Net Asset Value(s)

Law Debenture Corp PLC

03 June 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 May 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 May 2024 was 845.79 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 875.74 pence per share (cum income). The mid-market price at the close of business on 31 May 2024 was 876.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	837.34	845.79
NAV with debt at fair value	867.29	875.74

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	11.8	18.9	21.9	58.0	117.2
NAV total return (with debt at fair value)2	12.0	17.7	31.6	71.0	129.7
FTSE Actuaries All-Share Index Total Return3	8.7	15.4	25.5	37.3	77.6
Share price total return3	11.7	16.7	29.8	84.5	143.3
Change in Retail Price Index4	1.6	2.6	27.9	33.1	50.4

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, April 2024.

Geographical Split of investment portfolio

Region	% of portfolio 31 May 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	89.2	0	83.4
Europe	6.2	0	10.4
North America	3.3	0	5.1
Japan	1.3	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	42,837	4.07
Shell	UK	Oil & Gas	Oil & gas producers	35,144	3.34
HSBC	UK	Financials	Banks	30,196	2.87
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	28,962	2.75
BP	UK	Oil & Gas	Oil & gas producers	27,822	2.64
Barclays	UK	Financials	Banks	27,042	2.58
Marks & Spencer	UK	Consumer Services	General retailers	24,160	2.30
Flutter Entertainment	UK	Consumer Services	Travel & leisure	23,072	2.20
Rio Tinto	UK	Basic Materials	Mining	20,531	1.96
NatWest	UK	Financials	Banks	20,475	1.95
Tesco	UK	Consumer Goods	Food & Drug Retailers	15,714	1.50
Standard Chartered	UK	Financials	Banks	14,660	1.40
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	13,968	1.33
Anglo American	UK	Basic Materials	Mining	13,811	1.32
Senior	UK	Industrials	Aerospace & defence	13,634	1.30
Hill & Smith	UK	Industrials	Industrial engineering	13,545	1.29
Marshalls	UK	Industrials	Construction & materials	13,440	1.28
BAE Systems	UK	Industrials	Aerospace & defence	13,219	1.26
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,133	1.25
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	13,122	1.25
Herald Investment Trust	UK	Financials	Equity investment instruments	13,050	1.24
DS Smith	UK	Industrials	General industrials	12,824	1.22
IMI	UK	Industrials	Industrial engineering	12,746	1.22
BT Group	UK	Telecommunications	Fixed Line Telecommunications	12,734	1.21
Kier	UK	Industrials	Construction & materials	12,644	1.21
Boku	UK	Industrials	Support services	12,585	1.20
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	12,360	1.18
Aviva	UK	Financials	Life insurance/assurance	12,343	1.18
M & G	UK	Financials	Financial services	11,943	1.14
Land Securities	UK	Financials	Real estate investment trusts	11,573	1.10
Direct Line Insurance	UK	Financials	Nonlife insurance	11,567	1.10
National Grid	UK	Utilities	Gas, water & multiutilities	11,552	1.10
ITV	UK	Consumer Services	Media	11,336	1.08
Johnson Service Group	UK	Industrials	Support services	11,017	1.05
Babcock	UK	Industrials	Aerospace & defence	10,897	1.04
Kingfisher	UK	Consumer Goods	Household goods & home construction	10,691	1.02
Cranswick	UK	Consumer Goods	Food producers	10,610	1.01
Cummins	USA	Industrials	Industrial engineering	10,381	0.99
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,375	0.99
Hiscox	UK	Financials	Nonlife insurance	10,330	0.99
AFC Energy	UK	Oil & Gas	Alternative Energy	10,278	0.98
Balfour Beatty	UK	Industrials	Construction & materials	10,267	0.98
Elementis	UK	Basic Materials	Chemicals	9,777	0.93
Dunelm	UK	Consumer Services	General retailers	9,130	0.87
Prudential Corp	UK	Financials	Life insurance/assurance	8,844	0.84
J Sainsbury plc	UK	Consumer Services	General retailers	8,593	0.82
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,342	0.80
Vodafone	UK	Telecommunications	Mobile telecommunications	8,316	0.79
Ibstock	UK	Industrials	Construction & materials	8,234	0.79
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	8,155	0.78
Smith & Nephew	UK	Health Care	Health care equipment & services	8,121	0.77
Hammerson	UK	Financials	Real estate investment trusts	7,502	0.72
Next Fifteen Communications Group	UK	Consumer Services	Media	7,168	0.68
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,947	0.66
Spectris	UK	Industrials	Electronic & electrical equipment	6,945	0.66
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	6,930	0.66
General Motors	USA	Consumer Goods	Automobiles & parts	6,711	0.64
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,500	0.62
Weir Group	UK	Industrials	Industrial engineering	6,372	0.61
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,095	0.58
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,892	0.56
Castings	UK	Industrials	Construction & materials	5,890	0.56
Beazley PLC (UK)	UK	Financials	Nonlife insurance	5,865	0.56
International Personal Finance	UK	Financials	Financial services	5,820	0.55
Accsys Technologies	UK	Industrials	Construction & materials	5,574	0.53
Vertu Motors	UK	Consumer Services	General retailers	5,356	0.51
IP Group	UK	Financials	Financial services	5,350	0.51
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,350	0.51
Unilever	UK	Consumer Goods	Personal goods	5,346	0.51
Chesnara	UK	Financials	Life insurance/assurance	5,311	0.51
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	5,297	0.51
SSE	UK	Utilities	Electricity	5,255	0.50
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,231	0.50
Inchcape	UK	Industrials	Support services	5,174	0.49
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,112	0.49
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,067	0.48
Redde Northgate	UK	Industrials	Support services	5,013	0.48
Halfords	UK	Consumer Services	General retailers	5,001	0.48
Reach	UK	Consumer Services	Media	4,670	0.45
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	4,492	0.43
Johnson Matthey	UK	Other	Sustainable Energy	4,393	0.42
Jubilee Metals Group	UK	Basic Materials	Mining	4,364	0.42
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,320	0.41
SigmaRoc	UK	Industrials	Construction & materials	4,248	0.41
XP Power Ltd	UK	Technology	Technology hardware & equipment	4,148	0.40
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	4,115	0.39
Ricardo	UK	Industrials	Support services	4,045	0.39
Bellway	UK	Consumer Goods	Household goods & home construction	4,017	0.38
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,972	0.38
Centrica	UK	Utilities	Gas, water & multiutilities	3,963	0.38
Renold	UK	Industrials	Industrial engineering	3,720	0.35
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,545	0.34
ASML	Netherlands	Technology	Technology hardware & equipment	3,066	0.29
Serica Energy	UK	Oil & Gas	Oil & gas producers	3,064	0.29
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,019	0.29
SAP	Germany	Technology	Software & computer services	2,977	0.28
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	2,905	0.28
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,888	0.28
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	2,622	0.25
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,614	0.25
Vanquis Banking Group	UK	Financials	Financial services	2,584	0.25
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,524	0.24
Safran SA	France	Industrials	Aerospace & defence	2,492	0.24
UniCredit	Italy	Financials	Banks	2,476	0.24
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,333	0.22
Great Portland Estates	UK	Financials	Real estate investments & services	2,073	0.20
Siemens AG	Germany	Technology	Software & computer services	2,000	0.19
Amundi	France	Financials	Financial services	1,963	0.19
Schroders PLC	UK	Financials	Equity investment instruments	1,958	0.19
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	1,888	0.18
Plant Health Care	USA	Basic Materials	Chemicals	1,866	0.18
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,842	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,825	0.17
LVMH	France	Consumer Goods	Leisure Goods	1,768	0.17
SGS SA	Switzerland	Industrials	Support services	1,695	0.16
Nestle	Switzerland	Consumer Goods	Food producers	1,635	0.16
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,623	0.15
Gelion	UK	Other	Sustainable Energy	1,553	0.15
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,438	0.14
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,424	0.14
Heineken NV	Netherlands	Consumer Goods	Beverages	1,316	0.13
Marstons	UK	Consumer Services	Travel & leisure	1,315	0.13
Danone SA	France	Consumer Goods	Food producers	1,235	0.12
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,218	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,130	0.11
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,121	0.11
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,042	0.10
Arkema SA	France	Basic Materials	Chemicals	994	0.09
Ilika	UK	Oil & Gas	Alternative Energy	932	0.09
Bawag	Austria	Financials	Banks	916	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	899	0.09
Syensqo SA	Belgium	Basic Materials	Chemicals	806	0.08
Universal Music Group	Netherlands	Consumer Services	Media	783	0.07
Aena SME	Spain	Consumer Services	Travel & leisure	772	0.07
National Grid Nil	UK	Utilities	Gas, water & multiutilities	749	0.07
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	729	0.07
Allfunds Group	UK	Other	Other	712	0.07
First Tin	UK	Basic Materials	Mining	630	0.06
Galderma Group AG	Switzerland	Health Care	Pharmaceuticals & biotechnology	620	0.06
Kistos	UK	Oil & Gas	Oil & gas producers	617	0.06
Puig Brands	Spain	Consumer Goods	Personal goods	526	0.05
Indus Gas	UK	Oil & Gas	Oil & gas producers	247	0.02
Libertine Holdings	UK	Other	Sustainable Energy	210	0.02
Longboat Energy	UK	Oil & Gas	Oil & gas producers	210	0.02
Deltic Energy	UK	Oil & Gas	Oil & gas producers	182	0.02
Carclo	UK	Basic Materials	Chemicals	176	0.02
SIMEC Atlantis Energy	UK	Utilities	Electricity	163	0.02
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
Allied Minds	UK	Financials	Financial services

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