Net Asset Value(s)

Law Debenture Corp PLC

02 September 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 August 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 August 2024 was 864.15 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 890.78 pence per share (cum income). The mid-market price at the close of business on 30 August 2024 was 894.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	857.70	864.15
NAV with debt at fair value	884.33	890.78

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	14.3	19.1	17.6	58.9	120.8
NAV total return (with debt at fair value)2	13.9	17.4	26.4	73.4	133.2
FTSE Actuaries All-Share Index Total Return3	11.3	17.0	24.4	37.9	80.9
Share price total return3	14.0	16.5	25.1	94.7	143.8
Change in Retail Price Index4	2.2	2.9	26.1	32.8	50.8

¹ The fair value of the IPS business has been calculated as at 30 June 2024.

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, July 2024.

Geographical Split of investment portfolio

Region	% of portfolio 30 August 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.5	0	83.4
Europe	6.0	0	10.4
North America	4.4	0	5.1
Japan	1.1	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	33,513	3.14
Rolls Royce	UK	Industrials	Aerospace & defence	33,245	3.11
HSBC	UK	Financials	Banks	28,908	2.70
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	27,175	2.55
Barclays	UK	Financials	Banks	25,804	2.42
Flutter Entertainment	UK	Consumer Services	Travel & leisure	25,110	2.36
BP	UK	Oil & Gas	Oil & gas producers	24,476	2.30
Marks & Spencer	UK	Consumer Services	General retailers	23,947	2.25
Rio Tinto	UK	Basic Materials	Mining	17,886	1.68
Tesco	UK	Consumer Goods	Food & Drug Retailers	17,866	1.68
NatWest	UK	Financials	Banks	17,255	1.62
National Grid	UK	Utilities	Gas, water & multiutilities	16,880	1.58
Senior	UK	Industrials	Aerospace & defence	14,718	1.38
Standard Chartered	UK	Financials	Banks	14,693	1.38
Marshalls	UK	Industrials	Construction & materials	14,525	1.36
Hill & Smith	UK	Industrials	Industrial engineering	14,244	1.34
J Sainsbury plc	UK	Consumer Services	General retailers	14,172	1.33
BT Group	UK	Telecommunications	Fixed Line Telecommunications	13,553	1.27
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	13,221	1.24
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,133	1.23
Kier	UK	Industrials	Construction & materials	13,093	1.23
Aviva	UK	Financials	Life insurance/assurance	12,976	1.22
BAE Systems	UK	Industrials	Aerospace & defence	12,949	1.22
Herald Investment Trust	UK	Financials	Equity investment instruments	12,930	1.21
Kingfisher	UK	Consumer Goods	Household goods & home construction	12,925	1.21
M & G	UK	Financials	Financial services	12,864	1.21
IMI	UK	Industrials	Industrial engineering	12,588	1.18
Land Securities	UK	Financials	Real estate investment trusts	12,414	1.17
Anglo American	UK	Basic Materials	Mining	12,147	1.14
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,957	1.12
Boku	UK	Industrials	Support services	11,885	1.12
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,859	1.11
ITV	UK	Consumer Services	Media	11,748	1.10
Balfour Beatty	UK	Industrials	Construction & materials	11,582	1.09
Cranswick	UK	Consumer Goods	Food producers	11,506	1.08
Cummins	USA	Industrials	Industrial engineering	11,193	1.05
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,180	1.05
Hiscox	UK	Financials	Nonlife insurance	10,638	1.00
Johnson Service Group	UK	Industrials	Support services	10,542	0.99
Elementis	UK	Basic Materials	Chemicals	10,532	0.99
Ibstock	UK	Industrials	Construction & materials	10,367	0.97
Dunelm	UK	Consumer Services	General retailers	10,325	0.97
Babcock	UK	Industrials	Aerospace & defence	10,087	0.95
Prudential Corp	UK	Financials	Life insurance/assurance	10,002	0.94
Schroders PLC	UK	Financials	Equity investment instruments	9,753	0.92
Smith & Nephew	UK	Health Care	Health care equipment & services	9,598	0.90
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	9,254	0.87
AFC Energy	UK	Oil & Gas	Alternative Energy	8,333	0.78
Vodafone	UK	Telecommunications	Mobile telecommunications	8,184	0.77
International Personal Finance	UK	Financials	Financial services	8,137	0.76
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,917	0.74
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	7,788	0.73
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,636	0.72
Hammerson	UK	Financials	Real estate investment trusts	7,625	0.72
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	7,620	0.72
Direct Line Insurance	UK	Financials	Nonlife insurance	7,414	0.70
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	7,200	0.68
General Motors	USA	Consumer Goods	Automobiles & parts	7,198	0.68
Spectris	UK	Industrials	Electronic & electrical equipment	7,068	0.66
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	6,675	0.63
Beazley PLC (UK)	UK	Financials	Nonlife insurance	6,371	0.60
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,291	0.59
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,276	0.59
Workspace Group PLC	UK	Financials	Real estate investment trusts	6,160	0.58
WPP LLP	UK	Consumer Services	Media	6,156	0.58
Whitbread PLC	Canada	Consumer Services	Travel & leisure	6,059	0.57
Weir Group	UK	Industrials	Industrial engineering	6,006	0.56
Next Fifteen Communications Group	UK	Consumer Services	Media	5,943	0.56
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,847	0.55
Reach	UK	Consumer Services	Media	5,762	0.54
SSE	UK	Utilities	Electricity	5,661	0.53
Inchcape	UK	Industrials	Support services	5,535	0.52
TT Electronics	UK	Industrials	Electronic & electrical equipment	5,488	0.52
Chesnara	UK	Financials	Life insurance/assurance	5,468	0.51
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,307	0.50
Redde Northgate	UK	Industrials	Support services	5,013	0.47
IP Group	UK	Financials	Financial services	4,956	0.47
Castings	UK	Industrials	Construction & materials	4,940	0.46
Accsys Technologies	UK	Industrials	Construction & materials	4,906	0.46
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,900	0.46
Johnson Matthey	UK	Other	Sustainable Energy	4,893	0.46
Vertu Motors	UK	Consumer Services	General retailers	4,797	0.45
Halfords	UK	Consumer Services	General retailers	4,780	0.45
SigmaRoc	UK	Industrials	Construction & materials	4,586	0.43
Bellway	UK	Consumer Goods	Household goods & home construction	4,551	0.43
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,469	0.42
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,379	0.41
Centrica	UK	Utilities	Gas, water & multiutilities	4,247	0.40
Ricardo	UK	Industrials	Support services	4,104	0.39
XP Power Ltd	UK	Technology	Technology hardware & equipment	4,011	0.38
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,944	0.37
Sabre Insurance Group PLC	UK	Financials	Nonlife insurance	3,880	0.36
Vanquis Banking Group	UK	Financials	Financial services	3,824	0.36
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,669	0.34
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,575	0.34
Renold	UK	Industrials	Industrial engineering	3,484	0.33
SAP	Germany	Technology	Software & computer services	3,478	0.33
Freeport-McMoran Inc	USA	Basic Materials	Mining	3,369	0.32
Jubilee Metals Group	UK	Basic Materials	Mining	3,061	0.29
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	2,910	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,902	0.27
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,760	0.26
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,601	0.24
UniCredit	Italy	Financials	Banks	2,529	0.24
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,417	0.23
Siemens AG	Germany	Technology	Software & computer services	2,280	0.21
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,222	0.21
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,214	0.21
Gelion	UK	Other	Sustainable Energy	2,128	0.20
Safran SA	France	Industrials	Aerospace & defence	2,050	0.19
Great Portland Estates	UK	Financials	Real estate investments & services	2,019	0.19
Deutsche Boerse	Germany	Financials	Financial services	1,999	0.19
SGS SA	Switzerland	Industrials	Support services	1,969	0.18
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,854	0.17
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,776	0.17
Nestle	Switzerland	Consumer Goods	Food producers	1,605	0.15
LVMH	France	Consumer Goods	Leisure Goods	1,604	0.15
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,561	0.15
Heineken NV	Netherlands	Consumer Goods	Beverages	1,519	0.14
Marstons	UK	Consumer Services	Travel & leisure	1,474	0.14
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,470	0.14
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,397	0.13
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,371	0.13
Amundi	France	Financials	Financial services	1,324	0.12
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,311	0.12
Danone SA	France	Consumer Goods	Food producers	1,298	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,130	0.11
Bawag	Austria	Financials	Banks	1,086	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	842	0.08
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	836	0.08
Ilika	UK	Oil & Gas	Alternative Energy	825	0.08
First Tin	UK	Basic Materials	Mining	780	0.07
Aena SME	Spain	Consumer Services	Travel & leisure	774	0.07
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	741	0.07
Syensqo SA	Belgium	Basic Materials	Chemicals	648	0.06
Kistos	UK	Oil & Gas	Oil & gas producers	612	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	525	0.05
Puig Brands	Spain	Consumer Goods	Personal goods	501	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	425	0.04
Carclo	UK	Basic Materials	Chemicals	365	0.03
Deltic Energy	UK	Oil & Gas	Oil & gas producers	159	0.01
Indus Gas	UK	Oil & Gas	Oil & gas producers	157	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