REG - Law Debenture Corp - Net Asset Value(s)

AllfundsAnnouncement

23/08/2021 12:40

RNS Number : 3043H
  
Law Debenture Corp PLC
  
02 August 2021
  
 

The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 July 2021
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 July 2021 was 796.97 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 762.14 pence per share (cum income). The mid-market price at the close of business on 30 July 2021 was 756.00 pence per share.
We note that as part of our 2021 half year results, we have updated the valuation of our IPS business, which has increased from £135.95m to £149.71m.




Net Asset Value


Excluding Income (pence)


Including Income (pence)




NAV with debt at par


787.23


796.97




NAV with debt at fair value


752.40


762.14




                
Performance




 


YTD
%


1 year
%


3 years
%


5 years
%


10 years
%




NAV total return (with debt at par)2


16.6


46.8


27.7


67.5


165.8




NAV total return (with debt at fair value)2


19.2


52.3


26.7


69.8


156.9




FTSE Actuaries All-Share Index Total Return3


11.7


25.0


6.2


37.6


86.9




Share price total return3


11.8


51.2


41.4


83.4


180.8




Change in Retail Price Index4


2.9


3.9


8.0


15.5


29.3




                
1 The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 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: Bloomberg, subject to one month lag based on timing of release of July 2021 RPI data.
                
Geographical Split of investment portfolio




Region


% of portfolio
30 July 2021


% of portfolio
31 December 2020


% of portfolio
31 December 2019




UK


82.3


82.1


80.7




Europe


9.5


10.1


7.8




North America


6.4


5.4


8.3




Japan


1.1


1.1


1.1




Other


0.0


0.4


1.2




Other Pacific


0.7


0.9


0.9




TOTAL


100


100


100




                
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 30 July 2021 the portfolio comprised as follows:




Holding Name


Location


Sector


Industry


£000


%




GlaxoSmithKline


UK


Health Care


Pharmaceuticals & biotechnology


23,748


2.51




Rio Tinto


UK


Basic Materials


Mining


22,879


2.42




Barclays


UK


Financials


Banks


18,842


1.99




Royal Dutch Shell 


UK


Oil & Gas


Oil & gas producers


17,748


1.88




HSBC


UK


Financials


Banks


17,236


1.82




BP


UK


Oil & Gas


Oil & gas producers


16,482


1.74




Royal Mail


UK


Industrials


Industrial transportation


14,868


1.57




Accsys Technologies


UK


Industrials


Construction & materials


14,827


1.56




Morgan Advanced Materials


UK


Industrials


Electronic & electrical equipment


14,823


1.56




Anglo American


UK


Basic Materials


Mining


14,357


1.51




Severn Trent


UK


Utilities


Gas, water & multiutilities


13,995


1.47




Herald Investment Trust


UK


Financials


Equity investment instruments


13,920


1.46




Senior


UK


Industrials


Aerospace & defence


13,821


1.45




Lloyds Banking Group


UK


Financials


Banks


13,691


1.44




Ceres Power


UK


Oil & Gas


Oil equipment services & distribution


13,268


1.39




Aviva


UK


Financials


Life insurance/assurance


13,110


1.38




National Grid


UK


Utilities


Gas, water & multiutilities


13,021


1.37




BHP


UK


Basic Materials


Mining


12,782


1.34




Relx


UK


Consumer Services


Media


12,684


1.33




Prudential Corp


UK


Financials


Life insurance/assurance


12,665


1.33




NatWest


UK


Financials


Banks


12,644


1.33




Smith (DS)


UK


Industrials


General industrials


11,908


1.25




Direct Line Insurance


UK


Financials


Nonlife insurance


11,904


1.25




M & G


UK


Financials


Financial services


11,235


1.18




Linde


Germany


Basic Materials


Chemicals


11,045


1.16




Vodafone


UK


Telecommunications


Mobile telecommunications


11,035


1.16




Dunelm


UK


Consumer Services


General retailers


10,989


1.16




BT Group


UK


Telecommunications


Fixed Line Telecommunications


10,850


1.14




Tesco


UK


Consumer Goods


Food & Drug Retailers


10,838


1.14




Land Securities


UK


Financials


Real estate investment trusts


10,812


1.14




Toyota Motor Corporation


Japan


Consumer Goods


Automobiles & parts


10,606


1.11




BAE Systems


UK


Industrials


Aerospace & defence


10,368


1.09




Kier


UK


Industrials


Construction & materials


10,221


1.07




IP Group


UK


Financials


Financial services


10,220


1.07




Applied Materials


USA


Technology


Technology hardware & equipment


10,063


1.06




Hipgnosis Songs Fund


UK


Financials


Equity investment instruments


9,767


1.03




Croda


UK


Basic Materials


Chemicals


9,678


1.02




Mondi


UK


Basic Materials


Forestry & paper


9,481


1.00




Hill & Smith


UK


Industrials


Industrial engineering


9,185


0.97




Johnson Service Group


UK


Industrials


Support services


8,841


0.93




Urban Logistics REIT


UK


Financials


Real estate investment trusts


8,803


0.93




AFC Energy


UK


Oil & Gas


Alternative Energy


8,747


0.92




Watkin Jones


UK


Consumer Goods


Household goods & home construction


8,603


0.90




Standard Life Aberdeen


UK


Financials


Financial services


8,538


0.90




Rolls Royce


UK


Industrials


Aerospace & defence


8,425


0.89




Balfour Beatty


UK


Industrials


Construction & materials


8,376


0.88




Elementis


UK


Basic Materials


Chemicals


8,356


0.88




Marks & Spencer


UK


Consumer Services


General retailers


8,262


0.87




ITM Power


UK


Oil & Gas


Oil equipment services & distribution


8,200


0.86




Hammerson


UK


Financials


Real estate investment trusts


8,159


0.86




Standard Chartered


UK


Financials


Banks


8,146


0.86




Schlumberger


USA


Oil & Gas


Oil equipment services & distribution


8,105


0.85




Hiscox


UK


Financials


Nonlife insurance


7,924


0.83




Cummins


USA


Industrials


Industrial engineering


7,843


0.82




General Motors


USA


Consumer Goods


Automobiles & parts


7,768


0.82




IMI


UK


Industrials


Industrial engineering


7,678


0.81




Spectris


UK


Industrials


Electronic & electrical equipment


7,586


0.80




Caterpillar


USA


Industrials


Industrial engineering


7,435


0.78




TT Electronics


UK


Industrials


Electronic & electrical equipment


7,114


0.75




SigmaRoc


UK


Industrials


Construction & materials


6,939


0.73




International Personal Finance


UK


Financials


Financial services


6,938


0.73




Smith & Nephew


UK


Health Care


Health care equipment & services


6,869


0.72




Irish Continental Group


Ireland


Consumer Services


Travel & leisure


6,757


0.71




Scottish Oriental Small Co


Pacific


Financials


Equity investment instruments


6,579


0.69




Marshalls


UK


Industrials


Construction & materials


6,570


0.69




Provident Financial


UK


Financials


Financial services


6,258


0.66




Unilever


UK


Consumer Goods


Personal goods


6,224


0.65




Convatec Group


UK


Health Care


Health care equipment & services


6,157


0.65




Gibson Energy


Canada


Oil & Gas


Oil & gas producers


6,128


0.64




Bristol-Myers Squibb


USA


Health Care


Pharmaceuticals & biotechnology


6,102


0.64




International Consolidated Airlines


UK


Consumer Services


Travel & leisure


5,778


0.61




Chesnara


UK


Financials


Life insurance/assurance


5,697


0.60




Euromoney


UK


Consumer Services


Media


5,626


0.59




Sanofi


France


Health Care


Pharmaceuticals & biotechnology


5,564


0.58




Halfords


UK


Consumer Services


General retailers


5,512


0.58




Ibstock


UK


Industrials


Construction & materials


5,124


0.54




Redde Northgate


UK


Industrials


Support services


4,937


0.52




Koninklijke DSM


Netherlands


Basic Materials


Chemicals


4,935


0.52




Glencore 


Switzerland


Basic Materials


Mining


4,853


0.51




Oxford Sciences Innovation


UKULM


Financials


Financial services


4,847


0.51




Merck & Co


USA


Health Care


Pharmaceuticals & biotechnology


4,700


0.49




Meggitt


UK


Industrials


Aerospace & defence


4,691


0.49




Morses Club


UK


Financials


Financial services


4,557


0.48




Centrica


UK


Utilities


Gas, water & multiutilities


4,546


0.48




Jubilee Metals Group


UK


Basic Materials


Mining


4,350


0.46




SSE


UK


Utilities


Electricity


4,337


0.46




Studio Retail Group


UK


Consumer Services


General retailers


4,327


0.45




Bawag


Austria


Financials


Banks


4,131


0.43




Boku


UK


Industrials


Support services


4,106


0.43




Babcock


UK


Industrials


Aerospace & defence


3,829


0.40




Indus Gas


UK


Oil & Gas


Oil & gas producers


3,775


0.40




Nestle


Switzerland


Consumer Goods


Food producers


3,714


0.39




Ilika


UK


Oil & Gas


Alternative Energy


3,676


0.39




Munchener Rueckver 


Germany


Financials


Nonlife insurance


3,458


0.36




Weir Group


UK


Industrials


Industrial engineering


3,447


0.36




Phoenix Group Holdings


UK


Financials


Life insurance/assurance


3,396


0.36




Roche


Switzerland


Health Care


Pharmaceuticals & biotechnology


3,379


0.36




Grit Real Estate Income Group


Guernsey


Financials


Real estate investment trusts


3,171


0.33




Ricardo


UK


Industrials


Support services


3,168


0.33




Novo Nordisk


Denmark


Health Care


Pharmaceuticals & biotechnology


3,138


0.33




Sig Combibloc


Switzerland


Industrials


General industrials


3,090


0.32




Marstons


UK


Consumer Services


Travel & leisure


3,056


0.32




ASML


Netherlands


Technology


Technology hardware & equipment


2,967


0.31




VH Global Sustainable Energy Opportunities


UK


Other


Sustainable Energy 


2,958


0.31




Augean


UK


Industrials


Support services


2,951


0.31




UniCredit


Italy


Financials


Banks


2,876


0.30




Amundi


France


Financials


Financial services


2,875


0.30




iEnergizer


Guernsey


Industrials


Support services


2,860


0.30




i3 Energy


UK


Oil & Gas


Oil & gas producers


2,782


0.29




Stellantis


Netherlands


Consumer Goods


Automobiles & parts


2,721


0.29




Worldline


France


Industrials


Support services


2,684


0.28




Bacanora Lithium


UK


Basic Materials


Mining


2,674


0.28




Vertu Motors


UK


Consumer Services


General retailers


2,664


0.28




Plant Health Care


USA


Basic Materials


Chemicals


2,459


0.26




Cellnex Telecom


Spain


Telecommunications


Mobile telecommunications


2,405


0.25




Blue Prism Group


UK


Technology


Software & computer services


2,110


0.22




CNH Industrial


UK


Industrials


Industrial engineering


2,100


0.22




Prosus


Netherlands


Technology


Software & computer services


2,093


0.22




Longboat Energy


UK


Oil & Gas


Oil & gas producers


2,010


0.21




Nexi


Italy


Industrials


Support services


1,932


0.20




Moncler


Italy


Consumer Goods


Personal goods


1,922


0.20




Allied Minds


UK


Financials


Financial services


1,850


0.19




Mirriad Advertising


UK


Consumer Services


Media


1,847


0.19




Faurecia


France


Consumer Goods


Automobiles & parts


1,634


0.17




Danone SA


France


Consumer Goods


Food producers


1,510


0.16




Grifols


Spain


Health Care


Pharmaceuticals & biotechnology


1,302


0.14




Renold


UK


Industrials


Industrial engineering


1,255


0.13




Koninklijke KPN


Netherlands


Telecommunications


Fixed Line Telecommunications


1,188


0.12




Surface Transforms


UK


Consumer Goods


Automobiles & parts


1,180


0.12




Logistics Development Group


UK


Industrials


Industrial transportation


1,025


0.11




Telecom Italia RSP


Italy


Telecommunications


Mobile telecommunications


996


0.10




SIMEC Atlantis Energy


UK


Utilities


Electricity


994


0.10




Tullow Oil


UK


Oil & Gas


Oil & gas producers


897


0.09




Velocys


UK


Oil & Gas


Oil equipment services & distribution


734


0.08




Allfunds Group


UK


Other


Other


683


0.07




Harbour Energy


UK


Oil & Gas


Oil & gas producers


614


0.06




Embracer Group


Sweden


Consumer Goods


Leisure Goods


576


0.06




Carclo


UK


Basic Materials


Chemicals


555


0.06




Brockhaus Capital Management


Germany


Financials


Financial services


513


0.05




AUTO1 Group


Germany


Other


Financial Technology


451


0.05




Unlisted


UK


Financials


Financial services


213


0.02




Providence Resources


UK


Oil & Gas


Oil & gas producers


126


0.01




NOW Inc


USA


Oil & Gas


Oil equipment services & distribution


89


0.01




Better Cap


UK


Financials


Equity investment instruments


25


                             




Permanent TSB


Ireland


Financials


Banks


5


                             




Fastjet (delisted)


UK


Consumer Services


Travel & leisure


                             


                             




Interserve (delisted)


UK


Industrials


Support services


                             


                             




                
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-Black, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

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