Net Asset Value(s)

RNS Number : 0173H

Law Debenture Corp PLC

01 April 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 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 31 March 2022 was 814.85 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 792.80 pence per share (cum income). The mid-market price at the close of business on 31 March 2022 was 806.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	805.59	814.85
NAV with debt at fair value	783.54	792.80

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-0.6	13.4	39.5	51.6	173.4
NAV total return (with debt at fair value) 2	1.7	15.5	42.1	55.0	169.1
FTSE Actuaries All-Share Index Total Return 3	0.5	13.0	16.8	25.8	99.5
Share price total return 3	2.0	14.4	49.0	73.9	198.6
Change in Retail Price Index 4	0.8	8.2	12.4	19.3	33.5

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, February 2022.

Geographical Split of investment portfolio

Region	% of portfolio 31 March 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	82.2	82.6	82.1
Europe	9.2	10.0	10.1
North America	4.8	5.4	5.4
Japan	1.2	1.1	1.1
Other	0.2	0.2	0.4
Other Pacific	2.4	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 31 March 2022 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	27,591	2.88
Shell plc	UK	Oil & Gas	Oil & gas producers	26,356	2.75
Rio Tinto	UK	Basic Materials	Mining	22,804	2.37
HSBC	UK	Financials	Banks	22,785	2.37
BP	UK	Oil & Gas	Oil & gas producers	21,392	2.23
Anglo American	UK	Basic Materials	Mining	17,876	1.86
National Grid	UK	Utilities	Gas, water & multiutilities	16,518	1.72
BHP Group	Australia	Basic Materials	Mining	16,197	1.69
Barclays	UK	Financials	Banks	16,016	1.67
Severn Trent	UK	Utilities	Gas, water & multiutilities	15,385	1.60
Aviva	UK	Financials	Life insurance/assurance	15,293	1.59
Direct Line Insurance	UK	Financials	Nonlife insurance	14,855	1.55
Relx	UK	Consumer Services	Media	14,292	1.49
Lloyds Banking Group	UK	Financials	Banks	14,115	1.47
NatWest	UK	Financials	Banks	13,494	1.40
Accsys Technologies	UK	Industrials	Construction & materials	12,991	1.35
BAE Systems	UK	Industrials	Aerospace & defence	12,913	1.34
Tesco	UK	Consumer Goods	Food & Drug Retailers	12,841	1.34
M & G	UK	Financials	Financial services	12,166	1.27
Land Securities	UK	Financials	Real estate investment trusts	11,970	1.25
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,935	1.24
Vodafone	UK	Telecommunications	Mobile telecommunications	11,860	1.23
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,466	1.19
BT Group	UK	Telecommunications	Fixed Line Telecommunications	11,384	1.19
Herald Investment Trust	UK	Financials	Equity investment instruments	11,364	1.18
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	11,166	1.16
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	10,911	1.14
Senior	UK	Industrials	Aerospace & defence	10,835	1.13
Prudential Corp	UK	Financials	Life insurance/assurance	10,587	1.10
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,783	1.02
Standard Chartered	UK	Financials	Banks	9,617	1.00
Rolls Royce	UK	Industrials	Aerospace & defence	9,554	0.99
Watkin Jones	UK	Consumer Goods	Household goods & home construction	9,472	0.99
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	9,448	0.98
Marks & Spencer	UK	Consumer Services	General retailers	9,431	0.98
Smith (DS)	UK	Industrials	General industrials	9,064	0.94
Dunelm	UK	Consumer Services	General retailers	9,055	0.94
Centrica	UK	Utilities	Gas, water & multiutilities	9,009	0.94
Hiscox	UK	Financials	Nonlife insurance	8,892	0.93
Flutter Entertainment	UK	Consumer Services	Travel & leisure	8,878	0.92
Glencore	Switzerland	Basic Materials	Mining	8,748	0.91
Linde	Germany	Basic Materials	Chemicals	8,575	0.89
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	8,527	0.89
Caterpillar	USA	Industrials	Industrial engineering	8,481	0.88
Hill & Smith	UK	Industrials	Industrial engineering	8,326	0.87
IP Group	UK	Financials	Financial services	8,191	0.85
Convatec Group	UK	Health Care	Health care equipment & services	7,927	0.83
Hammerson	UK	Financials	Real estate investment trusts	7,722	0.80
Jubilee Metals Group	UK	Basic Materials	Mining	7,501	0.78
Cummins	USA	Industrials	Industrial engineering	7,334	0.76
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	7,156	0.74
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,105	0.74
Balfour Beatty	UK	Industrials	Construction & materials	7,104	0.74
Mondi	UK	Basic Materials	Forestry & paper	7,085	0.74
AFC Energy	UK	Oil & Gas	Alternative Energy	7,020	0.73
IMI	UK	Industrials	Industrial engineering	6,980	0.73
Elementis	UK	Basic Materials	Chemicals	6,967	0.73
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,948	0.72
Kier	UK	Industrials	Construction & materials	6,906	0.72
Scottish Oriental Small Co	Other Asia	Financials	Equity investment instruments	6,862	0.71
Provident Financial	UK	Financials	Financial services	6,771	0.70
Johnson Service Group	UK	Industrials	Support services	6,656	0.69
Standard Life Aberdeen	UK	Financials	Financial services	6,460	0.67
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	6,415	0.67
Euromoney	UK	Consumer Services	Media	6,371	0.66
Urban Logistics REIT	UK	Financials	Real estate investment trusts	6,326	0.66
General Motors	USA	Consumer Goods	Automobiles & parts	6,326	0.66
Chesnara	UK	Financials	Life insurance/assurance	6,302	0.66
Marshalls	UK	Industrials	Construction & materials	6,129	0.64
Royal Mail	UK	Industrials	Industrial transportation	6,087	0.63
i3 Energy	UK	Oil & Gas	Oil & gas producers	5,936	0.62
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,870	0.61
Smith & Nephew	UK	Health Care	Health care equipment & services	5,734	0.60
Ibstock	UK	Industrials	Construction & materials	5,519	0.57
Spectris	UK	Industrials	Electronic & electrical equipment	5,517	0.57
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,485	0.57
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	5,309	0.55
SSE	UK	Utilities	Electricity	5,246	0.55
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,219	0.54
Unilever	UK	Consumer Goods	Personal goods	5,183	0.54
Redde Northgate	UK	Industrials	Support services	5,043	0.52
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.51
Halfords	UK	Consumer Services	General retailers	4,915	0.51
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,890	0.51
Babcock	UK	Industrials	Aerospace & defence	4,854	0.51
International Personal Finance	UK	Financials	Financial services	4,799	0.50
iEnergizer	Guernsey	Industrials	Support services	4,790	0.50
Kistos Plc	UK	Oil & Gas	Oil & gas producers	4,515	0.47
SigmaRoc	UK	Industrials	Construction & materials	4,141	0.43
ITV PLC	UK	Consumer Services	Media	4,096	0.43
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,092	0.43
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,050	0.42
Nestle	Switzerland	Consumer Goods	Food producers	4,039	0.42
Vertu Motors	UK	Consumer Services	General retailers	3,712	0.39
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,672	0.38
Ilika	UK	Oil & Gas	Alternative Energy	3,600	0.37
Ricardo	UK	Industrials	Support services	3,285	0.34
Weir Group	UK	Industrials	Industrial engineering	3,279	0.34
Marstons	UK	Consumer Services	Travel & leisure	2,991	0.31
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,988	0.31
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,945	0.31
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,823	0.29
ASML	Netherlands	Technology	Technology hardware & equipment	2,794	0.29
Libertine Holdings	UK	Other	Sustainable Energy	2,540	0.26
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,361	0.25
Boku	UK	Industrials	Support services	2,307	0.24
Amundi	France	Financials	Financial services	2,263	0.24
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	2,173	0.23
Plant Health Care	USA	Basic Materials	Chemicals	2,062	0.21
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,054	0.21
GELION PLC	Other	Other	Sustainable Energy	2,023	0.21
ONDINE BIOMEDICAL INC.	Canada	Health Care	Pharmaceuticals & biotechnology	1,917	0.20
Allied Minds	UK	Financials	Financial services	1,832	0.19
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,830	0.19
Cranswick PLC	UK	Consumer Goods	Food producers	1,762	0.18
SAP	Germany	Technology	Software & computer services	1,735	0.18
Bawag	Austria	Financials	Banks	1,735	0.18
Sig Combibloc	Switzerland	Industrials	General industrials	1,686	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,668	0.17
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,607	0.17
UniCredit	Italy	Financials	Banks	1,450	0.15
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,416	0.15
Arkema SA	France	Basic Materials	Chemicals	1,366	0.14
Renold	UK	Industrials	Industrial engineering	1,255	0.13
CNH Industrial	UK	Industrials	Industrial engineering	1,230	0.13
Danone SA	France	Consumer Goods	Food producers	1,204	0.13
Logistics Development Group	UK	Industrials	Industrial transportation	1,201	0.13
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,181	0.12
Safran SA	France	Industrials	Aerospace & defence	1,123	0.12
Mirriad Advertising	UK	Consumer Services	Media	1,108	0.12
Tullow Oil	UK	Oil & Gas	Oil & gas producers	1,074	0.11
Deutsche Boerse	Germany	Financials	Financial services	1,064	0.11
First Tin	UKULM	Basic Materials	Mining	1,050	0.11
Kion Group AG	Germany	Industrials	Construction & materials	1,034	0.11
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	960	0.10
Allfunds Group	UK	Other	Other	918	0.10
Harbour Energy	UK	Oil & Gas	Oil & gas producers	910	0.09
Universal Music Group	Netherlands	Consumer Services	Media	865	0.09
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	822	0.09
Jackson Financial	USA	Financials	Financial services	786	0.08
Morses Club	UK	Financials	Financial services	641	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	454	0.05
Carclo	UK	Basic Materials	Chemicals	350	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	271	0.03
Unlisted	UK	Financials	Financial services	100	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	76	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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