Net Asset Value(s)

Law Debenture Corp PLC

01 March 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 February 2024

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 29 February 2024 was 769.27 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 798.66 pence per share (cum income). The mid-market price at the close of business on 29 February 2024 was 790.00 pence per share.

In calculating the NAV, we have updated the value of the IPS business in line with the annual results release on the 27^th February 2024.

Subject to shareholder approval, the final 2023 dividend of 9.125p will be paid on the 11^th of April 2024 to shareholders on the register on the record date of the 7^th of March 2024.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	765.62	769.27
NAV with debt at fair value	795.00	798.66

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	-0.4	-0.6	22.7	42.1	94.2
NAV total return (with debt at fair value)2	0.1	-0.0	33.8	53.0	105.7
FTSE Actuaries All-Share Index Total Return3	-1.1	0.6	25.2	27.7	63.0
Share price total return3	-1.4	-3.0	27.3	69.0	110.0
Change in Retail Price Index4	-0.3	3.7	28.3	32.6	48.7

¹ The fair value of the IPS business has been calculated as at 31 December 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, January 2024.

Geographical Split of investment portfolio

Region	% of portfolio 29 February 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.4	0	83.4
Europe	6.4	0	10.4
North America	3.5	0	5.1
Japan	1.7	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

As at 29 February 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	45,953	4.86
Shell	UK	Oil & Gas	Oil & gas producers	30,713	3.24
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	27,299	2.88
HSBC	UK	Financials	Banks	26,648	2.81
Flutter Entertainment	UK	Consumer Services	Travel & leisure	26,513	2.80
BP	UK	Oil & Gas	Oil & gas producers	26,260	2.77
Barclays	UK	Financials	Banks	20,224	2.14
Rio Tinto	UK	Basic Materials	Mining	19,046	2.01
Marks & Spencer	UK	Consumer Services	General retailers	18,944	2.00
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	15,755	1.66
NatWest	UK	Financials	Banks	15,542	1.64
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,087	1.49
National Grid	UK	Utilities	Gas, water & multiutilities	13,583	1.43
M & G	UK	Financials	Financial services	13,482	1.42
Senior	UK	Industrials	Aerospace & defence	13,480	1.42
Standard Chartered	UK	Financials	Banks	12,585	1.33
Herald Investment Trust	UK	Financials	Equity investment instruments	12,420	1.31
Hill & Smith	UK	Industrials	Industrial engineering	12,061	1.27
IMI	UK	Industrials	Industrial engineering	11,914	1.26
BAE Systems	UK	Industrials	Aerospace & defence	11,799	1.25
Kier	UK	Industrials	Construction & materials	11,713	1.24
Aviva	UK	Financials	Life insurance/assurance	11,482	1.21
Marshalls	UK	Industrials	Construction & materials	11,230	1.19
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,220	1.19
Boku	UK	Industrials	Support services	11,186	1.18
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	11,151	1.18
Land Securities	UK	Financials	Real estate investment trusts	10,979	1.16
Direct Line Insurance	UK	Financials	Nonlife insurance	10,903	1.15
DS Smith	UK	Industrials	General industrials	10,842	1.15
Hiscox	UK	Financials	Nonlife insurance	10,240	1.08
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,098	1.07
Cummins	USA	Industrials	Industrial engineering	9,987	1.05
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,625	1.02
Dunelm	UK	Consumer Services	General retailers	9,537	1.01
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,496	1.00
Babcock	UK	Industrials	Aerospace & defence	9,434	1.00
Johnson Service Group	UK	Industrials	Support services	9,409	0.99
Balfour Beatty	UK	Industrials	Construction & materials	9,382	0.99
Anglo American	UK	Basic Materials	Mining	9,356	0.99
Cranswick	UK	Consumer Goods	Food producers	9,191	0.97
Elementis	UK	Basic Materials	Chemicals	8,992	0.95
International Distribution Services	UK	Industrials	Industrial transportation	8,356	0.88
Ibstock	UK	Industrials	Construction & materials	8,311	0.88
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,247	0.87
ITV	UK	Consumer Services	Media	7,689	0.81
Vodafone	UK	Telecommunications	Mobile telecommunications	7,603	0.80
BT Group	UK	Telecommunications	Fixed Line Telecommunications	7,569	0.80
Spectris	UK	Industrials	Electronic & electrical equipment	7,448	0.79
Prudential Corp	UK	Financials	Life insurance/assurance	7,263	0.77
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	6,961	0.74
Hammerson	UK	Financials	Real estate investment trusts	6,829	0.72
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,628	0.70
AFC Energy	UK	Oil & Gas	Alternative Energy	6,495	0.69
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	6,485	0.68
Next Fifteen Communications Group	UK	Consumer Services	Media	6,307	0.67
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	6,265	0.66
General Motors	USA	Consumer Goods	Automobiles & parts	6,166	0.65
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,092	0.64
International Personal Finance	UK	Financials	Financial services	5,768	0.61
Vanquis Banking Group	UK	Financials	Financial services	5,767	0.61
Beazley PLC (UK)	UK	Financials	Nonlife insurance	5,542	0.59
Weir Group	UK	Industrials	Industrial engineering	5,499	0.58
Castings	UK	Industrials	Construction & materials	5,415	0.57
Chesnara	UK	Financials	Life insurance/assurance	5,259	0.56
Accsys Technologies	UK	Industrials	Construction & materials	5,220	0.55
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,067	0.54
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,062	0.53
Halfords	UK	Consumer Services	General retailers	4,949	0.52
Smith & Nephew	UK	Health Care	Health care equipment & services	4,888	0.52
SSE	UK	Utilities	Electricity	4,877	0.52
Workspace Group PLC	UK	Financials	Real estate investment trusts	4,876	0.52
Unilever	UK	Consumer Goods	Personal goods	4,833	0.51
IP Group	UK	Financials	Financial services	4,724	0.50
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	4,634	0.49
Inchcape	UK	Industrials	Support services	4,433	0.47
Vertu Motors	UK	Consumer Services	General retailers	4,427	0.47
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,380	0.46
SigmaRoc	UK	Industrials	Construction & materials	4,069	0.43
Bellway	UK	Consumer Goods	Household goods & home construction	4,044	0.43
Redde Northgate	UK	Industrials	Support services	4,039	0.43
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,964	0.42
Johnson Matthey	UK	Other	Sustainable Energy	3,853	0.41
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,773	0.40
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,670	0.39
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	3,615	0.38
Ricardo	UK	Industrials	Support services	3,520	0.37
Reach	UK	Consumer Services	Media	3,416	0.36
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	3,246	0.34
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,192	0.34
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,163	0.33
J Sainsbury plc	UK	Consumer Services	General retailers	3,119	0.33
SAP	Germany	Technology	Software & computer services	3,095	0.33
ASML	Netherlands	Technology	Technology hardware & equipment	2,935	0.31
i3 Energy	UK	Oil & Gas	Oil & gas producers	2,902	0.31
Watkin Jones	UK	Consumer Goods	Household goods & home construction	2,902	0.31
Nestle	Switzerland	Consumer Goods	Food producers	2,851	0.30
XP Power Ltd	UK	Technology	Technology hardware & equipment	2,838	0.30
Jubilee Metals Group	UK	Basic Materials	Mining	2,777	0.29
Renold	UK	Industrials	Industrial engineering	2,737	0.29
Safran SA	France	Industrials	Aerospace & defence	2,568	0.27
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,508	0.26
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,473	0.26
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,384	0.25
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,298	0.24
UniCredit	Italy	Financials	Banks	2,137	0.23
LVMH	France	Consumer Goods	Leisure Goods	2,039	0.22
Deutsche Boerse	Germany	Financials	Financial services	1,900	0.20
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,780	0.19
SGS SA	Switzerland	Industrials	Support services	1,764	0.19
Amundi	France	Financials	Financial services	1,699	0.18
Moncler	Italy	Consumer Goods	Personal goods	1,625	0.17
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,567	0.17
Gelion	UK	Other	Sustainable Energy	1,553	0.16
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,346	0.14
Serica Energy	UK	Oil & Gas	Oil & gas producers	1,301	0.14
Arbuthnot Banking Group	UK	Financials	Financial services	1,226	0.13
Plant Health Care	USA	Basic Materials	Chemicals	1,200	0.13
Indus Gas	UK	Oil & Gas	Oil & gas producers	1,175	0.12
Danone SA	France	Consumer Goods	Food producers	1,158	0.12
Siemens AG	Germany	Technology	Software & computer services	1,081	0.11
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,078	0.11
Marstons	UK	Consumer Services	Travel & leisure	1,072	0.11
Heineken NV	Netherlands	Consumer Goods	Beverages	1,019	0.11
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	969	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	964	0.10
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	952	0.10
Ilika	UK	Oil & Gas	Alternative Energy	913	0.10
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	910	0.10
Allfunds Group	UK	Other	Other	860	0.09
Arkema SA	France	Basic Materials	Chemicals	853	0.09
Bawag	Austria	Financials	Banks	793	0.08
Universal Music Group	Netherlands	Consumer Services	Media	769	0.08
Kistos	UK	Oil & Gas	Oil & gas producers	765	0.08
Longboat Energy	UK	Oil & Gas	Oil & gas producers	660	0.07
Deltic Energy	UK	Oil & Gas	Oil & gas producers	547	0.06
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	521	0.06
First Tin	UK	Basic Materials	Mining	516	0.05
Brockhaus Capital Management	Germany	Financials	Financial services	513	0.05
Sig Combibloc	Switzerland	Industrials	General industrials	443	0.05
Libertine Holdings	UK	Other	Sustainable Energy	420	0.04
Zoo Digital Group	UK	Technology	Software & computer services	204	0.02
SIMEC Atlantis Energy	UK	Utilities	Electricity	172	0.02
LDIC Investments	UK	Financials	Financial services	100	0.01
Carclo	UK	Basic Materials	Chemicals	93	0.01
Saietta Group	UK	Consumer Goods	Automobiles & parts	26
Better Cap	UK	Financials	Equity investment instruments	25

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