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

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