Last checked at 
1 Feb 2022 15:45
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 January 2022
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 31 January 2022 was 813.99 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 780.69 pence per share (cum income). The mid-market price at the close of business on 31 January 2022 was 801.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 801.12 | 813.99 |
NAV with debt at fair value | 767.82 | 780.69 |
Performance
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV total return (with debt at par)2 | -0.9 | 24.4 | 40.8 | 56.4 | 183.8 |
NAV total return (with debt at fair value)2 | 0.1 | 27.4 | 40.6 | 56.8 | 175.3 |
FTSE Actuaries All-Share Index Total Return3 | -0.3 | 18.9 | 21.7 | 30.2 | 104.4 |
Share price total return3 | 0.3 | 27.5 | 56.5 | 80.5 | 228.5 |
Change in Retail Price Index4 | 7.5 | 7.5 | 11.2 | 18.9 | 32.7 |
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: Office for National Statistics, subject to latest published RPI.
Geographical Split of investment portfolio
Region | % of portfolio 31 January 2022 | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 |
UK | 81.5 | 82.6 | 82.1 |
Europe | 9.4 | 10.0 | 10.1 |
North America | 5.7 | 5.4 | 5.4 |
Japan | 1.2 | 1.1 | 1.1 |
Other | 1.5 | 0.2 | 0.4 |
Other Pacific | 0.7 | 0.7 | 0.9 |
TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 January 2022 the portfolio comprised as follows:
Holding Name | Location | Sector | Industry | £000 | % |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 27,517 | 2.82 |
Shell plc | UK | Oil & Gas | Oil & gas producers | 23,570 | 2.41 |
HSBC | UK | Financials | Banks | 22,876 | 2.33 |
BP | UK | Oil & Gas | Oil & gas producers | 21,820 | 2.23 |
Barclays | UK | Financials | Banks | 21,300 | 2.17 |
Rio Tinto | UK | Basic Materials | Mining | 19,444 | 1.98 |
Lloyds Banking Group | UK | Financials | Banks | 15,315 | 1.56 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 15,240 | 1.55 |
National Grid | UK | Utilities | Gas, water & multiutilities | 15,213 | 1.55 |
NatWest | UK | Financials | Banks | 15,144 | 1.54 |
Accsys Technologies | UK | Industrials | Construction & materials | 14,782 | 1.51 |
Aviva | UK | Financials | Life insurance/assurance | 14,698 | 1.50 |
Anglo American | UK | Basic Materials | Mining | 14,526 | 1.48 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 14,360 | 1.46 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 13,818 | 1.41 |
Relx | UK | Consumer Services | Media | 13,608 | 1.39 |
BHP Group | Other | Basic Materials | Mining | 13,366 | 1.36 |
Marks & Spencer | UK | Consumer Services | General retailers | 13,261 | 1.35 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 12,352 | 1.26 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 12,320 | 1.26 |
Kingfisher plc | UK | Consumer Goods | Household goods & home construction | 12,249 | 1.25 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 12,209 | 1.25 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 12,120 | 1.24 |
Land Securities | UK | Financials | Real estate investment trusts | 12,040 | 1.23 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,964 | 1.22 |
M & G | UK | Financials | Financial services | 11,853 | 1.21 |
Linde | Germany | Basic Materials | Chemicals | 11,654 | 1.19 |
Prudential Corp | UK | Financials | Life insurance/assurance | 11,540 | 1.18 |
Senior | UK | Industrials | Aerospace & defence | 11,364 | 1.16 |
Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 11,356 | 1.16 |
Dunelm | UK | Consumer Services | General retailers | 11,039 | 1.13 |
Smith (DS) | UK | Industrials | General industrials | 10,571 | 1.08 |
BAE Systems | UK | Industrials | Aerospace & defence | 10,390 | 1.06 |
Standard Chartered | UK | Financials | Banks | 10,123 | 1.03 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 9,824 | 1.00 |
Rolls Royce | UK | Industrials | Aerospace & defence | 9,674 | 0.99 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 9,588 | 0.98 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 9,550 | 0.97 |
Hammerson | UK | Financials | Real estate investment trusts | 9,058 | 0.92 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 8,910 | 0.91 |
IP Group | UK | Financials | Financial services | 8,784 | 0.90 |
Hiscox | UK | Financials | Nonlife insurance | 8,781 | 0.90 |
Mondi | UK | Basic Materials | Forestry & paper | 8,735 | 0.89 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 8,589 | 0.88 |
Johnson Service Group | UK | Industrials | Support services | 8,579 | 0.87 |
Hill & Smith | UK | Industrials | Industrial engineering | 8,450 | 0.86 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 8,389 | 0.86 |
Elementis | UK | Basic Materials | Chemicals | 8,338 | 0.85 |
Centrica | UK | Utilities | Gas, water & multiutilities | 8,136 | 0.83 |
Kier | UK | Industrials | Construction & materials | 7,962 | 0.81 |
Cummins | USA | Industrials | Industrial engineering | 7,717 | 0.79 |
Caterpillar | USA | Industrials | Industrial engineering | 7,488 | 0.76 |
Jubilee Metals Group | UK | Basic Materials | Mining | 7,450 | 0.76 |
General Motors | USA | Consumer Goods | Automobiles & parts | 7,447 | 0.76 |
Urban Logistics REIT | UK | Financials | Real estate investment trusts | 7,259 | 0.74 |
Standard Life Aberdeen | UK | Financials | Financial services | 7,242 | 0.74 |
IMI | UK | Industrials | Industrial engineering | 7,206 | 0.73 |
Spectris | UK | Industrials | Electronic & electrical equipment | 7,153 | 0.73 |
Scottish Oriental Small Co | Other Asia | Financials | Equity investment instruments | 7,082 | 0.72 |
Balfour Beatty | UK | Industrials | Construction & materials | 6,944 | 0.71 |
Provident Financial | UK | Financials | Financial services | 6,916 | 0.71 |
Glencore | Switzerland | Basic Materials | Mining | 6,703 | 0.68 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,655 | 0.68 |
Royal Mail | UK | Industrials | Industrial transportation | 6,606 | 0.67 |
Halfords | UK | Consumer Services | General retailers | 6,556 | 0.67 |
Marshalls | UK | Industrials | Construction & materials | 6,300 | 0.64 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,246 | 0.64 |
Ibstock | UK | Industrials | Construction & materials | 6,202 | 0.63 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 6,030 | 0.61 |
Chesnara | UK | Financials | Life insurance/assurance | 5,895 | 0.60 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 5,889 | 0.60 |
International Personal Finance | UK | Financials | Financial services | 5,813 | 0.59 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 5,710 | 0.58 |
Unilever | UK | Consumer Goods | Personal goods | 5,681 | 0.58 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,612 | 0.57 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 5,472 | 0.56 |
Convatec Group | UK | Health Care | Health care equipment & services | 5,441 | 0.55 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 5,363 | 0.55 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,350 | 0.55 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 5,147 | 0.52 |
Euromoney | UK | Consumer Services | Media | 5,040 | 0.51 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.50 |
SigmaRoc | UK | Industrials | Construction & materials | 4,840 | 0.49 |
SSE | UK | Utilities | Electricity | 4,748 | 0.48 |
Babcock | UK | Industrials | Aerospace & defence | 4,517 | 0.46 |
Redde Northgate | UK | Industrials | Support services | 4,476 | 0.46 |
iEnergizer | Guernsey | Industrials | Support services | 4,391 | 0.45 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 4,356 | 0.44 |
ITV PLC | UK | Consumer Services | Media | 3,924 | 0.40 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 3,920 | 0.40 |
Nestle | Switzerland | Consumer Goods | Food producers | 3,889 | 0.40 |
Ricardo | UK | Industrials | Support services | 3,836 | 0.39 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,775 | 0.39 |
Vertu Motors | UK | Consumer Services | General retailers | 3,769 | 0.38 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,550 | 0.36 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,476 | 0.35 |
Weir Group | UK | Industrials | Industrial engineering | 3,457 | 0.35 |
Boku | UK | Industrials | Support services | 3,386 | 0.35 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,248 | 0.33 |
Bawag | Austria | Financials | Banks | 3,232 | 0.33 |
Libertine Holdings | UK | Other | Sustainable Energy | 3,200 | 0.33 |
Oxford Nanopore Tehcnologies | UK | Technology | Advanced Medical Equipment & Technology | 3,105 | 0.32 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 3,028 | 0.31 |
Reckitt Benckiser Group Plc | UK | Health Care | Health care equipment & services | 3,005 | 0.31 |
Marstons | UK | Consumer Services | Travel & leisure | 2,938 | 0.30 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,694 | 0.27 |
Morses Club | UK | Financials | Financial services | 2,506 | 0.26 |
Amundi | France | Financials | Financial services | 2,477 | 0.25 |
ONDINE BIOMEDICAL INC. | Canada | Health Care | Pharmaceuticals & biotechnology | 2,208 | 0.23 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,049 | 0.21 |
UniCredit | Italy | Financials | Banks | 2,040 | 0.21 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 2,009 | 0.20 |
SAP | Germany | Technology | Software & computer services | 1,901 | 0.19 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,896 | 0.19 |
Moncler | Italy | Consumer Goods | Personal goods | 1,822 | 0.19 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,770 | 0.18 |
Renold | UK | Industrials | Industrial engineering | 1,738 | 0.18 |
Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 1,681 | 0.17 |
Allied Minds | UK | Financials | Financial services | 1,665 | 0.17 |
Plant Health Care | USA | Basic Materials | Chemicals | 1,652 | 0.17 |
Arkema SA | France | Basic Materials | Chemicals | 1,625 | 0.17 |
Studio Retail Group | UK | Consumer Services | General retailers | 1,558 | 0.16 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,530 | 0.16 |
Faurecia | France | Consumer Goods | Automobiles & parts | 1,484 | 0.15 |
GELION PLC | Other | Other | Sustainable Energy | 1,470 | 0.15 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,394 | 0.14 |
Kion Group AG | Germany | Industrials | Construction & materials | 1,354 | 0.14 |
Danone SA | France | Consumer Goods | Food producers | 1,312 | 0.13 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,307 | 0.13 |
Safran SA | France | Industrials | Aerospace & defence | 1,270 | 0.13 |
Prosus | Netherlands | Technology | Software & computer services | 1,263 | 0.13 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,126 | 0.11 |
Allfunds Group | UK | Other | Other | 1,083 | 0.11 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 1,052 | 0.11 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,025 | 0.10 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 996 | 0.10 |
Mirriad Advertising | UK | Consumer Services | Media | 950 | 0.10 |
AB Skf | Sweden | Industrials | Construction & materials | 781 | 0.08 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 672 | 0.07 |
Jackson Financial | USA | Financials | Financial services | 666 | 0.07 |
Brockhaus Capital Management | Germany | Financials | Financial services | 468 | 0.05 |
Carclo | UK | Basic Materials | Chemicals | 403 | 0.04 |
Unlisted | UK | Financials | Financial services | 213 | 0.02 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 213 | 0.02 |
Iveco Group | Italy | Industrials | Industrial transportation | 146 | 0.01 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 100 | 0.01 |
Better Cap | UK | Financials | Equity investment instruments | 25 |
|
Permanent TSB | Ireland | Financials | Banks | 6 |
|
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, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21