Net Asset Value(s)

Law Debenture Corp PLC

01 November 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 October 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 October 2023 was 715.93 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 753.03 pence per share (cum income). The mid-market price at the close of business on 31 October 2023 was 739.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	713.01	715.93
NAV with debt at fair value	750.11	753.03

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	-0.4	6.4	44.5	33.7	94.8
NAV total return (with debt at fair value)2	1.9	8.6	63.9	45.8	109.5
FTSE Actuaries All-Share Index Total Return3	0.3	5.9	39.4	21.1	58.0
Share price total return3	-1.2	3.3	64.9	59.9	102.4
Change in Retail Price Index4	5.0	6.2	28.6	33.0	50.2

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, September 2023.

Geographical Split of investment portfolio

Region	% of portfolio 31 October 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	87.2	83.4	82.6
Europe	7.9	10.4	10.0
North America	3.6	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 31 October 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	33,075	3.86
BP	UK	Oil & Gas	Oil & gas producers	28,643	3.34
Rolls Royce	UK	Industrials	Aerospace & defence	26,780	3.13
HSBC	UK	Financials	Banks	25,677	3.00
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	20,258	2.36
Flutter Entertainment	UK	Consumer Services	Travel & leisure	19,987	2.33
Rio Tinto	UK	Basic Materials	Mining	19,703	2.29
Marks & Spencer	UK	Consumer Services	General retailers	17,336	2.02
Barclays	UK	Financials	Banks	16,187	1.88
BAE Systems	UK	Industrials	Aerospace & defence	14,333	1.67
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,622	1.59
Senior	UK	Industrials	Aerospace & defence	13,344	1.55
National Grid	UK	Utilities	Gas, water & multiutilities	12,811	1.49
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	12,719	1.48
Lloyds Banking Group	UK	Financials	Banks	11,979	1.39
M & G	UK	Financials	Financial services	11,889	1.38
Standard Chartered	UK	Financials	Banks	11,880	1.38
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,584	1.35
NatWest	UK	Financials	Banks	11,580	1.35
Hill & Smith	UK	Industrials	Industrial engineering	10,969	1.28
Aviva	UK	Financials	Life insurance/assurance	10,229	1.19
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,222	1.19
Land Securities	UK	Financials	Real estate investment trusts	10,092	1.17
IMI	UK	Industrials	Industrial engineering	10,072	1.17
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,813	1.14
Herald Investment Trust	UK	Financials	Equity investment instruments	9,636	1.12
DS Smith	UK	Industrials	General industrials	9,600	1.12
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	9,563	1.11
Boku	UK	Industrials	Support services	9,438	1.10
Anglo American	UK	Basic Materials	Mining	9,434	1.10
Kier	UK	Industrials	Construction & materials	8,677	1.01
Balfour Beatty	UK	Industrials	Construction & materials	8,531	0.99
Kingfisher	UK	Consumer Goods	Household goods & home construction	8,488	0.99
Hiscox	UK	Financials	Nonlife insurance	8,480	0.99
Johnson Service Group	UK	Industrials	Support services	8,408	0.98
Cummins	USA	Industrials	Industrial engineering	8,363	0.97
Cranswick	UK	Consumer Goods	Food producers	8,349	0.97
Vodafone	UK	Telecommunications	Mobile telecommunications	8,327	0.97
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,174	0.95
Direct Line Insurance	UK	Financials	Nonlife insurance	8,170	0.95
Dunelm	UK	Consumer Services	General retailers	8,093	0.94
Prudential Corp	UK	Financials	Life insurance/assurance	8,012	0.93
ITV	UK	Consumer Services	Media	7,820	0.91
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,681	0.89
Elementis	UK	Basic Materials	Chemicals	7,530	0.88
Marshalls	UK	Industrials	Construction & materials	7,416	0.86
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,304	0.85
Babcock	UK	Industrials	Aerospace & defence	7,215	0.84
Mondi	UK	Basic Materials	Forestry & paper	6,977	0.81
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	6,812	0.79
International Personal Finance	UK	Financials	Financial services	6,644	0.77
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,590	0.77
Spectris	UK	Industrials	Electronic & electrical equipment	6,588	0.77
Halfords	UK	Consumer Services	General retailers	6,532	0.76
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,353	0.74
Ibstock	UK	Industrials	Construction & materials	6,304	0.73
Accsys Technologies	UK	Industrials	Construction & materials	6,241	0.73
Hammerson	UK	Financials	Real estate investment trusts	5,904	0.69
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,810	0.68
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,806	0.68
Vanquis Banking Group	UK	Financials	Financial services	5,501	0.64
International Distribution Services	UK	Industrials	Industrial transportation	5,300	0.62
AFC Energy	UK	Oil & Gas	Alternative Energy	5,275	0.61
Chesnara	UK	Financials	Life insurance/assurance	5,269	0.61
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,133	0.60
Vertu Motors	UK	Consumer Services	General retailers	5,114	0.60
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	4,969	0.58
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,953	0.58
SSE	UK	Utilities	Electricity	4,895	0.57
Standard Life Aberdeen	UK	Financials	Financial services	4,705	0.55
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,613	0.54
Reach	UK	Consumer Services	Media	4,407	0.51
General Motors	USA	Consumer Goods	Automobiles & parts	4,405	0.51
Smith & Nephew	UK	Health Care	Health care equipment & services	4,328	0.50
IP Group	UK	Financials	Financial services	4,319	0.50
Next Fifteen Communications Group	UK	Consumer Services	Media	4,214	0.49
Redde Northgate	UK	Industrials	Support services	3,916	0.46
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,880	0.45
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,840	0.45
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	3,815	0.44
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,775	0.44
Johnson Matthey	UK	Other	Sustainable Energy	3,734	0.43
Inchcape	UK	Industrials	Support services	3,663	0.43
Ricardo	UK	Industrials	Support services	3,662	0.43
Weir Group	UK	Industrials	Industrial engineering	3,411	0.40
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,344	0.39
Bellway	UK	Consumer Goods	Household goods & home construction	3,129	0.36
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,128	0.36
SigmaRoc	UK	Industrials	Construction & materials	3,100	0.36
Nestle	Switzerland	Consumer Goods	Food producers	3,075	0.36
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,072	0.36
Jubilee Metals Group	UK	Basic Materials	Mining	3,004	0.35
Castings	UK	Industrials	Construction & materials	2,835	0.33
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,551	0.30
SAP	Germany	Technology	Software & computer services	2,298	0.27
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,206	0.26
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,193	0.26
Indus Gas	UK	Oil & Gas	Oil & gas producers	2,059	0.24
Plant Health Care	USA	Basic Materials	Chemicals	2,033	0.24
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,001	0.23
Safran SA	France	Industrials	Aerospace & defence	1,983	0.23
ASML	Netherlands	Technology	Technology hardware & equipment	1,881	0.22
Renold	UK	Industrials	Industrial engineering	1,680	0.20
UniCredit	Italy	Financials	Banks	1,661	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,660	0.19
LVMH	France	Consumer Goods	Leisure Goods	1,660	0.19
XP Power Ltd	UK	Technology	Technology hardware & equipment	1,644	0.19
Deutsche Boerse	Germany	Financials	Financial services	1,548	0.18
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,493	0.17
SGS SA	Switzerland	Industrials	Support services	1,425	0.17
Amundi	France	Financials	Financial services	1,399	0.16
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,378	0.16
Heineken NV	Netherlands	Consumer Goods	Beverages	1,348	0.16
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,330	0.15
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,297	0.15
Zoo Digital Group	UK	Technology	Software & computer services	1,189	0.14
Danone SA	France	Consumer Goods	Food producers	1,119	0.13
Marstons	UK	Consumer Services	Travel & leisure	1,067	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,051	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,022	0.12
BNP Paribas SA	France	Financials	Banks	986	0.11
EDP Renovaveis SA	Spain	Other	Sustainable Energy	974	0.11
Allied Minds	UK	Financials	Financial services	971	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	880	0.10
Kistos	UK	Oil & Gas	Oil & gas producers	824	0.10
Arkema SA	France	Basic Materials	Chemicals	801	0.09
Ilika	UK	Oil & Gas	Alternative Energy	761	0.09
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	756	0.09
Adidas	Germany	Consumer Goods	Leisure Goods	720	0.08
Bawag	Austria	Financials	Banks	650	0.08
Universal Music Group	Netherlands	Consumer Services	Media	648	0.08
Allfunds Group	UK	Other	Other	642	0.07
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	627	0.07
Serica Energy	UK	Oil & Gas	Oil & gas producers	582	0.07
Gelion	UK	Other	Sustainable Energy	547	0.06
First Tin	UK	Basic Materials	Mining	540	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	510	0.06
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	500	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	478	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	463	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	333	0.04
Libertine Holdings	UK	Other	Sustainable Energy	263	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	163	0.02
Velocys	UK	Oil & Gas	Oil equipment services & distribution	138	0.02
Carclo	UK	Basic Materials	Chemicals	120	0.01
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

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