Net Asset Value(s)

Law Debenture Corp PLC

01 November 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 October 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 October 2024 was 833.75 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 864.02 pence per share (cum income). The mid-market price at the close of business on 31 October 2024 was 869.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	828.69	833.75
NAV with debt at fair value	858.95	864.02

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	11.3	21.2	15.7	50.7	119.7
NAV total return (with debt at fair value)2	11.5	19.3	24.6	64.6	132.9
FTSE Actuaries All-Share Index Total Return3	8.1	16.3	19.7	31.9	81.9
Share price total return3	11.8	22.3	26.8	82.0	143.7
Change in Retail Price Index4	2.5	2.9	25.9	33.8	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, September 2024.

Geographical Split of investment portfolio

Region	% of portfolio 31 October 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	87.9	0	83.4
Europe	5.8	0	10.4
North America	5.2	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 31 October 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Flutter Entertainment	UK	Consumer Services	Travel & leisure	36,270	3.53
Shell	UK	Oil & Gas	Oil & gas producers	32,213	3.13
HSBC	UK	Financials	Banks	30,859	3.00
Rolls Royce	UK	Industrials	Aerospace & defence	27,830	2.71
Barclays	UK	Financials	Banks	27,550	2.68
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	22,829	2.22
BP	UK	Oil & Gas	Oil & gas producers	21,469	2.08
Marks & Spencer	UK	Consumer Services	General retailers	20,642	2.00
Rio Tinto	UK	Basic Materials	Mining	18,810	1.82
NatWest	UK	Financials	Banks	18,380	1.78
Tesco	UK	Consumer Goods	Food & Drug Retailers	17,290	1.68
Standard Chartered	UK	Financials	Banks	16,975	1.65
National Grid	UK	Utilities	Gas, water & multiutilities	16,508	1.60
Marshalls	UK	Industrials	Construction & materials	14,461	1.40
J Sainsbury plc	UK	Consumer Services	General retailers	14,242	1.38
Hill & Smith	UK	Industrials	Industrial engineering	13,512	1.31
BT Group	UK	Telecommunications	Fixed Line Telecommunications	13,479	1.31
Kingfisher	UK	Consumer Goods	Household goods & home construction	13,307	1.29
Anglo American	UK	Basic Materials	Mining	13,197	1.28
Herald Investment Trust	UK	Financials	Equity investment instruments	12,480	1.21
Kier	UK	Industrials	Construction & materials	12,316	1.19
Balfour Beatty	UK	Industrials	Construction & materials	12,296	1.19
Boku	UK	Industrials	Support services	12,235	1.19
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	12,213	1.18
Cranswick	UK	Consumer Goods	Food producers	12,115	1.17
Cummins	USA	Industrials	Industrial engineering	11,987	1.16
Senior	UK	Industrials	Aerospace & defence	11,958	1.16
BAE Systems	UK	Industrials	Aerospace & defence	11,875	1.15
Land Securities	UK	Financials	Real estate investment trusts	11,862	1.15
Aviva	UK	Financials	Life insurance/assurance	11,656	1.13
M & G	UK	Financials	Financial services	11,634	1.13
IMI	UK	Industrials	Industrial engineering	11,344	1.10
Ibstock	UK	Industrials	Construction & materials	11,321	1.10
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,283	1.09
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,272	1.09
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,171	1.08
ITV	UK	Consumer Services	Media	10,900	1.06
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,264	0.99
Prudential Corp	UK	Financials	Life insurance/assurance	9,885	0.96
Johnson Service Group	UK	Industrials	Support services	9,844	0.95
Schroders PLC	UK	Financials	Equity investment instruments	9,804	0.95
Hiscox	UK	Financials	Nonlife insurance	9,778	0.95
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	9,740	0.94
Dunelm	UK	Consumer Services	General retailers	9,221	0.89
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	9,160	0.89
Babcock	UK	Industrials	Aerospace & defence	9,095	0.88
Elementis	UK	Basic Materials	Chemicals	8,684	0.84
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	8,320	0.81
Vodafone	UK	Telecommunications	Mobile telecommunications	7,922	0.77
Smith & Nephew	UK	Health Care	Health care equipment & services	7,879	0.76
Hammerson	UK	Financials	Real estate investment trusts	7,727	0.75
General Motors	USA	Consumer Goods	Automobiles & parts	7,477	0.72
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,444	0.72
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	7,250	0.70
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,129	0.69
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	7,120	0.69
Freeport-McMoran Inc	USA	Basic Materials	Mining	6,980	0.68
WPP LLP	UK	Consumer Services	Media	6,916	0.67
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,877	0.67
International Personal Finance	UK	Financials	Financial services	6,850	0.66
IP Group	UK	Financials	Financial services	6,819	0.66
Beazley PLC (UK)	UK	Financials	Nonlife insurance	6,418	0.62
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	6,354	0.62
Whitbread PLC	Canada	Consumer Services	Travel & leisure	6,325	0.61
Weir Group	UK	Industrials	Industrial engineering	6,264	0.61
Sabre Insurance Group PLC	UK	Financials	Nonlife insurance	6,147	0.60
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	6,018	0.58
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,975	0.58
Spectris	UK	Industrials	Electronic & electrical equipment	5,971	0.58
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,530	0.54
Halfords	UK	Consumer Services	General retailers	5,451	0.53
Reach	UK	Consumer Services	Media	5,335	0.52
AFC Energy	UK	Oil & Gas	Alternative Energy	5,293	0.51
SSE	UK	Utilities	Electricity	5,283	0.51
Chesnara	UK	Financials	Life insurance/assurance	5,238	0.51
Epwin Group	UK	Consumer Goods	Household goods & home construction	5,213	0.51
SigmaRoc	UK	Industrials	Construction & materials	4,968	0.48
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,900	0.47
Accsys Technologies	UK	Industrials	Construction & materials	4,671	0.45
Inchcape	UK	Industrials	Support services	4,654	0.45
Vertu Motors	UK	Consumer Services	General retailers	4,542	0.44
Johnson Matthey	UK	Other	Sustainable Energy	4,464	0.43
Bellway	UK	Consumer Goods	Household goods & home construction	4,254	0.41
Castings	UK	Industrials	Construction & materials	4,243	0.41
Zigup	UK	Industrials	Support services	4,132	0.40
i3 Energy	UK	Oil & Gas	Oil & gas producers	4,032	0.39
Next Fifteen Communications Group	UK	Consumer Services	Media	4,025	0.39
Centrica	UK	Utilities	Gas, water & multiutilities	3,871	0.38
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,624	0.35
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,507	0.34
Ricardo	UK	Industrials	Support services	3,503	0.34
XP Power Ltd	UK	Technology	Technology hardware & equipment	3,335	0.32
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,208	0.31
Renold	UK	Industrials	Industrial engineering	3,198	0.31
Vanquis Banking Group	UK	Financials	Financial services	3,029	0.29
UniCredit	Italy	Financials	Banks	2,762	0.27
TT Electronics	UK	Industrials	Electronic & electrical equipment	2,701	0.26
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,656	0.26
SAP	Germany	Technology	Software & computer services	2,652	0.26
Jubilee Metals Group	UK	Basic Materials	Mining	2,522	0.24
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,504	0.24
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,502	0.24
Siemens AG	Germany	Technology	Software & computer services	2,386	0.23
DVS A/S	Denmark	Industrials	Industrial transportation	2,366	0.23
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	2,309	0.22
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,259	0.22
Safran SA	France	Industrials	Aerospace & defence	2,158	0.21
Deutsche Boerse	Germany	Financials	Financial services	2,109	0.20
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	2,105	0.20
SGS SA	Switzerland	Industrials	Support services	1,908	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,897	0.18
Great Portland Estates	UK	Financials	Real estate investments & services	1,878	0.18
Hercules Site Services Plc	UK	Industrials	Construction & materials	1,838	0.18
Gelion	UK	Other	Sustainable Energy	1,758	0.17
ASML	Netherlands	Technology	Technology hardware & equipment	1,694	0.16
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,656	0.16
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,593	0.15
Bawag	Austria	Financials	Banks	1,537	0.15
LVMH	France	Consumer Goods	Leisure Goods	1,455	0.14
Nestle	Switzerland	Consumer Goods	Food producers	1,441	0.14
Marstons	UK	Consumer Services	Travel & leisure	1,415	0.14
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,388	0.13
Danone SA	France	Consumer Goods	Food producers	1,364	0.13
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,331	0.13
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,301	0.13
Aena SME	Spain	Consumer Services	Travel & leisure	1,103	0.11
Arbuthnot Banking Group	UK	Financials	Financial services	1,081	0.10
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	953	0.09
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	947	0.09
Syensqo SA	Belgium	Basic Materials	Chemicals	907	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	842	0.08
First Tin	UK	Basic Materials	Mining	720	0.07
Ilika	UK	Oil & Gas	Alternative Energy	645	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	510	0.05
Kistos	UK	Oil & Gas	Oil & gas producers	477	0.05
Carclo	UK	Basic Materials	Chemicals	390	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	307	0.03
Surface Transforms	UK	Consumer Goods	Automobiles & parts	203	0.02
Indus Gas	UK	Oil & Gas	Oil & gas producers	140	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	103	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 UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds 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