Net Asset Value(s)

RNS Number : 6099B

Law Debenture Corp PLC

03 October 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 September 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 30 September 2022 was 679.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 701.89 pence per share (cum income). The mid-market price at the close of business on 30 September 2022 was 674.00 pence per share.  The second interim dividend will be paid on 27 October 2022 to shareholders on the register at the record date of 7 October 2022. 

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	666.18	679.00
NAV with debt at fair value	689.08	701.89

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-16.4	-13.5	11.5	20.2	122.4
NAV total return (with debt at fair value) 2	-9.1	-6.8	22.0	29.9	132.6
FTSE Actuaries All-Share Index Total Return 3	-7.9	-4.0	2.4	11.3	79.5
Share price total return 3	-14.7	-10.2	26.5	34.8	132.4
Change in Retail Price Index 4	8.7	12.3	18.3	25.7	42.1

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, August 2022.

Geographical Split of investment portfolio

Region	% of portfolio 30 September 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	81.9	82.6	82.1
Europe	10.6	10.0	10.1
North America	6.3	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 30 September 2022 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	28,081	3.48
BP	UK	Oil & Gas	Oil & gas producers	24,687	3.05
HSBC	UK	Financials	Banks	20,265	2.51
Rio Tinto	UK	Basic Materials	Mining	18,360	2.27
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	18,151	2.25
Barclays	UK	Financials	Banks	17,749	2.20
Flutter Entertainment	UK	Consumer Services	Travel & leisure	15,401	1.91
NatWest	UK	Financials	Banks	14,677	1.82
Lloyds Banking Group	UK	Financials	Banks	12,417	1.54
Anglo American	UK	Basic Materials	Mining	12,310	1.52
National Grid	UK	Utilities	Gas, water & multiutilities	12,186	1.51
Direct Line Insurance	UK	Financials	Nonlife insurance	11,869	1.47
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	11,032	1.36
Tesco	UK	Consumer Goods	Food & Drug Retailers	10,961	1.36
Standard Chartered	UK	Financials	Banks	10,684	1.32
BAE Systems	UK	Industrials	Aerospace & defence	10,267	1.27
Aviva	UK	Financials	Life insurance/assurance	9,987	1.24
Senior	UK	Industrials	Aerospace & defence	9,982	1.24
Herald Investment Trust	UK	Financials	Equity investment instruments	9,732	1.20
Vodafone	UK	Telecommunications	Mobile telecommunications	9,606	1.19
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	9,584	1.19
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,578	1.19
Glencore	Switzerland	Basic Materials	Mining	9,562	1.18
M & G	UK	Financials	Financial services	9,158	1.13
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,067	1.12
Kingfisher	UK	Consumer Goods	Household goods & home construction	8,921	1.10
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	8,864	1.10
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,794	1.09
Cummins	USA	Industrials	Industrial engineering	8,574	1.06
Balfour Beatty	UK	Industrials	Construction & materials	8,470	1.05
Prudential Corp	UK	Financials	Life insurance/assurance	8,348	1.03
i3 Energy	UK	Oil & Gas	Oil & gas producers	8,261	1.02
DS Smith	UK	Industrials	General industrials	8,133	1.01
Hiscox	UK	Financials	Nonlife insurance	7,980	0.99
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,963	0.99
Land Securities	UK	Financials	Real estate investment trusts	7,947	0.98
IMI	UK	Industrials	Industrial engineering	7,693	0.95
Convatec Group	UK	Health Care	Health care equipment & services	7,552	0.93
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,538	0.93
Caterpillar	USA	Industrials	Industrial engineering	7,351	0.91
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,334	0.91
Mondi	UK	Basic Materials	Forestry & paper	7,319	0.91
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,232	0.89
Marks & Spencer	UK	Consumer Services	General retailers	6,905	0.85
Ibstock	UK	Industrials	Construction & materials	6,804	0.84
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,621	0.82
Rolls Royce	UK	Industrials	Aerospace & defence	6,574	0.81
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,574	0.81
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	6,562	0.81
Accsys Technologies	UK	Industrials	Construction & materials	6,300	0.78
Jubilee Metals Group	UK	Basic Materials	Mining	6,288	0.78
Hill & Smith	UK	Industrials	Industrial engineering	6,064	0.75
Dunelm	UK	Consumer Services	General retailers	6,059	0.75
Unilever	UK	Consumer Goods	Personal goods	5,954	0.74
Spectris	UK	Industrials	Electronic & electrical equipment	5,814	0.72
iEnergizer	Guernsey	Industrials	Support services	5,755	0.71
Cranswick	UK	Consumer Goods	Food producers	5,730	0.71
Chesnara	UK	Financials	Life insurance/assurance	5,729	0.71
Boku	UK	Industrials	Support services	5,662	0.70
Watkin Jones	UK	Consumer Goods	Household goods & home construction	5,594	0.69
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	5,592	0.69
Kier	UK	Industrials	Construction & materials	5,509	0.68
General Motors	USA	Consumer Goods	Automobiles & parts	5,469	0.68
IP Group	UK	Financials	Financial services	5,414	0.67
Elementis	UK	Basic Materials	Chemicals	5,288	0.65
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,209	0.64
Johnson Service Group	UK	Industrials	Support services	5,205	0.64
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,175	0.64
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,167	0.64
Babcock	UK	Industrials	Aerospace & defence	5,143	0.64
Britishvolt Limited	UKULM	Other	Sustainable Energy	5,000	0.62
Smith & Nephew	UK	Health Care	Health care equipment & services	4,935	0.61
ITV	UK	Consumer Services	Media	4,724	0.58
Marshalls	UK	Industrials	Construction & materials	4,618	0.57
SSE	UK	Utilities	Electricity	4,583	0.57
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	4,476	0.55
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,290	0.53
Hammerson	UK	Financials	Real estate investment trusts	4,186	0.52
Standard Life Aberdeen	UK	Financials	Financial services	4,182	0.52
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,110	0.51
International Personal Finance	UK	Financials	Financial services	4,089	0.51
Provident Financial	UK	Financials	Financial services	4,088	0.51
Applied Materials	USA	Technology	Technology hardware & equipment	4,037	0.50
Royal Mail	UK	Industrials	Industrial transportation	3,872	0.48
Ricardo	UK	Industrials	Support services	3,845	0.48
Halfords	UK	Consumer Services	General retailers	3,830	0.47
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,828	0.47
Reach	UK	Consumer Services	Media	3,809	0.47
AFC Energy	UK	Oil & Gas	Alternative Energy	3,556	0.44
Redde Northgate	UK	Industrials	Support services	3,379	0.42
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,254	0.40
Nestle	Switzerland	Consumer Goods	Food producers	3,222	0.40
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,124	0.39
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,899	0.36
Vertu Motors	UK	Consumer Services	General retailers	2,843	0.35
Weir Group	UK	Industrials	Industrial engineering	2,813	0.35
Plant Health Care	USA	Basic Materials	Chemicals	2,780	0.34
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,647	0.33
Kistos	UK	Oil & Gas	Oil & gas producers	2,640	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	2,436	0.30
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,118	0.26
Castings	UK	Industrials	Construction & materials	2,117	0.26
Libertine Holdings	UK	Other	Sustainable Energy	2,100	0.26
Bawag	Austria	Financials	Banks	2,038	0.25
SigmaRoc	UK	Industrials	Construction & materials	2,028	0.25
Amundi	France	Financials	Financial services	1,918	0.24
UniCredit	Italy	Financials	Banks	1,907	0.24
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	1,900	0.24
Safran SA	France	Industrials	Aerospace & defence	1,802	0.22
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	1,693	0.21
Deutsche Boerse	Germany	Financials	Financial services	1,606	0.20
Gelion	UK	Other	Sustainable Energy	1,597	0.20
Danone SA	France	Consumer Goods	Food producers	1,589	0.20
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,541	0.19
SAP	Germany	Technology	Software & computer services	1,450	0.18
LVMH	France	Consumer Goods	Leisure Goods	1,447	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,433	0.18
Renold	UK	Industrials	Industrial engineering	1,406	0.17
Moncler	Italy	Consumer Goods	Personal goods	1,393	0.17
CNH Industrial	UK	Industrials	Industrial engineering	1,383	0.17
Ilika	UK	Oil & Gas	Alternative Energy	1,369	0.17
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,358	0.17
Marstons	UK	Consumer Services	Travel & leisure	1,311	0.16
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,306	0.16
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,250	0.15
First Tin	UK	Basic Materials	Mining	1,230	0.15
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,215	0.15
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,170	0.14
Arkema SA	France	Basic Materials	Chemicals	1,157	0.14
Universal Music Group	Netherlands	Consumer Services	Media	1,115	0.14
Allfunds Group	UK	Other	Other	1,054	0.13
Deltic Energy	UK	Oil & Gas	Oil & gas producers	999	0.12
Allied Minds	UK	Financials	Financial services	976	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	941	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	903	0.11
Sartorius AG	Germany	Health Care	Health care equipment & services	867	0.11
Harbour Energy	UK	Oil & Gas	Oil & gas producers	839	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	837	0.10
Jackson Financial	USA	Financials	Financial services	581	0.07
Kion Group AG	Germany	Industrials	Construction & materials	520	0.06
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	472	0.06
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	382	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	367	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	307	0.04
Bellway	UK	Consumer Goods	Household goods & home construction	284	0.04
Mirriad Advertising	UK	Consumer Services	Media	237	0.03
Carclo	UK	Basic Materials	Chemicals	206	0.03
Morses Club	UK	Financials	Financial services	188	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	100	0.01
Next Fifteen Communications Group	UK	Consumer Services	Media	99	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	91	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	6

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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