Net Asset Value(s)

Law Debenture Corp PLC

01 May 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 April 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 30 April 2024 was 810.72 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 841.58 pence per share (cum income). The mid-market price at the close of business on 30 April 2024 was 853.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	802.52	810.72
NAV with debt at fair value	833.38	841.58

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	6.2	7.8	18.2	45.5	110.3
NAV total return (with debt at fair value)2	6.6	8.1	28.1	57.2	122.9
FTSE Actuaries All-Share Index Total Return3	6.1	7.5	23.9	30.1	75.8
Share price total return3	7.7	7.8	28.1	71.6	137.4
Change in Retail Price Index4	1.1	4.3	27.2	32.9	49.8

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, March 2024.

Geographical Split of investment portfolio

Region	% of portfolio 30 April 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	89.0	0	83.4
Europe	6.2	0	10.4
North America	3.3	0	5.1
Japan	1.5	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

As at 30 April 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	45,223	4.52
Shell	UK	Oil & Gas	Oil & gas producers	35,788	3.58
HSBC	UK	Financials	Banks	30,161	3.02
BP	UK	Oil & Gas	Oil & gas producers	29,663	2.97
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	27,429	2.75
Barclays	UK	Financials	Banks	24,932	2.50
Flutter Entertainment	UK	Consumer Services	Travel & leisure	23,134	2.32
Rio Tinto	UK	Basic Materials	Mining	20,513	2.05
Marks & Spencer	UK	Consumer Services	General retailers	20,464	2.05
NatWest	UK	Financials	Banks	19,728	1.98
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	15,201	1.52
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,961	1.50
Anglo American	UK	Basic Materials	Mining	14,487	1.45
Senior	UK	Industrials	Aerospace & defence	14,043	1.41
National Grid	UK	Utilities	Gas, water & multiutilities	13,714	1.37
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,345	1.34
Standard Chartered	UK	Financials	Banks	13,004	1.30
BAE Systems	UK	Industrials	Aerospace & defence	12,664	1.27
Hill & Smith	UK	Industrials	Industrial engineering	12,580	1.26
Herald Investment Trust	UK	Financials	Equity investment instruments	12,570	1.26
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	12,123	1.21
Boku	UK	Industrials	Support services	12,095	1.21
M & G	UK	Financials	Financial services	12,060	1.21
IMI	UK	Industrials	Industrial engineering	12,045	1.21
Aviva	UK	Financials	Life insurance/assurance	11,981	1.20
DS Smith	UK	Industrials	General industrials	11,794	1.18
Kier	UK	Industrials	Construction & materials	11,575	1.16
Land Securities	UK	Financials	Real estate investment trusts	11,537	1.16
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,239	1.13
Hiscox	UK	Financials	Nonlife insurance	11,126	1.11
Cummins	USA	Industrials	Industrial engineering	10,629	1.06
Cranswick	UK	Consumer Goods	Food producers	10,299	1.03
Marshalls	UK	Industrials	Construction & materials	10,078	1.01
Balfour Beatty	UK	Industrials	Construction & materials	10,056	1.01
Kingfisher	UK	Consumer Goods	Household goods & home construction	10,047	1.01
Direct Line Insurance	UK	Financials	Nonlife insurance	10,028	1.00
ITV	UK	Consumer Services	Media	10,018	1.00
Babcock	UK	Industrials	Aerospace & defence	9,779	0.98
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,498	0.95
International Distribution Services	UK	Industrials	Industrial transportation	9,336	0.93
Elementis	UK	Basic Materials	Chemicals	9,165	0.92
Johnson Service Group	UK	Industrials	Support services	8,539	0.86
Dunelm	UK	Consumer Services	General retailers	8,425	0.84
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,342	0.84
Prudential Corp	UK	Financials	Life insurance/assurance	8,297	0.83
AFC Energy	UK	Oil & Gas	Alternative Energy	8,107	0.81
Ibstock	UK	Industrials	Construction & materials	7,627	0.76
Vodafone	UK	Telecommunications	Mobile telecommunications	7,440	0.75
BT Group	UK	Telecommunications	Fixed Line Telecommunications	7,439	0.74
Hammerson	UK	Financials	Real estate investment trusts	7,324	0.73
J Sainsbury plc	UK	Consumer Services	General retailers	7,244	0.73
Spectris	UK	Industrials	Electronic & electrical equipment	7,076	0.71
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,857	0.69
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,788	0.68
General Motors	USA	Consumer Goods	Automobiles & parts	6,773	0.68
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	6,698	0.67
Smith & Nephew	UK	Health Care	Health care equipment & services	6,315	0.63
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	6,300	0.63
Next Fifteen Communications Group	UK	Consumer Services	Media	6,279	0.63
Weir Group	UK	Industrials	Industrial engineering	6,138	0.61
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,114	0.61
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,104	0.61
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,019	0.60
Castings	UK	Industrials	Construction & materials	5,731	0.57
Beazley PLC (UK)	UK	Financials	Nonlife insurance	5,636	0.56
Accsys Technologies	UK	Industrials	Construction & materials	5,358	0.54
International Personal Finance	UK	Financials	Financial services	5,356	0.54
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	5,311	0.53
Chesnara	UK	Financials	Life insurance/assurance	5,249	0.53
Inchcape	UK	Industrials	Support services	5,197	0.52
Unilever	UK	Consumer Goods	Personal goods	5,173	0.52
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,067	0.51
SSE	UK	Utilities	Electricity	5,000	0.50
Workspace Group PLC	UK	Financials	Real estate investment trusts	4,975	0.50
Halfords	UK	Consumer Services	General retailers	4,910	0.49
Vertu Motors	UK	Consumer Services	General retailers	4,737	0.47
IP Group	UK	Financials	Financial services	4,728	0.47
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	4,726	0.47
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	4,613	0.46
Redde Northgate	UK	Industrials	Support services	4,488	0.45
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,469	0.45
Johnson Matthey	UK	Other	Sustainable Energy	4,390	0.44
Reach	UK	Consumer Services	Media	4,254	0.43
SigmaRoc	UK	Industrials	Construction & materials	4,158	0.42
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	4,023	0.40
Jubilee Metals Group	UK	Basic Materials	Mining	3,854	0.39
Bellway	UK	Consumer Goods	Household goods & home construction	3,795	0.38
Ricardo	UK	Industrials	Support services	3,787	0.38
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,450	0.35
Serica Energy	UK	Oil & Gas	Oil & gas producers	3,255	0.33
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	3,167	0.32
Renold	UK	Industrials	Industrial engineering	3,023	0.30
SAP	Germany	Technology	Software & computer services	3,022	0.30
XP Power Ltd	UK	Technology	Technology hardware & equipment	2,996	0.30
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,978	0.30
ASML	Netherlands	Technology	Technology hardware & equipment	2,941	0.29
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,888	0.29
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,765	0.28
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,513	0.25
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,426	0.24
Safran SA	France	Industrials	Aerospace & defence	2,385	0.24
UniCredit	Italy	Financials	Banks	2,381	0.24
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,356	0.24
Vanquis Banking Group	UK	Financials	Financial services	2,279	0.23
Siemens AG	Germany	Technology	Software & computer services	2,004	0.20
LVMH	France	Consumer Goods	Leisure Goods	1,869	0.19
Amundi	France	Financials	Financial services	1,829	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,807	0.18
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	1,805	0.18
SGS SA	Switzerland	Industrials	Support services	1,640	0.16
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,634	0.16
Nestle	Switzerland	Consumer Goods	Food producers	1,580	0.16
Gelion	UK	Other	Sustainable Energy	1,467	0.15
Heineken NV	Netherlands	Consumer Goods	Beverages	1,307	0.13
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,265	0.13
Danone SA	France	Consumer Goods	Food producers	1,236	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,226	0.12
Plant Health Care	USA	Basic Materials	Chemicals	1,200	0.12
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,136	0.11
Arkema SA	France	Basic Materials	Chemicals	1,031	0.10
Marstons	UK	Consumer Services	Travel & leisure	1,025	0.10
Moncler	Italy	Consumer Goods	Personal goods	971	0.10
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	963	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	880	0.09
Bawag	Austria	Financials	Banks	851	0.09
Kistos	UK	Oil & Gas	Oil & gas producers	801	0.08
Allfunds Group	UK	Other	Other	777	0.08
Syensqo SA	Belgium	Basic Materials	Chemicals	770	0.08
Universal Music Group	Netherlands	Consumer Services	Media	762	0.08
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	744	0.07
Ilika	UK	Oil & Gas	Alternative Energy	735	0.07
First Tin	UK	Basic Materials	Mining	732	0.07
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	708	0.07
Aena SME	Spain	Consumer Services	Travel & leisure	646	0.06
Galderma Group AG	Switzerland	Health Care	Pharmaceuticals & biotechnology	580	0.06
Surface Transforms	UK	Consumer Goods	Automobiles & parts	554	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	525	0.05
Deltic Energy	UK	Oil & Gas	Oil & gas producers	317	0.03
Libertine Holdings	UK	Other	Sustainable Energy	315	0.03
Brockhaus Capital Management	Germany	Financials	Financial services	255	0.03
Carclo	UK	Basic Materials	Chemicals	157	0.02
SIMEC Atlantis Energy	UK	Utilities	Electricity	136	0.01
Indus Gas	UK	Oil & Gas	Oil & gas producers	132	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Saietta Group	UK	Consumer Goods	Automobiles & parts	44
Better Cap	UK	Financials	Equity investment instruments	25
Puig Brands	Spain	Consumer Goods	Personal goods
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip

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