Net Asset Value(s) and Portfolio Information

RNS Number : 7369X

Law Debenture Corp PLC

02 September 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 August 2020

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 August 2020 was 586.26 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 546.88 pence per share (cum income). The mid-market price at the close of business on 31 August 2020 was 539.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	577.06	586.26
NAV with debt at fair value	537.68	546.88

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-16.2	-8.0	-3.8	27.4	137.1
NAV total return (with debt at fair value) 2	-18.1	-9.3	-6.0	21.5	123.0
FTSE Actuaries All-Share Index Total Return 3	-18.5	-12.6	-8.2	17.3	77.6
Share price total return 3	-13.0	-0.1	-0.8	33.1	153.4
Change in Retail Price Index 4	0.8	1.6	7.8	13.8	31.6

¹ The fair value of the IPS business has been calculated as at 30 June 2020 and was published as part of the interim results announcement on 31 July 2020.

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 Source: Refinitiv.

⁴ Source: Bloomberg, subject to latest published RPI; July 2020. 

Geographical Split of investment portfolio

Region	% of portfolio 31 August 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	79.5	80.7	74.5
Europe	10.5	7.8	8.6
North America	7.4	8.3	9.9
Japan	1.2	1.1	1.1
Other	0.5	1.2	1.4
Other Pacific	0.9	0.9	4.5
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 August 2020 the portfolio comprised as follows:

Name	Country	Sector	Industry	MV £000	% of Portfolio
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	24,656	3.56
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	21,262	3.07
Rio Tinto	UK	Basic Materials	Mining	17,379	2.51
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	13,288	1.92
Dunelm	UK	Consumer Services	General retailers	13,280	1.92
Herald Investment Trust	UK	Financials	Equity investment instruments	12,953	1.87
Relx	UK	Consumer Services	Media	12,769	1.84
National Grid	UK	Utilities	Gas, water & multiutilities	11,879	1.72
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,650	1.68
Prudential Corp	UK	Financials	Life insurance/assurance	11,409	1.65
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	10,333	1.49
Urban Logistics REIT	UK	Financials	Real estate investment trusts	10,071	1.45
Direct Line Insurance	UK	Financials	Nonlife insurance	9,584	1.38
BHP	UK	Basic Materials	Mining	9,418	1.36
BAE Systems	UK	Industrials	Aerospace & defence	9,353	1.35
Cummins	USA	Industrials	Industrial engineering	9,299	1.34
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	8,874	1.28
Land Securities	UK	Financials	Real estate investment trusts	8,808	1.27
HSBC	UK	Financials	Banks	8,703	1.26
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,699	1.26
M & G	UK	Financials	Financial services	8,648	1.25
BP	UK	Oil & Gas	Oil & gas producers	8,454	1.22
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,163	1.18
Aviva	UK	Financials	Life insurance/assurance	8,156	1.18
Hill & Smith	UK	Industrials	Industrial engineering	8,094	1.17
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	7,880	1.14
Caterpillar	USA	Industrials	Industrial engineering	7,448	1.08
RSA Insurance	UK	Financials	Nonlife insurance	7,413	1.07
Standard Chartered	UK	Financials	Banks	7,398	1.07
Smith (DS)	UK	Industrials	General industrials	7,285	1.05
Accsys Technologies	UK	Industrials	Construction & materials	7,261	1.05
Hiscox	UK	Financials	Nonlife insurance	7,177	1.04
Smith & Nephew	UK	Health Care	Health care equipment & services	7,151	1.03
Mondi	UK	Basic Materials	Forestry & paper	6,937	1
Anglo American	UK	Basic Materials	Mining	6,872	0.99
Croda	UK	Basic Materials	Chemicals	6,779	0.98
IP Group plc	UK	Financials	Financial services	6,494	0.94
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,332	0.91
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,172	0.89
Balfour Beatty	UK	Industrials	Construction & materials	6,164	0.89
Chesnara	UK	Financials	Life insurance/assurance	6,156	0.89
Deere	USA	Industrials	Industrial engineering	6,131	0.89
Johnson Service	UK	Industrials	Support services	6,064	0.88
St Modwen Properties	UK	Financials	Real estate investments & services	5,985	0.86
Standard Life Aberdeen	UK	Financials	Financial services	5,942	0.86
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,813	0.84
Marshalls	UK	Industrials	Construction & materials	5,706	0.82
Marks and Spencer	UK	Consumer Services	General retailers	5,555	0.8
Watkin Jones	UK	Consumer Goods	Household goods & home construction	5,461	0.79
Provident Financial	UK	Financials	Financial services	5,437	0.79
Spectris	UK	Industrials	Electronic & electrical equipment	5,387	0.78
Royal Mail	UK	Industrials	Industrial transportation	5,382	0.78
Applied Materials	USA	Technology	Technology hardware & equipment	5,294	0.76
Lloyds Banking Group	UK	Financials	Banks	5,103	0.74
General Motors	USA	Consumer Goods	Automobiles & parts	4,984	0.72
Simec Atlantis Energy	UK	Utilities	Electricity	4,779	0.69
Rolls Royce	UK	Industrials	Aerospace & defence	4,701	0.68
Linde	Germany	Basic Materials	Chemicals	4,680	0.68
IMI	UK	Industrials	Industrial engineering	4,616	0.67
Tesco	UK	Consumer Goods	Food & Drug Retailers	4,591	0.66
Irish Continental	Ireland	Consumer Services	Travel & leisure	4,560	0.66
Unilever	UK	Consumer Goods	Personal goods	4,460	0.64
Senior	UK	Industrials	Aerospace & defence	4,454	0.64
British American Tobacco	UK	Consumer Goods	Tobacco	4,431	0.64
Ryanair	Ireland	Consumer Services	Travel & leisure	4,315	0.62
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	4,236	0.61
NatWest	UK	Financials	Banks	4,228	0.61
Elementis	UK	Basic Materials	Chemicals	4,222	0.61
Euromoney	UK	Consumer Services	Media	4,202	0.61
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,105	0.59
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,008	0.58
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	4,001	0.58
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	3,918	0.57
Allied Minds	UK	Financials	Financial services	3,913	0.57
Vodafone	UK	Telecommunications	Mobile telecommunications	3,900	0.56
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,872	0.56
SSE	UK	Utilities	Electricity	3,777	0.55
Foresight Solar	UK	Financials	Equity investment instruments	3,763	0.54
Nestle	Switzerland	Consumer Goods	Food producers	3,659	0.53
Vivendi	France	Consumer Services	Media	3,598	0.52
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,460	0.5
Studio Retail Group plc	UK	Consumer Services	General retailers	3,434	0.5
Ibstock	UK	Industrials	Construction & materials	3,396	0.49
Babcock	UK	Industrials	Aerospace & defence	3,391	0.49
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	3,377	0.49
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,346	0.48
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	3,322	0.48
Grit Real Estate Income	Other	Financials	Real estate investment trusts	3,275	0.47
Prosus	Netherlands	Technology	Software & computer services	3,184	0.46
UniCredit	Italy	Financials	Banks	2,974	0.43
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	2,971	0.43
International Personal Finance	UK	Financials	Financial services	2,970	0.43
SigmaRoc	UK	Industrials	Construction & materials	2,958	0.43
Bawag	Austria	Financials	Banks	2,911	0.42
Meggitt	UK	Industrials	Aerospace & defence	2,909	0.42
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,889	0.42
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,812	0.41
Deutsche Boerse	Germany	Financials	Financial services	2,622	0.38
Boku	UK	Industrials	Support services	2,553	0.37
Worldline	France	Industrials	Support services	2,543	0.37
Weir Group	UK	Industrials	Industrial engineering	2,537	0.37
Amundi	France	Financials	Financial services	2,512	0.36
Sig Combibloc	Switzerland	Industrials	General industrials	2,480	0.36
St. James's Place	UK	Financials	Life insurance/assurance	2,448	0.35
Halfords	UK	Consumer Services	General retailers	2,393	0.35
Carnival	UK	Consumer Services	Travel & leisure	2,372	0.34
Redde Northgate	UK	Industrials	Support services	2,190	0.32
ASML	Netherlands	Technology	Technology hardware & equipment	2,117	0.31
Marstons	UK	Consumer Services	Travel & leisure	1,948	0.28
Hammerson	UK	Financials	Real estate investment trusts	1,865	0.27
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,813	0.26
Augean	UK	Industrials	Support services	1,730	0.25
JDE Peet's	Netherlands	Consumer Goods	Food producers	1,526	0.22
Morses Club	UK	Financials	Financial services	1,524	0.22
Nexi	Italy	Industrials	Support services	1,515	0.22
EQTEC	Ireland	Utilities	Electricity	1,422	0.21
Ricardo	UK	Industrials	Support services	1,395	0.2
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,287	0.19
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,219	0.18
AFC Energy	UK	Oil & Gas	Alternative Energy	1,201	0.17
Total (Fra)	France	Oil & Gas	Oil & gas producers	1,168	0.17
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	1,137	0.16
AMS AG	Switzerland	Technology	Technology hardware & equipment	1,125	0.16
Moncler	Italy	Consumer Goods	Personal goods	1,124	0.16
Kier	UK	Industrials	Construction & materials	1,097	0.16
Hipgnosis Songs Fund - C Shares	UK	Financials	Equity investment instruments	1,020	0.15
Ilika	UK	Oil & Gas	Alternative Energy	975	0.14
Wincanton	UK	Industrials	Industrial transportation	912	0.13
Premier Oil	UK	Oil & Gas	Oil & gas producers	819	0.12
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	656	0.09
Brockhaus Capital Management	Germany	Financials	Financial services	642	0.09
Renold	UK	Industrials	Industrial engineering	520	0.08
Centrica	UK	Utilities	Gas, water & multiutilities	460	0.07
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	448	0.06
Severfield	UK	Industrials	Industrial engineering	432	0.06
Tullow Oil	UK	Oil & Gas	Oil & gas producers	410	0.06
Mirriad Advertising	UK	Consumer Services	Media	369	0.05
Unlisted	UK	Other	Other	213	0.03
Carclo	UK	Basic Materials	Chemicals	174	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	163	0.02
GVS	Italy	Industrials	Waste & Environ Svcs & Equip	159	0.02
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	68	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0
Permanent TSB	Ireland	Financials	Banks	2	0

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., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Debbie Fish, Company Secretariat, 020 7696 5940).

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

 

END

 

 

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