Net Asset Value(s)

RNS Number : 5506R

Law Debenture Corp PLC

01 March 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 February 2023

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 28 February 2023 was 806.15 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 830.94 pence per share (cum income). The mid-market price at the close of business on 28 February 2023 was 847.00 pence per share.

In calculating the NAV, we have updated the value of the IPS business in line with the annual results release on the 28^th of February 2023.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	803.09	806.15
NAV with debt at fair value	827.89	830.94

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	8.6	3.0	40.9	44.7	137.4
NAV total return (with debt at fair value) 2	9.1	9.4	54.5	55.2	150.6
FTSE Actuaries All-Share Index Total Return 3	6.1	7.3	28.9	29.2	83.6
Share price total return 3	9.9	9.2	73.7	78.8	162.0
Change in Retail Price Index 4	0.0	12.5	24.0	29.6	45.5

¹ The fair value of the IPS business has been calculated as at 31 December 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 RPI, January 2023.

Geographical Split of investment portfolio

Region	% of portfolio 28 February 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	84.1	83.4	82.6
Europe	9.6	10.4	10.0
North America	5.4	5.1	5.4
Japan	0.9	1.1	1.1
Other	0	0	0.2
Other Pacific	0	0	0.7
TOTAL	100	100	100

Full Portfolio Listing

As at 28 February 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell plc	UK	Oil & Gas	Oil & gas producers	31,581	3.20
BP	UK	Oil & Gas	Oil & gas producers	31,379	3.18
HSBC	UK	Financials	Banks	27,559	2.79
Barclays	UK	Financials	Banks	21,481	2.18
Rio Tinto	UK	Basic Materials	Mining	21,416	2.17
Flutter Entertainment	UK	Consumer Services	Travel & leisure	20,669	2.09
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,808	2.01
NatWest	UK	Financials	Banks	18,987	1.92
Rolls Royce	UK	Industrials	Aerospace & defence	18,043	1.83
Lloyds Banking Group	UK	Financials	Banks	15,783	1.60
Standard Chartered	UK	Financials	Banks	14,788	1.50
Senior	UK	Industrials	Aerospace & defence	14,231	1.44
National Grid	UK	Utilities	Gas, water & multiutilities	13,714	1.39
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,522	1.37
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	13,337	1.35
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,154	1.33
Anglo American	UK	Basic Materials	Mining	12,978	1.31
Land Securities	UK	Financials	Real estate investment trusts	12,195	1.24
Marks & Spencer	UK	Consumer Services	General retailers	11,996	1.22
Prudential Corp	UK	Financials	Life insurance/assurance	11,852	1.20
M & G	UK	Financials	Financial services	11,781	1.19
BAE Systems	UK	Industrials	Aerospace & defence	11,674	1.18
Kingfisher	UK	Consumer Goods	Household goods & home construction	11,630	1.18
Herald Investment Trust	UK	Financials	Equity investment instruments	11,544	1.17
Aviva	UK	Financials	Life insurance/assurance	11,482	1.16
Vodafone	UK	Telecommunications	Mobile telecommunications	10,976	1.11
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	10,732	1.09
IMI	UK	Industrials	Industrial engineering	10,698	1.08
DS Smith	UK	Industrials	General industrials	10,679	1.08
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,588	1.07
Dunelm	UK	Consumer Services	General retailers	10,425	1.06
Hiscox	UK	Financials	Nonlife insurance	10,312	1.04
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,099	1.02
Balfour Beatty	UK	Industrials	Construction & materials	10,073	1.02
Caterpillar	USA	Industrials	Industrial engineering	9,956	1.01
Glencore	Switzerland	Basic Materials	Mining	9,896	1.00
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,862	1.00
Boku	UK	Industrials	Support services	9,855	1.00
Direct Line Insurance	UK	Financials	Nonlife insurance	9,736	0.99
Cummins	USA	Industrials	Industrial engineering	9,498	0.96
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,368	0.95
Hill & Smith	UK	Industrials	Industrial engineering	9,159	0.93
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	8,865	0.90
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	8,691	0.88
ITV	UK	Consumer Services	Media	8,617	0.87
Hammerson	UK	Financials	Real estate investment trusts	8,174	0.83
Elementis	UK	Basic Materials	Chemicals	8,127	0.82
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,830	0.79
Marshalls	UK	Industrials	Construction & materials	7,795	0.79
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,618	0.77
Cranswick	UK	Consumer Goods	Food producers	7,480	0.76
Spectris	UK	Industrials	Electronic & electrical equipment	7,474	0.76
Johnson Service Group	UK	Industrials	Support services	7,340	0.74
Mondi	UK	Basic Materials	Forestry & paper	7,332	0.74
Ibstock	UK	Industrials	Construction & materials	7,041	0.71
Accsys Technologies	UK	Industrials	Construction & materials	6,869	0.70
Halfords	UK	Consumer Services	General retailers	6,864	0.70
Kier	UK	Industrials	Construction & materials	6,762	0.69
Standard Life Aberdeen	UK	Financials	Financial services	6,749	0.68
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,514	0.66
IP Group	UK	Financials	Financial services	6,446	0.65
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,338	0.64
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	6,211	0.63
AFC Energy	UK	Oil & Gas	Alternative Energy	6,191	0.63
General Motors	USA	Consumer Goods	Automobiles & parts	6,124	0.62
i3 Energy	UK	Oil & Gas	Oil & gas producers	6,102	0.62
Babcock	UK	Industrials	Aerospace & defence	6,055	0.61
Provident Financial	UK	Financials	Financial services	6,002	0.61
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,946	0.60
Chesnara	UK	Financials	Life insurance/assurance	5,885	0.60
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,745	0.58
Next Fifteen Communications Group	UK	Consumer Services	Media	5,698	0.58
Smith & Nephew	UK	Health Care	Health care equipment & services	5,570	0.56
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.56
Johnson Matthey	UK	Other	Sustainable Energy	5,448	0.55
Jubilee Metals Group	UK	Basic Materials	Mining	5,328	0.54
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,321	0.54
Applied Materials	USA	Technology	Technology hardware & equipment	5,312	0.54
Reach	UK	Consumer Services	Media	5,309	0.54
SSE	UK	Utilities	Electricity	5,237	0.53
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,163	0.52
International Personal Finance	UK	Financials	Financial services	4,944	0.50
International Distribution Services	UK	Industrials	Industrial transportation	4,939	0.50
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,900	0.50
Ricardo	UK	Industrials	Support services	4,756	0.48
Redde Northgate	UK	Industrials	Support services	4,710	0.48
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.46
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	4,528	0.46
iEnergizer	Guernsey	Industrials	Support services	4,467	0.45
Watkin Jones	UK	Consumer Goods	Household goods & home construction	4,158	0.42
Vertu Motors	UK	Consumer Services	General retailers	4,077	0.41
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,947	0.40
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,873	0.39
Weir Group	UK	Industrials	Industrial engineering	3,798	0.38
Bellway	UK	Consumer Goods	Household goods & home construction	3,324	0.34
Nestle	Switzerland	Consumer Goods	Food producers	3,249	0.33
Plant Health Care	USA	Basic Materials	Chemicals	3,142	0.32
SigmaRoc	UK	Industrials	Construction & materials	3,044	0.31
Surface Transforms	UK	Consumer Goods	Automobiles & parts	3,021	0.31
UniCredit	Italy	Financials	Banks	2,895	0.29
Castings	UK	Industrials	Construction & materials	2,804	0.28
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,672	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,652	0.27
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,587	0.26
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,542	0.26
Amundi	France	Financials	Financial services	2,008	0.20
Moncler	Italy	Consumer Goods	Personal goods	1,992	0.20
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,987	0.20
SAP	Germany	Technology	Software & computer services	1,971	0.20
LVMH	France	Consumer Goods	Leisure Goods	1,963	0.20
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,913	0.19
Libertine Holdings	UK	Other	Sustainable Energy	1,890	0.19
Safran SA	France	Industrials	Aerospace & defence	1,827	0.19
Bawag	Austria	Financials	Banks	1,768	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,682	0.17
Deutsche Boerse	Germany	Financials	Financial services	1,661	0.17
Renold	UK	Industrials	Industrial engineering	1,630	0.17
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	1,623	0.16
Kistos	UK	Oil & Gas	Oil & gas producers	1,485	0.15
Marstons	UK	Consumer Services	Travel & leisure	1,436	0.15
Arkema SA	France	Basic Materials	Chemicals	1,357	0.14
Universal Music Group	Netherlands	Consumer Services	Media	1,352	0.14
Allied Minds	UK	Financials	Financial services	1,277	0.13
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,263	0.13
Ilika	UK	Oil & Gas	Alternative Energy	1,217	0.12
BNP Paribas SA	France	Financials	Banks	1,214	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,201	0.12
Kion Group AG	Germany	Industrials	Construction & materials	1,140	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,137	0.12
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,096	0.11
Danone SA	France	Consumer Goods	Food producers	1,071	0.11
First Tin	UK	Basic Materials	Mining	1,020	0.10
Gelion	UK	Other	Sustainable Energy	999	0.10
Velocys	UK	Oil & Gas	Oil equipment services & distribution	972	0.10
Jackson Financial	USA	Financials	Financial services	881	0.09
Allfunds Group	UK	Other	Other	844	0.09
Deltic Energy	UK	Oil & Gas	Oil & gas producers	730	0.07
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	708	0.07
Tullow Oil	UK	Oil & Gas	Oil & gas producers	698	0.07
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	677	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	646	0.07
Adidas	Germany	Consumer Goods	Leisure Goods	620	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	568	0.06
Harbour Energy	UK	Oil & Gas	Oil & gas producers	545	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	532	0.05
Longboat Energy	UK	Oil & Gas	Oil & gas producers	420	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	253	0.03
Mirriad Advertising	UK	Consumer Services	Media	211	0.02
Carclo	UK	Basic Materials	Chemicals	164	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	83	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	67	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	9
Britishvolt	UKULM	Other	Sustainable Energy

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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