REG - Law Debenture Corp - Net Asset Value(s)
03/03/2025 17:00
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RNS Number : 1604Z Law Debenture Corp PLC 03 March 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 February 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 28 February 2025 was 868.93 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 901.40 pence
per share (cum income). The mid-market price at the close of business on 28
February 2025 was 905.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 866.14 868.93
NAV with debt at fair value 898.60 901.40
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 3.2 17.6 20.4 64.8 113.8
NAV total return (with debt at fair value)(2) 3.1 17.3 28.3 81.2 128.1
FTSE Actuaries All-Share Index Total Return(3) 6.9 18.4 27.7 53.4 82.7
Share price total return(3) 1.3 19.1 26.2 100.7 146.4
Change in Retail Price Index(4) -0.1 2.8 22.3 34.8 52.6
(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,
January 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
28 February 2025 31 December 2024
UK 88.1 87.6
Europe 5.4 5.5
North America 5.4 5.6
Japan 1.1 1.3
Other 0 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 28 February 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
HSBC UK Financials Banks 40,487 3.76
Barclays UK Financials Banks 36,111 3.35
Flutter Entertainment UK Consumer Services Travel & leisure 35,937 3.34
Shell UK Oil & Gas Oil & gas producers 32,950 3.05
Rolls Royce UK Industrials Aerospace & defence 31,248 2.89
BP UK Oil & Gas Oil & gas producers 24,926 2.31
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 24,051 2.23
Standard Chartered UK Financials Banks 23,920 2.22
Tesco UK Consumer Goods Food & Drug Retailers 19,205 1.78
Rio Tinto UK Basic Materials Mining 17,976 1.66
National Grid UK Utilities Gas, water & multiutilities 16,484 1.53
BT Group UK Telecommunications Fixed Line Telecommunications 15,566 1.44
NatWest UK Financials Banks 15,558 1.44
Senior UK Industrials Aerospace & defence 14,577 1.35
Marks & Spencer UK Consumer Services General retailers 14,192 1.31
Aviva UK Financials Life insurance/assurance 14,000 1.30
J Sainsbury UK Consumer Services General retailers 13,824 1.28
Cummins USA Industrials Industrial engineering 13,765 1.27
IMI UK Industrials Industrial engineering 13,764 1.27
BAE Systems UK Industrials Aerospace & defence 13,348 1.24
Herald Investment Trust UK Financials Equity investment instruments 13,230 1.23
Babcock UK Industrials Aerospace & defence 12,910 1.20
Kier UK Industrials Construction & materials 12,851 1.19
Anglo American UK Basic Materials Mining 12,848 1.19
Balfour Beatty UK Industrials Construction & materials 12,837 1.19
Hill & Smith UK Industrials Industrial engineering 12,713 1.18
M & G UK Financials Financial services 12,678 1.17
Lloyds Banking Group UK Financials Banks 12,407 1.15
Land Securities UK Financials Real estate investment trusts 12,270 1.14
International Consolidated Airlines UK Consumer Services Travel & leisure 12,110 1.12
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 11,707 1.08
Cranswick UK Consumer Goods Food producers 11,697 1.08
Kingfisher UK Consumer Goods Household goods & home construction 11,223 1.04
Prudential UK Financials Life insurance/assurance 11,158 1.03
Shaftesbury Capital UK Financials Real estate investment trusts 11,115 1.03
Boku UK Industrials Support services 10,907 1.01
Severn Trent UK Utilities Gas, water & multiutilities 10,884 1.01
Hiscox UK Financials Nonlife insurance 10,719 0.99
Irish Continental Group Ireland Consumer Services Travel & leisure 10,598 0.98
Schroders UK Financials Equity investment instruments 10,517 0.97
ITV UK Consumer Services Media 10,487 0.97
Marshalls UK Industrials Construction & materials 10,421 0.97
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 9,523 0.88
Smith & Nephew UK Health Care Health care equipment & services 9,434 0.87
Ibstock UK Industrials Construction & materials 9,238 0.86
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 9,128 0.85
Johnson Service Group UK Industrials Support services 8,632 0.80
Dunelm UK Consumer Services General retailers 8,080 0.75
Haleon UK Health Care Pharmaceuticals & biotechnology 7,964 0.74
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 7,821 0.72
Vodafone UK Telecommunications Mobile telecommunications 7,720 0.71
Beazley UK Financials Nonlife insurance 7,438 0.69
General Motors USA Consumer Goods Automobiles & parts 7,426 0.69
Hammerson UK Financials Real estate investment trusts 7,324 0.68
Weir Group UK Industrials Industrial engineering 7,290 0.68
Phoenix Group Holdings UK Financials Life insurance/assurance 7,252 0.67
Johnson Matthey UK Other Sustainable Energy 7,150 0.66
VH Global Energy Infrastructure UK Other Sustainable Energy 7,008 0.65
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 6,965 0.64
Whitbread Canada Consumer Services Travel & leisure 6,952 0.64
Spectris UK Industrials Electronic & electrical equipment 6,831 0.63
IP Group UK Financials Financial services 6,825 0.63
Elementis UK Basic Materials Chemicals 6,809 0.63
International Personal Finance UK Financials Financial services 6,721 0.62
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 6,283 0.58
Freeport-McMoran USA Basic Materials Mining 5,867 0.54
Sabre Insurance Group UK Financials Nonlife insurance 5,769 0.53
Greencoat UK Wind UK Utilities Electricity 5,625 0.52
Gibson Energy Canada Oil & Gas Oil & gas producers 5,504 0.51
WPP LLP UK Consumer Services Media 5,474 0.51
Chesnara UK Financials Life insurance/assurance 5,426 0.50
Segro UK Financials Real estate investment trusts 5,282 0.49
AFC Energy UK Oil & Gas Alternative Energy 5,115 0.47
Inchcape UK Industrials Support services 5,093 0.47
SigmaRoc UK Industrials Construction & materials 5,090 0.47
Reach UK Consumer Services Media 4,913 0.45
Associated British Foods UK Consumer Goods Food producers 4,735 0.44
Oxford Sciences Innovation UKULM Financials Financial services 4,600 0.43
SSE UK Utilities Electricity 4,572 0.42
Zigup UK Industrials Support services 4,401 0.41
Standard Life Aberdeen UK Financials Financial services 4,360 0.40
Accsys Technologies UK Industrials Construction & materials 4,337 0.40
Workspace Group UK Financials Real estate investment trusts 4,320 0.40
Epwin Group UK Consumer Goods Household goods & home construction 4,270 0.40
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 3,995 0.37
Castings UK Industrials Construction & materials 3,990 0.37
Halfords UK Consumer Services General retailers 3,966 0.37
Convatec Group UK Health Care Health care equipment & services 3,891 0.36
Ceres Power UK Oil & Gas Oil equipment services & distribution 3,588 0.33
Vanquis Banking Group UK Financials Financial services 3,555 0.33
Bellway UK Consumer Goods Household goods & home construction 3,510 0.33
Vertu Motors UK Consumer Services General retailers 3,506 0.32
Croda UK Basic Materials Chemicals 3,304 0.31
SAP Germany Technology Software & computer services 3,202 0.30
Next Fifteen Communications Group UK Consumer Services Media 3,020 0.28
Munchener Rueckver Germany Financials Nonlife insurance 3,003 0.28
Siemens Germany Technology Software & computer services 2,885 0.27
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 2,869 0.27
XP Power UK Technology Technology hardware & equipment 2,800 0.26
TT Electronics UK Industrials Electronic & electrical equipment 2,776 0.26
ITM Power UK Oil & Gas Oil equipment services & distribution 2,710 0.25
Novo Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,649 0.25
Ilika UK Oil & Gas Alternative Energy 2,640 0.24
Sanofi France Health Care Pharmaceuticals & biotechnology 2,629 0.24
Safran France Industrials Aerospace & defence 2,536 0.23
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,473 0.23
Deutsche Boerse Germany Financials Financial services 2,426 0.22
Renold UK Industrials Industrial engineering 2,414 0.22
DVS Denmark Industrials Industrial transportation 2,233 0.21
Serica Energy UK Oil & Gas Oil & gas producers 2,203 0.20
Bawag Austria Financials Banks 2,048 0.19
Hercules Site Services UK Industrials Construction & materials 1,980 0.18
Cellnex Telecom Spain Telecommunications Mobile telecommunications 1,897 0.18
SGS Switzerland Industrials Support services 1,892 0.18
Jubilee Metals Group UK Basic Materials Mining 1,870 0.17
Watkin Jones UK Consumer Goods Household goods & home construction 1,869 0.17
Invinity Energy Systems UK Oil & Gas Alternative Energy 1,862 0.17
ASML Netherlands Technology Technology hardware & equipment 1,809 0.17
Anheuser-Busch InBev Belgium Consumer Goods Beverages 1,694 0.16
Gelion UK Other Sustainable Energy 1,654 0.15
Great Portland Estates UK Financials Real estate investments & services 1,641 0.15
LVMH France Consumer Goods Leisure Goods 1,620 0.15
Marstons UK Consumer Services Travel & leisure 1,551 0.14
Infineon Technologies Germany Industrials Electronic & electrical equipment 1,547 0.14
Nestle Switzerland Consumer Goods Food producers 1,508 0.14
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 1,397 0.13
Danone France Consumer Goods Food producers 1,395 0.13
DSM-Firmenich Netherlands Basic Materials Chemicals 1,282 0.12
Aena Spain Consumer Services Travel & leisure 1,139 0.11
Seascape Energy Asia UK Oil & Gas Oil & gas producers 1,080 0.10
Arbuthnot Banking Group UK Financials Financial services 1,039 0.10
Kone Finland Industrials Electronic & electrical equipment 1,000 0.09
Logistics Development Group UK Industrials Industrial transportation 995 0.09
ASM International Netherlands Industrials Electronic & electrical equipment 930 0.09
Syensqo Belgium Basic Materials Chemicals 878 0.08
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 541 0.05
First Tin UK Basic Materials Mining 540 0.05
Kistos UK Oil & Gas Oil & gas producers 531 0.05
SIMEC Atlantis Energy UK Utilities Electricity 361 0.03
Carclo UK Basic Materials Chemicals 269 0.02
Surface Transforms UK Consumer Goods Automobiles & parts 220 0.02
Indus Gas UK Oil & Gas Oil & gas producers 112 0.01
LDIC Investments UK Financials Financial services 88 0.01
Deltic Energy UK Oil & Gas Oil & gas producers 56 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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