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

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