Net Asset Value(s)

RNS Number : 5614L

Law Debenture Corp PLC

03 January 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 December 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 December 2022 was 733.99 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 748.74 pence per share (cum income). The mid-market price at the close of business on 30 December 2022 was 771.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	732.61	733.99
NAV with debt at fair value	747.37	748.74

Performance

	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-8.7	14.4	27.6	136.5
NAV total return (with debt at fair value) 2	-2.1	22.7	36.2	147.9
FTSE Actuaries All-Share Index Total Return 3	0.3	7.1	15.5	88.2
Share price total return 3	0.4	37.7	51.6	161.2
Change in Retail Price Index 4	12.8	22.7	28.8	45.2

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 RPI, November 2022.

Geographical Split of investment portfolio

Region	% of portfolio 30 December 2022	% of portfolio 31 December 2021
UK	83.2	82.6
Europe	10.6	10.0
North America	5.1	5.4
Japan	1.1	1.1
Other	0	0.2
Other Pacific	0	0.7
TOTAL	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	29,075	3.27
BP	UK	Oil & Gas	Oil & gas producers	27,069	3.05
HSBC	UK	Financials	Banks	22,360	2.52
Rio Tinto	UK	Basic Materials	Mining	21,743	2.44
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,983	2.24
Barclays	UK	Financials	Banks	19,498	2.19
Flutter Entertainment	UK	Consumer Services	Travel & leisure	17,492	1.96
NatWest	UK	Financials	Banks	17,238	1.93
Anglo American	UK	Basic Materials	Mining	14,549	1.63
Direct Line Insurance	UK	Financials	Nonlife insurance	14,157	1.59
Lloyds Banking Group	UK	Financials	Banks	13,623	1.53
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,366	1.50
National Grid	UK	Utilities	Gas, water & multiutilities	13,058	1.47
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	12,815	1.44
Tesco	UK	Consumer Goods	Food & Drug Retailers	11,888	1.33
Standard Chartered	UK	Financials	Banks	11,737	1.32
Aviva	UK	Financials	Life insurance/assurance	11,391	1.28
BAE Systems	UK	Industrials	Aerospace & defence	11,128	1.25
Glencore	Switzerland	Basic Materials	Mining	11,048	1.24
Land Securities	UK	Financials	Real estate investment trusts	11,021	1.24
Senior	UK	Industrials	Aerospace & defence	10,682	1.20
Herald Investment Trust	UK	Financials	Equity investment instruments	10,632	1.19
Prudential Corp	UK	Financials	Life insurance/assurance	10,531	1.18
M & G	UK	Financials	Financial services	10,332	1.16
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,206	1.15
DS Smith	UK	Industrials	General industrials	10,147	1.14
Caterpillar	USA	Industrials	Industrial engineering	9,900	1.11
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,882	1.11
Hiscox	UK	Financials	Nonlife insurance	9,855	1.11
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,561	1.07
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,426	1.06
Cummins	USA	Industrials	Industrial engineering	9,412	1.06
Balfour Beatty	UK	Industrials	Construction & materials	9,332	1.05
Boku	UK	Industrials	Support services	9,317	1.05
IMI	UK	Industrials	Industrial engineering	8,855	0.99
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	8,837	0.99
Rolls Royce	UK	Industrials	Aerospace & defence	8,797	0.99
Marks & Spencer	UK	Consumer Services	General retailers	8,631	0.97
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	8,520	0.96
Dunelm	UK	Consumer Services	General retailers	8,126	0.91
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,124	0.91
Vodafone	UK	Telecommunications	Mobile telecommunications	8,003	0.90
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	7,941	0.89
Hill & Smith	UK	Industrials	Industrial engineering	7,801	0.88
i3 Energy	UK	Oil & Gas	Oil & gas producers	7,691	0.86
Elementis	UK	Basic Materials	Chemicals	7,650	0.86
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,444	0.84
Mondi	UK	Basic Materials	Forestry & paper	7,400	0.83
ITV	UK	Consumer Services	Media	7,328	0.82
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,303	0.82
Cranswick	UK	Consumer Goods	Food producers	7,047	0.79
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,700	0.75
Ibstock	UK	Industrials	Construction & materials	6,410	0.72
Johnson Service Group	UK	Industrials	Support services	6,385	0.72
Spectris	UK	Industrials	Electronic & electrical equipment	6,379	0.72
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,329	0.71
Unilever	UK	Consumer Goods	Personal goods	6,273	0.70
Halfords	UK	Consumer Services	General retailers	6,241	0.70
Hammerson	UK	Financials	Real estate investment trusts	6,109	0.69
Accsys Technologies	UK	Industrials	Construction & materials	6,084	0.68
Chesnara	UK	Financials	Life insurance/assurance	5,916	0.66
Standard Life Aberdeen	UK	Financials	Financial services	5,689	0.64
Jubilee Metals Group	UK	Basic Materials	Mining	5,668	0.64
Marshalls	UK	Industrials	Construction & materials	5,541	0.62
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.62
Next Fifteen Communications Group	UK	Consumer Services	Media	5,445	0.61
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,367	0.60
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,351	0.60
Reach	UK	Consumer Services	Media	5,326	0.60
General Motors	USA	Consumer Goods	Automobiles & parts	5,281	0.59
Babcock	UK	Industrials	Aerospace & defence	5,210	0.58
Smith & Nephew	UK	Health Care	Health care equipment & services	5,205	0.58
Provident Financial	UK	Financials	Financial services	5,178	0.58
SSE	UK	Utilities	Electricity	5,135	0.58
Kier	UK	Industrials	Construction & materials	5,106	0.57
IP Group	UK	Financials	Financial services	5,085	0.57
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,074	0.57
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,050	0.57
iEnergizer	Guernsey	Industrials	Support services	5,030	0.56
Redde Northgate	UK	Industrials	Support services	4,803	0.54
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.51
International Distribution Services	UK	Industrials	Industrial transportation	4,473	0.50
Applied Materials	USA	Technology	Technology hardware & equipment	4,427	0.50
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,257	0.48
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,153	0.47
Ricardo	UK	Industrials	Support services	3,999	0.45
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,950	0.44
AFC Energy	UK	Oil & Gas	Alternative Energy	3,946	0.44
International Personal Finance	UK	Financials	Financial services	3,765	0.42
Vertu Motors	UK	Consumer Services	General retailers	3,633	0.41
Weir Group	UK	Industrials	Industrial engineering	3,335	0.37
Nestle	Switzerland	Consumer Goods	Food producers	3,323	0.37
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,230	0.36
Surface Transforms	UK	Consumer Goods	Automobiles & parts	3,101	0.35
SigmaRoc	UK	Industrials	Construction & materials	2,969	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	2,968	0.33
Plant Health Care	USA	Basic Materials	Chemicals	2,907	0.33
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,892	0.32
Bellway	UK	Consumer Goods	Household goods & home construction	2,861	0.32
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,719	0.31
Castings	UK	Industrials	Construction & materials	2,710	0.30
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,621	0.29
UniCredit	Italy	Financials	Banks	2,548	0.29
Amundi	France	Financials	Financial services	2,494	0.28
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,442	0.27
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,405	0.27
Bawag	Austria	Financials	Banks	2,111	0.24
Kistos	UK	Oil & Gas	Oil & gas producers	1,935	0.22
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,789	0.20
SAP	Germany	Technology	Software & computer services	1,777	0.20
Moncler	Italy	Consumer Goods	Personal goods	1,715	0.19
LVMH	France	Consumer Goods	Leisure Goods	1,701	0.19
Deutsche Boerse	Germany	Financials	Financial services	1,636	0.18
Safran SA	France	Industrials	Aerospace & defence	1,603	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,471	0.17
Libertine Holdings	UK	Other	Sustainable Energy	1,470	0.16
Marstons	UK	Consumer Services	Travel & leisure	1,455	0.16
First Tin	UK	Basic Materials	Mining	1,410	0.16
Universal Music Group	Netherlands	Consumer Services	Media	1,370	0.15
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,347	0.15
Renold	UK	Industrials	Industrial engineering	1,294	0.15
Allied Minds	UK	Financials	Financial services	1,277	0.14
Arkema SA	France	Basic Materials	Chemicals	1,190	0.13
Gelion	UK	Other	Sustainable Energy	1,166	0.13
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,142	0.13
Logistics Development Group	UK	Industrials	Industrial transportation	1,063	0.12
Kion Group AG	Germany	Industrials	Construction & materials	1,047	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,022	0.11
Danone SA	France	Consumer Goods	Food producers	1,005	0.11
Allfunds Group	UK	Other	Other	915	0.10
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	833	0.09
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	804	0.09
Deltic Energy	UK	Oil & Gas	Oil & gas producers	793	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	738	0.08
Jackson Financial	USA	Financials	Financial services	671	0.08
Ilika	UK	Oil & Gas	Alternative Energy	596	0.07
Harbour Energy	UK	Oil & Gas	Oil & gas producers	571	0.06
Adidas	Germany	Consumer Goods	Leisure Goods	558	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	555	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	537	0.06
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	510	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	382	0.04
Mirriad Advertising	UK	Consumer Services	Media	237	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	235	0.03
Carclo	UK	Basic Materials	Chemicals	157	0.02
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	103	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	75	0.01
Morses Club	UK	Financials	Financial services	67	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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