Net Asset Value(s)

RNS Number : 3258I

Law Debenture Corp PLC

01 December 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 November 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 November 2022 was 751.54 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 767.45 pence per share (cum income). The mid-market price at the close of business on 30 November 2022 was 781.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	744.47	751.54
NAV with debt at fair value	760.38	767.45

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-6.6	-1.7	23.2	34.1	144.0
NAV total return (with debt at fair value) 2	0.4	6.1	32.7	42.9	152.0
FTSE Actuaries All-Share Index Total Return 3	1.8	6.5	12.2	22.8	92.8
Share price total return 3	0.8	7.7	47.2	58.6	174.4
Change in Retail Price Index 4	12.1	14.2	22.7	29.4	45.0

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 Share Price source: Refinitiv.

⁴ Source: Office for National Statistics, subject to latest published RPIl, October 2022. 

Geographical Split of investment portfolio

Region	% of portfolio 30 November 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	82.9	82.6	82.1
Europe	10.6	10.0	10.1
North America	5.4	5.4	5.4
Japan	1.1	1.1	1.1
Other	0	0.2	0.4
Other Pacific	0	0.7	0.9
TOTAL	100	100	100

Full Portfolio Listing

As at 30 November 2022 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	30,544	3.40
BP	UK	Oil & Gas	Oil & gas producers	28,358	3.15
HSBC	UK	Financials	Banks	22,104	2.45
Rio Tinto	UK	Basic Materials	Mining	20,940	2.32
Barclays	UK	Financials	Banks	19,833	2.20
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,555	2.17
Flutter Entertainment	UK	Consumer Services	Travel & leisure	18,871	2.09
NatWest	UK	Financials	Banks	17,017	1.89
Anglo American	UK	Basic Materials	Mining	15,332	1.70
Lloyds Banking Group	UK	Financials	Banks	14,072	1.56
Direct Line Insurance	UK	Financials	Nonlife insurance	13,350	1.48
National Grid	UK	Utilities	Gas, water & multiutilities	13,281	1.47
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,835	1.42
Tesco	UK	Consumer Goods	Food & Drug Retailers	12,063	1.34
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	12,035	1.33
Standard Chartered	UK	Financials	Banks	11,639	1.29
Aviva	UK	Financials	Life insurance/assurance	11,430	1.27
Glencore	Switzerland	Basic Materials	Mining	11,268	1.25
Land Securities	UK	Financials	Real estate investment trusts	10,890	1.21
Herald Investment Trust	UK	Financials	Equity investment instruments	10,848	1.20
BAE Systems	UK	Industrials	Aerospace & defence	10,691	1.19
M & G	UK	Financials	Financial services	10,571	1.17
Senior	UK	Industrials	Aerospace & defence	10,443	1.16
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,441	1.16
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,962	1.10
Caterpillar	USA	Industrials	Industrial engineering	9,800	1.09
Cummins	USA	Industrials	Industrial engineering	9,793	1.09
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,763	1.08
DS Smith	UK	Industrials	General industrials	9,599	1.06
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,505	1.05
IMI	UK	Industrials	Industrial engineering	9,268	1.03
Prudential Corp	UK	Financials	Life insurance/assurance	9,146	1.01
Hiscox	UK	Financials	Nonlife insurance	9,050	1.00
Balfour Beatty	UK	Industrials	Construction & materials	8,945	0.99
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,802	0.98
Vodafone	UK	Telecommunications	Mobile telecommunications	8,725	0.97
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	8,711	0.97
Rolls Royce	UK	Industrials	Aerospace & defence	8,588	0.95
Marks & Spencer	UK	Consumer Services	General retailers	8,432	0.93
Dunelm	UK	Consumer Services	General retailers	8,350	0.93
Mondi	UK	Basic Materials	Forestry & paper	8,101	0.90
Hill & Smith	UK	Industrials	Industrial engineering	7,934	0.88
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,671	0.85
Elementis	UK	Basic Materials	Chemicals	7,371	0.82
ITV	UK	Consumer Services	Media	7,285	0.81
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,208	0.80
Boku	UK	Industrials	Support services	7,139	0.79
Cranswick	UK	Consumer Goods	Food producers	7,043	0.78
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,028	0.78
i3 Energy	UK	Oil & Gas	Oil & gas producers	6,868	0.76
Spectris	UK	Industrials	Electronic & electrical equipment	6,745	0.75
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	6,606	0.73
Ibstock	UK	Industrials	Construction & materials	6,551	0.73
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,543	0.73
Jubilee Metals Group	UK	Basic Materials	Mining	6,461	0.72
General Motors	USA	Consumer Goods	Automobiles & parts	6,382	0.71
Johnson Service Group	UK	Industrials	Support services	6,253	0.69
Unilever	UK	Consumer Goods	Personal goods	6,216	0.69
Reach	UK	Consumer Services	Media	6,160	0.68
Accsys Technologies	UK	Industrials	Construction & materials	6,084	0.67
Chesnara	UK	Financials	Life insurance/assurance	6,042	0.67
IP Group	UK	Financials	Financial services	5,997	0.66
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,986	0.66
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,984	0.66
Marshalls	UK	Industrials	Construction & materials	5,882	0.65
iEnergizer	Guernsey	Industrials	Support services	5,855	0.65
Halfords	UK	Consumer Services	General retailers	5,853	0.65
Standard Life Aberdeen	UK	Financials	Financial services	5,844	0.65
Next Fifteen Communications Group	UK	Consumer Services	Media	5,753	0.64
Hammerson	UK	Financials	Real estate investment trusts	5,632	0.62
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.61
Kier	UK	Industrials	Construction & materials	5,468	0.61
Provident Financial	UK	Financials	Financial services	5,344	0.59
Babcock	UK	Industrials	Aerospace & defence	5,239	0.58
SSE	UK	Utilities	Electricity	5,126	0.57
Smith & Nephew	UK	Health Care	Health care equipment & services	5,102	0.57
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,050	0.56
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,005	0.55
Britishvolt	UKULM	Other	Sustainable Energy	5,000	0.55
Applied Materials	USA	Technology	Technology hardware & equipment	5,000	0.55
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,852	0.54
International Distribution Services	UK	Industrials	Industrial transportation	4,794	0.53
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,619	0.51
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.51
AFC Energy	UK	Oil & Gas	Alternative Energy	4,539	0.50
Redde Northgate	UK	Industrials	Support services	4,389	0.49
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,153	0.46
International Personal Finance	UK	Financials	Financial services	4,007	0.44
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,887	0.43
Ricardo	UK	Industrials	Support services	3,711	0.41
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,673	0.41
Weir Group	UK	Industrials	Industrial engineering	3,543	0.39
Nestle	Switzerland	Consumer Goods	Food producers	3,417	0.38
Surface Transforms	UK	Consumer Goods	Automobiles & parts	3,339	0.37
Vertu Motors	UK	Consumer Services	General retailers	3,203	0.36
ASML	Netherlands	Technology	Technology hardware & equipment	3,173	0.35
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,120	0.35
Plant Health Care	USA	Basic Materials	Chemicals	3,021	0.33
Bellway	UK	Consumer Goods	Household goods & home construction	3,009	0.33
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,006	0.33
SigmaRoc	UK	Industrials	Construction & materials	2,915	0.32
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,837	0.31
Castings	UK	Industrials	Construction & materials	2,679	0.30
Convatec Group	UK	Health Care	Health care equipment & services	2,523	0.28
Amundi	France	Financials	Financial services	2,456	0.27
UniCredit	Italy	Financials	Banks	2,444	0.27
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,213	0.25
Kistos	UK	Oil & Gas	Oil & gas producers	2,070	0.23
Bawag	Austria	Financials	Banks	2,041	0.23
SAP	Germany	Technology	Software & computer services	1,907	0.21
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	1,893	0.21
LVMH	France	Consumer Goods	Leisure Goods	1,783	0.20
Deutsche Boerse	Germany	Financials	Financial services	1,744	0.19
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,717	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,656	0.18
Libertine Holdings	UK	Other	Sustainable Energy	1,575	0.17
Safran SA	France	Industrials	Aerospace & defence	1,570	0.17
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,512	0.17
Renold	UK	Industrials	Industrial engineering	1,412	0.16
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,404	0.16
Marstons	UK	Consumer Services	Travel & leisure	1,379	0.15
Universal Music Group	Netherlands	Consumer Services	Media	1,335	0.15
Allied Minds	UK	Financials	Financial services	1,277	0.14
First Tin	UK	Basic Materials	Mining	1,140	0.13
Gelion	UK	Other	Sustainable Energy	1,086	0.12
Arkema SA	France	Basic Materials	Chemicals	1,069	0.12
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,069	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,026	0.11
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,000	0.11
Danone SA	France	Consumer Goods	Food producers	989	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	964	0.11
Deltic Energy	UK	Oil & Gas	Oil & gas producers	952	0.11
Allfunds Group	UK	Other	Other	946	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	876	0.10
Ilika	UK	Oil & Gas	Alternative Energy	761	0.08
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	751	0.08
Kion Group AG	Germany	Industrials	Construction & materials	728	0.08
Jackson Financial	USA	Financials	Financial services	723	0.08
Longboat Energy	UK	Oil & Gas	Oil & gas producers	675	0.07
Harbour Energy	UK	Oil & Gas	Oil & gas producers	597	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	576	0.06
Adidas	Germany	Consumer Goods	Leisure Goods	521	0.06
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	490	0.05
Mirriad Advertising	UK	Consumer Services	Media	385	0.04
Sartorius AG	Germany	Health Care	Health care equipment & services	357	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	244	0.03
Carclo	UK	Basic Materials	Chemicals	170	0.02
Morses Club	UK	Financials	Financial services	137	0.02
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	110	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	90	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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