Net Asset Value(s)

Law Debenture Corp PLC

02 May 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 April 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 April 2023 was 784.43 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 810.60 pence per share (cum income). The mid-market price at the close of business on 28 April 2023 was 824.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	781.65	784.43
NAV with debt at fair value	807.81	810.60

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	6.9	2.2	60.5	39.4	131.4
NAV total return (with debt at fair value)2	7.5	8.0	77.6	49.5	146.2
FTSE Actuaries All-Share Index Total Return3	6.5	6.5	44.4	32.1	80.8
Share price total return3	8.0	8.4	82.9	72.3	143.5
Change in Retail Price Index4	1.9	13.5	25.5	31.9	47.6

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, March 2023.

Geographical Split of investment portfolio

Region	% of portfolio 28 April 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	84.4	83.4	82.6
Europe	9.7	10.4	10.0
North America	5.0	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 April 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	30,650	3.19
BP	UK	Oil & Gas	Oil & gas producers	30,461	3.17
HSBC	UK	Financials	Banks	24,879	2.58
Flutter Entertainment	UK	Consumer Services	Travel & leisure	24,668	2.56
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	20,027	2.08
Barclays	UK	Financials	Banks	19,660	2.04
Rolls Royce	UK	Industrials	Aerospace & defence	18,936	1.97
Rio Tinto	UK	Basic Materials	Mining	18,930	1.96
NatWest	UK	Financials	Banks	17,024	1.77
National Grid	UK	Utilities	Gas, water & multiutilities	14,983	1.55
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	14,962	1.55
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,906	1.55
Lloyds Banking Group	UK	Financials	Banks	14,460	1.50
Senior	UK	Industrials	Aerospace & defence	14,009	1.45
BAE Systems	UK	Industrials	Aerospace & defence	13,182	1.37
Marks & Spencer	UK	Consumer Services	General retailers	13,148	1.36
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,005	1.35
Land Securities	UK	Financials	Real estate investment trusts	11,947	1.24
Standard Chartered	UK	Financials	Banks	11,850	1.23
BT Group	UK	Telecommunications	Fixed Line Telecommunications	11,513	1.19
Prudential Corp	UK	Financials	Life insurance/assurance	11,315	1.17
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,281	1.17
M & G	UK	Financials	Financial services	11,275	1.17
Anglo American	UK	Basic Materials	Mining	11,003	1.14
IMI	UK	Industrials	Industrial engineering	10,959	1.14
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	10,884	1.13
Aviva	UK	Financials	Life insurance/assurance	10,880	1.13
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,766	1.12
Hiscox	UK	Financials	Nonlife insurance	10,656	1.11
Balfour Beatty	UK	Industrials	Construction & materials	10,582	1.10
Vodafone	UK	Telecommunications	Mobile telecommunications	10,549	1.09
Kingfisher	UK	Consumer Goods	Household goods & home construction	10,423	1.08
Herald Investment Trust	UK	Financials	Equity investment instruments	10,284	1.07
Boku	UK	Industrials	Support services	10,138	1.05
DS Smith	UK	Industrials	General industrials	9,817	1.02
Dunelm	UK	Consumer Services	General retailers	9,512	0.99
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	9,477	0.98
Glencore	Switzerland	Basic Materials	Mining	9,379	0.97
Direct Line Insurance	UK	Financials	Nonlife insurance	9,269	0.96
Hill & Smith	UK	Industrials	Industrial engineering	9,159	0.95
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	8,933	0.93
Cummins	USA	Industrials	Industrial engineering	8,784	0.91
Caterpillar	USA	Industrials	Industrial engineering	8,701	0.90
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	8,285	0.86
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,243	0.86
Marshalls	UK	Industrials	Construction & materials	8,126	0.84
Johnson Service Group	UK	Industrials	Support services	8,012	0.83
Spectris	UK	Industrials	Electronic & electrical equipment	7,986	0.83
Elementis	UK	Basic Materials	Chemicals	7,975	0.83
ITV	UK	Consumer Services	Media	7,874	0.82
Cranswick	UK	Consumer Goods	Food producers	7,666	0.80
Hammerson	UK	Financials	Real estate investment trusts	7,545	0.78
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,492	0.78
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	7,073	0.73
Ibstock	UK	Industrials	Construction & materials	7,037	0.73
Halfords	UK	Consumer Services	General retailers	6,844	0.71
Mondi	UK	Basic Materials	Forestry & paper	6,639	0.69
Kier	UK	Industrials	Construction & materials	6,607	0.69
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	6,551	0.68
Standard Life Aberdeen	UK	Financials	Financial services	6,391	0.66
i3 Energy	UK	Oil & Gas	Oil & gas producers	6,330	0.66
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,274	0.65
Vanquis Banking Group	UK	Financials	Financial services	6,192	0.64
Smith & Nephew	UK	Health Care	Health care equipment & services	6,171	0.64
AFC Energy	UK	Oil & Gas	Alternative Energy	6,163	0.64
Accsys Technologies	UK	Industrials	Construction & materials	6,084	0.63
Babcock	UK	Industrials	Aerospace & defence	5,860	0.61
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,855	0.61
Chesnara	UK	Financials	Life insurance/assurance	5,791	0.60
IP Group	UK	Financials	Financial services	5,548	0.58
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.57
SSE	UK	Utilities	Electricity	5,511	0.57
International Distribution Services	UK	Industrials	Industrial transportation	5,315	0.55
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,228	0.54
Jubilee Metals Group	UK	Basic Materials	Mining	5,101	0.53
International Personal Finance	UK	Financials	Financial services	5,026	0.52
Ricardo	UK	Industrials	Support services	5,015	0.52
General Motors	USA	Consumer Goods	Automobiles & parts	4,990	0.52
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,945	0.51
Applied Materials	USA	Technology	Technology hardware & equipment	4,944	0.51
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,940	0.51
Johnson Matthey	UK	Other	Sustainable Energy	4,909	0.51
Reach	UK	Consumer Services	Media	4,881	0.51
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,781	0.50
Next 15 Group	UK	Consumer Services	Media	4,626	0.48
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.47
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	4,437	0.46
Redde Northgate	UK	Industrials	Support services	4,383	0.45
Watkin Jones	UK	Consumer Goods	Household goods & home construction	4,049	0.42
Vertu Motors	UK	Consumer Services	General retailers	3,882	0.40
Weir Group	UK	Industrials	Industrial engineering	3,680	0.38
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,674	0.38
Bellway	UK	Consumer Goods	Household goods & home construction	3,615	0.38
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,597	0.37
Nestle	Switzerland	Consumer Goods	Food producers	3,536	0.37
Plant Health Care	USA	Basic Materials	Chemicals	3,414	0.35
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,089	0.32
SigmaRoc	UK	Industrials	Construction & materials	2,990	0.31
Castings	UK	Industrials	Construction & materials	2,882	0.30
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,861	0.30
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,780	0.29
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,703	0.28
ASML	Netherlands	Technology	Technology hardware & equipment	2,596	0.27
Moncler	Italy	Consumer Goods	Personal goods	2,289	0.24
SAP	Germany	Technology	Software & computer services	2,244	0.23
LVMH	France	Consumer Goods	Leisure Goods	2,160	0.22
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,032	0.21
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,995	0.21
Safran SA	France	Industrials	Aerospace & defence	1,916	0.20
Amundi	France	Financials	Financial services	1,905	0.20
UniCredit	Italy	Financials	Banks	1,886	0.20
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,801	0.19
Deutsche Boerse	Germany	Financials	Financial services	1,743	0.18
Renold	UK	Industrials	Industrial engineering	1,649	0.17
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	1,632	0.17
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,470	0.15
Kistos	UK	Oil & Gas	Oil & gas producers	1,341	0.14
Bawag	Austria	Financials	Banks	1,319	0.14
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,309	0.14
Marstons	UK	Consumer Services	Travel & leisure	1,279	0.13
Allied Minds	UK	Financials	Financial services	1,277	0.13
Arkema SA	France	Basic Materials	Chemicals	1,261	0.13
Sig Combibloc	Switzerland	Industrials	General industrials	1,201	0.12
Danone SA	France	Consumer Goods	Food producers	1,197	0.12
Ilika	UK	Oil & Gas	Alternative Energy	1,192	0.12
Kion Group AG	Germany	Industrials	Construction & materials	1,139	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,128	0.12
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,110	0.12
BNP Paribas SA	France	Financials	Banks	1,069	0.11
Libertine Holdings	UK	Other	Sustainable Energy	1,050	0.11
First Tin	UK	Basic Materials	Mining	900	0.09
Gelion	UK	Other	Sustainable Energy	880	0.09
iEnergizer	Guernsey	Industrials	Support services	863	0.09
Velocys	UK	Oil & Gas	Oil equipment services & distribution	765	0.08
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	750	0.08
Adidas	Germany	Consumer Goods	Leisure Goods	694	0.07
Allfunds Group	UK	Other	Other	650	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	594	0.06
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	560	0.06
Universal Music Group	Netherlands	Consumer Services	Media	560	0.06
Deltic Energy	UK	Oil & Gas	Oil & gas producers	555	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	547	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	522	0.05
Longboat Energy	UK	Oil & Gas	Oil & gas producers	270	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	190	0.02
Carclo	UK	Basic Materials	Chemicals	139	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	58	0.01
Mirriad Advertising	UK	Consumer Services	Media	53	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	47
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