Net Asset Value(s)

Law Debenture Corp PLC

01 August 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 July 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 July 2023 was 767.63 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 799.04 pence per share (cum income). The mid-market price at the close of business on 31 July 2023 was 815.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	766.34	767.63
NAV with debt at fair value	797.75	799.04

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	5.6	4.0	54.4	30.9	114.5
NAV total return (with debt at fair value)2	7.1	8.5	74.3	41.1	128.1
FTSE Actuaries All-Share Index Total Return3	5.3	6.1	41.8	18.1	71.1
Share price total return3	7.9	9.3	74.2	64.7	135.8
Change in Retail Price Index4	4.4	10.7	27.9	33.6	50.7

¹ The fair value of the IPS business has been calculated as at 30 June 2023.

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, June 2023.

Geographical Split of investment portfolio

Region	% of portfolio 31 July 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	84.9	83.4	82.6
Europe	8.5	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 31 July 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	29,569	3.14
HSBC	UK	Financials	Banks	28,023	2.98
BP	UK	Oil & Gas	Oil & gas producers	27,531	2.91
Flutter Entertainment	UK	Consumer Services	Travel & leisure	24,041	2.54
Rolls Royce	UK	Industrials	Aerospace & defence	23,008	2.44
Rio Tinto	UK	Basic Materials	Mining	19,313	2.04
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,240	2.04
Barclays	UK	Financials	Banks	19,060	2.02
Marks & Spencer	UK	Consumer Services	General retailers	16,448	1.74
NatWest	UK	Financials	Banks	15,880	1.68
Senior	UK	Industrials	Aerospace & defence	14,214	1.50
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	14,172	1.50
Standard Chartered	UK	Financials	Banks	14,090	1.49
National Grid	UK	Utilities	Gas, water & multiutilities	13,504	1.43
Lloyds Banking Group	UK	Financials	Banks	13,481	1.43
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,036	1.38
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	12,262	1.30
BAE Systems	UK	Industrials	Aerospace & defence	12,108	1.28
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,581	1.23
Land Securities	UK	Financials	Real estate investment trusts	11,479	1.21
IMI	UK	Industrials	Industrial engineering	11,199	1.19
M & G	UK	Financials	Financial services	11,033	1.17
Herald Investment Trust	UK	Financials	Equity investment instruments	10,836	1.15
Anglo American	UK	Basic Materials	Mining	10,771	1.14
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,760	1.14
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,669	1.13
Hill & Smith	UK	Industrials	Industrial engineering	10,490	1.11
Caterpillar	USA	Industrials	Industrial engineering	10,323	1.09
Accsys Technologies	UK	Industrials	Construction & materials	10,156	1.07
Prudential Corp	UK	Financials	Life insurance/assurance	10,106	1.07
Aviva	UK	Financials	Life insurance/assurance	9,992	1.06
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,949	1.05
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,829	1.04
DS Smith	UK	Industrials	General industrials	9,802	1.04
Hiscox	UK	Financials	Nonlife insurance	9,751	1.03
Balfour Beatty	UK	Industrials	Construction & materials	9,658	1.02
Boku	UK	Industrials	Support services	9,648	1.02
Cummins	USA	Industrials	Industrial engineering	9,550	1.01
Dunelm	UK	Consumer Services	General retailers	9,545	1.01
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,845	0.94
Marshalls	UK	Industrials	Construction & materials	8,604	0.91
Vodafone	UK	Telecommunications	Mobile telecommunications	8,186	0.87
Direct Line Insurance	UK	Financials	Nonlife insurance	8,124	0.86
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,103	0.86
Cranswick	UK	Consumer Goods	Food producers	7,972	0.84
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,806	0.83
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,700	0.81
Kier	UK	Industrials	Construction & materials	7,564	0.80
Spectris	UK	Industrials	Electronic & electrical equipment	7,459	0.79
Johnson Service Group	UK	Industrials	Support services	7,393	0.78
Halfords	UK	Consumer Services	General retailers	7,202	0.76
Mondi	UK	Basic Materials	Forestry & paper	7,164	0.76
Hammerson	UK	Financials	Real estate investment trusts	7,147	0.76
ITV	UK	Consumer Services	Media	7,053	0.75
Elementis	UK	Basic Materials	Chemicals	7,034	0.74
Standard Life Aberdeen	UK	Financials	Financial services	6,971	0.74
Babcock	UK	Industrials	Aerospace & defence	6,912	0.73
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,726	0.71
Applied Materials	USA	Technology	Technology hardware & equipment	6,495	0.69
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	6,434	0.68
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,420	0.68
Ibstock	UK	Industrials	Construction & materials	6,224	0.66
Vanquis Banking Group	UK	Financials	Financial services	5,976	0.63
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,946	0.63
AFC Energy	UK	Oil & Gas	Alternative Energy	5,937	0.63
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,904	0.62
IP Group	UK	Financials	Financial services	5,903	0.62
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,880	0.62
International Personal Finance	UK	Financials	Financial services	5,871	0.62
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,689	0.60
General Motors	USA	Consumer Goods	Automobiles & parts	5,677	0.60
Chesnara	UK	Financials	Life insurance/assurance	5,635	0.60
International Distribution Services	UK	Industrials	Industrial transportation	5,603	0.59
Smith & Nephew	UK	Health Care	Health care equipment & services	5,570	0.59
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	5,415	0.57
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,300	0.56
SSE	UK	Utilities	Electricity	5,057	0.54
Reach	UK	Consumer Services	Media	4,907	0.52
Ricardo	UK	Industrials	Support services	4,898	0.52
Vertu Motors	UK	Consumer Services	General retailers	4,703	0.50
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,589	0.49
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.48
Johnson Matthey	UK	Other	Sustainable Energy	4,503	0.48
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,360	0.46
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,300	0.46
i3 Energy	UK	Oil & Gas	Oil & gas producers	4,292	0.45
Jubilee Metals Group	UK	Basic Materials	Mining	4,138	0.44
Redde Northgate	UK	Industrials	Support services	4,010	0.42
Weir Group	UK	Industrials	Industrial engineering	3,670	0.39
Next Fifteen Communications Group	UK	Consumer Services	Media	3,493	0.37
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,327	0.35
Bellway	UK	Consumer Goods	Household goods & home construction	3,324	0.35
Nestle	Switzerland	Consumer Goods	Food producers	3,312	0.35
SigmaRoc	UK	Industrials	Construction & materials	3,205	0.34
Castings	UK	Industrials	Construction & materials	3,070	0.32
Surface Transforms	UK	Consumer Goods	Automobiles & parts	3,043	0.32
Plant Health Care	USA	Basic Materials	Chemicals	2,949	0.31
ASML	Netherlands	Technology	Technology hardware & equipment	2,883	0.31
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,695	0.29
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,693	0.29
Indus Gas	UK	Oil & Gas	Oil & gas producers	2,368	0.25
SAP	Germany	Technology	Software & computer services	2,211	0.23
Moncler	Italy	Consumer Goods	Personal goods	2,178	0.23
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,090	0.22
LVMH	France	Consumer Goods	Leisure Goods	2,054	0.22
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,016	0.21
Safran SA	France	Industrials	Aerospace & defence	2,003	0.21
Munchener Rueckver	Germany	Financials	Nonlife insurance	1,969	0.21
Zoo Digital Group	UK	Technology	Software & computer services	1,873	0.20
Renold	UK	Industrials	Industrial engineering	1,779	0.19
Amundi	France	Financials	Financial services	1,750	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,710	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,709	0.18
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,645	0.17
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,593	0.17
UniCredit	Italy	Financials	Banks	1,589	0.17
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,429	0.15
Arbuthnot Banking Group	UK	Financials	Financial services	1,250	0.13
Sig Combibloc	Switzerland	Industrials	General industrials	1,178	0.12
Marstons	UK	Consumer Services	Travel & leisure	1,157	0.12
Heineken NV	Netherlands	Consumer Goods	Beverages	1,149	0.12
Ilika	UK	Oil & Gas	Alternative Energy	1,116	0.12
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,101	0.12
Danone SA	France	Consumer Goods	Food producers	1,089	0.12
Kistos	UK	Oil & Gas	Oil & gas producers	1,080	0.11
BNP Paribas SA	France	Financials	Banks	1,073	0.11
SGS SA	Switzerland	Industrials	Support services	1,059	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	1,048	0.11
Allied Minds	UK	Financials	Financial services	971	0.10
Longboat Energy	UK	Oil & Gas	Oil & gas producers	930	0.10
Arkema SA	France	Basic Materials	Chemicals	874	0.09
First Tin	UK	Basic Materials	Mining	852	0.09
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	800	0.08
Velocys	UK	Oil & Gas	Oil equipment services & distribution	794	0.08
Adidas	Germany	Consumer Goods	Leisure Goods	781	0.08
Bawag	Austria	Financials	Banks	673	0.07
Universal Music Group	Netherlands	Consumer Services	Media	643	0.07
Libertine Holdings	UK	Other	Sustainable Energy	630	0.07
Allfunds Group	UK	Other	Other	628	0.07
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	625	0.07
Gelion	UK	Other	Sustainable Energy	619	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	598	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	589	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	513	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	508	0.05
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	74	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	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