Net Asset Value(s)

RNS Number : 6405O

Law Debenture Corp PLC

01 February 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 January 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 31 January 2023 was 788.14 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 803.19 pence per share (cum income). The mid-market price at the close of business on 31 January 2023 was 817.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	785.99	788.14
NAV with debt at fair value	801.05	803.19

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	7.4	0.8	27.7	37.7	141.4
NAV total return (with debt at fair value) 2	7.3	7.0	38.0	46.4	152.5
FTSE Actuaries All-Share Index Total Return 3	4.5	5.2	15.6	23.1	84.9
Share price total return 3	6.0	6.2	54.4	64.6	159.7
Change in Retail Price Index 4	N/A	13.4	24.0	30.6	46.6

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, December 2022. 2023 YTD figures are not yet available. 

Geographical Split of investment portfolio

Region	% of portfolio 31 January 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	83.4	0	82.6
Europe	10.0	0	10.0
North America	5.6	0	5.4
Japan	1.0	0	1.1
Other	0	0	0.2
Other Pacific	0	0	0.7
TOTAL	100	100	100

Full Portfolio Listing

As at 31 January 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	29,675	3.05
BP	UK	Oil & Gas	Oil & gas producers	27,864	2.87
HSBC	UK	Financials	Banks	25,864	2.67
Rio Tinto	UK	Basic Materials	Mining	23,696	2.45
Barclays	UK	Financials	Banks	22,858	2.36
NatWest	UK	Financials	Banks	20,014	2.07
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,785	2.04
Flutter Entertainment	UK	Consumer Services	Travel & leisure	19,453	2.01
Lloyds Banking Group	UK	Financials	Banks	15,774	1.63
Anglo American	UK	Basic Materials	Mining	15,597	1.61
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	13,484	1.39
National Grid	UK	Utilities	Gas, water & multiutilities	13,419	1.38
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,324	1.38
Rolls Royce	UK	Industrials	Aerospace & defence	13,165	1.36
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,039	1.35
Senior	UK	Industrials	Aerospace & defence	12,968	1.34
Standard Chartered	UK	Financials	Banks	12,808	1.32
Land Securities	UK	Financials	Real estate investment trusts	12,561	1.30
Prudential Corp	UK	Financials	Life insurance/assurance	12,511	1.29
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	11,929	1.23
Aviva	UK	Financials	Life insurance/assurance	11,710	1.21
Direct Line Insurance	UK	Financials	Nonlife insurance	11,354	1.17
Kingfisher	UK	Consumer Goods	Household goods & home construction	11,298	1.17
Herald Investment Trust	UK	Financials	Equity investment instruments	11,268	1.16
DS Smith	UK	Industrials	General industrials	11,188	1.15
BAE Systems	UK	Industrials	Aerospace & defence	11,136	1.15
M & G	UK	Financials	Financial services	11,105	1.15
Marks & Spencer	UK	Consumer Services	General retailers	10,928	1.13
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,838	1.12
Glencore	Switzerland	Basic Materials	Mining	10,824	1.12
Vodafone	UK	Telecommunications	Mobile telecommunications	10,243	1.06
Caterpillar	USA	Industrials	Industrial engineering	10,241	1.06
Hiscox	UK	Financials	Nonlife insurance	10,172	1.05
Balfour Beatty	UK	Industrials	Construction & materials	10,128	1.05
Boku	UK	Industrials	Support services	10,061	1.04
IMI	UK	Industrials	Industrial engineering	9,914	1.02
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,825	1.01
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,758	1.01
Dunelm	UK	Consumer Services	General retailers	9,620	0.99
Cummins	USA	Industrials	Industrial engineering	9,520	0.98
BT Group	UK	Telecommunications	Fixed Line Telecommunications	9,037	0.93
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	8,971	0.93
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	8,755	0.90
Accsys Technologies	UK	Industrials	Construction & materials	8,635	0.89
Hill & Smith	UK	Industrials	Industrial engineering	8,373	0.86
Mondi	UK	Basic Materials	Forestry & paper	7,993	0.82
Elementis	UK	Basic Materials	Chemicals	7,962	0.82
ITV	UK	Consumer Services	Media	7,886	0.81
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,574	0.78
Marshalls	UK	Industrials	Construction & materials	7,572	0.78
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,429	0.77
Johnson Service Group	UK	Industrials	Support services	7,406	0.76
Cranswick	UK	Consumer Goods	Food producers	7,286	0.75
Hammerson	UK	Financials	Real estate investment trusts	7,217	0.74
Ibstock	UK	Industrials	Construction & materials	6,987	0.72
Jubilee Metals Group	UK	Basic Materials	Mining	6,972	0.72
Spectris	UK	Industrials	Electronic & electrical equipment	6,798	0.70
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,758	0.70
Halfords	UK	Consumer Services	General retailers	6,675	0.69
i3 Energy	UK	Oil & Gas	Oil & gas producers	6,599	0.68
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	6,507	0.67
Standard Life Aberdeen	UK	Financials	Financial services	6,388	0.66
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,345	0.65
Provident Financial	UK	Financials	Financial services	6,337	0.65
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	6,276	0.65
General Motors	USA	Consumer Goods	Automobiles & parts	6,062	0.63
Chesnara	UK	Financials	Life insurance/assurance	5,958	0.61
Kier	UK	Industrials	Construction & materials	5,899	0.61
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,800	0.60
IP Group	UK	Financials	Financial services	5,712	0.59
Babcock	UK	Industrials	Aerospace & defence	5,638	0.58
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.57
Next Fifteen Communications Group	UK	Consumer Services	Media	5,489	0.57
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,313	0.55
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,307	0.55
Smith & Nephew	UK	Health Care	Health care equipment & services	5,238	0.54
Reach	UK	Consumer Services	Media	5,233	0.54
iEnergizer	Guernsey	Industrials	Support services	5,205	0.54
SSE	UK	Utilities	Electricity	5,171	0.53
Redde Northgate	UK	Industrials	Support services	5,066	0.52
Applied Materials	USA	Technology	Technology hardware & equipment	4,977	0.51
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,930	0.51
International Distribution Services	UK	Industrials	Industrial transportation	4,803	0.50
AFC Energy	UK	Oil & Gas	Alternative Energy	4,750	0.49
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	4,578	0.47
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.47
Watkin Jones	UK	Consumer Goods	Household goods & home construction	4,479	0.46
International Personal Finance	UK	Financials	Financial services	4,336	0.45
Ricardo	UK	Industrials	Support services	4,296	0.44
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,016	0.41
Vertu Motors	UK	Consumer Services	General retailers	3,977	0.41
Weir Group	UK	Industrials	Industrial engineering	3,564	0.37
Nestle	Switzerland	Consumer Goods	Food producers	3,426	0.35
Plant Health Care	USA	Basic Materials	Chemicals	3,354	0.35
SigmaRoc	UK	Industrials	Construction & materials	3,184	0.33
Bellway	UK	Consumer Goods	Household goods & home construction	3,177	0.33
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,928	0.30
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,814	0.29
Castings	UK	Industrials	Construction & materials	2,788	0.29
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,783	0.29
ASML	Netherlands	Technology	Technology hardware & equipment	2,742	0.28
UniCredit	Italy	Financials	Banks	2,679	0.28
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,407	0.25
Epwin Group	UK	Consumer Goods	Household goods & home construction	2,224	0.23
SAP	Germany	Technology	Software & computer services	1,995	0.21
LVMH	France	Consumer Goods	Leisure Goods	1,994	0.21
Moncler	Italy	Consumer Goods	Personal goods	1,975	0.20
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,958	0.20
Amundi	France	Financials	Financial services	1,935	0.20
Libertine Holdings	UK	Other	Sustainable Energy	1,890	0.20
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,844	0.19
Safran SA	France	Industrials	Aerospace & defence	1,801	0.19
First Tin	UK	Basic Materials	Mining	1,800	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,701	0.18
Bawag	Austria	Financials	Banks	1,696	0.18
Kistos	UK	Oil & Gas	Oil & gas producers	1,665	0.17
Deutsche Boerse	Germany	Financials	Financial services	1,661	0.17
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	1,639	0.17
Marstons	UK	Consumer Services	Travel & leisure	1,604	0.17
Renold	UK	Industrials	Industrial engineering	1,499	0.15
Ilika	UK	Oil & Gas	Alternative Energy	1,496	0.15
Universal Music Group	Netherlands	Consumer Services	Media	1,416	0.15
Arkema SA	France	Basic Materials	Chemicals	1,312	0.14
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,301	0.13
Allied Minds	UK	Financials	Financial services	1,277	0.13
Gelion	UK	Other	Sustainable Energy	1,190	0.12
BNP Paribas SA	France	Financials	Banks	1,157	0.12
Kion Group AG	Germany	Industrials	Construction & materials	1,135	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,134	0.12
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,048	0.11
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,045	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	1,040	0.11
Allfunds Group	UK	Other	Other	1,015	0.10
Danone SA	France	Consumer Goods	Food producers	1,010	0.10
Deltic Energy	UK	Oil & Gas	Oil & gas producers	888	0.09
Jackson Financial	USA	Financials	Financial services	836	0.09
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	792	0.08
Tullow Oil	UK	Oil & Gas	Oil & gas producers	722	0.07
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	696	0.07
Adidas	Germany	Consumer Goods	Leisure Goods	643	0.07
Harbour Energy	UK	Oil & Gas	Oil & gas producers	587	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	542	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	540	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	494	0.05
Mirriad Advertising	UK	Consumer Services	Media	237	0.02
SIMEC Atlantis Energy	UK	Utilities	Electricity	235	0.02
Carclo	UK	Basic Materials	Chemicals	152	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	80	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	79	0.01
Morses Club	UK	Financials	Financial services	40
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	7
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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