Net Asset Value(s)

RNS Number : 2842U

Law Debenture Corp PLC

01 December 2021

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 November 2021

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 30 November 2021 was 794.62 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 751.91 pence per share (cum income). The mid-market price at the close of business on 30 November 2021 was 754.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	779.50	794.62
NAV with debt at fair value	736.78	751.91

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	17.3	25.7	36.4	59.4	189.0
NAV total return (with debt at fair value) 2	18.7	27.3	33.0	57.6	176.5
FTSE Actuaries All-Share Index Total Return 3	13.0	17.4	16.9	30.6	103.0
Share price total return 3	12.5	25.6	51.5	74.3	196.3
Change in Retail Price Index 4	5.6	6.0	9.7	17.8	31.1

¹ The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 2021.

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: Office for National Statistics, subject to latest published RPI, October 2021.

Geographical Split of investment portfolio

Region	% of portfolio 30 November 2021	% of portfolio 31 December 2020	% of portfolio 31 December 2019
UK	82.4	82.1	80.7
Europe	10.1	10.1	7.8
North America	5.3	5.4	8.3
Japan	1.2	1.1	1.1
Other	0.2	0.4	1.2
Other Pacific	0.8	0.9	0.9
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 30 November 2021 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	25,544	2.71
Barclays	UK	Financials	Banks	19,896	2.11
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	19,718	2.09
BP	UK	Oil & Gas	Oil & gas producers	18,551	1.98
HSBC	UK	Financials	Banks	18,186	1.94
Rio Tinto	UK	Basic Materials	Mining	17,295	1.84
Accsys Technologies	UK	Industrials	Construction & materials	14,693	1.56
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	14,557	1.55
Severn Trent	UK	Utilities	Gas, water & multiutilities	14,430	1.54
Marks & Spencer	UK	Consumer Services	General retailers	14,408	1.53
Herald Investment Trust	UK	Financials	Equity investment instruments	14,280	1.52
National Grid	UK	Utilities	Gas, water & multiutilities	14,182	1.51
Lloyds Banking Group	UK	Financials	Banks	14,040	1.49
Relx	UK	Consumer Services	Media	14,016	1.49
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	13,822	1.47
Direct Line Insurance	UK	Financials	Nonlife insurance	13,520	1.44
NatWest	UK	Financials	Banks	13,288	1.41
Aviva	UK	Financials	Life insurance/assurance	13,032	1.39
Tesco	UK	Consumer Goods	Food & Drug Retailers	12,874	1.37
Anglo American	UK	Basic Materials	Mining	12,470	1.33
Linde	Germany	Basic Materials	Chemicals	12,017	1.28
Prudential Corp	UK	Financials	Life insurance/assurance	11,913	1.27
BHP	UK	Basic Materials	Mining	11,363	1.21
Senior	UK	Industrials	Aerospace & defence	11,159	1.19
Dunelm	UK	Consumer Services	General retailers	11,155	1.19
Land Securities	UK	Financials	Real estate investment trusts	11,077	1.18
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,957	1.17
IP Group	UK	Financials	Financial services	10,508	1.12
Vodafone	UK	Telecommunications	Mobile telecommunications	10,385	1.11
Rolls Royce	UK	Industrials	Aerospace & defence	10,351	1.10
M & G	UK	Financials	Financial services	10,280	1.09
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	10,189	1.08
Smith (DS)	UK	Industrials	General industrials	10,089	1.07
BT Group	UK	Telecommunications	Fixed Line Telecommunications	9,913	1.06
BAE Systems	UK	Industrials	Aerospace & defence	9,868	1.05
Hill & Smith	UK	Industrials	Industrial engineering	9,547	1.02
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,500	1.01
Watkin Jones	UK	Consumer Goods	Household goods & home construction	9,028	0.96
Urban Logistics REIT	UK	Financials	Real estate investment trusts	8,855	0.94
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	8,801	0.94
Kier	UK	Industrials	Construction & materials	8,759	0.93
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	8,429	0.90
General Motors	USA	Consumer Goods	Automobiles & parts	8,267	0.88
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	8,222	0.88
Mondi	UK	Basic Materials	Forestry & paper	8,168	0.87
Jubilee Metals Group	UK	Basic Materials	Mining	8,118	0.86
Elementis	UK	Basic Materials	Chemicals	7,904	0.84
Standard Chartered	UK	Financials	Banks	7,848	0.84
Provident Financial	UK	Financials	Financial services	7,840	0.83
AFC Energy	UK	Oil & Gas	Alternative Energy	7,809	0.83
Flutter Entertainment	UK	Consumer Services	Travel & leisure	7,639	0.81
Royal Mail	UK	Industrials	Industrial transportation	7,521	0.80
Hiscox	UK	Financials	Nonlife insurance	7,493	0.80
Spectris	UK	Industrials	Electronic & electrical equipment	7,444	0.79
IMI	UK	Industrials	Industrial engineering	7,438	0.79
Cummins	USA	Industrials	Industrial engineering	7,412	0.79
Scottish Oriental Small Co	Other Asia	Financials	Equity investment instruments	7,397	0.79
Johnson Service Group	UK	Industrials	Support services	7,339	0.78
Centrica	UK	Utilities	Gas, water & multiutilities	7,288	0.78
Caterpillar	USA	Industrials	Industrial engineering	7,279	0.78
Standard Life Aberdeen	UK	Financials	Financial services	7,011	0.75
Hammerson	UK	Financials	Real estate investment trusts	6,660	0.71
Balfour Beatty	UK	Industrials	Construction & materials	6,452	0.69
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,325	0.67
Glencore	Switzerland	Basic Materials	Mining	6,249	0.67
Marshalls	UK	Industrials	Construction & materials	6,242	0.66
TT Electronics	UK	Industrials	Electronic & electrical equipment	6,073	0.65
Halfords	UK	Consumer Services	General retailers	5,975	0.64
Unilever	UK	Consumer Goods	Personal goods	5,789	0.62
Chesnara	UK	Financials	Life insurance/assurance	5,739	0.61
Smith & Nephew	UK	Health Care	Health care equipment & services	5,720	0.61
International Personal Finance	UK	Financials	Financial services	5,580	0.59
Ibstock	UK	Industrials	Construction & materials	5,570	0.59
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	5,513	0.59
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,442	0.58
Euromoney	UK	Consumer Services	Media	5,267	0.56
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	5,040	0.54
Convatec Group	UK	Health Care	Health care equipment & services	5,018	0.53
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,933	0.53
Blue Prism Group	UK	Technology	Software & computer services	4,871	0.52
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	4,784	0.51
SSE	UK	Utilities	Electricity	4,655	0.50
Redde Northgate	UK	Industrials	Support services	4,605	0.49
SigmaRoc	UK	Industrials	Construction & materials	4,518	0.48
Babcock	UK	Industrials	Aerospace & defence	4,429	0.47
Oxford Nanopore Tehcnologies	UK	Technology	Advanced Medical Equipment & Technology	4,421	0.47
Bawag	Austria	Financials	Banks	4,415	0.47
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,381	0.47
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	4,277	0.46
Nestle	Switzerland	Consumer Goods	Food producers	3,933	0.42
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,797	0.40
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,707	0.39
Boku	UK	Industrials	Support services	3,661	0.39
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,643	0.39
Ilika	UK	Oil & Gas	Alternative Energy	3,626	0.39
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,574	0.38
iEnergizer	Guernsey	Industrials	Support services	3,570	0.38
Ricardo	UK	Industrials	Support services	3,519	0.37
Vertu Motors	UK	Consumer Services	General retailers	3,471	0.37
Weir Group	UK	Industrials	Industrial engineering	3,334	0.35
ASML	Netherlands	Technology	Technology hardware & equipment	3,243	0.35
Morses Club	UK	Financials	Financial services	3,133	0.33
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	3,055	0.33
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	3,048	0.32
UniCredit	Italy	Financials	Banks	3,040	0.32
i3 Energy	UK	Oil & Gas	Oil & gas producers	2,982	0.32
Amundi	France	Financials	Financial services	2,705	0.29
Studio Retail Group	UK	Consumer Services	General retailers	2,511	0.27
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,492	0.27
Marstons	UK	Consumer Services	Travel & leisure	2,391	0.25
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	2,274	0.24
Surface Transforms	UK	Consumer Goods	Automobiles & parts	2,173	0.23
Moncler	Italy	Consumer Goods	Personal goods	2,123	0.23
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	2,050	0.22
GELION PLC	Other	Other	Sustainable Energy	2,041	0.22
Allied Minds	UK	Financials	Financial services	1,943	0.21
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,890	0.20
Renold	UK	Industrials	Industrial engineering	1,836	0.20
Plant Health Care	USA	Basic Materials	Chemicals	1,729	0.18
Faurecia	France	Consumer Goods	Automobiles & parts	1,644	0.18
Sig Combibloc	Switzerland	Industrials	General industrials	1,615	0.17
Mirriad Advertising	UK	Consumer Services	Media	1,477	0.16
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,360	0.14
Danone SA	France	Consumer Goods	Food producers	1,264	0.13
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,189	0.13
CNH Industrial	UK	Industrials	Industrial engineering	1,153	0.12
AB Skf	Sweden	Industrials	Construction & materials	1,101	0.12
Nexi	Italy	Industrials	Support services	1,097	0.12
Safran SA	France	Industrials	Aerospace & defence	1,035	0.11
Allfunds Group	UK	Other	Other	1,034	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	972	0.10
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	958	0.10
Prosus	Netherlands	Technology	Software & computer services	853	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	835	0.09
Harbour Energy	UK	Oil & Gas	Oil & gas producers	736	0.08
Brockhaus Capital Management	Germany	Financials	Financial services	558	0.06
Jackson Financial	USA	Financials	Financial services	556	0.06
Worldline	France	Industrials	Support services	533	0.06
Carclo	UK	Basic Materials	Chemicals	531	0.06
AUTO1 Group	Germany	Other	Financial Technology	298	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	289	0.03
Unlisted	UK	Financials	Financial services	213	0.02
Providence Resources	UK	Oil & Gas	Oil & gas producers	73	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	5

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 Alison Skerritt, Company Secretariat, 020 7606 5451).

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

 

END

 

 

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