Net Asset Value

RNS Number : 7813R

Law Debenture Corp PLC

02 July 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 June 2020

The Law Debenture Corporation p.l.c. announces that its preliminary Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business¹ on 30 June 2020 was 585.92 pence per share (cum income) which excludes the proposed 2020 first quarterly dividend of 6.50p as the shares went ex-dividend on the 25 June 2020. With the Corporation's long term debt stated at fair value, the NAV was 545.57 pence per share (cum income). The mid-market price at the close of business on 30 June 2020 was 517.00 pence per share. The first quarterly dividend will be paid on 28 July 2020 to holders on the register at the record date of 26 June 2020.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	582.24	585.92
NAV with debt at fair value	541.89	545.57

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-16.3	-10.3	-1.8	24.4	145.4
NAV total return (with debt at fair value) 2	-18.3	-12.7	-4.5	18.5	130.4
FTSE Actuaries All-Share Index Total Return 3	-17.5	-13.0	-4.6	15.2	91.8
Share price total return 3	-16.5	-7.3	2.0	21.9	163.9
Change in Retail Price Index 4	0.1	1.0	7.5	13.0	30.7

¹ The fair value of the IPS business has been calculated as at 31 December 2019.  The fair value at 30 June 2020 is currently being calculated and will be published as part of our half year results announcement.  This, along with other half year-end adjustments, is likely to result in a variance between the NAV we have published today and the final NAV we will disclose in our half yearly report.

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 based on May 2020.

Geographical Split of investment portfolio

Region	% of portfolio 30 June 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	80.3	80.7	74.5
Europe	10.2	7.8	8.6
North America	6.7	8.3	9.9
Japan	1.2	1.1	1.1
Other	0.7	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 30 June 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	27,406	3.92
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	21,611	3.09
Rio Tinto	UK	Basic Materials	Mining	17,057	2.43
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	15,300	2.18
Relx	UK	Consumer Services	Media	14,025	2.00
National Grid	UK	Utilities	Gas, water & multiutilities	13,925	1.99
Herald Investment Trust	UK	Financials	Equity investment instruments	13,056	1.86
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,395	1.77
Dunelm	UK	Consumer Services	General retailers	12,247	1.75
Prudential Corp	UK	Financials	Life insurance/assurance	11,381	1.62
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	10,436	1.49
HSBC	UK	Financials	Banks	9,977	1.42
BP	UK	Oil & Gas	Oil & gas producers	9,829	1.40
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,313	1.33
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	9,279	1.32
Smith (DS)	UK	Industrials	General industrials	9,242	1.32
BHP	UK	Basic Materials	Mining	9,098	1.30
Direct Line Insurance	UK	Financials	Nonlife insurance	8,804	1.26
BAE Systems	UK	Industrials	Aerospace & defence	8,701	1.24
Croda	UK	Basic Materials	Chemicals	8,666	1.24
Land Securities	UK	Financials	Real estate investment trusts	8,426	1.20
Cummins	USA	Industrials	Industrial engineering	8,378	1.20
M & G	UK	Financials	Financial services	8,375	1.19
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,375	1.19
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,321	1.19
Standard Chartered	UK	Financials	Banks	8,297	1.18
Hill & Smith	UK	Industrials	Industrial engineering	8,280	1.18
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	8,052	1.15
Flutter Entertainment PLC	UK	Consumer Services	Travel & leisure	7,946	1.13
Aviva	UK	Financials	Life insurance/assurance	7,893	1.13
Johnson Service	UK	Industrials	Support services	7,212	1.03
Balfour Beatty	UK	Industrials	Construction & materials	7,204	1.03
Mondi	UK	Basic Materials	Forestry & paper	7,175	1.02
Caterpillar	USA	Industrials	Industrial engineering	7,133	1.02
Hiscox	UK	Financials	Nonlife insurance	7,130	1.02
Smith & Nephew	UK	Health Care	Health care equipment & services	7,076	1.01
Anglo American	UK	Basic Materials	Mining	7,010	1.00
Accsys Technologies	UK	Industrials	Construction & materials	6,846	0.98
RSA Insurance	UK	Financials	Nonlife insurance	6,762	0.96
St Modwen Properties	UK	Financials	Real estate investments & services	6,383	0.91
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	5,968	0.85
Senior	UK	Industrials	Aerospace & defence	5,959	0.85
Chesnara	UK	Financials	Life insurance/assurance	5,948	0.85
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,838	0.83
IP Group plc	UK	Financials	Financial services	5,660	0.81
Lloyds Banking	UK	Financials	Banks	5,612	0.80
Applied Materials	USA	Technology	Technology hardware & equipment	5,603	0.80
Watkin Jones	UK	Consumer Goods	Household goods & home construction	5,572	0.79
Rolls Royce	UK	Industrials	Aerospace & defence	5,565	0.79
Marshalls	UK	Industrials	Construction & materials	5,540	0.79
Royal Mail	UK	Industrials	Industrial transportation	5,468	0.78
British American Tobacco	UK	Consumer Goods	Tobacco	5,433	0.78
Standard Life Aberdeen	UK	Financials	Financial services	5,369	0.77
Spectris	UK	Industrials	Electronic & electrical equipment	5,366	0.77
Irish Continental	Ireland	Consumer Services	Travel & leisure	5,073	0.72
Deere	USA	Industrials	Industrial engineering	4,946	0.71
Tesco	UK	Consumer Goods	Food & Drug Retailers	4,790	0.68
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,739	0.68
General Motors	USA	Consumer Goods	Automobiles & parts	4,589	0.65
Royal Bank Of Scotland	UK	Financials	Banks	4,558	0.65
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	4,555	0.65
Vodafone	UK	Telecommunications	Mobile telecommunications	4,510	0.64
Linde	Germany	Basic Materials	Chemicals	4,269	0.61
SSE	UK	Utilities	Electricity	4,094	0.58
IMI	UK	Industrials	Industrial engineering	4,036	0.58
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,008	0.57
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	3,954	0.56
Ibstock	UK	Industrials	Construction & materials	3,947	0.56
Euromoney	UK	Consumer Services	Media	3,946	0.56
Babcock	UK	Industrials	Aerospace & defence	3,866	0.55
Ryanair	Ireland	Consumer Services	Travel & leisure	3,859	0.55
Provident Financial	UK	Financials	Financial services	3,854	0.55
Foresight Solar	UK	Financials	Equity investment instruments	3,815	0.54
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,769	0.54
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	3,720	0.53
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,647	0.52
Nestle	Switzerland	Consumer Goods	Food producers	3,632	0.52
Marks and Spencer	UK	Consumer Services	General retailers	3,464	0.49
Grit Real Estate Income	Other	Financials	Real estate investments & services	3,446	0.49
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,381	0.48
Vivendi	France	Consumer Services	Media	3,285	0.47
Studio Retail Group plc	UK	Consumer Services	General retailers	3,283	0.47
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,220	0.46
Prosus	Netherlands	Technology	Software & computer services	3,186	0.45
Elementis	UK	Basic Materials	Chemicals	3,100	0.44
Hammerson	UK	Financials	Real estate investment trusts	3,090	0.44
Allied Minds	UK	Financials	Financial services	3,062	0.44
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,054	0.44
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,969	0.42
SigmaRoc	UK	Industrials	Construction & materials	2,958	0.42
Meggitt	UK	Industrials	Aerospace & defence	2,941	0.42
UniCredit	Italy	Financials	Banks	2,773	0.40
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,743	0.39
Amundi	France	Financials	Financial services	2,729	0.39
Deutsche Boerse	Germany	Financials	Financial services	2,708	0.39
Bawag	Austria	Financials	Banks	2,668	0.38
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,619	0.37
Worldline	France	Industrials	Support services	2,583	0.37
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,539	0.36
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,422	0.35
Simec Atlantis Energy	UK	Utilities	Electricity	2,414	0.34
SAP	Germany	Technology	Software & computer services	2,389	0.34
St. James's Place	UK	Financials	Life insurance/assurance	2,382	0.34
Sig Combibloc	Switzerland	Industrials	General industrials	2,323	0.33
International Personal Finance	UK	Financials	Financial services	2,301	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	2,234	0.32
Carnival	UK	Consumer Services	Travel & leisure	2,218	0.32
Unilever	UK	Consumer Goods	Personal goods	2,178	0.31
Weir Group	UK	Industrials	Industrial engineering	2,127	0.30
Marstons	UK	Consumer Services	Travel & leisure	1,952	0.28
Redde Northgate	UK	Industrials	Support services	1,935	0.28
Premier Oil	UK	Oil & Gas	Oil & gas producers	1,931	0.28
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,902	0.27
Augean	UK	Industrials	Support services	1,832	0.26
Kier	UK	Industrials	Construction & materials	1,805	0.26
Ricardo	UK	Industrials	Support services	1,787	0.25
Embraer	Other	Industrials	Aerospace & defence	1,653	0.24
Nexi	Italy	Industrials	Support services	1,567	0.22
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,552	0.22
JDE Peet's	Netherlands	Consumer Goods	Food producers	1,516	0.22
Morses Club	UK	Financials	Financial services	1,284	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,200	0.17
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	1,186	0.17
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,112	0.16
AMS AG	Switzerland	Technology	Technology hardware & equipment	924	0.13
Wincanton	UK	Industrials	Industrial transportation	879	0.13
Boku	UK	Industrials	Support services	835	0.12
Halfords	UK	Consumer Services	General retailers	758	0.11
Ilika	UK	Oil & Gas	Alternative Energy	675	0.10
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	639	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	632	0.09
Renold	UK	Industrials	Industrial engineering	612	0.09
GVS	Italy	Industrials	Waste & Environ Svcs & Equip	565	0.08
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	494	0.07
Severfield	UK	Industrials	Industrial engineering	483	0.07
Mirriad Advertising	UK	Consumer Services	Media	388	0.06
Centrica	UK	Utilities	Gas, water & multiutilities	385	0.05
Unlisted	UK	Other	Other	213	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	116	0.02
Carclo	UK	Basic Materials	Chemicals	101	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	87	0.01
Fastjet	UK	Consumer Services	Travel & leisure	77	0.01
Better Cap	UK	Financials	Equity investment instruments	25	0.00

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

 

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