Net Asset Value

RNS Number : 6028O

Law Debenture Corp PLC

02 June 2020

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 May 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 May 2020 was 573.20 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 536.21 pence per share (cum income). The mid-market price at the close of business on 31 May 2020 was 498.50 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	564.32	573.20
NAV with debt at fair value	527.34	536.21

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-19.0	-9.7	-5.3	14.6	131.4
NAV total return (with debt at fair value) 2	-20.7	-11.8	-7.2	9.8	118.1
FTSE Actuaries All-Share Index Total Return 3	-18.8	-11.2	-8.4	6.9	80.2
Share price total return 3	-20.5	-11.7	-4.3	12.0	147.1
Change in Retail Price Index 4	0.2	1.5	8.1	13.4	31.3

¹ The fair value of the IPS business has been calculated as at 31 December 2019 and was published as part of the year end results announcement on 27 February 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: Thomson Reuters.

⁴ Source: Bloomberg, subject to the latest published RPI data based on April 2020..

Geographical Split of investment portfolio

Region	% of portfolio 31 May 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	79.7	80.7	74.5
Europe	10.3	7.8	8.6
North America	7.3	8.3	9.9
Japan	1.2	1.1	1.1
Other	0.7	1.2	1.4
Other Pacific	0.8	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 May 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	27,999	4.09
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	22,806	3.33
Rio Tinto	UK	Basic Materials	Mining	16,172	2.37
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	15,323	2.24
Relx	UK	Consumer Services	Media	14,051	2.06
National Grid	UK	Utilities	Gas, water & multiutilities	13,046	1.91
Herald Investment Trust	UK	Financials	Equity investment instruments	12,478	1.83
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,200	1.79
Dunelm	UK	Consumer Services	General retailers	10,959	1.61
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	10,633	1.56
BP	UK	Oil & Gas	Oil & gas producers	9,782	1.43
Prudential Corp	UK	Financials	Life insurance/assurance	9,774	1.43
HSBC	UK	Financials	Banks	9,758	1.43
Smith (DS)	UK	Industrials	General industrials	9,549	1.40
Land Securities	UK	Financials	Real estate investment trusts	9,227	1.35
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	9,214	1.35
BAE Systems	UK	Industrials	Aerospace & defence	8,930	1.31
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,761	1.28
BHP	UK	Basic Materials	Mining	8,696	1.27
Direct Line Insurance	UK	Financials	Nonlife insurance	8,596	1.26
Croda	UK	Basic Materials	Chemicals	8,557	1.25
Hill & Smith	UK	Industrials	Industrial engineering	8,480	1.24
Flutter Entertainment PLC	UK	Consumer Services	Travel & leisure	8,422	1.23
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,372	1.23
Cummins	USA	Industrials	Industrial engineering	8,242	1.21
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	8,201	1.20
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,761	1.14
Smith & Nephew	UK	Health Care	Health care equipment & services	7,717	1.13
Johnson Service	UK	Industrials	Support services	7,387	1.08
Mondi	UK	Basic Materials	Forestry & paper	7,161	1.05
Aviva	UK	Financials	Life insurance/assurance	7,143	1.05
M & G	UK	Financials	Financial services	6,998	1.03
Balfour Beatty	UK	Industrials	Construction & materials	6,927	1.01
Caterpillar	USA	Industrials	Industrial engineering	6,809	1.00
Hiscox	UK	Financials	Nonlife insurance	6,695	0.98
Standard Chartered	UK	Financials	Banks	6,577	0.96
RSA Insurance	UK	Financials	Nonlife insurance	6,506	0.95
Chesnara	UK	Financials	Life insurance/assurance	6,407	0.94
Anglo American	UK	Basic Materials	Mining	6,377	0.93
St Modwen Properties	UK	Financials	Real estate investments & services	6,225	0.91
Watkin Jones	UK	Consumer Goods	Household goods & home construction	6,157	0.90
Accsys Technologies	UK	Industrials	Construction & materials	5,984	0.88
Marshalls	UK	Industrials	Construction & materials	5,850	0.86
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,841	0.86
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	5,661	0.83
British American Tobacco	UK	Consumer Goods	Tobacco	5,581	0.82
IP Group plc	UK	Financials	Financial services	5,518	0.81
Spectris	UK	Industrials	Electronic & electrical equipment	5,446	0.80
Lloyds Banking	UK	Financials	Banks	5,377	0.79
Rolls Royce	UK	Industrials	Aerospace & defence	5,296	0.78
Senior	UK	Industrials	Aerospace & defence	5,290	0.78
Royal Mail	UK	Industrials	Industrial transportation	5,237	0.77
Applied Materials	USA	Technology	Technology hardware & equipment	5,231	0.77
Standard Life Aberdeen	UK	Financials	Financial services	5,182	0.76
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,837	0.71
Deere	USA	Industrials	Industrial engineering	4,814	0.71
Babcock	UK	Industrials	Aerospace & defence	4,770	0.70
General Motors	USA	Consumer Goods	Automobiles & parts	4,715	0.69
Irish Continental	Ireland	Consumer Services	Travel & leisure	4,706	0.69
Vodafone	UK	Telecommunications	Mobile telecommunications	4,656	0.68
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	4,630	0.68
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	4,595	0.67
Royal Bank Of Scotland	UK	Financials	Banks	4,138	0.61
Linde	Germany	Basic Materials	Chemicals	4,065	0.60
Ibstock	UK	Industrials	Construction & materials	4,030	0.59
Ryanair	Ireland	Consumer Services	Travel & leisure	4,015	0.59
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,943	0.58
IMI	UK	Industrials	Industrial engineering	3,933	0.58
Oxford Sciences Innovation	UKULM	Financials	Financial services	3,855	0.56
Foresight Solar	UK	Financials	Equity investment instruments	3,780	0.55
SSE	UK	Utilities	Electricity	3,723	0.55
Provident Financial	UK	Financials	Financial services	3,691	0.54
Euromoney	UK	Consumer Services	Media	3,669	0.54
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	3,636	0.53
Nestle	Switzerland	Consumer Goods	Food producers	3,563	0.52
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,398	0.50
Allied Minds	UK	Financials	Financial services	3,242	0.48
Elementis	UK	Basic Materials	Chemicals	3,232	0.47
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,213	0.47
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,141	0.46
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	3,081	0.45
Grit Real Estate Income	Other	Financials	Real estate investments & services	3,012	0.44
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,985	0.44
Tesco	UK	Consumer Goods	Food & Drug Retailers	2,967	0.43
Marks and Spencer	UK	Consumer Services	General retailers	2,933	0.43
Vivendi	France	Consumer Services	Media	2,918	0.43
Hammerson	UK	Financials	Real estate investment trusts	2,834	0.42
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,832	0.41
Prosus	Netherlands	Technology	Software & computer services	2,829	0.41
Meggitt	UK	Industrials	Aerospace & defence	2,770	0.41
Studio Retail Group plc	UK	Consumer Services	General retailers	2,723	0.40
Johnson & Johnson	USA	Health Care	Pharmaceuticals & biotechnology	2,707	0.40
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,603	0.38
Amundi	France	Financials	Financial services	2,588	0.38
Total (Fra)	France	Oil & Gas	Oil & gas producers	2,573	0.38
UniCredit	Italy	Financials	Banks	2,562	0.38
Bawag	Austria	Financials	Banks	2,528	0.37
Deutsche Boerse	Germany	Financials	Financial services	2,485	0.36
SigmaRoc	UK	Industrials	Construction & materials	2,476	0.36
Sig Combibloc	Switzerland	Industrials	General industrials	2,405	0.35
Carnival	UK	Consumer Services	Travel & leisure	2,379	0.35
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,345	0.34
Deutsche Telekom	Germany	Telecommunications	Mobile telecommunications	2,313	0.34
St. James's Place	UK	Financials	Life insurance/assurance	2,297	0.34
Marstons	UK	Consumer Services	Travel & leisure	2,285	0.33
Worldline	France	Industrials	Support services	2,220	0.33
SAP	Germany	Technology	Software & computer services	2,185	0.32
Unilever	UK	Consumer Goods	Personal goods	2,165	0.32
ASML	Netherlands	Technology	Technology hardware & equipment	2,115	0.31
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	1,976	0.29
Weir Group	UK	Industrials	Industrial engineering	1,932	0.28
AMS AG	Switzerland	Technology	Technology hardware & equipment	1,860	0.27
Augean	UK	Industrials	Support services	1,832	0.27
International Personal Finance	UK	Financials	Financial services	1,760	0.26
Redde Northgate	UK	Industrials	Support services	1,741	0.26
Grifols, S.A.	Spain	Health Care	Pharmaceuticals & biotechnology	1,618	0.24
Morses Club	UK	Financials	Financial services	1,584	0.23
Embraer	Other	Industrials	Aerospace & defence	1,533	0.22
Kier	UK	Industrials	Construction & materials	1,525	0.22
Ricardo	UK	Industrials	Support services	1,480	0.22
Nexi	Italy	Industrials	Support services	1,280	0.19
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	1,196	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,177	0.17
Premier Oil	UK	Oil & Gas	Oil & gas producers	1,001	0.15
Simec Atlantis Energy	UK	Utilities	Electricity	981	0.14
Wincanton	UK	Industrials	Industrial transportation	855	0.13
JDE Peet's	Netherlands	Consumer Goods	Food producers	700	0.10
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	674	0.10
Velocys	UK	Oil & Gas	Oil equipment services & distribution	573	0.08
Severfield	UK	Industrials	Industrial engineering	567	0.08
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	505	0.07
Ilika	UK	Oil & Gas	Alternative Energy	475	0.07
Tullow Oil	UK	Oil & Gas	Oil & gas producers	447	0.07
Renold	UK	Industrials	Industrial engineering	392	0.06
Centrica	UK	Utilities	Gas, water & multiutilities	365	0.05
Mirriad Advertising	UK	Consumer Services	Media	301	0.04
Unlisted	UK	Other	Other	213	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	101	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	75	0.01
Carclo	UK	Basic Materials	Chemicals	69	0.01
Fastjet	UK	Consumer Services	Travel & leisure	41	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

 

END

 

 

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