Net Asset Value(s)

RNS Number : 9887X

Law Debenture Corp PLC

01 September 2022

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 August 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 August 2022 was 738.22 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 744.05 pence per share (cum income). The mid-market price at the close of business on 31 August 2022 was 735.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	725.40	738.22
NAV with debt at fair value	731.23	744.05

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	-9.2	-7.5	25.0	30.8	146.1
NAV total return (with debt at fair value) 2	-3.6	-2.5	33.8	38.6	151.0
FTSE Actuaries All-Share Index Total Return 3	-2.1	1.0	12.0	17.8	92.7
Share price total return 3	-7.0	-6.7	43.8	42.8	154.3
Change in Retail Price Index 4	8.0	12.3	18.5	25.8	41.8

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, July 2022. 

Geographical Split of investment portfolio

Region	% of portfolio 31 August 2022	% of portfolio 31 December 2021	% of portfolio 31 December 2020
UK	82.9	82.6	82.1
Europe	9.8	10.0	10.1
North America	6.1	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 31 August 2022 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Shell	UK	Oil & Gas	Oil & gas producers	28,613	3.23
BP	UK	Oil & Gas	Oil & gas producers	25,166	2.84
HSBC	UK	Financials	Banks	22,932	2.59
Barclays	UK	Financials	Banks	20,231	2.29
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,171	2.17
Rio Tinto	UK	Basic Materials	Mining	17,891	2.02
Flutter Entertainment	UK	Consumer Services	Travel & leisure	16,148	1.83
NatWest	UK	Financials	Banks	16,019	1.81
National Grid	UK	Utilities	Gas, water & multiutilities	14,106	1.60
BAE Systems	UK	Industrials	Aerospace & defence	13,972	1.58
Tesco	UK	Consumer Goods	Food & Drug Retailers	13,182	1.49
Direct Line Insurance	UK	Financials	Nonlife insurance	13,178	1.49
Lloyds Banking Group	UK	Financials	Banks	13,164	1.49
Anglo American	UK	Basic Materials	Mining	12,521	1.42
Standard Chartered	UK	Financials	Banks	11,277	1.28
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,263	1.27
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	11,242	1.27
Senior	UK	Industrials	Aerospace & defence	11,125	1.26
Vodafone	UK	Telecommunications	Mobile telecommunications	10,990	1.24
Aviva	UK	Financials	Life insurance/assurance	10,769	1.22
M & G	UK	Financials	Financial services	10,766	1.22
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	10,723	1.21
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,718	1.21
Herald Investment Trust	UK	Financials	Equity investment instruments	10,044	1.14
Land Securities	UK	Financials	Real estate investment trusts	9,913	1.12
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	9,811	1.11
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,484	1.07
Glencore	Switzerland	Basic Materials	Mining	9,466	1.07
BT Group	UK	Telecommunications	Fixed Line Telecommunications	9,419	1.07
Accsys Technologies	UK	Industrials	Construction & materials	9,322	1.05
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	9,133	1.03
Cummins	USA	Industrials	Industrial engineering	8,708	0.98
Balfour Beatty	UK	Industrials	Construction & materials	8,707	0.98
Kingfisher	UK	Consumer Goods	Household goods & home construction	8,583	0.97
Marks & Spencer	UK	Consumer Services	General retailers	8,530	0.96
DS Smith	UK	Industrials	General industrials	8,472	0.96
Prudential Corp	UK	Financials	Life insurance/assurance	8,438	0.95
i3 Energy	UK	Oil & Gas	Oil & gas producers	8,324	0.94
Hiscox	UK	Financials	Nonlife insurance	8,119	0.92
Convatec Group	UK	Health Care	Health care equipment & services	8,001	0.90
Caterpillar	USA	Industrials	Industrial engineering	7,945	0.90
IMI	UK	Industrials	Industrial engineering	7,879	0.89
Ibstock	UK	Industrials	Construction & materials	7,862	0.89
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,577	0.86
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,429	0.84
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	7,313	0.83
Rolls Royce	UK	Industrials	Aerospace & defence	7,276	0.82
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,248	0.82
Watkin Jones	UK	Consumer Goods	Household goods & home construction	7,008	0.79
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,989	0.79
Mondi	UK	Basic Materials	Forestry & paper	6,964	0.79
Hill & Smith	UK	Industrials	Industrial engineering	6,936	0.78
Cranswick	UK	Consumer Goods	Food producers	6,594	0.75
Elementis	UK	Basic Materials	Chemicals	6,504	0.74
Jubilee Metals Group	UK	Basic Materials	Mining	6,452	0.73
IP Group	UK	Financials	Financial services	6,381	0.72
Merck & Co	USA	Health Care	Pharmaceuticals & biotechnology	6,245	0.71
General Motors	USA	Consumer Goods	Automobiles & parts	6,243	0.71
Chesnara	UK	Financials	Life insurance/assurance	6,219	0.70
Johnson Service Group	UK	Industrials	Support services	6,149	0.70
Babcock	UK	Industrials	Aerospace & defence	6,070	0.69
Spectris	UK	Industrials	Electronic & electrical equipment	5,925	0.67
Unilever	UK	Consumer Goods	Personal goods	5,888	0.67
Royal Mail	UK	Industrials	Industrial transportation	5,786	0.65
Kier	UK	Industrials	Construction & materials	5,769	0.65
Dunelm	UK	Consumer Services	General retailers	5,710	0.65
Bayer AG	Germany	Health Care	Pharmaceuticals & biotechnology	5,655	0.64
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	5,625	0.64
Centrica	UK	Utilities	Gas, water & multiutilities	5,491	0.62
iEnergizer	Guernsey	Industrials	Support services	5,192	0.59
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,167	0.58
International Personal Finance	UK	Financials	Financial services	5,150	0.58
Indus Gas	UK	Oil & Gas	Oil & gas producers	5,148	0.58
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	5,120	0.58
Hammerson	UK	Financials	Real estate investment trusts	5,105	0.58
AFC Energy	UK	Oil & Gas	Alternative Energy	5,101	0.58
Britishvolt Limited	UKULM	Other	Sustainable Energy	5,000	0.57
SSE	UK	Utilities	Electricity	4,955	0.56
Smith & Nephew	UK	Health Care	Health care equipment & services	4,771	0.54
Boku	UK	Industrials	Support services	4,665	0.53
ITV	UK	Consumer Services	Media	4,662	0.53
Marshalls	UK	Industrials	Construction & materials	4,601	0.52
Applied Materials	USA	Technology	Technology hardware & equipment	4,451	0.50
Standard Life Aberdeen	UK	Financials	Financial services	4,412	0.50
Kistos	UK	Oil & Gas	Oil & gas producers	4,410	0.50
Provident Financial	UK	Financials	Financial services	4,238	0.48
Reach	UK	Consumer Services	Media	4,040	0.46
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,025	0.46
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,999	0.45
Redde Northgate	UK	Industrials	Support services	3,998	0.45
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,960	0.45
Ricardo	UK	Industrials	Support services	3,861	0.44
Halfords	UK	Consumer Services	General retailers	3,795	0.43
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	3,720	0.42
Plant Health Care	USA	Basic Materials	Chemicals	3,369	0.38
Vertu Motors	UK	Consumer Services	General retailers	3,270	0.37
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,995	0.34
Nestle	Switzerland	Consumer Goods	Food producers	2,977	0.34
Weir Group	UK	Industrials	Industrial engineering	2,914	0.33
SigmaRoc	UK	Industrials	Construction & materials	2,635	0.30
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,631	0.30
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	2,522	0.29
Castings	UK	Industrials	Construction & materials	2,428	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	2,391	0.27
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	2,026	0.23
Amundi	France	Financials	Financial services	1,988	0.22
Ilika	UK	Oil & Gas	Alternative Energy	1,978	0.22
Libertine Holdings	UK	Other	Sustainable Energy	1,919	0.22
Koninklijke KPN	Netherlands	Telecommunications	Fixed Line Telecommunications	1,851	0.21
Bawag	Austria	Financials	Banks	1,825	0.21
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,778	0.20
Safran SA	France	Industrials	Aerospace & defence	1,715	0.19
Gelion	UK	Other	Sustainable Energy	1,661	0.19
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,625	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,573	0.18
UniCredit	Italy	Financials	Banks	1,569	0.18
Velocys	UK	Oil & Gas	Oil equipment services & distribution	1,543	0.17
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	1,537	0.17
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,535	0.17
LVMH	France	Consumer Goods	Leisure Goods	1,530	0.17
Danone SA	France	Consumer Goods	Food producers	1,505	0.17
Renold	UK	Industrials	Industrial engineering	1,431	0.16
Sig Combibloc	Switzerland	Industrials	General industrials	1,402	0.16
Longboat Energy	UK	Oil & Gas	Oil & gas producers	1,350	0.15
Marstons	UK	Consumer Services	Travel & leisure	1,337	0.15
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,317	0.15
SAP	Germany	Technology	Software & computer services	1,305	0.15
CNH Industrial	UK	Industrials	Industrial engineering	1,273	0.14
Airbus SE	Netherlands	Industrials	Aerospace & defence	1,203	0.14
Deutsche Boerse	Germany	Financials	Financial services	1,182	0.13
Arkema SA	France	Basic Materials	Chemicals	1,142	0.13
Kion Group AG	Germany	Industrials	Construction & materials	1,136	0.13
Allied Minds	UK	Financials	Financial services	1,045	0.12
Sartorius AG	Germany	Health Care	Health care equipment & services	1,035	0.12
Universal Music Group	Netherlands	Consumer Services	Media	1,003	0.11
Tullow Oil	UK	Oil & Gas	Oil & gas producers	972	0.11
Logistics Development Group	UK	Industrials	Industrial transportation	964	0.11
Allfunds Group	UK	Other	Other	959	0.11
Harbour Energy	UK	Oil & Gas	Oil & gas producers	894	0.10
First Tin	UK	Basic Materials	Mining	822	0.09
Jackson Financial	USA	Financials	Financial services	628	0.07
Brockhaus Capital Management	Germany	Financials	Financial services	439	0.05
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	414	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	307	0.03
Morses Club	UK	Financials	Financial services	293	0.03
Mirriad Advertising	UK	Consumer Services	Media	290	0.03
Carclo	UK	Basic Materials	Chemicals	245	0.03
Providence Resources	UK	Oil & Gas	Oil & gas producers	120	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
EuroAPI Sasu	France	Health Care	Pharmaceuticals & biotechnology	82	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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