Net Asset Value(s)

Law Debenture Corp PLC

01 December 2023

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 November 2023

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 2023 was 741.17 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 774.84 pence per share (cum income). The mid-market price at the close of business on 30 November 2023 was 780.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	738.25	741.17
NAV with debt at fair value	771.92	774.84

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	3.1	2.8	27.0	37.7	100.5
NAV total return (with debt at fair value)2	4.8	5.0	41.9	48.3	114.0
FTSE Actuaries All-Share Index Total Return3	3.3	1.8	27.3	26.8	63.8
Share price total return3	4.2	3.9	41.9	71.1	111.4
Change in Retail Price Index4	4.8	5.4	28.7	32.7	49.9

¹ The fair value of the IPS business has been calculated as at 30 June 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, October 2023.

Geographical Split of investment portfolio

Region	% of portfolio 30 November 2023	% of portfolio 31 December 2022	% of portfolio 31 December 2021
UK	88.1	83.4	82.6
Europe	7.4	10.4	10.0
North America	3.2	5.1	5.4
Japan	1.3	1.1	1.1
Other	0	0	0.2
Other Pacific	0	0	0.7
TOTAL	100	100	100

Full Portfolio Listing

As at 30 November 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	33,466	3.67
Shell	UK	Oil & Gas	Oil & gas producers	31,994	3.50
BP	UK	Oil & Gas	Oil & gas producers	27,300	2.98
HSBC	UK	Financials	Banks	26,106	2.85
Rio Tinto	UK	Basic Materials	Mining	20,246	2.21
Marks & Spencer	UK	Consumer Services	General retailers	20,120	2.20
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	19,730	2.16
Flutter Entertainment	UK	Consumer Services	Travel & leisure	19,174	2.10
Barclays	UK	Financials	Banks	17,348	1.90
Senior	UK	Industrials	Aerospace & defence	14,589	1.59
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,435	1.58
BAE Systems	UK	Industrials	Aerospace & defence	13,644	1.49
NatWest	UK	Financials	Banks	13,507	1.48
National Grid	UK	Utilities	Gas, water & multiutilities	13,445	1.47
Lloyds Banking Group	UK	Financials	Banks	13,041	1.43
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	12,568	1.37
M & G	UK	Financials	Financial services	12,552	1.37
Standard Chartered	UK	Financials	Banks	12,314	1.35
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	12,312	1.35
Hill & Smith	UK	Industrials	Industrial engineering	11,981	1.31
Anglo American	UK	Basic Materials	Mining	11,776	1.29
Land Securities	UK	Financials	Real estate investment trusts	11,067	1.21
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	10,863	1.19
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,859	1.19
Herald Investment Trust	UK	Financials	Equity investment instruments	10,824	1.18
IMI	UK	Industrials	Industrial engineering	10,739	1.17
Aviva	UK	Financials	Life insurance/assurance	10,738	1.17
Direct Line Insurance	UK	Financials	Nonlife insurance	10,179	1.11
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,010	1.09
Boku	UK	Industrials	Support services	9,998	1.09
DS Smith	UK	Industrials	General industrials	9,781	1.07
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,723	1.06
Kier	UK	Industrials	Construction & materials	9,367	1.02
Hiscox	UK	Financials	Nonlife insurance	9,190	1.00
Cranswick	UK	Consumer Goods	Food producers	9,176	1.00
Marshalls	UK	Industrials	Construction & materials	8,994	0.98
Balfour Beatty	UK	Industrials	Construction & materials	8,989	0.98
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,907	0.97
Kingfisher	UK	Consumer Goods	Household goods & home construction	8,884	0.97
Johnson Service Group	UK	Industrials	Support services	8,658	0.95
Dunelm	UK	Consumer Services	General retailers	8,649	0.95
Cummins	USA	Industrials	Industrial engineering	8,344	0.91
Prudential Corp	UK	Financials	Life insurance/assurance	8,059	0.88
Vodafone	UK	Telecommunications	Mobile telecommunications	7,845	0.86
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	7,743	0.85
ITV	UK	Consumer Services	Media	7,663	0.84
Elementis	UK	Basic Materials	Chemicals	7,530	0.82
Mondi	UK	Basic Materials	Forestry & paper	7,384	0.81
Babcock	UK	Industrials	Aerospace & defence	7,285	0.80
Hammerson	UK	Financials	Real estate investment trusts	7,281	0.80
Spectris	UK	Industrials	Electronic & electrical equipment	7,163	0.78
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	7,067	0.77
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	6,869	0.75
Ibstock	UK	Industrials	Construction & materials	6,732	0.74
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,600	0.72
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,513	0.71
International Distribution Services	UK	Industrials	Industrial transportation	6,310	0.69
AFC Energy	UK	Oil & Gas	Alternative Energy	6,134	0.67
Halfords	UK	Consumer Services	General retailers	6,125	0.67
Accsys Technologies	UK	Industrials	Construction & materials	6,123	0.67
Vertu Motors	UK	Consumer Services	General retailers	5,719	0.63
International Personal Finance	UK	Financials	Financial services	5,639	0.62
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,570	0.61
SSE	UK	Utilities	Electricity	5,489	0.60
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,358	0.59
Chesnara	UK	Financials	Life insurance/assurance	5,322	0.58
Vanquis Banking Group	UK	Financials	Financial services	5,291	0.58
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,280	0.58
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,261	0.58
Next Fifteen Communications Group	UK	Consumer Services	Media	5,208	0.57
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,133	0.56
IP Group	UK	Financials	Financial services	4,985	0.54
Standard Life Aberdeen	UK	Financials	Financial services	4,897	0.54
Smith & Nephew	UK	Health Care	Health care equipment & services	4,808	0.53
General Motors	USA	Consumer Goods	Automobiles & parts	4,755	0.52
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	4,716	0.52
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,608	0.50
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,321	0.47
Redde Northgate	UK	Industrials	Support services	4,190	0.46
Reach	UK	Consumer Services	Media	4,127	0.45
Ricardo	UK	Industrials	Support services	3,879	0.42
Johnson Matthey	UK	Other	Sustainable Energy	3,875	0.42
Weir Group	UK	Industrials	Industrial engineering	3,746	0.41
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	3,520	0.38
Inchcape	UK	Industrials	Support services	3,482	0.38
Bellway	UK	Consumer Goods	Household goods & home construction	3,477	0.38
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,476	0.38
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,241	0.35
Castings	UK	Industrials	Construction & materials	3,166	0.35
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,120	0.34
Nestle	Switzerland	Consumer Goods	Food producers	3,119	0.34
SigmaRoc	UK	Industrials	Construction & materials	3,030	0.33
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,000	0.33
Jubilee Metals Group	UK	Basic Materials	Mining	2,891	0.32
SAP	Germany	Technology	Software & computer services	2,622	0.29
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,579	0.28
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,260	0.25
Safran SA	France	Industrials	Aerospace & defence	2,152	0.24
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,138	0.23
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,128	0.23
Gelion	UK	Other	Sustainable Energy	2,114	0.23
XP Power Ltd	UK	Technology	Technology hardware & equipment	2,075	0.23
Indus Gas	UK	Oil & Gas	Oil & gas producers	2,059	0.23
ASML	Netherlands	Technology	Technology hardware & equipment	2,055	0.22
Renold	UK	Industrials	Industrial engineering	2,009	0.22
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,966	0.21
UniCredit	Italy	Financials	Banks	1,736	0.19
Deutsche Boerse	Germany	Financials	Financial services	1,721	0.19
LVMH	France	Consumer Goods	Leisure Goods	1,713	0.19
Zoo Digital Group	UK	Technology	Software & computer services	1,711	0.19
Moncler	Italy	Consumer Goods	Personal goods	1,706	0.19
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,625	0.18
Amundi	France	Financials	Financial services	1,591	0.17
SGS SA	Switzerland	Industrials	Support services	1,435	0.16
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,386	0.15
Plant Health Care	USA	Basic Materials	Chemicals	1,233	0.13
Danone SA	France	Consumer Goods	Food producers	1,164	0.13
Arbuthnot Banking Group	UK	Financials	Financial services	1,160	0.13
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,146	0.13
Ilika	UK	Oil & Gas	Alternative Energy	1,116	0.12
Marstons	UK	Consumer Services	Travel & leisure	1,098	0.12
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,066	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,047	0.11
BNP Paribas SA	France	Financials	Banks	1,039	0.11
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,015	0.11
Allied Minds	UK	Financials	Financial services	971	0.11
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	907	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	903	0.10
Kistos	UK	Oil & Gas	Oil & gas producers	855	0.09
Arkema SA	France	Basic Materials	Chemicals	838	0.09
Allfunds Group	UK	Other	Other	765	0.08
Bawag	Austria	Financials	Banks	734	0.08
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	724	0.08
Heineken NV	Netherlands	Consumer Goods	Beverages	719	0.08
Universal Music Group	Netherlands	Consumer Services	Media	671	0.07
First Tin	UK	Basic Materials	Mining	576	0.06
Sartorius AG	Germany	Health Care	Health care equipment & services	576	0.06
Serica Energy	UK	Oil & Gas	Oil & gas producers	572	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	555	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	514	0.06
Adidas	Germany	Consumer Goods	Leisure Goods	389	0.04
Saietta Group	UK	Consumer Goods	Automobiles & parts	373	0.04
Deltic Energy	UK	Oil & Gas	Oil & gas producers	365	0.04
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	333	0.04
Libertine Holdings	UK	Other	Sustainable Energy	263	0.03
SIMEC Atlantis Energy	UK	Utilities	Electricity	199	0.02
Carclo	UK	Basic Materials	Chemicals	115	0.01
Velocys	UK	Oil & Gas	Oil equipment services & distribution	114	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Barryroe Offshore Energy	Ireland	Oil & Gas	Oil & gas producers	11

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