Last checked at 
4 Jan 2022 16:10
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 December 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 31 December 2021 was 821.12 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 780.09 pence per share (cum income). The mid-market price at the close of business on 31 December 2021 was 799.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 810.25 | 821.12 |
NAV with debt at fair value | 769.22 | 780.09 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 21.2 | 21.2 | 47.0 | 57.2 | 194.7 |
NAV total return (with debt at fair value)2 | 23.1 | 23.1 | 44.9 | 56.9 | 183.1 |
FTSE Actuaries All-Share Index Total Return3 | 18.3 | 18.3 | 27.2 | 30.2 | 110.7 |
Share price total return3 | 19.2 | 19.2 | 67.6 | 81.2 | 237.0 |
Change in Retail Price Index4 | 6.4 | 7.1 | 10.4 | 18.4 | 31.8 |
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, November 2021.
Geographical Split of investment portfolio
Region | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 | % of portfolio 31 December 2019 |
UK | 82.6 | 82.1 | 80.7 |
Europe | 10.0 | 10.1 | 7.8 |
North America | 5.4 | 5.4 | 8.3 |
Japan | 1.1 | 1.1 | 1.1 |
Other | 0.2 | 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 31 December 2021 the portfolio comprised as follows:
Holding Name | Location | Sector | Industry | £000 | % |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 26,911 | 2.72 |
Royal Dutch Shell | UK | Oil & Gas | Oil & gas producers | 20,280 | 2.05 |
Barclays | UK | Financials | Banks | 20,196 | 2.04 |
HSBC | UK | Financials | Banks | 19,454 | 1.96 |
BP | UK | Oil & Gas | Oil & gas producers | 18,839 | 1.90 |
Rio Tinto | UK | Basic Materials | Mining | 18,345 | 1.85 |
Accsys Technologies | UK | Industrials | Construction & materials | 15,723 | 1.58 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 15,030 | 1.51 |
National Grid | UK | Utilities | Gas, water & multiutilities | 14,934 | 1.50 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 14,735 | 1.48 |
Relx | UK | Consumer Services | Media | 14,388 | 1.45 |
Lloyds Banking Group | UK | Financials | Banks | 14,340 | 1.44 |
Marks & Spencer | UK | Consumer Services | General retailers | 14,115 | 1.42 |
NatWest | UK | Financials | Banks | 14,100 | 1.42 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 13,950 | 1.41 |
Aviva | UK | Financials | Life insurance/assurance | 13,892 | 1.40 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,783 | 1.39 |
Anglo American | UK | Basic Materials | Mining | 13,572 | 1.37 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 13,488 | 1.36 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 13,058 | 1.32 |
Linde | Germany | Basic Materials | Chemicals | 12,819 | 1.29 |
Senior | UK | Industrials | Aerospace & defence | 12,542 | 1.26 |
BHP | UK | Basic Materials | Mining | 12,095 | 1.22 |
Prudential Corp | UK | Financials | Life insurance/assurance | 11,904 | 1.20 |
Land Securities | UK | Financials | Real estate investment trusts | 11,820 | 1.19 |
Kingfisher plc | UK | Consumer Goods | Household goods & home construction | 11,663 | 1.17 |
Dunelm | UK | Consumer Services | General retailers | 11,462 | 1.15 |
IP Group | UK | Financials | Financial services | 11,274 | 1.14 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,151 | 1.12 |
M & G | UK | Financials | Financial services | 10,948 | 1.10 |
Smith (DS) | UK | Industrials | General industrials | 10,807 | 1.09 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 10,657 | 1.07 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 10,597 | 1.07 |
Rolls Royce | UK | Industrials | Aerospace & defence | 10,383 | 1.05 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 10,157 | 1.02 |
Hill & Smith | UK | Industrials | Industrial engineering | 10,124 | 1.02 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 9,969 | 1.00 |
BAE Systems | UK | Industrials | Aerospace & defence | 9,896 | 1.00 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 9,676 | 0.97 |
Urban Logistics REIT | UK | Financials | Real estate investment trusts | 9,524 | 0.96 |
Kier | UK | Industrials | Construction & materials | 8,905 | 0.90 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 8,813 | 0.89 |
Mondi | UK | Basic Materials | Forestry & paper | 8,674 | 0.87 |
Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 8,655 | 0.87 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 8,559 | 0.86 |
Standard Chartered | UK | Financials | Banks | 8,456 | 0.85 |
Johnson Service Group | UK | Industrials | Support services | 8,249 | 0.83 |
General Motors | USA | Consumer Goods | Automobiles & parts | 8,231 | 0.83 |
Jubilee Metals Group | UK | Basic Materials | Mining | 8,221 | 0.83 |
Centrica | UK | Utilities | Gas, water & multiutilities | 8,039 | 0.81 |
Provident Financial | UK | Financials | Financial services | 7,928 | 0.80 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 7,817 | 0.79 |
Hiscox | UK | Financials | Nonlife insurance | 7,786 | 0.78 |
Spectris | UK | Industrials | Electronic & electrical equipment | 7,773 | 0.78 |
Elementis | UK | Basic Materials | Chemicals | 7,711 | 0.78 |
Hammerson | UK | Financials | Real estate investment trusts | 7,671 | 0.77 |
Caterpillar | USA | Industrials | Industrial engineering | 7,640 | 0.77 |
IMI | UK | Industrials | Industrial engineering | 7,595 | 0.77 |
Royal Mail | UK | Industrials | Industrial transportation | 7,590 | 0.76 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,585 | 0.76 |
Cummins | USA | Industrials | Industrial engineering | 7,574 | 0.76 |
Balfour Beatty | UK | Industrials | Construction & materials | 7,242 | 0.73 |
Standard Life Aberdeen | UK | Financials | Financial services | 7,239 | 0.73 |
Scottish Oriental Small Co | Other Asia | Financials | Equity investment instruments | 7,082 | 0.71 |
Halfords | UK | Consumer Services | General retailers | 6,901 | 0.70 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,807 | 0.69 |
Glencore | Switzerland | Basic Materials | Mining | 6,562 | 0.66 |
Marshalls | UK | Industrials | Construction & materials | 6,233 | 0.63 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,114 | 0.62 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 6,065 | 0.61 |
International Personal Finance | UK | Financials | Financial services | 5,999 | 0.60 |
Convatec Group | UK | Health Care | Health care equipment & services | 5,927 | 0.60 |
Unilever | UK | Consumer Goods | Personal goods | 5,918 | 0.60 |
Ibstock | UK | Industrials | Construction & materials | 5,886 | 0.59 |
Chesnara | UK | Financials | Life insurance/assurance | 5,843 | 0.59 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,760 | 0.58 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,551 | 0.56 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,340 | 0.54 |
Euromoney | UK | Consumer Services | Media | 5,112 | 0.52 |
Redde Northgate | UK | Industrials | Support services | 5,089 | 0.51 |
SSE | UK | Utilities | Electricity | 4,944 | 0.50 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.50 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 4,897 | 0.49 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 4,814 | 0.49 |
Babcock | UK | Industrials | Aerospace & defence | 4,762 | 0.48 |
Ilika | UK | Oil & Gas | Alternative Energy | 4,513 | 0.45 |
Oxford Nanopore Tehcnologies | UK | Technology | Advanced Medical Equipment & Technology | 4,466 | 0.45 |
SigmaRoc | UK | Industrials | Construction & materials | 4,410 | 0.44 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 4,356 | 0.44 |
Nestle | Switzerland | Consumer Goods | Food producers | 4,204 | 0.42 |
Blue Prism Group | UK | Technology | Software & computer services | 4,105 | 0.41 |
Vertu Motors | UK | Consumer Services | General retailers | 3,930 | 0.40 |
iEnergizer | Guernsey | Industrials | Support services | 3,808 | 0.38 |
UniCredit | Italy | Financials | Banks | 3,785 | 0.38 |
Ricardo | UK | Industrials | Support services | 3,753 | 0.38 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 3,738 | 0.38 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,729 | 0.38 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,672 | 0.37 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 3,631 | 0.37 |
Boku | UK | Industrials | Support services | 3,471 | 0.35 |
Weir Group | UK | Industrials | Industrial engineering | 3,423 | 0.34 |
Bawag | Austria | Financials | Banks | 3,306 | 0.33 |
Morses Club | UK | Financials | Financial services | 3,281 | 0.33 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,229 | 0.33 |
Reckitt Benckiser Group Plc | UK | Health Care | Health care equipment & services | 3,170 | 0.32 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,043 | 0.31 |
Libertine Holdings | UK | Other | Sustainable Energy | 3,000 | 0.30 |
Marstons | UK | Consumer Services | Travel & leisure | 2,829 | 0.29 |
Amundi | France | Financials | Financial services | 2,631 | 0.27 |
Studio Retail Group | UK | Consumer Services | General retailers | 2,481 | 0.25 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,314 | 0.23 |
ONDINE BIOMEDICAL INC. | Canada | Health Care | Pharmaceuticals & biotechnology | 2,292 | 0.23 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 2,201 | 0.22 |
SAP | Germany | Technology | Software & computer services | 2,142 | 0.22 |
Moncler | Italy | Consumer Goods | Personal goods | 2,095 | 0.21 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 2,054 | 0.21 |
Allied Minds | UK | Financials | Financial services | 1,980 | 0.20 |
GELION PLC | Other | Other | Sustainable Energy | 1,931 | 0.19 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 1,895 | 0.19 |
Plant Health Care | USA | Basic Materials | Chemicals | 1,864 | 0.19 |
Renold | UK | Industrials | Industrial engineering | 1,836 | 0.18 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,830 | 0.18 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,766 | 0.18 |
Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 1,678 | 0.17 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,671 | 0.17 |
Faurecia | France | Consumer Goods | Automobiles & parts | 1,612 | 0.16 |
Arkema SA | France | Basic Materials | Chemicals | 1,552 | 0.16 |
Kion Group AG | Germany | Industrials | Construction & materials | 1,501 | 0.15 |
Mirriad Advertising | UK | Consumer Services | Media | 1,425 | 0.14 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,326 | 0.13 |
Danone SA | France | Consumer Goods | Food producers | 1,308 | 0.13 |
Safran SA | France | Industrials | Aerospace & defence | 1,293 | 0.13 |
Prosus | Netherlands | Technology | Software & computer services | 1,272 | 0.13 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 1,270 | 0.13 |
Allfunds Group | UK | Other | Other | 1,261 | 0.13 |
AB Skf | Sweden | Industrials | Construction & materials | 1,243 | 0.13 |
Logistics Development Group | UK | Industrials | Industrial transportation | 987 | 0.10 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 918 | 0.09 |
Jackson Financial | USA | Financials | Financial services | 722 | 0.07 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 663 | 0.07 |
Brockhaus Capital Management | Germany | Financials | Financial services | 531 | 0.05 |
Carclo | UK | Basic Materials | Chemicals | 497 | 0.05 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 280 | 0.03 |
Unlisted | UK | Financials | Financial services | 213 | 0.02 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 83 | 0.01 |
Better Cap | UK | Financials | Equity investment instruments | 25 |
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Permanent TSB | Ireland | Financials | Banks | 5 |
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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