Net Asset Value(s)

Law Debenture Corp PLC

02 April 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 March 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 28 March 2024 was 803.32 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 830.07 pence per share (cum income). The mid-market price at the close of business on 28 March 2024 was 795.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	808.84	803.32
NAV with debt at fair value	835.59	830.07

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	5.2	11.9	22.4	50.9	105.1
NAV total return (with debt at fair value)2	5.2	12.0	32.4	63.0	116.2
FTSE Actuaries All-Share Index Total Return3	3.6	10.8	25.8	31.6	76.5
Share price total return3	0.4	5.9	24.7	70.5	126.1
Change in Retail Price Index4	0.5	4.5	28.7	33.7	49.9

¹ The fair value of the IPS business has been calculated as at 31 December 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, February 2024.

Geographical Split of investment portfolio

Region	% of portfolio 28 March 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.5	0	83.4
Europe	6.4	0	10.4
North America	3.5	0	5.1
Japan	1.6	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

As at 28 March 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	50,991	5.12
Shell	UK	Oil & Gas	Oil & gas producers	32,813	3.30
BP	UK	Oil & Gas	Oil & gas producers	28,255	2.84
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	28,021	2.81
HSBC	UK	Financials	Banks	26,839	2.69
Flutter Entertainment	UK	Consumer Services	Travel & leisure	24,475	2.45
Barclays	UK	Financials	Banks	22,534	2.26
Marks & Spencer	UK	Consumer Services	General retailers	21,208	2.12
Rio Tinto	UK	Basic Materials	Mining	18,814	1.88
NatWest	UK	Financials	Banks	17,251	1.73
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	16,413	1.64
Senior	UK	Industrials	Aerospace & defence	15,084	1.51
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,986	1.50
National Grid	UK	Utilities	Gas, water & multiutilities	13,949	1.40
DS Smith	UK	Industrials	General industrials	13,339	1.34
M & G	UK	Financials	Financial services	13,230	1.32
Hill & Smith	UK	Industrials	Industrial engineering	13,006	1.30
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	12,987	1.30
BAE Systems	UK	Industrials	Aerospace & defence	12,820	1.28
Aviva	UK	Financials	Life insurance/assurance	12,770	1.28
Boku	UK	Industrials	Support services	12,724	1.27
Standard Chartered	UK	Financials	Banks	12,661	1.27
Herald Investment Trust	UK	Financials	Equity investment instruments	12,660	1.27
IMI	UK	Industrials	Industrial engineering	12,478	1.25
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,113	1.21
Land Securities	UK	Financials	Real estate investment trusts	11,670	1.17
Kier	UK	Industrials	Construction & materials	11,350	1.14
Hiscox	UK	Financials	Nonlife insurance	11,216	1.12
Cummins	USA	Industrials	Industrial engineering	10,961	1.10
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,868	1.09
Anglo American	UK	Basic Materials	Mining	10,735	1.07
Balfour Beatty	UK	Industrials	Construction & materials	10,565	1.06
Direct Line Insurance	UK	Financials	Nonlife insurance	10,533	1.05
ITV	UK	Consumer Services	Media	10,528	1.05
Marshalls	UK	Industrials	Construction & materials	10,291	1.03
Kingfisher	UK	Consumer Goods	Household goods & home construction	10,095	1.01
Babcock	UK	Industrials	Aerospace & defence	10,020	1.00
Cranswick	UK	Consumer Goods	Food producers	9,783	0.98
Elementis	UK	Basic Materials	Chemicals	9,582	0.96
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,506	0.95
Dunelm	UK	Consumer Services	General retailers	9,387	0.94
Johnson Service Group	UK	Industrials	Support services	8,645	0.87
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,121	0.81
Hammerson	UK	Financials	Real estate investment trusts	7,996	0.80
BT Group	UK	Telecommunications	Fixed Line Telecommunications	7,950	0.80
International Distribution Services	UK	Industrials	Industrial transportation	7,911	0.79
Ibstock	UK	Industrials	Construction & materials	7,756	0.78
Vodafone	UK	Telecommunications	Mobile telecommunications	7,750	0.78
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,717	0.77
AFC Energy	UK	Oil & Gas	Alternative Energy	7,611	0.76
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,149	0.72
Spectris	UK	Industrials	Electronic & electrical equipment	7,027	0.70
Prudential Corp	UK	Financials	Life insurance/assurance	6,940	0.69
General Motors	USA	Consumer Goods	Automobiles & parts	6,821	0.68
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,662	0.67
Next Fifteen Communications Group	UK	Consumer Services	Media	6,461	0.65
Smith & Nephew	UK	Health Care	Health care equipment & services	6,395	0.64
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,293	0.63
J Sainsbury plc	UK	Consumer Services	General retailers	6,084	0.61
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,071	0.61
Weir Group	UK	Industrials	Industrial engineering	6,063	0.61
Accsys Technologies	UK	Industrials	Construction & materials	5,829	0.58
Beazley PLC (UK)	UK	Financials	Nonlife insurance	5,657	0.57
International Personal Finance	UK	Financials	Financial services	5,614	0.56
Chesnara	UK	Financials	Life insurance/assurance	5,489	0.55
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,456	0.55
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,416	0.54
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	5,361	0.54
Halfords	UK	Consumer Services	General retailers	5,226	0.52
Castings	UK	Industrials	Construction & materials	5,130	0.51
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,120	0.51
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,067	0.51
Unilever	UK	Consumer Goods	Personal goods	4,969	0.50
SSE	UK	Utilities	Electricity	4,950	0.50
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	4,798	0.48
Inchcape	UK	Industrials	Support services	4,706	0.47
IP Group	UK	Financials	Financial services	4,699	0.47
Reach	UK	Consumer Services	Media	4,531	0.45
Vertu Motors	UK	Consumer Services	General retailers	4,528	0.45
Johnson Matthey	UK	Other	Sustainable Energy	4,471	0.45
Redde Northgate	UK	Industrials	Support services	4,447	0.45
SigmaRoc	UK	Industrials	Construction & materials	4,337	0.43
Bellway	UK	Consumer Goods	Household goods & home construction	3,996	0.40
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,934	0.39
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	3,866	0.39
Ricardo	UK	Industrials	Support services	3,787	0.38
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,724	0.37
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,640	0.36
Serica Energy	UK	Oil & Gas	Oil & gas producers	3,297	0.33
SAP	Germany	Technology	Software & computer services	3,216	0.32
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,143	0.31
Jubilee Metals Group	UK	Basic Materials	Mining	3,117	0.31
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,040	0.30
ASML	Netherlands	Technology	Technology hardware & equipment	3,004	0.30
XP Power Ltd	UK	Technology	Technology hardware & equipment	2,969	0.30
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,966	0.30
Nestle	Switzerland	Consumer Goods	Food producers	2,918	0.29
Safran SA	France	Industrials	Aerospace & defence	2,781	0.28
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,658	0.27
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,582	0.26
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,523	0.25
Vanquis Banking Group	UK	Financials	Financial services	2,508	0.25
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,436	0.24
UniCredit	Italy	Financials	Banks	2,427	0.24
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,374	0.24
Renold	UK	Industrials	Industrial engineering	2,333	0.23
LVMH	France	Consumer Goods	Leisure Goods	2,014	0.20
Deutsche Boerse	Germany	Financials	Financial services	1,855	0.19
SGS SA	Switzerland	Industrials	Support services	1,786	0.18
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,780	0.18
Amundi	France	Financials	Financial services	1,776	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,690	0.17
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,631	0.16
Heineken NV	Netherlands	Consumer Goods	Beverages	1,286	0.13
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,275	0.13
Arbuthnot Banking Group	UK	Financials	Financial services	1,262	0.13
Gelion	UK	Other	Sustainable Energy	1,251	0.13
Danone SA	France	Consumer Goods	Food producers	1,169	0.12
Plant Health Care	USA	Basic Materials	Chemicals	1,106	0.11
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,081	0.11
Siemens AG	Germany	Technology	Software & computer services	1,044	0.10
Marstons	UK	Consumer Services	Travel & leisure	1,039	0.10
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	953	0.10
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	903	0.09
Bawag	Austria	Financials	Banks	892	0.09
Allfunds Group	UK	Other	Other	875	0.09
Arkema SA	France	Basic Materials	Chemicals	868	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	842	0.08
Indus Gas	UK	Oil & Gas	Oil & gas producers	837	0.08
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	823	0.08
Universal Music Group	Netherlands	Consumer Services	Media	768	0.08
Ilika	UK	Oil & Gas	Alternative Energy	685	0.07
Kistos	UK	Oil & Gas	Oil & gas producers	644	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	630	0.06
First Tin	UK	Basic Materials	Mining	624	0.06
Galderma Group AG	Switzerland	Health Care	Pharmaceuticals & biotechnology	539	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	516	0.05
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	499	0.05
Sig Combibloc	Switzerland	Industrials	General industrials	496	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	439	0.04
Libertine Holdings	UK	Other	Sustainable Energy	420	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	163	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Carclo	UK	Basic Materials	Chemicals	88	0.01
Saietta Group	UK	Consumer Goods	Automobiles & parts	44
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