Net Asset Value(s)

Law Debenture Corp PLC
01 December 2023
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 November 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 November 2023 was 741.17 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 774.84 pence per share (cum income). The mid-market price at the close of business on 30 November 2023 was 780.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

738.25

741.17

NAV with debt at fair value

771.92

774.84

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

3.1

2.8

27.0

37.7

100.5

NAV total return (with debt at fair value)2

4.8

5.0

41.9

48.3

114.0

FTSE Actuaries All-Share Index Total Return3

3.3

1.8

27.3

26.8

63.8

Share price total return3

4.2

3.9

41.9

71.1

111.4

Change in Retail Price Index4

4.8

5.4

28.7

32.7

49.9

                

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, October 2023.

                

Geographical Split of investment portfolio

Region

% of portfolio

30 November 2023

% of portfolio

31 December 2022

% of portfolio

31 December 2021

UK

88.1

83.4

82.6

Europe

7.4

10.4

10.0

North America

3.2

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 30 November 2023 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

Rolls Royce

UK

Industrials

Aerospace & defence

33,466

3.67

Shell

UK

Oil & Gas

Oil & gas producers

31,994

3.50

BP

UK

Oil & Gas

Oil & gas producers

27,300

2.98

HSBC

UK

Financials

Banks

26,106

2.85

Rio Tinto

UK

Basic Materials

Mining

20,246

2.21

Marks & Spencer

UK

Consumer Services

General retailers

20,120

2.20

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

19,730

2.16

Flutter Entertainment

UK

Consumer Services

Travel & leisure

19,174

2.10

Barclays

UK

Financials

Banks

17,348

1.90

Senior

UK

Industrials

Aerospace & defence

14,589

1.59

Tesco

UK

Consumer Goods

Food & Drug Retailers

14,435

1.58

BAE Systems

UK

Industrials

Aerospace & defence

13,644

1.49

NatWest

UK

Financials

Banks

13,507

1.48

National Grid

UK

Utilities

Gas, water & multiutilities

13,445

1.47

Lloyds Banking Group

UK

Financials

Banks

13,041

1.43

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

12,568

1.37

M & G

UK

Financials

Financial services

12,552

1.37

Standard Chartered

UK

Financials

Banks

12,314

1.35

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

12,312

1.35

Hill & Smith

UK

Industrials

Industrial engineering

11,981

1.31

Anglo American

UK

Basic Materials

Mining

11,776

1.29

Land Securities

UK

Financials

Real estate investment trusts

11,067

1.21

Shaftesbury Capital PLC

UK

Financials

Real estate investment trusts

10,863

1.19

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

10,859

1.19

Herald Investment Trust

UK

Financials

Equity investment instruments

10,824

1.18

IMI

UK

Industrials

Industrial engineering

10,739

1.17

Aviva

UK

Financials

Life insurance/assurance

10,738

1.17

Direct Line Insurance

UK

Financials

Nonlife insurance

10,179

1.11

Severn Trent

UK

Utilities

Gas, water & multiutilities

10,010

1.09

Boku

UK

Industrials

Support services

9,998

1.09

DS Smith

UK

Industrials

General industrials

9,781

1.07

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

9,723

1.06

Kier

UK

Industrials

Construction & materials

9,367

1.02

Hiscox

UK

Financials

Nonlife insurance

9,190

1.00

Cranswick

UK

Consumer Goods

Food producers

9,176

1.00

Marshalls

UK

Industrials

Construction & materials

8,994

0.98

Balfour Beatty

UK

Industrials

Construction & materials

8,989

0.98

BT Group

UK

Telecommunications

Fixed Line Telecommunications

8,907

0.97

Kingfisher

UK

Consumer Goods

Household goods & home construction

8,884

0.97

Johnson Service Group

UK

Industrials

Support services

8,658

0.95

Dunelm

UK

Consumer Services

General retailers

8,649

0.95

Cummins

USA

Industrials

Industrial engineering

8,344

0.91

Prudential Corp

UK

Financials

Life insurance/assurance

8,059

0.88

Vodafone

UK

Telecommunications

Mobile telecommunications

7,845

0.86

Scottish Oriental Small Co

UK

Financials

Equity investment instruments

7,743

0.85

ITV

UK

Consumer Services

Media

7,663

0.84

Elementis

UK

Basic Materials

Chemicals

7,530

0.82

Mondi

UK

Basic Materials

Forestry & paper

7,384

0.81

Babcock

UK

Industrials

Aerospace & defence

7,285

0.80

Hammerson

UK

Financials

Real estate investment trusts

7,281

0.80

Spectris

UK

Industrials

Electronic & electrical equipment

7,163

0.78

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

7,067

0.77

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

6,869

0.75

Ibstock

UK

Industrials

Construction & materials

6,732

0.74

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

6,600

0.72

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

6,513

0.71

International Distribution Services

UK

Industrials

Industrial transportation

6,310

0.69

AFC Energy

UK

Oil & Gas

Alternative Energy

6,134

0.67

Halfords

UK

Consumer Services

General retailers

6,125

0.67

Accsys Technologies

UK

Industrials

Construction & materials

6,123

0.67

Vertu Motors

UK

Consumer Services

General retailers

5,719

0.63

International Personal Finance

UK

Financials

Financial services

5,639

0.62

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,570

0.61

SSE

UK

Utilities

Electricity

5,489

0.60

Air Products and Chemicals

Canada

Oil & Gas

Oil & gas producers

5,358

0.59

Chesnara

UK

Financials

Life insurance/assurance

5,322

0.58

Vanquis Banking Group

UK

Financials

Financial services

5,291

0.58

Workspace Group PLC

UK

Financials

Real estate investment trusts

5,280

0.58

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

5,261

0.58

Next Fifteen Communications Group

UK

Consumer Services

Media

5,208

0.57

Oxford Sciences Innovation

UKULM

Financials

Financial services

5,133

0.56

IP Group

UK

Financials

Financial services

4,985

0.54

Standard Life Aberdeen

UK

Financials

Financial services

4,897

0.54

Smith & Nephew

UK

Health Care

Health care equipment & services

4,808

0.53

General Motors

USA

Consumer Goods

Automobiles & parts

4,755

0.52

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

4,716

0.52

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

4,608

0.50

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,321

0.47

Redde Northgate

UK

Industrials

Support services

4,190

0.46

Reach

UK

Consumer Services

Media

4,127

0.45

Ricardo

UK

Industrials

Support services

3,879

0.42

Johnson Matthey

UK

Other

Sustainable Energy

3,875

0.42

Weir Group

UK

Industrials

Industrial engineering

3,746

0.41

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

3,520

0.38

Inchcape

UK

Industrials

Support services

3,482

0.38

Bellway

UK

Consumer Goods

Household goods & home construction

3,477

0.38

Epwin Group

UK

Consumer Goods

Household goods & home construction

3,476

0.38

i3 Energy

UK

Oil & Gas

Oil & gas producers

3,241

0.35

Castings

UK

Industrials

Construction & materials

3,166

0.35

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,120

0.34

Nestle

Switzerland

Consumer Goods

Food producers

3,119

0.34

SigmaRoc

UK

Industrials

Construction & materials

3,030

0.33

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

3,000

0.33

Jubilee Metals Group

UK

Basic Materials

Mining

2,891

0.32

SAP

Germany

Technology

Software & computer services

2,622

0.29

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,579

0.28

Munchener Rueckver

Germany

Financials

Nonlife insurance

2,260

0.25

Safran SA

France

Industrials

Aerospace & defence

2,152

0.24

Airbus SE

Netherlands

Industrials

Aerospace & defence

2,138

0.23

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

2,128

0.23

Gelion

UK

Other

Sustainable Energy

2,114

0.23

XP Power Ltd

UK

Technology

Technology hardware & equipment

2,075

0.23

Indus Gas

UK

Oil & Gas

Oil & gas producers

2,059

0.23

ASML

Netherlands

Technology

Technology hardware & equipment

2,055

0.22

Renold

UK

Industrials

Industrial engineering

2,009

0.22

Watkin Jones

UK

Consumer Goods

Household goods & home construction

1,966

0.21

UniCredit

Italy

Financials

Banks

1,736

0.19

Deutsche Boerse

Germany

Financials

Financial services

1,721

0.19

LVMH

France

Consumer Goods

Leisure Goods

1,713

0.19

Zoo Digital Group

UK

Technology

Software & computer services

1,711

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,706

0.19

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,625

0.18

Amundi

France

Financials

Financial services

1,591

0.17

SGS SA

Switzerland

Industrials

Support services

1,435

0.16

DSM-Firmenich AG

Netherlands

Basic Materials

Chemicals

1,386

0.15

Plant Health Care

USA

Basic Materials

Chemicals

1,233

0.13

Danone SA

France

Consumer Goods

Food producers

1,164

0.13

Arbuthnot Banking Group

UK

Financials

Financial services

1,160

0.13

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,146

0.13

Ilika

UK

Oil & Gas

Alternative Energy

1,116

0.12

Marstons

UK

Consumer Services

Travel & leisure

1,098

0.12

EDP Renovaveis SA

Spain

Other

Sustainable Energy

1,066

0.12

Sig Combibloc

Switzerland

Industrials

General industrials

1,047

0.11

BNP Paribas SA

France

Financials

Banks

1,039

0.11

Invinity Energy Systems

UK

Oil & Gas

Alternative Energy

1,015

0.11

Allied Minds

UK

Financials

Financial services

971

0.11

ASM International NV

Netherlands

Industrials

Electronic & electrical equipment

907

0.10

Logistics Development Group

UK

Industrials

Industrial transportation

903

0.10

Kistos

UK

Oil & Gas

Oil & gas producers

855

0.09

Arkema SA

France

Basic Materials

Chemicals

838

0.09

Allfunds Group

UK

Other

Other

765

0.08

Bawag

Austria

Financials

Banks

734

0.08

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

724

0.08

Heineken NV

Netherlands

Consumer Goods

Beverages

719

0.08

Universal Music Group

Netherlands

Consumer Services

Media

671

0.07

First Tin

UK

Basic Materials

Mining

576

0.06

Sartorius AG

Germany

Health Care

Health care equipment & services

576

0.06

Serica Energy

UK

Oil & Gas

Oil & gas producers

572

0.06

Longboat Energy

UK

Oil & Gas

Oil & gas producers

555

0.06

Brockhaus Capital Management

Germany

Financials

Financial services

514

0.06

Adidas

Germany

Consumer Goods

Leisure Goods

389

0.04

Saietta Group

UK

Consumer Goods

Automobiles & parts

373

0.04

Deltic Energy

UK

Oil & Gas

Oil & gas producers

365

0.04

Ondine Biomedical Inc.

Canada

Health Care

Pharmaceuticals & biotechnology

333

0.04

Libertine Holdings

UK

Other

Sustainable Energy

263

0.03

SIMEC Atlantis Energy

UK

Utilities

Electricity

199

0.02

Carclo

UK

Basic Materials

Chemicals

115

0.01

Velocys

UK

Oil & Gas

Oil equipment services & distribution

114

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

11

                            

                

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

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