Last checked at 
1 Nov 2021 16:39
The Law Debenture Corporation p.l.c.
Net Asset Value as at 29 October 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 29 October 2021 was 812.16 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 779.93 pence per share (cum income). The mid-market price at the close of business on 29 October 2021 was 771.00 pence per share. The second interim dividend was paid on 28 October 2021 to shareholders on the register at the record date of 08 October 2021.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 799.22 | 812.16 |
NAV with debt at fair value | 766.98 | 779.93 |
Performance
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV total return (with debt at par)2 | 19.9 | 52.2 | 43.6 | 59.7 | 198.9 |
NAV total return (with debt at fair value)2 | 23.1 | 58.1 | 43.2 | 61.9 | 190.2 |
FTSE Actuaries All-Share Index Total Return3 | 15.6 | 35.4 | 20.9 | 32.2 | 109.3 |
Share price total return3 | 15.0 | 58.8 | 60.0 | 82.4 | 214.4 |
Change in Retail Price Index4 | 4.5 | 4.9 | 8.6 | 16.5 | 29.7 |
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, September 2021.
Geographical Split of investment portfolio
Region | % of portfolio 29 October 2021 | % of portfolio 31 December 2020 | % of portfolio 31 December 2019 |
UK | 81.9 | 82.1 | 80.7 |
Europe | 9.9 | 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 29 October 2021 the portfolio comprised as follows:
Holding Name | Location | Sector | Industry | £000 | % |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 25,269 | 2.57 |
Barclays | UK | Financials | Banks | 21,843 | 2.22 |
Royal Dutch Shell | UK | Oil & Gas | Oil & gas producers | 21,060 | 2.14 |
BP | UK | Oil & Gas | Oil & gas producers | 19,961 | 2.03 |
HSBC | UK | Financials | Banks | 19,146 | 1.95 |
Rio Tinto | UK | Basic Materials | Mining | 17,102 | 1.74 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 16,359 | 1.67 |
Lloyds Banking Group | UK | Financials | Banks | 15,066 | 1.54 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 14,620 | 1.49 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 14,100 | 1.44 |
Prudential Corp | UK | Financials | Life insurance/assurance | 13,959 | 1.42 |
NatWest | UK | Financials | Banks | 13,819 | 1.41 |
Accsys Technologies | UK | Industrials | Construction & materials | 13,752 | 1.40 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 13,690 | 1.40 |
Senior | UK | Industrials | Aerospace & defence | 13,668 | 1.39 |
Relx | UK | Consumer Services | Media | 13,584 | 1.38 |
Aviva | UK | Financials | Life insurance/assurance | 13,361 | 1.36 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,302 | 1.36 |
National Grid | UK | Utilities | Gas, water & multiutilities | 13,181 | 1.34 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 12,557 | 1.28 |
Anglo American | UK | Basic Materials | Mining | 12,521 | 1.28 |
Linde | Germany | Basic Materials | Chemicals | 11,738 | 1.20 |
Marks & Spencer | UK | Consumer Services | General retailers | 11,190 | 1.14 |
Rolls Royce | UK | Industrials | Aerospace & defence | 11,139 | 1.14 |
IP Group | UK | Financials | Financial services | 11,001 | 1.12 |
M & G | UK | Financials | Financial services | 10,989 | 1.12 |
Croda | UK | Basic Materials | Chemicals | 10,871 | 1.11 |
Smith (DS) | UK | Industrials | General industrials | 10,796 | 1.10 |
BHP | UK | Basic Materials | Mining | 10,641 | 1.08 |
Dunelm | UK | Consumer Services | General retailers | 10,616 | 1.08 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,587 | 1.08 |
Land Securities | UK | Financials | Real estate investment trusts | 10,467 | 1.07 |
Hill & Smith | UK | Industrials | Industrial engineering | 10,350 | 1.06 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 10,343 | 1.05 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 10,262 | 1.05 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 10,076 | 1.03 |
Applied Materials | USA | Technology | Technology hardware & equipment | 9,980 | 1.02 |
BAE Systems | UK | Industrials | Aerospace & defence | 9,932 | 1.01 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 9,582 | 0.98 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 9,410 | 0.96 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 9,409 | 0.96 |
Standard Chartered | UK | Financials | Banks | 9,332 | 0.95 |
Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 9,209 | 0.94 |
Urban Logistics REIT | UK | Financials | Real estate investment trusts | 9,061 | 0.92 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 8,936 | 0.91 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 8,678 | 0.88 |
Mondi | UK | Basic Materials | Forestry & paper | 8,669 | 0.88 |
Kier | UK | Industrials | Construction & materials | 8,661 | 0.88 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 8,392 | 0.86 |
Cummins | USA | Industrials | Industrial engineering | 8,228 | 0.84 |
Jubilee Metals Group | UK | Basic Materials | Mining | 8,221 | 0.84 |
Elementis | UK | Basic Materials | Chemicals | 8,174 | 0.83 |
Provident Financial | UK | Financials | Financial services | 8,140 | 0.83 |
Spectris | UK | Industrials | Electronic & electrical equipment | 7,999 | 0.82 |
Standard Life Aberdeen | UK | Financials | Financial services | 7,636 | 0.78 |
General Motors | USA | Consumer Goods | Automobiles & parts | 7,553 | 0.77 |
Hiscox | UK | Financials | Nonlife insurance | 7,535 | 0.77 |
Johnson Service Group | UK | Industrials | Support services | 7,532 | 0.77 |
Caterpillar | USA | Industrials | Industrial engineering | 7,448 | 0.76 |
IMI | UK | Industrials | Industrial engineering | 7,149 | 0.73 |
Hammerson | UK | Financials | Real estate investment trusts | 7,090 | 0.72 |
Scottish Oriental Small Co | Pacific | Financials | Equity investment instruments | 7,082 | 0.72 |
Balfour Beatty | UK | Industrials | Construction & materials | 7,021 | 0.72 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,844 | 0.70 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,793 | 0.69 |
Centrica | UK | Utilities | Gas, water & multiutilities | 6,786 | 0.69 |
Glencore | Switzerland | Basic Materials | Mining | 6,392 | 0.65 |
Marshalls | UK | Industrials | Construction & materials | 6,377 | 0.65 |
Royal Mail | UK | Industrials | Industrial transportation | 6,308 | 0.64 |
Chesnara | UK | Financials | Life insurance/assurance | 5,948 | 0.61 |
International Personal Finance | UK | Financials | Financial services | 5,924 | 0.60 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 5,899 | 0.60 |
Unilever | UK | Consumer Goods | Personal goods | 5,867 | 0.60 |
Euromoney | UK | Consumer Services | Media | 5,792 | 0.59 |
Ibstock | UK | Industrials | Construction & materials | 5,778 | 0.59 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 5,622 | 0.57 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,579 | 0.57 |
Convatec Group | UK | Health Care | Health care equipment & services | 5,559 | 0.57 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 5,465 | 0.56 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 5,429 | 0.55 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,331 | 0.54 |
Halfords | UK | Consumer Services | General retailers | 5,195 | 0.53 |
SigmaRoc | UK | Industrials | Construction & materials | 5,055 | 0.52 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.50 |
SSE | UK | Utilities | Electricity | 4,931 | 0.50 |
Blue Prism Group | UK | Technology | Software & computer services | 4,794 | 0.49 |
Babcock | UK | Industrials | Aerospace & defence | 4,776 | 0.49 |
Bawag | Austria | Financials | Banks | 4,641 | 0.47 |
Redde Northgate | UK | Industrials | Support services | 4,634 | 0.47 |
Boku | UK | Industrials | Support services | 3,958 | 0.40 |
Nestle | Switzerland | Consumer Goods | Food producers | 3,923 | 0.40 |
Studio Retail Group | UK | Consumer Services | General retailers | 3,903 | 0.40 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,878 | 0.40 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,866 | 0.39 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 3,769 | 0.38 |
Oxford Nanopore Tehcnologies | UK | Technology | Advanced Medical Equipment & Technology | 3,537 | 0.36 |
Ricardo | UK | Industrials | Support services | 3,510 | 0.36 |
Vertu Motors | UK | Consumer Services | General retailers | 3,494 | 0.36 |
Weir Group | UK | Industrials | Industrial engineering | 3,470 | 0.35 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,429 | 0.35 |
Morses Club | UK | Financials | Financial services | 3,429 | 0.35 |
Kingfisher plc | UK | Consumer Goods | Household goods & home construction | 3,350 | 0.34 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 3,263 | 0.33 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,216 | 0.33 |
UniCredit | Italy | Financials | Banks | 3,209 | 0.33 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 3,090 | 0.31 |
iEnergizer | Guernsey | Industrials | Support services | 2,965 | 0.30 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,941 | 0.30 |
Marstons | UK | Consumer Services | Travel & leisure | 2,925 | 0.30 |
Amundi | France | Financials | Financial services | 2,812 | 0.29 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 2,492 | 0.25 |
Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 2,307 | 0.24 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 2,301 | 0.23 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 2,291 | 0.23 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 2,250 | 0.23 |
Plant Health Care | USA | Basic Materials | Chemicals | 2,056 | 0.21 |
Moncler | Italy | Consumer Goods | Personal goods | 2,037 | 0.21 |
Allied Minds | UK | Financials | Financial services | 2,035 | 0.21 |
Faurecia | France | Consumer Goods | Automobiles & parts | 1,935 | 0.20 |
Renold | UK | Industrials | Industrial engineering | 1,769 | 0.18 |
Mirriad Advertising | UK | Consumer Services | Media | 1,741 | 0.18 |
Worldline | France | Industrials | Support services | 1,698 | 0.17 |
Nexi | Italy | Industrials | Support services | 1,591 | 0.16 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,553 | 0.16 |
Danone SA | France | Consumer Goods | Food producers | 1,356 | 0.14 |
Allfunds Group | UK | Other | Other | 1,231 | 0.13 |
Safran SA | France | Industrials | Aerospace & defence | 1,204 | 0.12 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,165 | 0.12 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 1,139 | 0.12 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,108 | 0.11 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 1,101 | 0.11 |
AB Skf | Sweden | Industrials | Construction & materials | 1,080 | 0.11 |
Logistics Development Group | UK | Industrials | Industrial transportation | 941 | 0.10 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 919 | 0.09 |
Prosus | Netherlands | Technology | Software & computer services | 908 | 0.09 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 659 | 0.07 |
Carclo | UK | Basic Materials | Chemicals | 541 | 0.06 |
Brockhaus Capital Management | Germany | Financials | Financial services | 541 | 0.06 |
Jackson Financial | USA | Financials | Financial services | 461 | 0.05 |
AUTO1 Group | Germany | Other | Financial Technology | 391 | 0.04 |
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 | 110 | 0.01 |
Better Cap | UK | Financials | Equity investment instruments | 25 |
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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