Amendment: Net Asset Value(s)

RNS Number : 3997R

Law Debenture Corp PLC

05 July 2022

 

The Law Debenture Corporation p.l.c.

Amendment: Net Asset Value as at 30 June 2022

The RNS released on July 1st erroneously included FTSE Actuaries All-Share Performance Data that had not been updated for June 30th's numbers. This RNS contained the FTSE Actuaries All-Share Performance Data to June 29th. Accordingly, we have now re-published our RNS for July 1st to include the updated FTSE Actuaries All-Share Performance numbers for June 30th. There have been no other changes to the contents of the original announcement.

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 June 2022 was 746.30 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 742.71 pence per share (cum income). The mid-market price at the close of business on 30 June 2022 was 760.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	733.48	746.30
NAV with debt at fair value	729.89	742.71

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-8.2	-3.3	23.3	35.1	156.2
NAV total return (with debt at fair value) 2	-3.8	0.6	28.8	40.9	158.0
FTSE Actuaries All-Share Index Total Return 3	-4.6	1.6	7.4	17.8	94.6
Share price total return 3	-3.8	3.4	43.8	58.2	180.8
Change in Retail Price Index 4	6.1	11.7	16.6	24.1	39.1

¹ The fair value of the IPS business has been calculated as at 31 December 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, May 2022.

Geographical Split of investment portfolio

Region	% of portfolio 30 June 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	84.6	82.6	82.1
Europe	8.8	10.0	10.1
North America	5.4	5.4	5.4
Japan	1.2	1.1	1.1
Other		0.2	0.4
Other Pacific		0.7	0.9
TOTAL	100	100	100

Full Portfolio Listing

As at 30 June 2022 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	29,570	3.47
Shell plc	UK	Oil & Gas	Oil & gas producers	26,675	3.13
HSBC	UK	Financials	Banks	23,223	2.72
BP	UK	Oil & Gas	Oil & gas producers	22,133	2.59
Barclays	UK	Financials	Banks	18,834	2.21
Rio Tinto	UK	Basic Materials	Mining	18,437	2.16
NatWest	UK	Financials	Banks	15,281	1.79
BAE Systems	UK	Industrials	Aerospace & defence	14,944	1.75
Direct Line Insurance	UK	Financials	Nonlife insurance	14,850	1.74
National Grid	UK	Utilities	Gas, water & multiutilities	13,766	1.61
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,543	1.59
Anglo American	UK	Basic Materials	Mining	13,217	1.55
Lloyds Banking Group	UK	Financials	Banks	12,693	1.49
Vodafone	UK	Telecommunications	Mobile telecommunications	12,031	1.41
Standard Chartered	UK	Financials	Banks	11,661	1.37
BT Group	UK	Telecommunications	Fixed Line Telecommunications	11,641	1.36
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	11,612	1.36
Accsys Technologies	UK	Industrials	Construction & materials	10,745	1.26
M & G	UK	Financials	Financial services	10,703	1.25
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,568	1.24
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,471	1.23
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,464	1.23
Aviva	UK	Financials	Life insurance/assurance	10,324	1.21
Flutter Entertainment	UK	Consumer Services	Travel & leisure	10,305	1.21
Land Securities	UK	Financials	Real estate investment trusts	10,117	1.19
Senior	UK	Industrials	Aerospace & defence	9,880	1.16
Herald Investment Trust	UK	Financials	Equity investment instruments	9,612	1.13
Marks & Spencer	UK	Consumer Services	General retailers	9,485	1.11
Prudential Corp	UK	Financials	Life insurance/assurance	9,485	1.11
Kingfisher plc	UK	Consumer Goods	Household goods & home construction	9,038	1.06
Centrica	UK	Utilities	Gas, water & multiutilities	8,998	1.05
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	8,922	1.05
Euromoney	UK	Consumer Services	Media	8,653	1.01
Hiscox	UK	Financials	Nonlife insurance	8,524	1.00
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	8,302	0.97
i3 Energy	UK	Oil & Gas	Oil & gas producers	8,261	0.97
Convatec Group	UK	Health Care	Health care equipment & services	8,251	0.97
Watkin Jones	UK	Consumer Goods	Household goods & home construction	8,122	0.95
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	8,013	0.94
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,911	0.93
Rolls Royce	UK	Industrials	Aerospace & defence	7,838	0.92
Smith (DS)	UK	Industrials	General industrials	7,809	0.91
Cummins	USA	Industrials	Industrial engineering	7,479	0.88
Caterpillar	USA	Industrials	Industrial engineering	7,340	0.86
Jubilee Metals Group	UK	Basic Materials	Mining	7,193	0.84
IMI	UK	Industrials	Industrial engineering	7,179	0.84
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,071	0.83
Balfour Beatty	UK	Industrials	Construction & materials	7,027	0.82
Mondi	UK	Basic Materials	Forestry & paper	6,911	0.81
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	6,831	0.80
Dunelm	UK	Consumer Services	General retailers	6,806	0.80
Reckitt Benckiser Group Plc	UK	Health Care	Health care equipment & services	6,774	0.79
Cranswick PLC	UK	Consumer Goods	Food producers	6,560	0.77
Hill & Smith	UK	Industrials	Industrial engineering	6,538	0.77
Ibstock	UK	Industrials	Construction & materials	6,441	0.75
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	6,377	0.75
IP Group	UK	Financials	Financial services	6,367	0.75
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	6,102	0.71
Chesnara	UK	Financials	Life insurance/assurance	5,843	0.68
Elementis	UK	Basic Materials	Chemicals	5,786	0.68
Spectris	UK	Industrials	Electronic & electrical equipment	5,761	0.67
Marshalls	UK	Industrials	Construction & materials	5,727	0.67
iEnergizer	Guernsey	Industrials	Support services	5,718	0.67
Royal Mail	UK	Industrials	Industrial transportation	5,664	0.66
Johnson Service Group	UK	Industrials	Support services	5,661	0.66
Unilever	UK	Consumer Goods	Personal goods	5,582	0.65
Kier	UK	Industrials	Construction & materials	5,517	0.65
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,475	0.64
Smith & Nephew	UK	Health Care	Health care equipment & services	5,393	0.63
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,018	0.59
General Motors	USA	Consumer Goods	Automobiles & parts	4,959	0.58
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,917	0.58
SSE	UK	Utilities	Electricity	4,848	0.57
Standard Life Aberdeen	UK	Financials	Financial services	4,804	0.56
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,682	0.55
Babcock	UK	Industrials	Aerospace & defence	4,620	0.54
Hammerson	UK	Financials	Real estate investment trusts	4,437	0.52
Provident Financial	UK	Financials	Financial services	4,406	0.52
Kistos Plc	UK	Oil & Gas	Oil & gas producers	4,305	0.50
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	4,224	0.49
Indus Gas	UK	Oil & Gas	Oil & gas producers	3,981	0.47
Boku	UK	Industrials	Support services	3,976	0.47
Redde Northgate	UK	Industrials	Support services	3,928	0.46
Halfords	UK	Consumer Services	General retailers	3,780	0.44
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,699	0.43
Nestle	Switzerland	Consumer Goods	Food producers	3,635	0.43
Vertu Motors	UK	Consumer Services	General retailers	3,627	0.42
AFC Energy	UK	Oil & Gas	Alternative Energy	3,615	0.42
ITV PLC	UK	Consumer Services	Media	3,589	0.42
International Personal Finance	UK	Financials	Financial services	3,557	0.42
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,497	0.41
Ricardo	UK	Industrials	Support services	3,009	0.35
SigmaRoc	UK	Industrials	Construction & materials	2,926	0.34
Plant Health Care	USA	Basic Materials	Chemicals	2,780	0.33
Weir Group	UK	Industrials	Industrial engineering	2,726	0.32
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,687	0.31
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,575	0.30
Reach PLC	UK	Consumer Services	Media	2,508	0.29
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,476	0.29
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	2,406	0.28
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,316	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,134	0.25
Libertine Holdings	UK	Other	Sustainable Energy	2,100	0.25
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,045	0.24
Amundi	France	Financials	Financial services	1,942	0.23
Marstons	UK	Consumer Services	Travel & leisure	1,895	0.22
GELION PLC	UK	Other	Sustainable Energy	1,874	0.22
ONDINE BIOMEDICAL INC.	Canada	Health Care	Pharmaceuticals & biotechnology	1,750	0.21
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,699	0.20
Renold	UK	Industrials	Industrial engineering	1,692	0.20
Allied Minds	UK	Financials	Financial services	1,665	0.20
Sig Combibloc	Switzerland	Industrials	General industrials	1,607	0.19
Bawag	Austria	Financials	Banks	1,537	0.18
Ilika	UK	Oil & Gas	Alternative Energy	1,471	0.17
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,392	0.16
Safran SA	France	Industrials	Aerospace & defence	1,378	0.16
Moncler	Italy	Consumer Goods	Personal goods	1,369	0.16
UniCredit	Italy	Financials	Banks	1,362	0.16
Danone SA	France	Consumer Goods	Food producers	1,313	0.15
SAP	Germany	Technology	Software & computer services	1,260	0.15
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,161	0.14
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,142	0.13
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,140	0.13
Arkema SA	France	Basic Materials	Chemicals	1,090	0.13
Deutsche Boerse	Germany	Financials	Financial services	1,068	0.13
Logistics Development Group	UK	Industrials	Industrial transportation	1,048	0.12
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	970	0.11
Tullow Oil	UK	Oil & Gas	Oil & gas producers	937	0.11
First Tin	UK	Basic Materials	Mining	930	0.11
Universal Music Group	Netherlands	Consumer Services	Media	876	0.10
Mirriad Advertising	UK	Consumer Services	Media	818	0.10
CNH Industrial	UK	Industrials	Industrial engineering	778	0.09
SARTORIUS AG	Germany	Health Care	Health care equipment & services	777	0.09
Kion Group AG	Germany	Industrials	Construction & materials	692	0.08
Harbour Energy	UK	Oil & Gas	Oil & gas producers	682	0.08
Allfunds Group	UK	Other	Other	661	0.08
Stellantis	Netherlands	Consumer Goods	Automobiles & parts	531	0.06
Jackson Financial	USA	Financials	Financial services	513	0.06
Morses Club	UK	Financials	Financial services	473	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	397	0.05
Carclo	UK	Basic Materials	Chemicals	277	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	199	0.02
Unlisted	UK	Financials	Financial services	100	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	79	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Permanent TSB	Ireland	Financials	Banks	4

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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