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Sector
Telecoms
Size
Large Cap
Market Cap £8.54bn
Enterprise Value £33.41bn
Revenue £13.69bn
Position in Universe th / 6643

Law Debenture Corp - Net Asset Value and Portfolio Update

Tue 3rd March, 2020 7:00am
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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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