Net Asset Value(s)

Law Debenture Corp PLC

02 October 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 September 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 29 September 2023 was 764.91 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 798.82 pence per share (cum income). The mid-market price at the close of business on 29 September 2023 was 809.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	756.38	764.91
NAV with debt at fair value	790.29	798.82

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	5.3	18.5	48.9	32.1	112.1
NAV total return (with debt at fair value)2	7.0	19.3	67.9	42.0	125.8
FTSE Actuaries All-Share Index Total Return3	4.5	14.4	39.4	19.7	68.6
Share price total return3	7.1	27.8	81.3	59.9	124.1
Change in Retail Price Index4	4.5	9.1	28.4	32.5	50.0

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, August 2023.

Geographical Split of investment portfolio

Region	% of portfolio 29 September 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	85.6	83.4	82.6
Europe	7.8	10.4	10.0
North America	5.3	5.1	5.4
Japan	1.3	1.1	1.1
Other	0	0	0.2
Other Pacific	0	0	0.7
TOTAL	100	100	100

Full Portfolio Listing

As at 29 September 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	32,575	3.49
BP	UK	Oil & Gas	Oil & gas producers	30,290	3.25
HSBC	UK	Financials	Banks	27,967	3.00
Rolls Royce	UK	Industrials	Aerospace & defence	27,502	2.95
Flutter Entertainment	UK	Consumer Services	Travel & leisure	20,755	2.23
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	20,736	2.22
Barclays	UK	Financials	Banks	19,550	2.10
Rio Tinto	UK	Basic Materials	Mining	19,403	2.08
Marks & Spencer	UK	Consumer Services	General retailers	18,928	2.03
NatWest	UK	Financials	Banks	15,314	1.64
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	14,978	1.61
Standard Chartered	UK	Financials	Banks	14,294	1.53
Senior	UK	Industrials	Aerospace & defence	13,907	1.49
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,349	1.43
Lloyds Banking Group	UK	Financials	Banks	13,311	1.43
BAE Systems	UK	Industrials	Aerospace & defence	12,969	1.39
National Grid	UK	Utilities	Gas, water & multiutilities	12,830	1.38
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	12,120	1.30
M & G	UK	Financials	Financial services	11,838	1.27
Hill & Smith	UK	Industrials	Industrial engineering	11,462	1.23
Caterpillar	USA	Industrials	Industrial engineering	11,191	1.20
IMI	UK	Industrials	Industrial engineering	10,780	1.16
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	10,566	1.13
Land Securities	UK	Financials	Real estate investment trusts	10,461	1.12
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,413	1.12
Herald Investment Trust	UK	Financials	Equity investment instruments	10,284	1.10
Anglo American	UK	Basic Materials	Mining	10,195	1.09
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,157	1.09
Boku	UK	Industrials	Support services	10,068	1.08
Aviva	UK	Financials	Life insurance/assurance	10,028	1.08
Kier	UK	Industrials	Construction & materials	9,901	1.06
Direct Line Insurance	UK	Financials	Nonlife insurance	9,299	1.00
Marshalls	UK	Industrials	Construction & materials	9,102	0.98
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,101	0.98
Hiscox	UK	Financials	Nonlife insurance	9,091	0.97
DS Smith	UK	Industrials	General industrials	9,089	0.97
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,042	0.97
Johnson Service Group	UK	Industrials	Support services	8,895	0.95
Balfour Beatty	UK	Industrials	Construction & materials	8,873	0.95
Cummins	USA	Industrials	Industrial engineering	8,798	0.94
Dunelm	UK	Consumer Services	General retailers	8,707	0.93
ITV	UK	Consumer Services	Media	8,651	0.93
Cranswick	UK	Consumer Goods	Food producers	8,488	0.91
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,457	0.91
Vodafone	UK	Telecommunications	Mobile telecommunications	8,450	0.91
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,321	0.89
Prudential Corp	UK	Financials	Life insurance/assurance	8,301	0.89
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,216	0.88
Elementis	UK	Basic Materials	Chemicals	7,898	0.85
Babcock	UK	Industrials	Aerospace & defence	7,632	0.82
Spectris	UK	Industrials	Electronic & electrical equipment	7,212	0.77
Mondi	UK	Basic Materials	Forestry & paper	7,203	0.77
Accsys Technologies	UK	Industrials	Construction & materials	7,085	0.76
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,814	0.73
Hammerson	UK	Financials	Real estate investment trusts	6,765	0.73
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,749	0.72
International Personal Finance	UK	Financials	Financial services	6,489	0.70
Halfords	UK	Consumer Services	General retailers	6,453	0.69
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,371	0.68
Applied Materials	USA	Technology	Technology hardware & equipment	6,241	0.67
AFC Energy	UK	Oil & Gas	Alternative Energy	6,238	0.67
Vanquis Banking Group	UK	Financials	Financial services	5,995	0.64
Ibstock	UK	Industrials	Construction & materials	5,905	0.63
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,809	0.62
Chesnara	UK	Financials	Life insurance/assurance	5,739	0.62
International Distribution Services	UK	Industrials	Industrial transportation	5,477	0.59
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,429	0.58
IP Group	UK	Financials	Financial services	5,222	0.56
General Motors	USA	Consumer Goods	Automobiles & parts	5,136	0.55
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,133	0.55
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,088	0.55
Vertu Motors	UK	Consumer Services	General retailers	5,026	0.54
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	5,018	0.54
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,963	0.53
Reach	UK	Consumer Services	Media	4,933	0.53
SSE	UK	Utilities	Electricity	4,829	0.52
Smith & Nephew	UK	Health Care	Health care equipment & services	4,806	0.52
i3 Energy	UK	Oil & Gas	Oil & gas producers	4,703	0.50
Standard Life Aberdeen	UK	Financials	Financial services	4,682	0.50
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,560	0.49
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	4,413	0.47
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,283	0.46
Ricardo	UK	Industrials	Support services	4,162	0.45
Johnson Matthey	UK	Other	Sustainable Energy	4,070	0.44
Jubilee Metals Group	UK	Basic Materials	Mining	4,024	0.43
Redde Northgate	UK	Industrials	Support services	3,945	0.42
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,860	0.41
Weir Group	UK	Industrials	Industrial engineering	3,803	0.41
Next Fifteen Communications Group	UK	Consumer Services	Media	3,612	0.39
Bellway	UK	Consumer Goods	Household goods & home construction	3,423	0.37
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,227	0.35
Nestle	Switzerland	Consumer Goods	Food producers	3,224	0.35
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,930	0.31
SigmaRoc	UK	Industrials	Construction & materials	2,893	0.31
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,708	0.29
Inchcape	UK	Industrials	Support services	2,655	0.28
Castings	UK	Industrials	Construction & materials	2,600	0.28
Plant Health Care	USA	Basic Materials	Chemicals	2,566	0.28
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,417	0.26
SAP	Germany	Technology	Software & computer services	2,204	0.24
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,135	0.23
Indus Gas	UK	Oil & Gas	Oil & gas producers	2,025	0.22
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,004	0.21
Safran SA	France	Industrials	Aerospace & defence	1,996	0.21
Renold	UK	Industrials	Industrial engineering	1,866	0.20
Moncler	Italy	Consumer Goods	Personal goods	1,854	0.20
ASML	Netherlands	Technology	Technology hardware & equipment	1,836	0.20
LVMH	France	Consumer Goods	Leisure Goods	1,755	0.19
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,678	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,621	0.17
UniCredit	Italy	Financials	Banks	1,589	0.17
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,540	0.17
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,536	0.16
Amundi	France	Financials	Financial services	1,509	0.16
SGS SA	Switzerland	Industrials	Support services	1,472	0.16
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,284	0.14
Heineken NV	Netherlands	Consumer Goods	Beverages	1,187	0.13
Zoo Digital Group	UK	Technology	Software & computer services	1,160	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,148	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,142	0.12
Marstons	UK	Consumer Services	Travel & leisure	1,118	0.12
BNP Paribas SA	France	Financials	Banks	1,093	0.12
Danone SA	France	Consumer Goods	Food producers	1,034	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	1,033	0.11
EDP Renovaveis SA	Spain	Other	Sustainable Energy	994	0.11
Allied Minds	UK	Financials	Financial services	971	0.10
Kistos	UK	Oil & Gas	Oil & gas producers	959	0.10
Arkema SA	France	Basic Materials	Chemicals	844	0.09
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	770	0.08
Ilika	UK	Oil & Gas	Alternative Energy	761	0.08
First Tin	UK	Basic Materials	Mining	744	0.08
Adidas	Germany	Consumer Goods	Leisure Goods	715	0.08
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	707	0.08
Allfunds Group	UK	Other	Other	696	0.07
Universal Music Group	Netherlands	Consumer Services	Media	691	0.07
Bawag	Austria	Financials	Banks	669	0.07
Sartorius AG	Germany	Health Care	Health care equipment & services	629	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	619	0.07
Gelion	UK	Other	Sustainable Energy	571	0.06
Velocys	UK	Oil & Gas	Oil equipment services & distribution	505	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	497	0.05
Longboat Energy	UK	Oil & Gas	Oil & gas producers	495	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	404	0.04
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	375	0.04
Libertine Holdings	UK	Other	Sustainable Energy	263	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	181	0.02
Carclo	UK	Basic Materials	Chemicals	147	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	12
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