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

 

END