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Law Debenture Corp - Net Asset Value(s)

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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