Net Asset Value(s)

Law Debenture Corp PLC

01 June 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 May 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 May 2023 was 748.73 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 781.73 pence per share (cum income). The mid-market price at the close of business on 31 May 2023 was 789.00 pence per share.

The first 2023 interim dividend of 7.625p will be paid on the 6^th of July 2023 to shareholders on the register at the close of business on the 2^nd of June 2023.  The ex-dividend date is the 1^st of June 2023.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	741.34	748.73
NAV with debt at fair value	774.34	781.73

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	2.0	-3.7	47.1	29.1	114.2
NAV total return (with debt at fair value)2	3.7	1.8	64.8	39.9	129.5
FTSE Actuaries All-Share Index Total Return3	1.6	0.4	33.9	15.2	67.5
Share price total return3	3.4	1.2	79.1	60.6	126.6
Change in Retail Price Index4	3.4	10.6	27.6	32.8	49.1

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, April 2023.

Geographical Split of investment portfolio

Region	% of portfolio 31 May 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	84.5	83.4	82.6
Europe	9.5	10.4	10.0
North America	5.0	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 May 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	27,756	3.02
BP	UK	Oil & Gas	Oil & gas producers	25,838	2.81
HSBC	UK	Financials	Banks	25,608	2.78
Flutter Entertainment	UK	Consumer Services	Travel & leisure	24,374	2.65
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	18,715	2.03
Barclays	UK	Financials	Banks	18,615	2.03
Rio Tinto	UK	Basic Materials	Mining	17,931	1.96
Rolls Royce	UK	Industrials	Aerospace & defence	17,841	1.95
NatWest	UK	Financials	Banks	16,874	1.84
National Grid	UK	Utilities	Gas, water & multiutilities	14,473	1.58
Marks & Spencer	UK	Consumer Services	General retailers	14,288	1.56
Senior	UK	Industrials	Aerospace & defence	14,265	1.56
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	13,902	1.52
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,829	1.51
Lloyds Banking Group	UK	Financials	Banks	13,251	1.45
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,325	1.34
BAE Systems	UK	Industrials	Aerospace & defence	12,067	1.32
Standard Chartered	UK	Financials	Banks	11,948	1.30
IMI	UK	Industrials	Industrial engineering	10,952	1.19
M & G	UK	Financials	Financial services	10,901	1.19
Herald Investment Trust	UK	Financials	Equity investment instruments	10,776	1.18
Land Securities	UK	Financials	Real estate investment trusts	10,677	1.16
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,672	1.16
BT Group	UK	Telecommunications	Fixed Line Telecommunications	10,647	1.16
Hiscox	UK	Financials	Nonlife insurance	10,592	1.16
Aviva	UK	Financials	Life insurance/assurance	10,141	1.11
Balfour Beatty	UK	Industrials	Construction & materials	10,139	1.11
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,071	1.10
Anglo American	UK	Basic Materials	Mining	10,004	1.09
Prudential Corp	UK	Financials	Life insurance/assurance	9,863	1.08
Boku	UK	Industrials	Support services	9,788	1.07
Hill & Smith	UK	Industrials	Industrial engineering	9,691	1.06
DS Smith	UK	Industrials	General industrials	9,612	1.05
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,354	1.02
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,052	0.99
Dunelm	UK	Consumer Services	General retailers	9,039	0.99
Direct Line Insurance	UK	Financials	Nonlife insurance	8,959	0.98
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	8,666	0.95
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	8,591	0.94
Vodafone	UK	Telecommunications	Mobile telecommunications	8,401	0.92
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,321	0.91
Caterpillar	USA	Industrials	Industrial engineering	8,268	0.90
Glencore	Switzerland	Basic Materials	Mining	8,223	0.90
Marshalls	UK	Industrials	Construction & materials	8,191	0.89
Spectris	UK	Industrials	Electronic & electrical equipment	7,818	0.85
Cranswick	UK	Consumer Goods	Food producers	7,766	0.85
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,734	0.84
Cummins	USA	Industrials	Industrial engineering	7,720	0.84
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,586	0.83
Johnson Service Group	UK	Industrials	Support services	7,116	0.78
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,864	0.75
Elementis	UK	Basic Materials	Chemicals	6,817	0.74
ITV	UK	Consumer Services	Media	6,806	0.74
Accsys Technologies	UK	Industrials	Construction & materials	6,790	0.74
Kier	UK	Industrials	Construction & materials	6,676	0.73
Hammerson	UK	Financials	Real estate investment trusts	6,668	0.73
Ibstock	UK	Industrials	Construction & materials	6,634	0.72
Halfords	UK	Consumer Services	General retailers	6,577	0.72
Mondi	UK	Basic Materials	Forestry & paper	6,531	0.71
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,992	0.65
Vanquis Banking Group	UK	Financials	Financial services	5,972	0.65
Standard Life Aberdeen	UK	Financials	Financial services	5,967	0.65
Applied Materials	USA	Technology	Technology hardware & equipment	5,890	0.64
Chesnara	UK	Financials	Life insurance/assurance	5,833	0.64
Babcock	UK	Industrials	Aerospace & defence	5,690	0.62
International Personal Finance	UK	Financials	Financial services	5,665	0.62
Smith & Nephew	UK	Health Care	Health care equipment & services	5,649	0.62
SSE	UK	Utilities	Electricity	5,640	0.62
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,617	0.61
i3 Energy	UK	Oil & Gas	Oil & gas producers	5,615	0.61
IP Group	UK	Financials	Financial services	5,577	0.61
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.60
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,409	0.59
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,306	0.58
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	5,236	0.57
General Motors	USA	Consumer Goods	Automobiles & parts	4,952	0.54
AFC Energy	UK	Oil & Gas	Alternative Energy	4,929	0.54
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,850	0.53
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,700	0.51
Ricardo	UK	Industrials	Support services	4,680	0.51
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,665	0.51
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.50
Redde Northgate	UK	Industrials	Support services	4,354	0.48
Johnson Matthey	UK	Other	Sustainable Energy	4,324	0.47
Reach	UK	Consumer Services	Media	4,179	0.46
International Distribution Services	UK	Industrials	Industrial transportation	4,132	0.45
Vertu Motors	UK	Consumer Services	General retailers	4,125	0.45
Next 15 Group	UK	Consumer Services	Media	4,087	0.45
Jubilee Metals Group	UK	Basic Materials	Mining	3,968	0.43
Weir Group	UK	Industrials	Industrial engineering	3,389	0.37
Bellway	UK	Consumer Goods	Household goods & home construction	3,387	0.37
Nestle	Switzerland	Consumer Goods	Food producers	3,304	0.36
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,277	0.36
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,185	0.35
SigmaRoc	UK	Industrials	Construction & materials	3,173	0.35
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,089	0.34
ASML	Netherlands	Technology	Technology hardware & equipment	2,976	0.32
Castings	UK	Industrials	Construction & materials	2,945	0.32
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,834	0.31
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,801	0.31
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,783	0.30
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,782	0.30
Plant Health Care	USA	Basic Materials	Chemicals	2,734	0.30
SAP	Germany	Technology	Software & computer services	2,183	0.24
Moncler	Italy	Consumer Goods	Personal goods	2,107	0.23
LVMH	France	Consumer Goods	Leisure Goods	1,976	0.22
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,926	0.21
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,918	0.21
Safran SA	France	Industrials	Aerospace & defence	1,804	0.20
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,752	0.19
Zoo Digital Group	UK	Technology	Software & computer services	1,750	0.19
Renold	UK	Industrials	Industrial engineering	1,692	0.18
Amundi	France	Financials	Financial services	1,653	0.18
UniCredit	Italy	Financials	Banks	1,651	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,590	0.17
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,535	0.17
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,340	0.15
Allied Minds	UK	Financials	Financial services	1,277	0.14
Sig Combibloc	Switzerland	Industrials	General industrials	1,240	0.14
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,190	0.13
Bawag	Austria	Financials	Banks	1,185	0.13
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,179	0.13
Marstons	UK	Consumer Services	Travel & leisure	1,163	0.13
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,144	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	1,132	0.12
Arkema SA	France	Basic Materials	Chemicals	1,119	0.12
Ilika	UK	Oil & Gas	Alternative Energy	1,090	0.12
Danone SA	France	Consumer Goods	Food producers	1,081	0.12
Kistos	UK	Oil & Gas	Oil & gas producers	1,026	0.11
SGS SA	Switzerland	Industrials	Support services	1,001	0.11
Kion Group AG	Germany	Industrials	Construction & materials	979	0.11
BNP Paribas SA	France	Financials	Banks	968	0.11
Arbuthnot Banking Group	UK	Financials	Financial services	852	0.09
First Tin	UK	Basic Materials	Mining	840	0.09
Gelion	UK	Other	Sustainable Energy	833	0.09
Libertine Holdings	UK	Other	Sustainable Energy	735	0.08
Allfunds Group	UK	Other	Other	676	0.07
Adidas	Germany	Consumer Goods	Leisure Goods	647	0.07
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	625	0.07
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	625	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	543	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	525	0.06
Universal Music Group	Netherlands	Consumer Services	Media	510	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	502	0.05
Sartorius AG	Germany	Health Care	Health care equipment & services	495	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	397	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	190	0.02
Carclo	UK	Basic Materials	Chemicals	164	0.02
Mirriad Advertising	UK	Consumer Services	Media	153	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	51	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	33
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