Net Asset Value(s)

Law Debenture Corp PLC

01 August 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 July 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 July 2024 was 864.93 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 892.58 pence per share (cum income). The mid-market price at the close of business on 31 July 2024 was 917.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	863.39	864.93
NAV with debt at fair value	891.04	892.58

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	14.4	17.4	22.2	54.5	126.5
NAV total return (with debt at fair value)2	14.1	16.2	31.7	67.6	138.9
FTSE Actuaries All-Share Index Total Return3	10.8	13.5	27.1	32.4	83.9
Share price total return3	16.9	17.1	36.5	91.2	160.7
Change in Retail Price Index4	2.2	3.5	27.4	33.8	51.3

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, June 2024.

Geographical Split of investment portfolio

Region	% of portfolio 31 July 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.5	0	83.4
Europe	5.9	0	10.4
North America	4.4	0	5.1
Japan	1.2	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	35,500	3.32
Rolls Royce	UK	Industrials	Aerospace & defence	32,357	3.02
HSBC	UK	Financials	Banks	30,525	2.85
Barclays	UK	Financials	Banks	26,397	2.47
BP	UK	Oil & Gas	Oil & gas producers	26,146	2.44
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	24,789	2.32
Flutter Entertainment	UK	Consumer Services	Travel & leisure	23,824	2.23
Marks & Spencer	UK	Consumer Services	General retailers	22,981	2.15
Rio Tinto	UK	Basic Materials	Mining	18,844	1.76
NatWest	UK	Financials	Banks	18,405	1.72
Tesco	UK	Consumer Goods	Food & Drug Retailers	16,749	1.57
National Grid	UK	Utilities	Gas, water & multiutilities	16,673	1.56
Hill & Smith	UK	Industrials	Industrial engineering	15,309	1.43
Marshalls	UK	Industrials	Construction & materials	14,780	1.38
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	14,493	1.35
Standard Chartered	UK	Financials	Banks	14,467	1.35
Senior	UK	Industrials	Aerospace & defence	13,958	1.30
Kier	UK	Industrials	Construction & materials	13,938	1.30
BT Group	UK	Telecommunications	Fixed Line Telecommunications	13,718	1.28
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	13,689	1.28
Herald Investment Trust	UK	Financials	Equity investment instruments	13,530	1.26
J Sainsbury plc	UK	Consumer Services	General retailers	13,357	1.25
IMI	UK	Industrials	Industrial engineering	13,014	1.22
Anglo American	UK	Basic Materials	Mining	12,925	1.21
Aviva	UK	Financials	Life insurance/assurance	12,868	1.20
M & G	UK	Financials	Financial services	12,738	1.19
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	12,600	1.18
Kingfisher	UK	Consumer Goods	Household goods & home construction	12,570	1.17
Land Securities	UK	Financials	Real estate investment trusts	12,542	1.17
BAE Systems	UK	Industrials	Aerospace & defence	12,317	1.15
Boku	UK	Industrials	Support services	11,885	1.11
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,878	1.11
ITV	UK	Consumer Services	Media	11,844	1.11
Balfour Beatty	UK	Industrials	Construction & materials	11,638	1.09
Hiscox	UK	Financials	Nonlife insurance	11,488	1.07
Cranswick	UK	Consumer Goods	Food producers	11,375	1.06
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,158	1.04
Johnson Service Group	UK	Industrials	Support services	10,727	1.00
Cummins	USA	Industrials	Industrial engineering	10,667	1.00
Elementis	UK	Basic Materials	Chemicals	10,402	0.97
Ibstock	UK	Industrials	Construction & materials	10,367	0.97
Dunelm	UK	Consumer Services	General retailers	10,234	0.96
Babcock	UK	Industrials	Aerospace & defence	10,222	0.96
Schroders PLC	UK	Financials	Equity investment instruments	10,213	0.95
Prudential Corp	UK	Financials	Life insurance/assurance	9,674	0.90
AFC Energy	UK	Oil & Gas	Alternative Energy	9,632	0.90
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	9,223	0.86
Smith & Nephew	UK	Health Care	Health care equipment & services	9,205	0.86
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	7,989	0.75
Vodafone	UK	Telecommunications	Mobile telecommunications	7,968	0.74
International Personal Finance	UK	Financials	Financial services	7,828	0.73
Hammerson	UK	Financials	Real estate investment trusts	7,749	0.72
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,630	0.71
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	7,440	0.70
Direct Line Insurance	UK	Financials	Nonlife insurance	7,352	0.69
Spectris	UK	Industrials	Electronic & electrical equipment	7,211	0.67
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,992	0.65
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	6,874	0.64
General Motors	USA	Consumer Goods	Automobiles & parts	6,550	0.61
Workspace Group PLC	UK	Financials	Real estate investment trusts	6,120	0.57
Reach	UK	Consumer Services	Media	6,103	0.57
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,103	0.57
Weir Group	UK	Industrials	Industrial engineering	6,090	0.57
Next Fifteen Communications Group	UK	Consumer Services	Media	5,971	0.56
Unilever	UK	Consumer Goods	Personal goods	5,969	0.56
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,914	0.55
Beazley PLC (UK)	UK	Financials	Nonlife insurance	5,806	0.54
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,696	0.53
SSE	UK	Utilities	Electricity	5,640	0.53
Castings	UK	Industrials	Construction & materials	5,573	0.52
Inchcape	UK	Industrials	Support services	5,480	0.51
Chesnara	UK	Financials	Life insurance/assurance	5,384	0.50
Accsys Technologies	UK	Industrials	Construction & materials	5,338	0.50
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,130	0.48
Halfords	UK	Consumer Services	General retailers	5,027	0.47
Redde Northgate	UK	Industrials	Support services	5,013	0.47
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,009	0.47
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.46
Johnson Matthey	UK	Other	Sustainable Energy	4,917	0.46
WPP LLP	UK	Consumer Services	Media	4,879	0.46
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,832	0.45
Vertu Motors	UK	Consumer Services	General retailers	4,804	0.45
SigmaRoc	UK	Industrials	Construction & materials	4,611	0.43
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,518	0.42
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	4,470	0.42
Centrica	UK	Utilities	Gas, water & multiutilities	4,374	0.41
Whitbread PLC	Canada	Consumer Services	Travel & leisure	4,364	0.41
Ricardo	UK	Industrials	Support services	4,304	0.40
Bellway	UK	Consumer Goods	Household goods & home construction	4,296	0.40
IP Group	UK	Financials	Financial services	4,116	0.38
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,830	0.36
Renold	UK	Industrials	Industrial engineering	3,782	0.35
XP Power Ltd	UK	Technology	Technology hardware & equipment	3,542	0.33
Freeport-McMoran Inc	USA	Basic Materials	Mining	3,531	0.33
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,470	0.32
SAP	Germany	Technology	Software & computer services	3,423	0.32
Vanquis Banking Group	UK	Financials	Financial services	3,402	0.32
Jubilee Metals Group	UK	Basic Materials	Mining	3,401	0.32
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	3,336	0.31
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,081	0.29
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,070	0.29
ASML	Netherlands	Technology	Technology hardware & equipment	3,043	0.28
Plant Health Care	USA	Basic Materials	Chemicals	2,977	0.28
UniCredit	Italy	Financials	Banks	2,573	0.24
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,559	0.24
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,452	0.23
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,379	0.22
Safran SA	France	Industrials	Aerospace & defence	2,340	0.22
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,310	0.22
Siemens AG	Germany	Technology	Software & computer services	2,268	0.21
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,242	0.21
Gelion	UK	Other	Sustainable Energy	2,221	0.21
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	2,105	0.20
Great Portland Estates	UK	Financials	Real estate investments & services	2,097	0.20
SGS SA	Switzerland	Industrials	Support services	1,977	0.18
Deutsche Boerse	Germany	Financials	Financial services	1,862	0.17
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,564	0.15
LVMH	France	Consumer Goods	Leisure Goods	1,554	0.15
Nestle	Switzerland	Consumer Goods	Food producers	1,554	0.15
Heineken NV	Netherlands	Consumer Goods	Beverages	1,527	0.14
Marstons	UK	Consumer Services	Travel & leisure	1,527	0.14
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,499	0.14
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,432	0.13
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,395	0.13
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,365	0.13
Amundi	France	Financials	Financial services	1,318	0.12
Danone SA	France	Consumer Goods	Food producers	1,247	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,142	0.11
Bawag	Austria	Financials	Banks	1,062	0.10
Ilika	UK	Oil & Gas	Alternative Energy	932	0.09
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	870	0.08
Logistics Development Group	UK	Industrials	Industrial transportation	803	0.08
Aena SME	Spain	Consumer Services	Travel & leisure	745	0.07
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	719	0.07
Syensqo SA	Belgium	Basic Materials	Chemicals	709	0.07
Longboat Energy	UK	Oil & Gas	Oil & gas producers	705	0.07
Kistos	UK	Oil & Gas	Oil & gas producers	567	0.05
First Tin	UK	Basic Materials	Mining	540	0.05
Puig Brands	Spain	Consumer Goods	Personal goods	511	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	416	0.04
Carclo	UK	Basic Materials	Chemicals	388	0.04
Deltic Energy	UK	Oil & Gas	Oil & gas producers	167	0.02
Indus Gas	UK	Oil & Gas	Oil & gas producers	118	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Allied Minds	UK	Financials	Financial services
Saietta Group	UK	Consumer Goods	Automobiles & parts

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 Nicola Lambourne, Company Secretariat, 020 7606 5451).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

 

END