Net Asset Value(s)

Law Debenture Corp PLC

01 October 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 September 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 September 2024 was 851.99 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 879.38 pence per share (cum income). The mid-market price at the close of business on 30 September 2024 was 889.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	850.10	851.99
NAV with debt at fair value	877.49	879.38

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	13.7	17.2	18.9	53.3	125.2
NAV total return (with debt at fair value)2	13.5	15.6	27.6	67.0	138.0
FTSE Actuaries All-Share Index Total Return3	9.9	13.4	23.9	32.2	83.6
Share price total return3	14.3	15.4	31.8	87.4	151.0
Change in Retail Price Index4	2.9	3.5	26.3	34.0	51.4

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, August 2024.

Geographical Split of investment portfolio

Region	% of portfolio 30 September 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.7	0	83.4
Europe	5.8	0	10.4
North America	4.5	0	5.1
Japan	1.0	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
Flutter Entertainment	UK	Consumer Services	Travel & leisure	35,150	3.35
Shell	UK	Oil & Gas	Oil & gas producers	30,313	2.89
Rolls Royce	UK	Industrials	Aerospace & defence	30,028	2.86
HSBC	UK	Financials	Banks	29,021	2.75
Marks & Spencer	UK	Consumer Services	General retailers	26,082	2.48
Barclays	UK	Financials	Banks	25,374	2.41
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	24,871	2.36
BP	UK	Oil & Gas	Oil & gas producers	22,324	2.12
Rio Tinto	UK	Basic Materials	Mining	19,868	1.89
Tesco	UK	Consumer Goods	Food & Drug Retailers	18,124	1.72
National Grid	UK	Utilities	Gas, water & multiutilities	17,417	1.65
NatWest	UK	Financials	Banks	17,195	1.63
Standard Chartered	UK	Financials	Banks	14,950	1.42
Kingfisher	UK	Consumer Goods	Household goods & home construction	14,645	1.39
BT Group	UK	Telecommunications	Fixed Line Telecommunications	14,420	1.37
J Sainsbury plc	UK	Consumer Services	General retailers	14,327	1.36
Marshalls	UK	Industrials	Construction & materials	14,163	1.34
Senior	UK	Industrials	Aerospace & defence	13,764	1.31
Hill & Smith	UK	Industrials	Industrial engineering	13,612	1.29
Anglo American	UK	Basic Materials	Mining	13,357	1.27
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	13,248	1.26
Land Securities	UK	Financials	Real estate investment trusts	12,838	1.22
Herald Investment Trust	UK	Financials	Equity investment instruments	12,480	1.18
IMI	UK	Industrials	Industrial engineering	12,451	1.18
Aviva	UK	Financials	Life insurance/assurance	12,439	1.18
M & G	UK	Financials	Financial services	12,438	1.18
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	12,006	1.14
Cranswick	UK	Consumer Goods	Food producers	11,996	1.14
Balfour Beatty	UK	Industrials	Construction & materials	11,903	1.13
Kier	UK	Industrials	Construction & materials	11,868	1.13
ITV	UK	Consumer Services	Media	11,807	1.12
BAE Systems	UK	Industrials	Aerospace & defence	11,747	1.11
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,730	1.11
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,488	1.09
Cummins	USA	Industrials	Industrial engineering	11,368	1.08
Boku	UK	Industrials	Support services	11,186	1.06
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,884	1.03
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	10,837	1.03
Prudential Corp	UK	Financials	Life insurance/assurance	10,652	1.01
Elementis	UK	Basic Materials	Chemicals	10,584	1.00
Ibstock	UK	Industrials	Construction & materials	10,491	1.00
Hiscox	UK	Financials	Nonlife insurance	10,357	0.98
Johnson Service Group	UK	Industrials	Support services	10,266	0.97
Schroders PLC	UK	Financials	Equity investment instruments	9,947	0.94
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	9,843	0.93
Dunelm	UK	Consumer Services	General retailers	9,570	0.91
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	9,569	0.91
Smith & Nephew	UK	Health Care	Health care equipment & services	9,492	0.90
Babcock	UK	Industrials	Aerospace & defence	9,107	0.86
Hammerson	UK	Financials	Real estate investment trusts	8,547	0.81
Vodafone	UK	Telecommunications	Mobile telecommunications	8,254	0.78
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,858	0.75
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,826	0.74
International Personal Finance	UK	Financials	Financial services	7,674	0.73
AFC Energy	UK	Oil & Gas	Alternative Energy	7,587	0.72
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	7,540	0.72
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	7,061	0.67
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	6,996	0.66
Whitbread PLC	Canada	Consumer Services	Travel & leisure	6,577	0.62
Weir Group	UK	Industrials	Industrial engineering	6,498	0.62
Workspace Group PLC	UK	Financials	Real estate investment trusts	6,490	0.62
WPP LLP	UK	Consumer Services	Media	6,487	0.62
Spectris	UK	Industrials	Electronic & electrical equipment	6,479	0.61
Beazley PLC (UK)	UK	Financials	Nonlife insurance	6,469	0.61
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,384	0.61
General Motors	USA	Consumer Goods	Automobiles & parts	6,369	0.60
IP Group	UK	Financials	Financial services	5,888	0.56
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,701	0.54
SSE	UK	Utilities	Electricity	5,649	0.54
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,564	0.53
Reach	UK	Consumer Services	Media	5,387	0.51
Chesnara	UK	Financials	Life insurance/assurance	5,322	0.51
Inchcape	UK	Industrials	Support services	5,177	0.49
Epwin Group	UK	Consumer Goods	Household goods & home construction	5,064	0.48
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,900	0.47
Halfords	UK	Consumer Services	General retailers	4,891	0.46
Accsys Technologies	UK	Industrials	Construction & materials	4,867	0.46
Castings	UK	Industrials	Construction & materials	4,781	0.45
Bellway	UK	Consumer Goods	Household goods & home construction	4,668	0.44
Johnson Matthey	UK	Other	Sustainable Energy	4,563	0.43
SigmaRoc	UK	Industrials	Construction & materials	4,503	0.43
Zigup	UK	Industrials	Support services	4,488	0.43
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	4,200	0.40
Vertu Motors	UK	Consumer Services	General retailers	4,051	0.38
Vanquis Banking Group	UK	Financials	Financial services	3,978	0.38
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,855	0.37
Centrica	UK	Utilities	Gas, water & multiutilities	3,845	0.36
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,745	0.36
Freeport-McMoran Inc	USA	Basic Materials	Mining	3,732	0.35
Ricardo	UK	Industrials	Support services	3,695	0.35
Next Fifteen Communications Group	UK	Consumer Services	Media	3,624	0.34
XP Power Ltd	UK	Technology	Technology hardware & equipment	3,591	0.34
SAP	Germany	Technology	Software & computer services	3,573	0.34
Sabre Insurance Group PLC	UK	Financials	Nonlife insurance	3,540	0.34
Renold	UK	Industrials	Industrial engineering	3,285	0.31
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,269	0.31
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,269	0.31
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,761	0.26
Jubilee Metals Group	UK	Basic Materials	Mining	2,721	0.26
UniCredit	Italy	Financials	Banks	2,648	0.25
ASML	Netherlands	Technology	Technology hardware & equipment	2,638	0.25
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,617	0.25
Siemens AG	Germany	Technology	Software & computer services	2,397	0.23
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,335	0.22
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,248	0.21
Safran SA	France	Industrials	Aerospace & defence	2,163	0.21
Great Portland Estates	UK	Financials	Real estate investments & services	2,133	0.20
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,078	0.20
Deutsche Boerse	Germany	Financials	Financial services	2,055	0.20
SGS SA	Switzerland	Industrials	Support services	1,937	0.18
Hercules Site Services Plc	UK	Industrials	Construction & materials	1,737	0.16
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,710	0.16
LVMH	France	Consumer Goods	Leisure Goods	1,620	0.15
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,575	0.15
Gelion	UK	Other	Sustainable Energy	1,573	0.15
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,552	0.15
Marstons	UK	Consumer Services	Travel & leisure	1,527	0.14
Bawag	Austria	Financials	Banks	1,478	0.14
Nestle	Switzerland	Consumer Goods	Food producers	1,478	0.14
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,454	0.14
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,390	0.13
Danone SA	France	Consumer Goods	Food producers	1,339	0.13
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,298	0.12
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,278	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,081	0.10
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,079	0.10
Aena SME	Spain	Consumer Services	Travel & leisure	1,060	0.10
Heineken NV	Netherlands	Consumer Goods	Beverages	989	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	842	0.08
Ilika	UK	Oil & Gas	Alternative Energy	825	0.08
First Tin	UK	Basic Materials	Mining	810	0.08
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	810	0.08
Syensqo SA	Belgium	Basic Materials	Chemicals	684	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	510	0.05
Kistos	UK	Oil & Gas	Oil & gas producers	495	0.05
Carclo	UK	Basic Materials	Chemicals	445	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	343	0.03
Surface Transforms	UK	Consumer Goods	Automobiles & parts	296	0.03
Indus Gas	UK	Oil & Gas	Oil & gas producers	154	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	79	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