Net Asset Value(s)

RNS Number : 9863E

Law Debenture Corp PLC

01 November 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 October 2022

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 October 2022 was 700.90 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 721.42 pence per share (cum income). The mid-market price at the close of business on 31 October 2022 was 744.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	696.46	700.90
NAV with debt at fair value	716.98	721.42

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-13.8	-11.2	15.6	21.3	128.2
NAV total return (with debt at fair value) 2	-6.6	-4.8	25.8	30.4	137.7
FTSE Actuaries All-Share Index Total Return 3	-5.0	-2.8	7.1	12.7	83.2
Share price total return 3	-5.9	-2.4	38.7	46.9	155.9
Change in Retail Price Index 4	9.4	12.6	19.5	26.4	42.3

¹ The fair value of the IPS business has been calculated as at 30 June 2022.

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, September 2022.

Geographical Split of investment portfolio

Region	% of portfolio 31 October 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	82.4	82.6	82.1
Europe	10.7	10.0	10.1
North America	5.7	5.4	5.4
Japan	1.2	1.1	1.1
Other	0.0	0.2	0.4
Other Pacific	0.0	0.7	0.9
TOTAL	100	100	100

Full Portfolio Listing

As at 31 October 2022 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	30,050	3.57
BP	UK	Oil & Gas	Oil & gas producers	27,349	3.24
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,860	2.35
HSBC	UK	Financials	Banks	19,398	2.30
Barclays	UK	Financials	Banks	18,174	2.15
Flutter Entertainment	UK	Consumer Services	Travel & leisure	17,949	2.13
Rio Tinto	UK	Basic Materials	Mining	17,014	2.01
NatWest	UK	Financials	Banks	15,262	1.81
Direct Line Insurance	UK	Financials	Nonlife insurance	12,915	1.53
Lloyds Banking Group	UK	Financials	Banks	12,605	1.49
National Grid	UK	Utilities	Gas, water & multiutilities	12,416	1.47
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	12,134	1.44
Anglo American	UK	Basic Materials	Mining	11,738	1.39
Tesco	UK	Consumer Goods	Food & Drug Retailers	11,406	1.35
Senior	UK	Industrials	Aerospace & defence	11,091	1.31
Aviva	UK	Financials	Life insurance/assurance	10,756	1.27
BAE Systems	UK	Industrials	Aerospace & defence	10,582	1.25
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,434	1.24
Herald Investment Trust	UK	Financials	Equity investment instruments	10,344	1.22
Land Securities	UK	Financials	Real estate investment trusts	10,117	1.20
Cummins	USA	Industrials	Industrial engineering	10,025	1.19
Glencore	Switzerland	Basic Materials	Mining	9,990	1.18
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	9,938	1.18
Standard Chartered	UK	Financials	Banks	9,809	1.16
Vodafone	UK	Telecommunications	Mobile telecommunications	9,654	1.14
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,637	1.14
M & G	UK	Financials	Financial services	9,636	1.14
Caterpillar	USA	Industrials	Industrial engineering	9,435	1.12
BT Group	UK	Telecommunications	Fixed Line Telecommunications	9,407	1.11
DS Smith	UK	Industrials	General industrials	9,187	1.09
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,083	1.08
Kingfisher	UK	Consumer Goods	Household goods & home construction	8,860	1.05
IMI	UK	Industrials	Industrial engineering	8,443	1.00
Balfour Beatty	UK	Industrials	Construction & materials	8,254	0.98
Hiscox	UK	Financials	Nonlife insurance	8,134	0.96
Convatec Group	UK	Health Care	Health care equipment & services	8,015	0.95
i3 Energy	UK	Oil & Gas	Oil & gas producers	7,802	0.92
Mondi	UK	Basic Materials	Forestry & paper	7,678	0.91
Prudential Corp	UK	Financials	Life insurance/assurance	7,573	0.90
Rolls Royce	UK	Industrials	Aerospace & defence	7,384	0.87
Marks & Spencer	UK	Consumer Services	General retailers	7,378	0.87
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,236	0.86
Dunelm	UK	Consumer Services	General retailers	7,192	0.85
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,150	0.85
Boku	UK	Industrials	Support services	7,029	0.83
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	6,988	0.83
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,904	0.82
Cranswick	UK	Consumer Goods	Food producers	6,809	0.81
Accsys Technologies	UK	Industrials	Construction & materials	6,594	0.78
Hill & Smith	UK	Industrials	Industrial engineering	6,576	0.78
ITV	UK	Consumer Services	Media	6,533	0.77
General Motors	USA	Consumer Goods	Automobiles & parts	6,503	0.77
Ibstock	UK	Industrials	Construction & materials	6,448	0.76
Spectris	UK	Industrials	Electronic & electrical equipment	6,418	0.76
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	6,356	0.75
Jubilee Metals Group	UK	Basic Materials	Mining	6,233	0.74
Johnson Service Group	UK	Industrials	Support services	6,108	0.72
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,079	0.72
Unilever	UK	Consumer Goods	Personal goods	5,962	0.71
Elementis	UK	Basic Materials	Chemicals	5,882	0.70
iEnergizer	Guernsey	Industrials	Support services	5,830	0.69
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,737	0.68
Chesnara	UK	Financials	Life insurance/assurance	5,551	0.66
IP Group	UK	Financials	Financial services	5,382	0.64
Halfords	UK	Consumer Services	General retailers	5,300	0.63
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,250	0.62
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,167	0.61
Kier	UK	Industrials	Construction & materials	5,158	0.61
Marshalls	UK	Industrials	Construction & materials	5,119	0.61
Babcock	UK	Industrials	Aerospace & defence	5,084	0.60
Reach	UK	Consumer Services	Media	5,049	0.60
Britishvolt Limited	UKULM	Other	Sustainable Energy	5,000	0.59
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	4,966	0.59
Smith & Nephew	UK	Health Care	Health care equipment & services	4,841	0.57
Next Fifteen Communications Group	UK	Consumer Services	Media	4,829	0.57
Standard Life Aberdeen	UK	Financials	Financial services	4,780	0.57
SSE	UK	Utilities	Electricity	4,667	0.55
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	4,609	0.55
Hammerson	UK	Financials	Real estate investment trusts	4,472	0.53
Provident Financial	UK	Financials	Financial services	4,423	0.52
International Distribution Services	UK	Industrials	Industrial transportation	4,246	0.50
Applied Materials	USA	Technology	Technology hardware & equipment	4,233	0.50
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	4,177	0.49
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,153	0.49
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,960	0.47
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,941	0.47
AFC Energy	UK	Oil & Gas	Alternative Energy	3,940	0.47
International Personal Finance	UK	Financials	Financial services	3,935	0.47
Redde Northgate	UK	Industrials	Support services	3,881	0.46
Ricardo	UK	Industrials	Support services	3,678	0.44
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,463	0.41
Surface Transforms	UK	Consumer Goods	Automobiles & parts	3,339	0.40
Nestle	Switzerland	Consumer Goods	Food producers	3,293	0.39
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,249	0.38
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,225	0.38
Vertu Motors	UK	Consumer Services	General retailers	3,061	0.36
Weir Group	UK	Industrials	Industrial engineering	3,045	0.36
Plant Health Care	USA	Basic Materials	Chemicals	2,840	0.34
Bellway	UK	Consumer Goods	Household goods & home construction	2,783	0.33
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,762	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	2,699	0.32
SigmaRoc	UK	Industrials	Construction & materials	2,517	0.30
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,500	0.30
Castings	UK	Industrials	Construction & materials	2,397	0.28
UniCredit	Italy	Financials	Banks	2,351	0.28
Amundi	France	Financials	Financial services	2,192	0.26
Bawag	Austria	Financials	Banks	2,034	0.24
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	1,945	0.23
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	1,861	0.22
Kistos	UK	Oil & Gas	Oil & gas producers	1,778	0.21
SAP	Germany	Technology	Software & computer services	1,743	0.21
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,720	0.20
Deutsche Boerse	Germany	Financials	Financial services	1,624	0.19
LVMH	France	Consumer Goods	Leisure Goods	1,556	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,530	0.18
Safran SA	France	Industrials	Aerospace & defence	1,505	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,475	0.17
Gelion	UK	Other	Sustainable Energy	1,469	0.17
Libertine Holdings	UK	Other	Sustainable Energy	1,365	0.16
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,352	0.16
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,350	0.16
Renold	UK	Industrials	Industrial engineering	1,331	0.16
Marstons	UK	Consumer Services	Travel & leisure	1,290	0.15
Ilika	UK	Oil & Gas	Alternative Energy	1,268	0.15
First Tin	UK	Basic Materials	Mining	1,200	0.14
Universal Music Group	Netherlands	Consumer Services	Media	1,176	0.14
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,069	0.13
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,021	0.12
Arkema SA	France	Basic Materials	Chemicals	1,017	0.12
Deltic Energy	UK	Oil & Gas	Oil & gas producers	1,015	0.12
Danone SA	France	Consumer Goods	Food producers	991	0.12
Logistics Development Group	UK	Industrials	Industrial transportation	972	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	948	0.11
Allfunds Group	UK	Other	Other	880	0.10
Sartorius AG	Germany	Health Care	Health care equipment & services	866	0.10
Tullow Oil	UK	Oil & Gas	Oil & gas producers	810	0.10
Jackson Financial	USA	Financials	Financial services	781	0.09
Allied Minds	UK	Financials	Financial services	759	0.09
Harbour Energy	UK	Oil & Gas	Oil & gas producers	709	0.08
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	651	0.08
Kion Group AG	Germany	Industrials	Construction & materials	600	0.07
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	399	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	375	0.04
Mirriad Advertising	UK	Consumer Services	Media	290	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	208	0.02
Carclo	UK	Basic Materials	Chemicals	193	0.02
Morses Club	UK	Financials	Financial services	165	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	93	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	6

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

 

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