Replacement Net Asset Value(s)

Law Debenture Corp PLC

01 July 2024

 

The Law Debenture Corporation p.l.c.

Amendment: Net Asset Value as at 28 June 2024

The Net Asset Value announcement released on 1 July 2024 at 17.13 under RNS No. 6785U has been amended to reflect the geographical split of the investment portfolio as at 31 December 2023. There have been no other changes to the contents of the original announcement. The full amended text is shown below:

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 28 June 2024 was 824.70 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 854.07 pence per share (cum income). The mid-market price at the close of business on 28 June 2024 was 845.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	814.94	824.70
NAV with debt at fair value	844.31	854.07

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	9.1	15.9	17.7	49.5	111.8
NAV total return (with debt at fair value)2	9.2	14.8	27.0	62.1	123.9
FTSE Actuaries All-Share Index Total Return3	7.4	13.4	23.3	31.4	76.0
Share price total return3	7.7	15.0	26.0	79.8	130.7
Change in Retail Price Index4	2.0	3.0	28.0	33.6	51.0

¹ The fair value of the IPS business has been calculated as at 31 December 2023.

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, May 2024.

Geographical Split of investment portfolio

Region	% of portfolio 28 June 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.8	88.2	83.4
Europe	6.3	7.4	10.4
North America	3.6	3.2	5.1
Japan	1.3	1.2	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

As at 28 June 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	39,742	3.98
Shell	UK	Oil & Gas	Oil & gas producers	35,419	3.55
HSBC	UK	Financials	Banks	29,654	2.97
BP	UK	Oil & Gas	Oil & gas producers	27,086	2.72
Barclays	UK	Financials	Banks	25,695	2.57
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	25,084	2.51
Flutter Entertainment	UK	Consumer Services	Travel & leisure	22,413	2.24
Marks & Spencer	UK	Consumer Services	General retailers	20,041	2.00
Rio Tinto	UK	Basic Materials	Mining	19,500	1.95
NatWest	UK	Financials	Banks	15,585	1.56
Tesco	UK	Consumer Goods	Food & Drug Retailers	15,451	1.54
National Grid	UK	Utilities	Gas, water & multiutilities	14,921	1.49
Anglo American	UK	Basic Materials	Mining	13,761	1.37
BT Group	UK	Telecommunications	Fixed Line Telecommunications	13,679	1.37
Senior	UK	Industrials	Aerospace & defence	13,634	1.36
Standard Chartered	UK	Financials	Banks	13,502	1.35
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	13,325	1.33
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,133	1.31
Hill & Smith	UK	Industrials	Industrial engineering	13,072	1.31
Herald Investment Trust	UK	Financials	Equity investment instruments	13,050	1.30
Boku	UK	Industrials	Support services	12,585	1.26
BAE Systems	UK	Industrials	Aerospace & defence	12,540	1.25
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	12,519	1.25
Marshalls	UK	Industrials	Construction & materials	12,441	1.24
Aviva	UK	Financials	Life insurance/assurance	12,261	1.22
M & G	UK	Financials	Financial services	12,240	1.22
Land Securities	UK	Financials	Real estate investment trusts	12,217	1.22
IMI	UK	Industrials	Industrial engineering	12,128	1.21
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	12,087	1.21
ITV	UK	Consumer Services	Media	11,866	1.19
Kier	UK	Industrials	Construction & materials	11,402	1.14
AFC Energy	UK	Oil & Gas	Alternative Energy	10,635	1.06
Cranswick	UK	Consumer Goods	Food producers	10,622	1.06
Johnson Service Group	UK	Industrials	Support services	10,397	1.04
Hiscox	UK	Financials	Nonlife insurance	10,393	1.04
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,349	1.03
Cummins	USA	Industrials	Industrial engineering	10,291	1.03
Balfour Beatty	UK	Industrials	Construction & materials	10,090	1.01
Kingfisher	UK	Consumer Goods	Household goods & home construction	10,067	1.01
Babcock	UK	Industrials	Aerospace & defence	10,059	1.00
Prudential Corp	UK	Financials	Life insurance/assurance	9,940	0.99
Elementis	UK	Basic Materials	Chemicals	9,452	0.94
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	9,034	0.90
Dunelm	UK	Consumer Services	General retailers	8,806	0.88
Ibstock	UK	Industrials	Construction & materials	8,741	0.87
Smith & Nephew	UK	Health Care	Health care equipment & services	8,039	0.80
J Sainsbury plc	UK	Consumer Services	General retailers	7,899	0.79
Direct Line Insurance	UK	Financials	Nonlife insurance	7,831	0.78
Vodafone	UK	Telecommunications	Mobile telecommunications	7,671	0.77
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	7,560	0.76
Hammerson	UK	Financials	Real estate investment trusts	7,442	0.74
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,301	0.73
General Motors	USA	Consumer Goods	Automobiles & parts	6,978	0.70
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	6,672	0.67
Spectris	UK	Industrials	Electronic & electrical equipment	6,598	0.66
International Personal Finance	UK	Financials	Financial services	6,541	0.65
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,452	0.64
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,246	0.62
Beazley PLC (UK)	UK	Financials	Nonlife insurance	6,010	0.60
Weir Group	UK	Industrials	Industrial engineering	5,952	0.59
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,930	0.59
Reach	UK	Consumer Services	Media	5,681	0.57
Castings	UK	Industrials	Construction & materials	5,668	0.57
Next Fifteen Communications Group	UK	Consumer Services	Media	5,579	0.56
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,577	0.56
Unilever	UK	Consumer Goods	Personal goods	5,430	0.54
SSE	UK	Utilities	Electricity	5,367	0.54
Accsys Technologies	UK	Industrials	Construction & materials	5,318	0.53
Chesnara	UK	Financials	Life insurance/assurance	5,144	0.51
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,098	0.51
Redde Northgate	UK	Industrials	Support services	5,013	0.50
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,992	0.50
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.49
Vertu Motors	UK	Consumer Services	General retailers	4,838	0.48
Inchcape	UK	Industrials	Support services	4,836	0.48
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	4,752	0.47
Johnson Matthey	UK	Other	Sustainable Energy	4,698	0.47
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	4,662	0.47
Halfords	UK	Consumer Services	General retailers	4,571	0.46
Centrica	UK	Utilities	Gas, water & multiutilities	4,448	0.44
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	4,438	0.44
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,270	0.43
SigmaRoc	UK	Industrials	Construction & materials	4,235	0.42
IP Group	UK	Financials	Financial services	4,102	0.41
Ricardo	UK	Industrials	Support services	4,062	0.41
XP Power Ltd	UK	Technology	Technology hardware & equipment	4,028	0.40
Jubilee Metals Group	UK	Basic Materials	Mining	3,968	0.40
Bellway	UK	Consumer Goods	Household goods & home construction	3,804	0.38
Renold	UK	Industrials	Industrial engineering	3,521	0.35
ASML	Netherlands	Technology	Technology hardware & equipment	3,380	0.34
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,349	0.33
SAP	Germany	Technology	Software & computer services	3,332	0.33
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,038	0.30
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	2,956	0.30
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,944	0.29
Plant Health Care	USA	Basic Materials	Chemicals	2,909	0.29
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,784	0.28
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,651	0.26
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	2,493	0.25
Vanquis Banking Group	UK	Financials	Financial services	2,384	0.24
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,377	0.24
UniCredit	Italy	Financials	Banks	2,338	0.23
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,328	0.23
Safran SA	France	Industrials	Aerospace & defence	2,288	0.23
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,068	0.21
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,062	0.21
Gelion	UK	Other	Sustainable Energy	2,036	0.20
Great Portland Estates	UK	Financials	Real estate investments & services	1,998	0.20
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,973	0.20
Siemens AG	Germany	Technology	Software & computer services	1,972	0.20
Deutsche Boerse	Germany	Financials	Financial services	1,889	0.19
Schroders PLC	UK	Financials	Equity investment instruments	1,818	0.18
LVMH	France	Consumer Goods	Leisure Goods	1,709	0.17
SGS SA	Switzerland	Industrials	Support services	1,635	0.16
Nestle	Switzerland	Consumer Goods	Food producers	1,588	0.16
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,395	0.14
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,344	0.13
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,325	0.13
Heineken NV	Netherlands	Consumer Goods	Beverages	1,283	0.13
Danone SA	France	Consumer Goods	Food producers	1,188	0.12
Amundi	France	Financials	Financial services	1,183	0.12
Marstons	UK	Consumer Services	Travel & leisure	1,144	0.11
Arbuthnot Banking Group	UK	Financials	Financial services	1,142	0.11
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,096	0.11
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,015	0.10
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	975	0.10
Bawag	Austria	Financials	Banks	892	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	861	0.09
Ilika	UK	Oil & Gas	Alternative Energy	861	0.09
Arkema SA	France	Basic Materials	Chemicals	856	0.09
Aena SME	Spain	Consumer Services	Travel & leisure	802	0.08
Universal Music Group	Netherlands	Consumer Services	Media	759	0.08
Syensqo SA	Belgium	Basic Materials	Chemicals	734	0.07
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	707	0.07
Galderma Group AG	Switzerland	Health Care	Pharmaceuticals & biotechnology	633	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	615	0.06
Kistos	UK	Oil & Gas	Oil & gas producers	585	0.06
First Tin	UK	Basic Materials	Mining	576	0.06
Puig Brands	Spain	Consumer Goods	Personal goods	527	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	361	0.04
Carclo	UK	Basic Materials	Chemicals	232	0.02
Indus Gas	UK	Oil & Gas	Oil & gas producers	118	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	111	0.01
Libertine Holdings	UK	Other	Sustainable Energy	105	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Saietta Group	UK	Consumer Goods	Automobiles & parts	44
Better Cap	UK	Financials	Equity investment instruments	25
Allied Minds	UK	Financials	Financial services

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