsys Technologies	UK	Industrials	Construction & materials	12,946	1.39
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	11,876	1.27
M & G	UK	Financials	Financial services	11,776	1.26
Vodafone	UK	Telecommunications	Mobile telecommunications	11,546	1.24
Land Securities	UK	Financials	Real estate investment trusts	11,467	1.23
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,294	1.21
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	11,287	1.21
BT Group	UK	Telecommunications	Fixed Line Telecommunications	11,081	1.19
Senior	UK	Industrials	Aerospace & defence	10,921	1.17
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,857	1.16
Herald Investment Trust	UK	Financials	Equity investment instruments	10,752	1.15
Standard Chartered	UK	Financials	Banks	10,402	1.11
Relx	UK	Consumer Services	Media	9,568	1.02
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,491	1.02
Prudential Corp	UK	Financials	Life insurance/assurance	9,433	1.01
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	9,371	1.00
Smith (DS)	UK	Industrials	General industrials	9,318	1.00
Watkin Jones	UK	Consumer Goods	Household goods & home construction	9,158	0.98
Centrica	UK	Utilities	Gas, water & multiutilities	8,939	0.96
Linde	Germany	Basic Materials	Chemicals	8,827	0.94
Hiscox	UK	Financials	Nonlife insurance	8,562	0.92
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	8,465	0.91
Marks & Spencer	UK	Consumer Services	General retailers	8,400	0.90
i3 Energy	UK	Oil & Gas	Oil & gas producers	8,393	0.90
Caterpillar	USA	Industrials	Industrial engineering	8,372	0.90
IMI	UK	Industrials	Industrial engineering	8,275	0.89
Dunelm	UK	Consumer Services	General retailers	8,142	0.87
Flutter Entertainment	UK	Consumer Services	Travel & leisure	8,128	0.87
Rolls Royce	UK	Industrials	Aerospace & defence	7,870	0.84
Marshalls	UK	Industrials	Construction & materials	7,829	0.84
Hill & Smith	UK	Industrials	Industrial engineering	7,828	0.84
Convatec Group	UK	Health Care	Health care equipment & services	7,795	0.83
Jubilee Metals Group	UK	Basic Materials	Mining	7,707	0.82
IP Group	UK	Financials	Financial services	7,607	0.81
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,483	0.80
Ibstock	UK	Industrials	Construction & materials	7,380	0.79
Scottish Oriental Small Co	Other Asia	Financials	Equity investment instruments	7,208	0.77
Mondi	UK	Basic Materials	Forestry & paper	7,173	0.77
Elementis	UK	Basic Materials	Chemicals	7,143	0.76
Cummins	USA	Industrials	Industrial engineering	7,068	0.76
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,049	0.75
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	6,862	0.73
Hammerson	UK	Financials	Real estate investment trusts	6,757	0.72
Balfour Beatty	UK	Industrials	Construction & materials	6,712	0.72
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	6,709	0.72
Kier	UK	Industrials	Construction & materials	6,443	0.69
Euromoney	UK	Consumer Services	Media	6,403	0.69
Royal Mail	UK	Industrials	Industrial transportation	6,373	0.68
Spectris	UK	Industrials	Electronic & electrical equipment	6,267	0.67
Johnson Service Group	UK	Industrials	Support services	6,247	0.67
Smith & Nephew	UK	Health Care	Health care equipment & services	6,122	0.66
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	5,997	0.64
Chesnara	UK	Financials	Life insurance/assurance	5,979	0.64
AFC Energy	UK	Oil & Gas	Alternative Energy	5,946	0.64
Urban Logistics REIT	UK	Financials	Real estate investment trusts	5,871	0.63
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,750	0.62
General Motors	USA	Consumer Goods	Automobiles & parts	5,729	0.61
Standard Life Aberdeen	UK	Financials	Financial services	5,688	0.61
Provident Financial	UK	Financials	Financial services	5,671	0.61
SSE	UK	Utilities	Electricity	5,604	0.60
Unilever	UK	Consumer Goods	Personal goods	5,578	0.60
Halfords	UK	Consumer Services	General retailers	5,442	0.58
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,175	0.55
iEnergizer	Guernsey	Industrials	Support services	5,152	0.55
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,947	0.53
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.53
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,848	0.52
Boku	UK	Industrials	Support services	4,699	0.50
Redde Northgate	UK	Industrials	Support services	4,628	0.50
Babcock	UK	Industrials	Aerospace & defence	4,584	0.49
Cranswick PLC	UK	Consumer Goods	Food producers	4,569	0.49
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	4,485	0.48
International Personal Finance	UK	Financials	Financial services	4,464	0.48
Kistos Plc	UK	Oil & Gas	Oil & gas producers	4,463	0.48
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,224	0.45
Nestle	Switzerland	Consumer Goods	Food producers	4,193	0.45
ITV PLC	UK	Consumer Services	Media	4,087	0.44
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,050	0.43
SigmaRoc	UK	Industrials	Construction & materials	3,980	0.43
Plant Health Care	USA	Basic Materials	Chemicals	3,626	0.39
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,596	0.38
Weir Group	UK	Industrials	Industrial engineering	3,116	0.33
Ricardo	UK	Industrials	Support services	3,042	0.33
Vertu Motors	UK	Consumer Services	General retailers	2,967	0.32
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,938	0.31
Marstons	UK	Consumer Services	Travel & leisure	2,761	0.30
Ilika	UK	Oil & Gas	Alternative Energy	2,662	0.28
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,625	0.28
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,548	0.27
Libertine Holdings	UK	Other	Sustainable Energy	2,540	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,498	0.27
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	2,262	0.24
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,259	0.24
Amundi	France	Financials	Financial services	2,091	0.22
GELION PLC	Other	Other	Sustainable Energy	2,087	0.22
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,054	0.22
Longboat Energy	UK	Oil & Gas	Oil & gas producers	2,040	0.22
ONDINE BIOMEDICAL INC.	Canada	Health Care	Pharmaceuticals & biotechnology	1,833	0.20
Bawag	Austria	Financials	Banks	1,707	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,638	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,631	0.17
Renold	UK	Industrials	Industrial engineering	1,599	0.17
Allied Minds	UK	Financials	Financial services	1,573	0.17
Sig Combibloc	Switzerland	Industrials	General industrials	1,466	0.16
Danone SA	France	Consumer Goods	Food producers	1,380	0.15
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,380	0.15
Arkema SA	France	Basic Materials	Chemicals	1,365	0.15
SAP	Germany	Technology	Software & computer services	1,358	0.15
Mirriad Advertising	UK	Consumer Services	Media	1,319	0.14
UniCredit	Italy	Financials	Banks	1,302	0.14
CNH Industrial	UK	Industrials	Industrial engineering	1,166	0.12
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,140	0.12
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,126	0.12
Safran SA	France	Industrials	Aerospace & defence	1,074	0.11
Deutsche Boerse	Germany	Financials	Financial services	1,062	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	1,056	0.11
First Tin	UK	Basic Materials	Mining	1,000	0.11
Harbour Energy	UK	Oil & Gas	Oil & gas producers	945	0.10
Kion Group AG	Germany	Industrials	Construction & materials	910	0.10
Universal Music Group	Netherlands	Consumer Services	Media	909	0.10
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	837	0.09
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	789	0.08
Jackson Financial	USA	Financials	Financial services	786	0.08
Allfunds Group	UK	Other	Other	716	0.08
Morses Club	UK	Financials	Financial services	584	0.06
SIMEC Atlantis Energy	UK	Utilities	Electricity	434	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	430	0.05
Carclo	UK	Basic Materials	Chemicals	302	0.03
Unlisted	UK	Financials	Financial services	100	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	73	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

 

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