REG - Law Debenture Corp - Net Asset Value(s)
03/02/2025 17:30
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RNS Number : 7356V Law Debenture Corp PLC 03 February 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 January 2025
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 31 January 2025 was 865.70 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 896.62 pence
per share (cum income). The mid-market price at the close of business on 31
January 2025 was 913.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 864.59 865.70
NAV with debt at fair value 895.51 896.62
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 2.8 17.8 20.0 52.2 121.7
NAV total return (with debt at fair value)(2) 2.6 17.3 29.2 66.6 137.1
FTSE Actuaries All-Share Index Total Return(3) 5.5 17.1 25.5 37.9 87.1
Share price total return(3) 2.2 20.9 28.3 86.6 158.7
Change in Retail Price Index(4) 0.0 3.7 23.4 34.9 53.5
(1) The fair value of the IPS business has been calculated as at 30 June 2024.
(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,
December 2024.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
31 January 2025 31 December 2024
UK 87.6 87.6
Europe 5.6 5.5
North America 5.6 5.6
Japan 1.2 1.3
Other 0 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 31 January 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
HSBC UK Financials Banks 36,675 3.38
Flutter Entertainment UK Consumer Services Travel & leisure 35,987 3.32
Barclays UK Financials Banks 34,452 3.18
Shell UK Oil & Gas Oil & gas producers 33,475 3.09
Rolls Royce UK Industrials Aerospace & defence 25,452 2.35
BP UK Oil & Gas Oil & gas producers 24,083 2.23
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 23,042 2.13
Standard Chartered UK Financials Banks 20,592 1.90
Tesco UK Consumer Goods Food & Drug Retailers 18,806 1.74
Rio Tinto UK Basic Materials Mining 18,341 1.70
National Grid UK Utilities Gas, water & multiutilities 16,568 1.53
Senior UK Industrials Aerospace & defence 14,902 1.38
Herald Investment Trust UK Financials Equity investment instruments 14,100 1.30
NatWest UK Financials Banks 14,073 1.30
BT Group UK Telecommunications Fixed Line Telecommunications 13,830 1.28
IMI UK Industrials Industrial engineering 13,819 1.28
J Sainsbury plc UK Consumer Services General retailers 13,610 1.26
Cummins USA Industrials Industrial engineering 13,517 1.25
Marks & Spencer UK Consumer Services General retailers 13,428 1.24
Hill & Smith UK Industrials Industrial engineering 13,259 1.23
Aviva UK Financials Life insurance/assurance 13,223 1.22
Anglo American UK Basic Materials Mining 13,087 1.21
Kier UK Industrials Construction & materials 12,920 1.19
Balfour Beatty UK Industrials Construction & materials 12,859 1.19
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 12,752 1.18
Land Securities UK Financials Real estate investment trusts 12,672 1.17
M & G UK Financials Financial services 12,510 1.16
Boku UK Industrials Support services 12,375 1.14
Cranswick UK Consumer Goods Food producers 12,020 1.11
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,624 1.07
BAE Systems UK Industrials Aerospace & defence 11,623 1.07
International Consolidated Airlines UK Consumer Services Travel & leisure 11,612 1.07
Irish Continental Group Ireland Consumer Services Travel & leisure 11,226 1.04
Kingfisher UK Consumer Goods Household goods & home construction 11,201 1.04
Shaftesbury Capital PLC UK Financials Real estate investment trusts 11,178 1.03
Marshalls UK Industrials Construction & materials 11,101 1.03
Severn Trent UK Utilities Gas, water & multiutilities 10,988 1.02
ITV UK Consumer Services Media 10,930 1.01
Lloyds Banking Group UK Financials Banks 10,594 0.98
Prudential Corp UK Financials Life insurance/assurance 10,401 0.96
Babcock UK Industrials Aerospace & defence 10,357 0.96
Schroders PLC UK Financials Equity investment instruments 10,083 0.93
Hiscox UK Financials Nonlife insurance 9,878 0.91
Ibstock UK Industrials Construction & materials 9,486 0.88
Scottish Oriental Small Co UK Financials Equity investment instruments 9,223 0.85
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 9,008 0.83
Johnson Service Group UK Industrials Support services 8,961 0.83
Smith & Nephew UK Health Care Health care equipment & services 8,462 0.78
IP Group UK Financials Financial services 8,285 0.77
Dunelm UK Consumer Services General retailers 8,200 0.76
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 7,846 0.73
Hammerson UK Financials Real estate investment trusts 7,668 0.71
General Motors USA Consumer Goods Automobiles & parts 7,583 0.70
Ceres Power UK Oil & Gas Oil equipment services & distribution 7,575 0.70
Dowlais Group plc UK Consumer Goods Automobiles & parts 7,560 0.70
Vodafone UK Telecommunications Mobile telecommunications 7,553 0.70
Haleon UK Health Care Pharmaceuticals & biotechnology 7,492 0.69
Phoenix Group Holdings UK Financials Life insurance/assurance 7,315 0.68
Whitbread PLC Canada Consumer Services Travel & leisure 7,314 0.68
Weir Group UK Industrials Industrial engineering 7,272 0.67
Spectris UK Industrials Electronic & electrical equipment 7,211 0.67
Johnson Matthey UK Other Sustainable Energy 7,155 0.66
Beazley PLC (UK) UK Financials Nonlife insurance 7,123 0.66
Elementis UK Basic Materials Chemicals 7,107 0.66
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 6,766 0.63
VH Global Sustainable Energy Opportunities UK Other Sustainable Energy 6,760 0.62
International Personal Finance UK Financials Financial services 6,592 0.61
WPP LLP UK Consumer Services Media 6,574 0.61
Gibson Energy Canada Oil & Gas Oil & gas producers 6,351 0.59
AFC Energy UK Oil & Gas Alternative Energy 6,111 0.56
Sabre Insurance Group PLC UK Financials Nonlife insurance 5,958 0.55
Freeport-McMoran Inc USA Basic Materials Mining 5,784 0.53
Chesnara UK Financials Life insurance/assurance 5,489 0.51
Segro PLC UK Financials Real estate investment trusts 5,379 0.50
Reach UK Consumer Services Media 5,069 0.47
Inchcape UK Industrials Support services 5,063 0.47
SSE UK Utilities Electricity 4,893 0.45
Oxford Sciences Innovation UKULM Financials Financial services 4,767 0.44
Associated British Foods Plc UK Consumer Goods Food producers 4,755 0.44
Workspace Group PLC UK Financials Real estate investment trusts 4,690 0.43
SigmaRoc UK Industrials Construction & materials 4,650 0.43
Halfords UK Consumer Services General retailers 4,604 0.43
Epwin Group UK Consumer Goods Household goods & home construction 4,568 0.42
Ondine Biomedical Inc. Canada Health Care Pharmaceuticals & biotechnology 4,565 0.42
Zigup UK Industrials Support services 4,358 0.40
Standard Life Aberdeen UK Financials Financial services 4,254 0.39
Accsys Technologies UK Industrials Construction & materials 4,229 0.39
Castings UK Industrials Construction & materials 4,116 0.38
Bellway UK Consumer Goods Household goods & home construction 3,930 0.36
Convatec Group UK Health Care Health care equipment & services 3,702 0.34
Vertu Motors UK Consumer Services General retailers 3,559 0.33
Vanquis Banking Group UK Financials Financial services 3,508 0.32
ITM Power UK Oil & Gas Oil equipment services & distribution 3,435 0.32
Next Fifteen Communications Group UK Consumer Services Media 3,390 0.31
XP Power Ltd UK Technology Technology hardware & equipment 3,389 0.31
Croda UK Basic Materials Chemicals 3,344 0.31
SAP Germany Technology Software & computer services 3,260 0.30
Renold UK Industrials Industrial engineering 3,260 0.30
TT Electronics UK Industrials Electronic & electrical equipment 3,105 0.29
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 3,020 0.28
UniCredit Italy Financials Banks 3,000 0.28
Munchener Rueckver Germany Financials Nonlife insurance 2,917 0.27
Siemens AG Germany Technology Software & computer services 2,741 0.25
Sanofi France Health Care Pharmaceuticals & biotechnology 2,666 0.25
Novo Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,545 0.24
Safran SA France Industrials Aerospace & defence 2,461 0.23
Serica Energy UK Oil & Gas Oil & gas producers 2,459 0.23
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,380 0.22
Deutsche Boerse Germany Financials Financial services 2,332 0.22
Jubilee Metals Group UK Basic Materials Mining 2,267 0.21
DVS A/S Denmark Industrials Industrial transportation 2,260 0.21
Invinity Energy Systems UK Oil & Gas Alternative Energy 2,105 0.19
Hercules Site Services Plc UK Industrials Construction & materials 1,980 0.18
Watkin Jones UK Consumer Goods Household goods & home construction 1,962 0.18
ASML Netherlands Technology Technology hardware & equipment 1,952 0.18
Bawag Austria Financials Banks 1,873 0.17
Ricardo UK Industrials Support services 1,872 0.17
Gelion UK Other Sustainable Energy 1,852 0.17
SGS SA Switzerland Industrials Support services 1,821 0.17
Cellnex Telecom Spain Telecommunications Mobile telecommunications 1,809 0.17
Windar Photonics Plc UK Industrials Waste & Environ Svcs & Equip 1,797 0.17
Great Portland Estates UK Financials Real estate investments & services 1,731 0.16
LVMH France Consumer Goods Leisure Goods 1,663 0.15
Marstons UK Consumer Services Travel & leisure 1,499 0.14
Anheuser-Busch InBev Belgium Consumer Goods Beverages 1,424 0.13
Infineon Technologies AG Germany Industrials Electronic & electrical equipment 1,422 0.13
Danone SA France Consumer Goods Food producers 1,385 0.13
Nestle Switzerland Consumer Goods Food producers 1,350 0.12
Ilika UK Oil & Gas Alternative Energy 1,284 0.12
DSM-Firmenich AG Netherlands Basic Materials Chemicals 1,245 0.12
Aena SME Spain Consumer Services Travel & leisure 1,123 0.10
Logistics Development Group UK Industrials Industrial transportation 1,109 0.10
Arbuthnot Banking Group UK Financials Financial services 1,087 0.10
ASM International NV Netherlands Industrials Electronic & electrical equipment 1,046 0.10
Syensqo SA Belgium Basic Materials Chemicals 965 0.09
Kone Oyj Finland Industrials Electronic & electrical equipment 936 0.09
Gran Tierra Energy Inc Canada Oil & Gas Oil & gas producers 679 0.06
First Tin UK Basic Materials Mining 600 0.06
Kistos UK Oil & Gas Oil & gas producers 576 0.05
Longboat Energy UK Oil & Gas Oil & gas producers 510 0.05
SIMEC Atlantis Energy UK Utilities Electricity 379 0.04
Surface Transforms UK Consumer Goods Automobiles & parts 338 0.03
Carclo UK Basic Materials Chemicals 289 0.03
Indus Gas UK Oil & Gas Oil & gas producers 129 0.01
LDIC Investments UK Financials Financial services 88 0.01
Deltic Energy UK Oil & Gas Oil & gas producers 71 0.01
In accordance with UK listing rule 11.7.8, The Law Debenture Corporation
p.l.c. announces that it has no investments in other UK listed closed-ended
investment funds that require to be disclosed.
Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate,
London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606
5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
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