REG - Law Debenture Corp - Net Asset Value and Portfolio Update
03/03/2020 07:00
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RNS Number : 7689E Law Debenture Corp PLC 03 March 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 February 2020
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 business(1)
on 28 February 2020 was 660.38 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 624.69 pence
per share (cum income). The mid-market price at the close of business on 28
February 2020 was 566.00 pence per share.
Net Asset Value Excluding Income Including Income
NAV with debt at par 637.97 660.38
NAV with debt at fair value 602.28 624.69
Performance
1 year 3 years 5 years 10 years
% % % %
NAV total return (with debt at par)(2) 1.4 11.3 29.7 159.2
NAV total return (with debt at fair value)(2) -1.0 10.0 25.8 146.5
FTSE Actuaries All-Share Index Total Return(3) -1.4 4.7 19.1 93.0
Share price total return(3) 0.3 11.7 22.8 175.7
Change in Retail Price Index(3) 2.7 9.5 13.8 33.8
(1) The fair value of the IPS business has been calculated as at 28 February
2020
(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: Bloomberg.
(4) Source: Bloomberg, subject to one month lag based on timing of release of
February 2020 RPI data.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
28 February 2020 31 December 2019 31 December 2018
UK 79.8 80.7 74.5
Europe 9.2 7.8 8.6
North America 7.9 8.3 9.9
Japan 1.1 1.1 1.1
Other Pacific 0.8 0.9 4.5
Other 1.2 1.2 1.4
TOTAL 100 100 100
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio
monthly. As at 28 February 2020 the portfolio comprised as follows:
Holding Name Location Sector Industry £000 %
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 26,167 3.47
Royal Dutch Shell UK Oil & Gas Oil & gas producers 20,795 2.76
Ceres Power UK Oil & Gas Oil equipment services & distribution 17,939 2.38
Relx UK Consumer Services Media 14,003 1.86
National Grid UK Utilities Gas, water & multiutilities 13,845 1.84
HSBC UK Financials Banks 13,811 1.83
Rio Tinto UK Basic Materials Mining 13,524 1.79
Johnson Service UK Industrials Support services 12,776 1.69
BP UK Oil & Gas Oil & gas producers 12,672 1.68
Severn Trent UK Utilities Gas, water & multiutilities 12,320 1.63
Astrazeneca UK Health Care Pharmaceuticals & biotechnology 12,155 1.61
Prudential Corp UK Financials Life insurance/ assurance 11,829 1.57
Herald Investment Trust UK Financials Equity investment instruments 11,492 1.52
Dunelm UK Consumer Services General retailers 11,206 1.49
BAE Systems UK Industrials Aerospace & defence 10,951 1.45
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 10,425 1.38
Land Securities UK Financials Real estate investment trusts 10,421 1.38
Rolls Royce UK Industrials Aerospace & defence 10,227 1.36
Standard Chartered UK Financials Banks 10,046 1.33
Direct Line Insurance UK Financials Nonlife insurance 9,974 1.32
Urban Logistics REIT UK Financials Real estate investment trusts 9,520 1.26
Senior UK Industrials Aerospace & defence 9,216 1.22
Watkin Jones UK Consumer Goods Household goods & home construction 9,144 1.21
Hiscox UK Financials Nonlife insurance 9,077 1.20
Lloyds Banking UK Financials Banks 9,036 1.20
St Modwen Properties UK Financials Real estate investments & services 8,871 1.18
Smith (DS) UK Industrials General industrials 8,848 1.17
Royal Bank Of Scotland UK Financials Banks 8,486 1.13
Toyota Motor Japan Consumer Goods Automobiles & parts 8,452 1.12
Flutter Entertainment PLC UK Consumer Services Travel & leisure 8,262 1.10
Hill & Smith UK Industrials Industrial engineering 8,231 1.09
Smith & Nephew UK Health Care Health care equipment & services 8,173 1.08
BHP UK Basic Materials Mining 7,801 1.03
British American Tobacco UK Consumer Goods Tobacco 7,656 1.02
Hipgnosis Songs Fund UK Financials Equity investment instruments 7,508 1.00
Croda UK Basic Materials Chemicals 7,508 1.00
M & G UK Financials Financial services 7,451 0.99
Mondi UK Basic Materials Forestry & paper 7,415 0.98
RSA Insurance UK Financials Nonlife insurance 7,263 0.96
Accsys Technologies UK Industrials Construction & materials 7,261 0.96
Cummins USA Industrials Industrial engineering 7,080 0.94
Hammerson UK Financials Real estate investment trusts 6,988 0.93
Gibson Energy Canada Oil & Gas Oil & gas producers 6,873 0.91
Caterpillar USA Industrials Industrial engineering 6,783 0.90
Provident Financial UK Financials Financial services 6,561 0.87
Marshalls UK Industrials Construction & materials 6,543 0.87
International Consolidated Airlines UK Consumer Services Travel & leisure 6,489 0.86
Applied Materials USA Technology Technology hardware & equipment 6,352 0.84
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,332 0.84
Microsoft USA Technology Software & computer services 6,322 0.84
Ibstock UK Industrials Construction & materials 6,014 0.80
IP Group plc UK Financials Financial services 5,908 0.78
Spectris UK Industrials Electronic & electrical equipment 5,772 0.77
Babcock UK Industrials Aerospace & defence 5,527 0.73
Carnival UK Consumer Services Travel & leisure 5,477 0.73
Taylor Wimpey UK Consumer Goods Household goods & home construction 5,459 0.72
Euromoney UK Consumer Services Media 5,419 0.72
Meggitt UK Industrials Aerospace & defence 5,410 0.72
Aviva UK Financials Life insurance/assurance 5,383 0.71
General Motors USA Consumer Goods Automobiles & parts 5,351 0.71
International Personal Finance UK Financials Financial services 5,300 0.70
Irish Continental Ireland Consumer Services Travel & leisure 5,280 0.70
Johnson & Johnson USA Health Care Pharmaceuticals & biotechnology 5,245 0.70
Balfour Beatty UK Industrials Construction & materials 4,959 0.66
Royal Mail UK Industrials Industrial transportation 4,874 0.65
Grit Real Estate Income Other Financials Real estate investments & services 4,795 0.64
Deere USA Industrials Industrial engineering 4,766 0.63
Chesnara UK Financials Life insurance/ assurance 4,759 0.63
Vodafone UK Telecommunications Mobile telecommunications 4,702 0.62
SSE UK Utilities Electricity 4,587 0.61
Standard Life Aberdeen UK Financials Financial services 4,575 0.61
IMI UK Industrials Industrial engineering 4,401 0.58
Indus Gas UK Oil & Gas Oil & gas producers 4,393 0.58
Ryanair Ireland Consumer Services Travel & leisure 4,216 0.56
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 4,149 0.55
Embraer Other Industrials Aerospace & defence 4,082 0.54
Foresight Solar UK Financials Equity investment instruments 3,973 0.53
Pfizer USA Health Care Pharmaceuticals & biotechnology 3,912 0.52
TT Electronics UK Industrials Electronic & electrical equipment 3,881 0.51
Oxford Sciences Innovation UKULM Financials Financial services 3,855 0.51
Koninklijke DSM Netherlands Basic Materials Chemicals 3,844 0.51
Linde Germany Basic Materials Chemicals 3,692 0.49
Phoenix Group Holdings UK Financials Life insurance/ assurance 3,456 0.46
Muenchener Rueckver Germany Financials Nonlife insurance 3,450 0.46
Nestle Switzerland Consumer Goods Food producers 3,421 0.45
Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,331 0.44
ITM Power plc UK Oil & Gas Oil equipment services & distribution 3,237 0.43
Studio Retail Group plc UK Consumer Services General retailers 3,116 0.41
Bawag Austria Financials Banks 3,066 0.41
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 3,050 0.40
Total (Fra) France Oil & Gas Oil & gas producers 3,012 0.40
Elementis UK Basic Materials Chemicals 2,998 0.40
Allied Minds UK Financials Financial services 2,965 0.39
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 2,951 0.39
Premier Oil UK Oil & Gas Oil & gas producers 2,910 0.39
Pernod-Ricard France Consumer Goods Beverages 2,835 0.38
SigmaRoc UK Industrials Construction & materials 2,615 0.35
Weir Group UK Industrials Industrial engineering 2,611 0.35
St. James's Place UK Financials Life insurance/ assurance 2,539 0.34
Deutsche Boerse Germany Financials Financial services 2,473 0.33
Marstons UK Consumer Services Travel & leisure 2,411 0.32
Morses Club UK Financials Financial services 2,365 0.31
Vivendi France Consumer Services Media 2,301 0.31
Deutsche Telekom Germany Telecommunications Mobile telecommunications 2,298 0.30
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 2,287 0.30
Redde Northgate UK Industrials Support services 2,266 0.30
SAP Germany Technology Software & computer services 2,239 0.30
SGS Switzerland Industrials Support services 2,150 0.29
Legrand France Industrials Electronic & electrical equipment 2,130 0.28
Kier UK Industrials Construction & materials 2,070 0.27
Prosus Netherlands Technology Software & computer services 2,056 0.27
Daily Mail & General Trust 'A' UK Consumer Services Media 2,043 0.27
Augean UK Industrials Support services 1,913 0.25
Worldline France Industrials Support services 1,787 0.24
Schlumberger USA Oil & Gas Oil equipment services & distribution 1,691 0.22
Amundi France Financials Financial services 1,672 0.22
Sig Combibloc Switzerland Industrials General industrials 1,635 0.22
UniCredit Italy Financials Banks 1,619 0.21
Simec Atlantis Energy UK Utilities Electricity 1,509 0.20
Wincanton UK Industrials Industrial transportation 1,249 0.17
Moncler Italy Consumer Goods Personal goods 1,174 0.16
ASML Netherlands Technology Technology hardware & equipment 1,127 0.15
Eddie Stobart Logistics UK Industrials Industrial transportation 897 0.12
National Oilwell Vaeco USA Oil & Gas Oil equipment services & distribution 729 0.10
Centrica UK Utilities Gas, water & multiutilities 721 0.10
Severfield UK Industrials Industrial engineering 692 0.09
Renold UK Industrials Industrial engineering 689 0.09
Tullow Oil UK Oil & Gas Oil & gas producers 671 0.09
Velocys UK Oil & Gas Oil equipment services & distribution 640 0.08
Better Cap UK Financials Equity investment instruments 300 0.04
Unlisted UK Other Other 213 0.03
Mirriad Advertising UK Consumer Services Media 194 0.03
Carclo UK Basic Materials Chemicals 109 0.01
Now Inc USA Oil & Gas Oil equipment services & distribution 86 0.01
Fastjet UK Consumer Services Travel & leisure 77 0.01
Providence Resources UK Oil & Gas Oil & gas producers 76 0.01
Permanent TSB Ireland Financials Banks 3 0.00
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., Fifth Floor, 100 Wood
Street, London, EC2V 7EX (contact Debbie Fish, Company Secretariat, 020 7696
5940).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
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