Net Asset Value(s)

Law Debenture Corp PLC
01 February 2024
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 January 2024

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 January 2024 was 765.08 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 794.50 pence per share (cum income). The mid-market price at the close of business on 31 January 2024 was 785.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

765.56

765.08

NAV with debt at fair value

794.98

794.50

                

Performance


YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-0.9

1.2

26.8

43.5

101.6

NAV total return (with debt at fair value)2

-0.4

2.9

40.3

54.9

113.7

FTSE Actuaries All-Share Index Total Return3

-1.3

1.9

27.5

30.4

71.2

Share price total return3

-2.0

-0.1

36.4

69.1

118.3

Change in Retail Price Index4

0.0                            

5.2

28.3

33.9

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, December 2023.

                

Geographical Split of investment portfolio

Region

% of portfolio

31 January 2024

% of portfolio

31 December 2023

% of portfolio

31 December 2022

UK

88.9

0

83.4

Europe

6.4

0

10.4

North America

3.3

0

5.1

Japan

1.4

0

1.1

Other

0

0

0

Other Pacific

0

0

0

TOTAL

100

100

100

                

Full Portfolio Listing

As at 31 January 2024 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

Rolls Royce

UK

Industrials

Aerospace & defence

37,499

3.93

Shell

UK

Oil & Gas

Oil & gas producers

30,588

3.20

HSBC

UK

Financials

Banks

26,809

2.80

BP

UK

Oil & Gas

Oil & gas producers

26,360

2.76

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

25,715

2.69

Flutter Entertainment

UK

Consumer Services

Travel & leisure

25,242

2.65

Rio Tinto

UK

Basic Materials

Mining

20,636

2.17

Marks & Spencer

UK

Consumer Services

General retailers

19,784

2.08

Barclays

UK

Financials

Banks

18,256

1.92

NatWest

UK

Financials

Banks

14,632

1.54

Tesco

UK

Consumer Goods

Food & Drug Retailers

14,481

1.52

National Grid

UK

Utilities

Gas, water & multiutilities

13,812

1.45

Senior

UK

Industrials

Aerospace & defence

13,463

1.41

M & G

UK

Financials

Financial services

13,440

1.41

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

13,258

1.39

Lloyds Banking Group

UK

Financials

Banks

12,761

1.34

Hill & Smith

UK

Industrials

Industrial engineering

12,473

1.31

Shaftesbury Capital PLC

UK

Financials

Real estate investment trusts

11,997

1.26

Land Securities

UK

Financials

Real estate investment trusts

11,876

1.25

Herald Investment Trust

UK

Financials

Equity investment instruments

11,856

1.24

IMI

UK

Industrials

Industrial engineering

11,584

1.22

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

11,518

1.21

Standard Chartered

UK

Financials

Banks

11,292

1.19

BAE Systems

UK

Industrials

Aerospace & defence

11,182

1.17

Aviva

UK

Financials

Life insurance/assurance

11,121

1.17

Boku

UK

Industrials

Support services

11,046

1.16

Kier

UK

Industrials

Construction & materials

11,023

1.16

Marshalls

UK

Industrials

Construction & materials

10,524

1.10

Anglo American

UK

Basic Materials

Mining

10,430

1.10

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

10,060

1.06

Severn Trent

UK

Utilities

Gas, water & multiutilities

10,002

1.05

Johnson Service Group

UK

Industrials

Support services

9,607

1.01

Cranswick

UK

Consumer Goods

Food producers

9,597

1.01

International Distribution Services

UK

Industrials

Industrial transportation

9,550

1.00

DS Smith

UK

Industrials

General industrials

9,512

1.00

Hiscox

UK

Financials

Nonlife insurance

9,398

0.99

Balfour Beatty

UK

Industrials

Construction & materials

9,177

0.96

Direct Line Insurance

UK

Financials

Nonlife insurance

9,145

0.96

Dunelm

UK

Consumer Services

General retailers

9,064

0.95

Elementis

UK

Basic Materials

Chemicals

9,043

0.95

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

8,998

0.94

Kingfisher

UK

Consumer Goods

Household goods & home construction

8,925

0.94

Cummins

USA

Industrials

Industrial engineering

8,861

0.93

Babcock

UK

Industrials

Aerospace & defence

8,352

0.88

Scottish Oriental Small Co

UK

Financials

Equity investment instruments

8,310

0.87

ITV

UK

Consumer Services

Media

8,250

0.87

AFC Energy

UK

Oil & Gas

Alternative Energy

8,158

0.86

BT Group

UK

Telecommunications

Fixed Line Telecommunications

8,135

0.85

Ibstock

UK

Industrials

Construction & materials

7,895

0.83

Spectris

UK

Industrials

Electronic & electrical equipment

7,863

0.83

Prudential Corp

UK

Financials

Life insurance/assurance

7,644

0.80

Vodafone

UK

Telecommunications

Mobile telecommunications

7,405

0.78

Hammerson

UK

Financials

Real estate investment trusts

7,260

0.76

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

7,159

0.75

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

7,076

0.74

Mondi

UK

Basic Materials

Forestry & paper

6,748

0.71

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

6,430

0.68

Next Fifteen Communications Group

UK

Consumer Services

Media

6,405

0.67

International Personal Finance

UK

Financials

Financial services

6,180

0.65

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,843

0.61

General Motors

USA

Consumer Goods

Automobiles & parts

5,811

0.61

Halfords

UK

Consumer Services

General retailers

5,806

0.61

Accsys Technologies

UK

Industrials

Construction & materials

5,770

0.61

Vanquis Banking Group

UK

Financials

Financial services

5,615

0.59

Castings

UK

Industrials

Construction & materials

5,541

0.58

Chesnara

UK

Financials

Life insurance/assurance

5,457

0.57

Workspace Group PLC

UK

Financials

Real estate investment trusts

5,220

0.55

Smith & Nephew

UK

Health Care

Health care equipment & services

5,217

0.55

IP Group

UK

Financials

Financial services

5,163

0.54

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

5,089

0.53

Oxford Sciences Innovation

UKULM

Financials

Financial services

5,067

0.53

Standard Life Aberdeen

UK

Financials

Financial services

5,066

0.53

SSE

UK

Utilities

Electricity

5,055

0.53

Air Products and Chemicals

Canada

Oil & Gas

Oil & gas producers

5,039

0.53

Beazley PLC (UK)

UK

Financials

Nonlife insurance

4,624

0.49

Inchcape

UK

Industrials

Support services

4,449

0.47

Vertu Motors

UK

Consumer Services

General retailers

4,407

0.46

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

4,284

0.45

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,245

0.45

SigmaRoc

UK

Industrials

Construction & materials

4,146

0.44

Redde Northgate

UK

Industrials

Support services

4,144

0.44

Bellway

UK

Consumer Goods

Household goods & home construction

4,137

0.43

Johnson Matthey

UK

Other

Sustainable Energy

4,068

0.43

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

3,913

0.41

Epwin Group

UK

Consumer Goods

Household goods & home construction

3,823

0.40

Weir Group

UK

Industrials

Industrial engineering

3,638

0.38

Reach

UK

Consumer Services

Media

3,566

0.37

Ricardo

UK

Industrials

Support services

3,562

0.37

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

3,481

0.37

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

3,465

0.36

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,438

0.36

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

3,131

0.33

Nestle

Switzerland

Consumer Goods

Food producers

3,129

0.33

Jubilee Metals Group

UK

Basic Materials

Mining

3,061

0.32

i3 Energy

UK

Oil & Gas

Oil & gas producers

3,026

0.32

SAP

Germany

Technology

Software & computer services

2,846

0.30

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,730

0.29

ASML

Netherlands

Technology

Technology hardware & equipment

2,682

0.28

Watkin Jones

UK

Consumer Goods

Household goods & home construction

2,631

0.28

Renold

UK

Industrials

Industrial engineering

2,526

0.27

XP Power Ltd

UK

Technology

Technology hardware & equipment

2,434

0.26

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

2,431

0.26

Airbus SE

Netherlands

Industrials

Aerospace & defence

2,295

0.24

Safran SA

France

Industrials

Aerospace & defence

2,291

0.24

Munchener Rueckver

Germany

Financials

Nonlife insurance

2,243

0.24

UniCredit

Italy

Financials

Banks

1,871

0.20

LVMH

France

Consumer Goods

Leisure Goods

1,864

0.20

Deutsche Boerse

Germany

Financials

Financial services

1,798

0.19

Amundi

France

Financials

Financial services

1,750

0.18

SGS SA

Switzerland

Industrials

Support services

1,701

0.18

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,682

0.18

Gelion

UK

Other

Sustainable Energy

1,640

0.17

Moncler

Italy

Consumer Goods

Personal goods

1,547

0.16

DSM-Firmenich AG

Netherlands

Basic Materials

Chemicals

1,547

0.16

Ondine Biomedical Inc.

Canada

Health Care

Pharmaceuticals & biotechnology

1,417

0.15

Saietta Group

UK

Consumer Goods

Automobiles & parts

1,324

0.14

Plant Health Care

USA

Basic Materials

Chemicals

1,213

0.13

Danone SA

France

Consumer Goods

Food producers

1,202

0.13

Indus Gas

UK

Oil & Gas

Oil & gas producers

1,175

0.12

Marstons

UK

Consumer Services

Travel & leisure

1,157

0.12

Arbuthnot Banking Group

UK

Financials

Financial services

1,142

0.12

BNP Paribas SA

France

Financials

Banks

1,113

0.12

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,036

0.11

ASM International NV

Netherlands

Industrials

Electronic & electrical equipment

984

0.10

Infineon Technologies AG

Germany

Industrials

Electronic & electrical equipment

964

0.10

Sig Combibloc

Switzerland

Industrials

General industrials

951

0.10

EDP Renovaveis SA

Spain

Other

Sustainable Energy

949

0.10

Logistics Development Group

UK

Industrials

Industrial transportation

926

0.10

Arkema SA

France

Basic Materials

Chemicals

899

0.09

Ilika

UK

Oil & Gas

Alternative Energy

887

0.09

Allfunds Group

UK

Other

Other

865

0.09

Invinity Energy Systems

UK

Oil & Gas

Alternative Energy

805

0.08

Zoo Digital Group

UK

Technology

Software & computer services

783

0.08

Heineken NV

Netherlands

Consumer Goods

Beverages

757

0.08

Universal Music Group

Netherlands

Consumer Services

Media

752

0.08

Bawag

Austria

Financials

Banks

725

0.08

Kistos

UK

Oil & Gas

Oil & gas producers

666

0.07

Longboat Energy

UK

Oil & Gas

Oil & gas producers

615

0.06

Brockhaus Capital Management

Germany

Financials

Financial services

558

0.06

Kone Oyj

Finland

Industrials

Electronic & electrical equipment

529

0.06

Serica Energy

UK

Oil & Gas

Oil & gas producers

529

0.06

First Tin

UK

Basic Materials

Mining

504

0.05

Deltic Energy

UK

Oil & Gas

Oil & gas producers

389

0.04

Puma NPV

Germany

Consumer Goods

Leisure Goods

245

0.03

SIMEC Atlantis Energy

UK

Utilities

Electricity

199

0.02

Libertine Holdings

UK

Other

Sustainable Energy

137

0.01

Carclo

UK

Basic Materials

Chemicals

108

0.01

LDIC Investments

UK

Financials

Financial services

100

0.01

Better Cap

UK

Financials

Equity investment instruments

25

                            

                

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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