Net Asset Value(s)

Law Debenture Corp PLC

01 September 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 August 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 August 2023 was 755.88 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 789.20 pence per share (cum income). The mid-market price at the close of business on 31 August 2023 was 799.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	749.38	755.88
NAV with debt at fair value	782.70	789.20

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	4.0	6.7	45.1	30.6	115.7
NAV total return (with debt at fair value)2	5.7	10.4	62.7	41.4	129.8
FTSE Actuaries All-Share Index Total Return3	2.7	5.2	34.9	18.4	70.6
Share price total return3	5.7	13.1	67.3	61.0	135.8
Change in Retail Price Index4	3.8	8.4	27.6	31.7	49.1

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, July 2023.

Geographical Split of investment portfolio

Region	% of portfolio 31 August 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	85.3	83.4	82.6
Europe	8.0	10.4	10.0
North America	5.5	5.1	5.4
Japan	1.2	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 August 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	30,144	3.26
BP	UK	Oil & Gas	Oil & gas producers	27,788	3.01
Rolls Royce	UK	Industrials	Aerospace & defence	27,664	2.99
HSBC	UK	Financials	Banks	25,287	2.73
Flutter Entertainment	UK	Consumer Services	Travel & leisure	22,328	2.42
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,304	2.09
Rio Tinto	UK	Basic Materials	Mining	18,272	1.98
Marks & Spencer	UK	Consumer Services	General retailers	18,136	1.97
Barclays	UK	Financials	Banks	18,125	1.97
Senior	UK	Industrials	Aerospace & defence	15,357	1.67
NatWest	UK	Financials	Banks	14,976	1.63
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	14,391	1.56
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,425	1.46
Standard Chartered	UK	Financials	Banks	13,419	1.46
BAE Systems	UK	Industrials	Aerospace & defence	13,098	1.42
National Grid	UK	Utilities	Gas, water & multiutilities	12,963	1.41
Lloyds Banking Group	UK	Financials	Banks	12,707	1.38
Hill & Smith	UK	Industrials	Industrial engineering	11,914	1.29
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	11,481	1.25
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,223	1.22
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,178	1.21
Caterpillar	USA	Industrials	Industrial engineering	11,091	1.20
Land Securities	UK	Financials	Real estate investment trusts	10,684	1.16
Herald Investment Trust	UK	Financials	Equity investment instruments	10,608	1.15
M & G	UK	Financials	Financial services	10,491	1.14
IMI	UK	Industrials	Industrial engineering	10,326	1.12
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,981	1.08
DS Smith	UK	Industrials	General industrials	9,884	1.07
Boku	UK	Industrials	Support services	9,858	1.07
Aviva	UK	Financials	Life insurance/assurance	9,652	1.05
Dunelm	UK	Consumer Services	General retailers	9,645	1.05
Accsys Technologies	UK	Industrials	Construction & materials	9,479	1.03
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,476	1.03
Anglo American	UK	Basic Materials	Mining	9,450	1.03
Marshalls	UK	Industrials	Construction & materials	9,260	1.00
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,240	1.00
Balfour Beatty	UK	Industrials	Construction & materials	9,045	0.98
Prudential Corp	UK	Financials	Life insurance/assurance	9,024	0.98
Hiscox	UK	Financials	Nonlife insurance	9,018	0.98
Direct Line Insurance	UK	Financials	Nonlife insurance	8,751	0.95
ITV	UK	Consumer Services	Media	8,671	0.94
Cummins	USA	Industrials	Industrial engineering	8,529	0.93
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,377	0.91
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,072	0.88
Cranswick	UK	Consumer Goods	Food producers	8,053	0.87
Vodafone	UK	Telecommunications	Mobile telecommunications	8,052	0.87
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,995	0.87
Johnson Service Group	UK	Industrials	Support services	7,815	0.85
Kier	UK	Industrials	Construction & materials	7,314	0.79
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,294	0.79
Elementis	UK	Basic Materials	Chemicals	7,262	0.79
Babcock	UK	Industrials	Aerospace & defence	7,126	0.77
Spectris	UK	Industrials	Electronic & electrical equipment	7,066	0.77
Mondi	UK	Basic Materials	Forestry & paper	6,899	0.75
Applied Materials	USA	Technology	Technology hardware & equipment	6,626	0.72
Hammerson	UK	Financials	Real estate investment trusts	6,458	0.70
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,450	0.70
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,270	0.68
International Personal Finance	UK	Financials	Financial services	6,180	0.67
Ibstock	UK	Industrials	Construction & materials	6,170	0.67
AFC Energy	UK	Oil & Gas	Alternative Energy	6,045	0.66
Halfords	UK	Consumer Services	General retailers	5,952	0.65
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,828	0.63
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	5,804	0.63
IP Group	UK	Financials	Financial services	5,795	0.63
Chesnara	UK	Financials	Life insurance/assurance	5,676	0.62
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,569	0.60
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,500	0.60
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	5,149	0.56
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,133	0.56
International Distribution Services	UK	Industrials	Industrial transportation	5,103	0.55
Smith & Nephew	UK	Health Care	Health care equipment & services	5,027	0.55
General Motors	USA	Consumer Goods	Automobiles & parts	5,022	0.54
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,992	0.54
Standard Life Aberdeen	UK	Financials	Financial services	4,962	0.54
Vanquis Banking Group	UK	Financials	Financial services	4,930	0.53
SSE	UK	Utilities	Electricity	4,880	0.53
Vertu Motors	UK	Consumer Services	General retailers	4,690	0.51
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.49
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,378	0.48
i3 Energy	UK	Oil & Gas	Oil & gas producers	4,323	0.47
Reach	UK	Consumer Services	Media	4,242	0.46
Ricardo	UK	Industrials	Support services	4,196	0.46
Johnson Matthey	UK	Other	Sustainable Energy	4,075	0.44
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,970	0.43
Jubilee Metals Group	UK	Basic Materials	Mining	3,911	0.42
Redde Northgate	UK	Industrials	Support services	3,747	0.41
Weir Group	UK	Industrials	Industrial engineering	3,668	0.40
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,476	0.38
Next Fifteen Communications Group	UK	Consumer Services	Media	3,394	0.37
Nestle	Switzerland	Consumer Goods	Food producers	3,297	0.36
Bellway	UK	Consumer Goods	Household goods & home construction	3,204	0.35
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,165	0.34
Plant Health Care	USA	Basic Materials	Chemicals	2,999	0.33
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,954	0.32
SigmaRoc	UK	Industrials	Construction & materials	2,947	0.32
Castings	UK	Industrials	Construction & materials	2,726	0.30
ASML	Netherlands	Technology	Technology hardware & equipment	2,683	0.29
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,589	0.28
Indus Gas	UK	Oil & Gas	Oil & gas producers	2,368	0.26
SAP	Germany	Technology	Software & computer services	2,293	0.25
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,109	0.23
Moncler	Italy	Consumer Goods	Personal goods	2,094	0.23
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,052	0.22
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,970	0.21
Safran SA	France	Industrials	Aerospace & defence	1,966	0.21
LVMH	France	Consumer Goods	Leisure Goods	1,892	0.21
Zoo Digital Group	UK	Technology	Software & computer services	1,885	0.20
Renold	UK	Industrials	Industrial engineering	1,748	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,623	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,604	0.17
UniCredit	Italy	Financials	Banks	1,556	0.17
Amundi	France	Financials	Financial services	1,537	0.17
Inchcape	UK	Industrials	Support services	1,486	0.16
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,468	0.16
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,365	0.15
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,346	0.15
Sig Combibloc	Switzerland	Industrials	General industrials	1,177	0.13
Marstons	UK	Consumer Services	Travel & leisure	1,176	0.13
Arbuthnot Banking Group	UK	Financials	Financial services	1,130	0.12
Kistos	UK	Oil & Gas	Oil & gas producers	1,103	0.12
Heineken NV	Netherlands	Consumer Goods	Beverages	1,096	0.12
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,070	0.12
BNP Paribas SA	France	Financials	Banks	1,066	0.12
Danone SA	France	Consumer Goods	Food producers	1,053	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	1,048	0.11
Ilika	UK	Oil & Gas	Alternative Energy	1,040	0.11
SGS SA	Switzerland	Industrials	Support services	1,007	0.11
Allied Minds	UK	Financials	Financial services	971	0.11
Arkema SA	France	Basic Materials	Chemicals	861	0.09
First Tin	UK	Basic Materials	Mining	840	0.09
Adidas	Germany	Consumer Goods	Leisure Goods	783	0.09
Sartorius AG	Germany	Health Care	Health care equipment & services	730	0.08
Allfunds Group	UK	Other	Other	717	0.08
Velocys	UK	Oil & Gas	Oil equipment services & distribution	715	0.08
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	705	0.08
Longboat Energy	UK	Oil & Gas	Oil & gas producers	690	0.07
Bawag	Austria	Financials	Banks	661	0.07
Universal Music Group	Netherlands	Consumer Services	Media	631	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	618	0.07
Gelion	UK	Other	Sustainable Energy	571	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	498	0.05
Libertine Holdings	UK	Other	Sustainable Energy	473	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	452	0.05
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	354	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	172	0.02
Carclo	UK	Basic Materials	Chemicals	164	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	11
Permanent TSB	Ireland	Financials	Banks	7

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