Net Asset Value(s)

Law Debenture Corp PLC

03 July 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 June 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 30 June 2023 was 743.98 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 777.19 pence per share (cum income). The mid-market price at the close of business on 30 June 2023 was 767.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	741.41	743.98
NAV with debt at fair value	774.61	777.19

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	2.4	6.2	43.3	28.6	122.3
NAV total return (with debt at fair value)2	4.1	11.3	61.1	39.2	136.8
FTSE Actuaries All-Share Index Total Return3	2.6	7.9	33.2	16.5	78.0
Share price total return3	1.5	5.0	67.4	59.2	129.3
Change in Retail Price Index4	4.1	10.4	28.2	33.3	50.3

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, May 2023.

Geographical Split of investment portfolio

Region	% of portfolio 30 June 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	83.8	83.4	82.6
Europe	9.6	10.4	10.0
North America	5.5	5.1	5.4
Japan	1.1	1.1	1.1
Other	0	0	0.2
Other Pacific	0	0	0.7
TOTAL	100	100	100

Full Portfolio Listing

As at 30 June 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	29,281	3.18
HSBC	UK	Financials	Banks	26,961	2.93
BP	UK	Oil & Gas	Oil & gas producers	26,126	2.84
Flutter Entertainment	UK	Consumer Services	Travel & leisure	24,482	2.67
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,304	2.10
Barclays	UK	Financials	Banks	18,866	2.05
Rolls Royce	UK	Industrials	Aerospace & defence	18,806	2.05
Rio Tinto	UK	Basic Materials	Mining	18,694	2.04
NatWest	UK	Financials	Banks	15,646	1.70
Marks & Spencer	UK	Consumer Services	General retailers	15,408	1.68
Senior	UK	Industrials	Aerospace & defence	14,947	1.63
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	14,383	1.57
National Grid	UK	Utilities	Gas, water & multiutilities	13,615	1.48
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,172	1.43
Lloyds Banking Group	UK	Financials	Banks	13,077	1.42
Standard Chartered	UK	Financials	Banks	12,879	1.40
BAE Systems	UK	Industrials	Aerospace & defence	12,051	1.31
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,645	1.27
IMI	UK	Industrials	Industrial engineering	11,268	1.23
M & G	UK	Financials	Financial services	10,527	1.15
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,516	1.15
Herald Investment Trust	UK	Financials	Equity investment instruments	10,488	1.14
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,363	1.13
Prudential Corp	UK	Financials	Life insurance/assurance	10,353	1.13
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	10,216	1.11
Land Securities	UK	Financials	Real estate investment trusts	10,181	1.11
Aviva	UK	Financials	Life insurance/assurance	10,164	1.11
Anglo American	UK	Basic Materials	Mining	10,049	1.09
Hill & Smith	UK	Industrials	Industrial engineering	9,997	1.09
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,879	1.08
Hiscox	UK	Financials	Nonlife insurance	9,860	1.07
Caterpillar	USA	Industrials	Industrial engineering	9,679	1.05
Boku	UK	Industrials	Support services	9,438	1.03
Balfour Beatty	UK	Industrials	Construction & materials	9,421	1.03
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,383	1.02
Dunelm	UK	Consumer Services	General retailers	9,296	1.01
Cummins	USA	Industrials	Industrial engineering	9,070	0.99
Glencore	Switzerland	Basic Materials	Mining	8,890	0.97
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,870	0.97
DS Smith	UK	Industrials	General industrials	8,605	0.94
Vanquis Banking Group	UK	Financials	Financial services	8,337	0.91
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,259	0.90
Vodafone	UK	Telecommunications	Mobile telecommunications	8,136	0.89
Accsys Technologies	UK	Industrials	Construction & materials	8,086	0.88
Cranswick	UK	Consumer Goods	Food producers	7,757	0.84
Spectris	UK	Industrials	Electronic & electrical equipment	7,635	0.83
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,523	0.82
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,445	0.81
Direct Line Insurance	UK	Financials	Nonlife insurance	7,339	0.80
Halfords	UK	Consumer Services	General retailers	7,014	0.76
Johnson Service Group	UK	Industrials	Support services	6,800	0.74
Hammerson	UK	Financials	Real estate investment trusts	6,690	0.73
ITV	UK	Consumer Services	Media	6,659	0.73
Standard Life Aberdeen	UK	Financials	Financial services	6,557	0.71
Marshalls	UK	Industrials	Construction & materials	6,504	0.71
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,503	0.71
Elementis	UK	Basic Materials	Chemicals	6,474	0.71
Kier	UK	Industrials	Construction & materials	6,469	0.70
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,443	0.70
Mondi	UK	Basic Materials	Forestry & paper	6,295	0.69
Applied Materials	USA	Technology	Technology hardware & equipment	6,255	0.68
Smith & Nephew	UK	Health Care	Health care equipment & services	5,957	0.65
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,892	0.64
Ibstock	UK	Industrials	Construction & materials	5,797	0.63
International Personal Finance	UK	Financials	Financial services	5,794	0.63
General Motors	USA	Consumer Goods	Automobiles & parts	5,765	0.63
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,754	0.63
Chesnara	UK	Financials	Life insurance/assurance	5,645	0.61
IP Group	UK	Financials	Financial services	5,568	0.61
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,565	0.61
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,533	0.60
SSE	UK	Utilities	Electricity	5,523	0.60
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,441	0.59
Babcock	UK	Industrials	Aerospace & defence	5,214	0.57
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	5,204	0.57
Ricardo	UK	Industrials	Support services	4,781	0.52
Vertu Motors	UK	Consumer Services	General retailers	4,764	0.52
International Distribution Services	UK	Industrials	Industrial transportation	4,639	0.51
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,610	0.50
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.50
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,554	0.50
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,529	0.49
Redde Northgate	UK	Industrials	Support services	4,377	0.48
Johnson Matthey	UK	Other	Sustainable Energy	4,365	0.48
i3 Energy	UK	Oil & Gas	Oil & gas producers	4,349	0.47
Jubilee Metals Group	UK	Basic Materials	Mining	4,308	0.47
AFC Energy	UK	Oil & Gas	Alternative Energy	4,196	0.46
Reach	UK	Consumer Services	Media	3,849	0.42
Next 15 Group	UK	Consumer Services	Media	3,735	0.41
Weir Group	UK	Industrials	Industrial engineering	3,512	0.38
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,506	0.38
Nestle	Switzerland	Consumer Goods	Food producers	3,280	0.36
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,277	0.36
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,089	0.34
Castings	UK	Industrials	Construction & materials	3,070	0.33
SigmaRoc	UK	Industrials	Construction & materials	3,055	0.33
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,999	0.33
Plant Health Care	USA	Basic Materials	Chemicals	2,983	0.32
Bellway	UK	Consumer Goods	Household goods & home construction	2,982	0.32
ASML	Netherlands	Technology	Technology hardware & equipment	2,938	0.32
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,733	0.30
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,677	0.29
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,380	0.26
SAP	Germany	Technology	Software & computer services	2,243	0.24
LVMH	France	Consumer Goods	Leisure Goods	2,095	0.23
Moncler	Italy	Consumer Goods	Personal goods	2,089	0.23
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,071	0.23
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,975	0.22
UniCredit	Italy	Financials	Banks	1,958	0.21
Safran SA	France	Industrials	Aerospace & defence	1,909	0.21
Zoo Digital Group	UK	Technology	Software & computer services	1,722	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,708	0.19
Amundi	France	Financials	Financial services	1,699	0.19
Renold	UK	Industrials	Industrial engineering	1,692	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,665	0.18
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,645	0.18
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,567	0.17
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,286	0.14
Allied Minds	UK	Financials	Financial services	1,277	0.14
Sig Combibloc	Switzerland	Industrials	General industrials	1,227	0.13
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,162	0.13
Logistics Development Group	UK	Industrials	Industrial transportation	1,117	0.12
Danone SA	France	Consumer Goods	Food producers	1,103	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,094	0.12
Marstons	UK	Consumer Services	Travel & leisure	1,082	0.12
Kistos	UK	Oil & Gas	Oil & gas producers	1,058	0.12
SGS SA	Switzerland	Industrials	Support services	1,043	0.11
BNP Paribas SA	France	Financials	Banks	1,034	0.11
Ilika	UK	Oil & Gas	Alternative Energy	963	0.10
Velocys	UK	Oil & Gas	Oil equipment services & distribution	937	0.10
First Tin	UK	Basic Materials	Mining	852	0.09
Arkema SA	France	Basic Materials	Chemicals	772	0.08
Adidas	Germany	Consumer Goods	Leisure Goods	758	0.08
Libertine Holdings	UK	Other	Sustainable Energy	735	0.08
Longboat Energy	UK	Oil & Gas	Oil & gas producers	735	0.08
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	679	0.07
Bawag	Austria	Financials	Banks	641	0.07
Gelion	UK	Other	Sustainable Energy	619	0.07
Allfunds Group	UK	Other	Other	593	0.06
Universal Music Group	Netherlands	Consumer Services	Media	563	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	562	0.06
Serica Energy	UK	Oil & Gas	Oil & gas producers	526	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	501	0.05
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	500	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	365	0.04
Carclo	UK	Basic Materials	Chemicals	151	0.02
SIMEC Atlantis Energy	UK	Utilities	Electricity	145	0.02
Mirriad Advertising	UK	Consumer Services	Media	129	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	55	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	13
Permanent TSB	Ireland	Financials	Banks	7
Fastjet (delisted)	UK	Consumer Services	Travel & leisure
iEnergizer (delisted)	Guernsey	Industrials	Support services
Interserve (delisted)	UK	Industrials	Support services
Morses Club (delisted)	UK	Financials	Financial services
Studio Retail Group (delisted)	UK	Consumer Services	General retailers

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