Net Asset Value(s)

RNS Number : 2150V

Law Debenture Corp PLC

03 April 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 March 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 March 2023 was 764.69 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 787.90 pence per share (cum income). The mid-market price at the close of business on 31 March 2023 was 802.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	765.10	764.69
NAV with debt at fair value	788.32	787.90

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	4.2	-2.3	67.0	41.3	123.9
NAV total return (with debt at fair value) 2	4.5	3.3	81.8	51.8	136.6
FTSE Actuaries All-Share Index Total Return 3	3.1	2.9	47.4	27.8	75.9
Share price total return 3	5.1	3.5	95.6	72.4	146.2
Change in Retail Price Index 4	1.1	12.7	24.6	31.0	46.6

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, February 2023.

Geographical Split of investment portfolio

Region	% of portfolio 31 March 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	83.5	83.4	82.6
Europe	10.1	10.4	10.0
North America	5.4	5.1	5.4
Japan	1.0	1.1	1.1
Other	0	0	0.2
Other Pacific	0	0	0.7
TOTAL	100	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
BP	UK	Oil & Gas	Oil & gas producers	29,116	3.08
Shell plc	UK	Oil & Gas	Oil & gas producers	28,850	3.05
HSBC	UK	Financials	Banks	23,834	2.53
Flutter Entertainment	UK	Consumer Services	Travel & leisure	22,677	2.40
Rio Tinto	UK	Basic Materials	Mining	20,539	2.18
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,863	2.11
Rolls Royce	UK	Industrials	Aerospace & defence	18,553	1.97
Barclays	UK	Financials	Banks	17,933	1.90
NatWest	UK	Financials	Banks	17,134	1.82
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	14,982	1.59
National Grid	UK	Utilities	Gas, water & multiutilities	14,348	1.52
Lloyds Banking Group	UK	Financials	Banks	14,303	1.52
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,089	1.49
Senior	UK	Industrials	Aerospace & defence	13,395	1.42
Marks & Spencer	UK	Consumer Services	General retailers	13,360	1.42
BAE Systems	UK	Industrials	Aerospace & defence	12,774	1.35
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	12,180	1.29
Anglo American	UK	Basic Materials	Mining	12,051	1.28
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,028	1.28
Standard Chartered	UK	Financials	Banks	11,582	1.23
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,084	1.18
Land Securities	UK	Financials	Real estate investment trusts	11,007	1.17
M & G	UK	Financials	Financial services	10,890	1.15
Kingfisher	UK	Consumer Goods	Household goods & home construction	10,573	1.12
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,571	1.12
IMI	UK	Industrials	Industrial engineering	10,539	1.12
Herald Investment Trust	UK	Financials	Equity investment instruments	10,524	1.12
Aviva	UK	Financials	Life insurance/assurance	10,398	1.10
Prudential Corp	UK	Financials	Life insurance/assurance	10,293	1.09
Balfour Beatty	UK	Industrials	Construction & materials	10,289	1.09
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,047	1.07
Hiscox	UK	Financials	Nonlife insurance	10,027	1.06
DS Smith	UK	Industrials	General industrials	9,950	1.05
Vodafone	UK	Telecommunications	Mobile telecommunications	9,823	1.04
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,465	1.00
Boku	UK	Industrials	Support services	9,368	0.99
Glencore	Switzerland	Basic Materials	Mining	9,292	0.99
Caterpillar	USA	Industrials	Industrial engineering	9,272	0.98
Dunelm	UK	Consumer Services	General retailers	9,172	0.97
Cummins	USA	Industrials	Industrial engineering	9,096	0.96
Hill & Smith	UK	Industrials	Industrial engineering	8,932	0.95
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	8,694	0.92
Marshalls	UK	Industrials	Construction & materials	8,377	0.89
ITV	UK	Consumer Services	Media	8,073	0.86
Johnson Service Group	UK	Industrials	Support services	8,065	0.85
Spectris	UK	Industrials	Electronic & electrical equipment	7,775	0.82
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,650	0.81
Elementis	UK	Basic Materials	Chemicals	7,574	0.80
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,460	0.79
Direct Line Insurance	UK	Financials	Nonlife insurance	7,425	0.79
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,392	0.78
Cranswick	UK	Consumer Goods	Food producers	7,178	0.76
Ibstock	UK	Industrials	Construction & materials	7,153	0.76
Hammerson	UK	Financials	Real estate investment trusts	7,015	0.74
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,774	0.72
Mondi	UK	Basic Materials	Forestry & paper	6,728	0.71
Vanquis Banking Group	UK	Financials	Financial services	6,543	0.69
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	6,449	0.68
Chesnara	UK	Financials	Life insurance/assurance	6,261	0.66
Accsys Technologies	UK	Industrials	Construction & materials	6,202	0.66
Standard Life Aberdeen	UK	Financials	Financial services	6,118	0.65
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,024	0.64
AFC Energy	UK	Oil & Gas	Alternative Energy	5,960	0.63
Kier	UK	Industrials	Construction & materials	5,882	0.62
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,816	0.62
i3 Energy	UK	Oil & Gas	Oil & gas producers	5,798	0.61
Halfords	UK	Consumer Services	General retailers	5,692	0.60
General Motors	USA	Consumer Goods	Automobiles & parts	5,645	0.60
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.59
Babcock	UK	Industrials	Aerospace & defence	5,516	0.58
Applied Materials	USA	Technology	Technology hardware & equipment	5,477	0.58
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,465	0.58
IP Group	UK	Financials	Financial services	5,459	0.58
SSE	UK	Utilities	Electricity	5,409	0.57
Smith & Nephew	UK	Health Care	Health care equipment & services	5,273	0.56
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,190	0.55
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,056	0.54
International Personal Finance	UK	Financials	Financial services	5,047	0.54
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,960	0.53
Johnson Matthey	UK	Other	Sustainable Energy	4,958	0.53
International Distribution Services	UK	Industrials	Industrial transportation	4,717	0.50
Next Fifteen Communications Group	UK	Consumer Services	Media	4,609	0.49
Ricardo	UK	Industrials	Support services	4,605	0.49
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.48
Jubilee Metals Group	UK	Basic Materials	Mining	4,534	0.48
Reach	UK	Consumer Services	Media	4,352	0.46
Redde Northgate	UK	Industrials	Support services	4,027	0.43
Vertu Motors	UK	Consumer Services	General retailers	4,024	0.43
iEnergizer	Guernsey	Industrials	Support services	4,004	0.42
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	3,908	0.41
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,908	0.41
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,725	0.39
Weir Group	UK	Industrials	Industrial engineering	3,718	0.39
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,476	0.37
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,466	0.37
Nestle	Switzerland	Consumer Goods	Food producers	3,426	0.36
Bellway	UK	Consumer Goods	Household goods & home construction	3,311	0.35
Plant Health Care	USA	Basic Materials	Chemicals	3,173	0.34
ASML	Netherlands	Technology	Technology hardware & equipment	2,835	0.30
SigmaRoc	UK	Industrials	Construction & materials	2,829	0.30
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,761	0.29
Castings	UK	Industrials	Construction & materials	2,632	0.28
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,575	0.27
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,306	0.24
Moncler	Italy	Consumer Goods	Personal goods	2,178	0.23
SAP	Germany	Technology	Software & computer services	2,127	0.23
LVMH	France	Consumer Goods	Leisure Goods	2,096	0.22
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,974	0.21
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,899	0.20
Safran SA	France	Industrials	Aerospace & defence	1,860	0.20
Amundi	France	Financials	Financial services	1,860	0.20
UniCredit	Italy	Financials	Banks	1,846	0.20
Deutsche Boerse	Germany	Financials	Financial services	1,806	0.19
Libertine Holdings	UK	Other	Sustainable Energy	1,785	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,690	0.18
Renold	UK	Industrials	Industrial engineering	1,555	0.16
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	1,509	0.16
Universal Music Group	Netherlands	Consumer Services	Media	1,409	0.15
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,371	0.15
Bawag	Austria	Financials	Banks	1,341	0.14
Marstons	UK	Consumer Services	Travel & leisure	1,319	0.14
Kistos	UK	Oil & Gas	Oil & gas producers	1,314	0.14
Arkema SA	France	Basic Materials	Chemicals	1,280	0.14
Allied Minds	UK	Financials	Financial services	1,277	0.14
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,260	0.13
Sig Combibloc	Switzerland	Industrials	General industrials	1,178	0.12
Danone SA	France	Consumer Goods	Food producers	1,155	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,125	0.12
Invinity  Energy Systems	UK	Oil & Gas	Alternative Energy	1,120	0.12
Kion Group AG	Germany	Industrials	Construction & materials	1,095	0.12
Ilika	UK	Oil & Gas	Alternative Energy	1,014	0.11
BNP Paribas SA	France	Financials	Banks	1,012	0.11
Gelion	UK	Other	Sustainable Energy	904	0.10
Velocys	UK	Oil & Gas	Oil equipment services & distribution	875	0.09
First Tin	UK	Basic Materials	Mining	816	0.09
Jackson Financial	USA	Financials	Financial services	708	0.08
Adidas	Germany	Consumer Goods	Leisure Goods	707	0.07
Allfunds Group	UK	Other	Other	660	0.07
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	646	0.07
Tullow Oil	UK	Oil & Gas	Oil & gas producers	631	0.07
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	562	0.06
Serica Energy	UK	Oil & Gas	Oil & gas producers	554	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	543	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	537	0.06
Harbour Energy	UK	Oil & Gas	Oil & gas producers	515	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	508	0.05
Longboat Energy	UK	Oil & Gas	Oil & gas producers	270	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	199	0.02
Carclo	UK	Basic Materials	Chemicals	170	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Mirriad Advertising	UK	Consumer Services	Media	79	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	56	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	50	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	8

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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