Last checked at 
1 Dec 2021 17:21
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 November 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 November 2021 was 794.62 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 751.91 pence per share (cum income). The mid-market price at the close of business on 30 November 2021 was 754.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 779.50 | 794.62 |
NAV with debt at fair value | 736.78 | 751.91 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 17.3 | 25.7 | 36.4 | 59.4 | 189.0 |
NAV total return (with debt at fair value)2 | 18.7 | 27.3 | 33.0 | 57.6 | 176.5 |
FTSE Actuaries All-Share Index Total Return3 | 13.0 | 17.4 | 16.9 | 30.6 | 103.0 |
Share price total return3 | 12.5 | 25.6 | 51.5 | 74.3 | 196.3 |
Change in Retail Price Index4 | 5.6 | 6.0 | 9.7 | 17.8 | 31.1 |
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, October 2021.
Geographical Split of investment portfolio
Region | % of portfolio 30 November 2021 | % of portfolio 31 December 2020 | % of portfolio 31 December 2019 |
UK | 82.4 | 82.1 | 80.7 |
Europe | 10.1 | 10.1 | 7.8 |
North America | 5.3 | 5.4 | 8.3 |
Japan | 1.2 | 1.1 | 1.1 |
Other | 0.2 | 0.4 | 1.2 |
Other Pacific | 0.8 | 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 November 2021 the portfolio comprised as follows:
Holding Name | Location | Sector | Industry | £000 | % |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 25,544 | 2.71 |
Barclays | UK | Financials | Banks | 19,896 | 2.11 |
Royal Dutch Shell | UK | Oil & Gas | Oil & gas producers | 19,718 | 2.09 |
BP | UK | Oil & Gas | Oil & gas producers | 18,551 | 1.98 |
HSBC | UK | Financials | Banks | 18,186 | 1.94 |
Rio Tinto | UK | Basic Materials | Mining | 17,295 | 1.84 |
Accsys Technologies | UK | Industrials | Construction & materials | 14,693 | 1.56 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 14,557 | 1.55 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 14,430 | 1.54 |
Marks & Spencer | UK | Consumer Services | General retailers | 14,408 | 1.53 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 14,280 | 1.52 |
National Grid | UK | Utilities | Gas, water & multiutilities | 14,182 | 1.51 |
Lloyds Banking Group | UK | Financials | Banks | 14,040 | 1.49 |
Relx | UK | Consumer Services | Media | 14,016 | 1.49 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,822 | 1.47 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 13,520 | 1.44 |
NatWest | UK | Financials | Banks | 13,288 | 1.41 |
Aviva | UK | Financials | Life insurance/assurance | 13,032 | 1.39 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 12,874 | 1.37 |
Anglo American | UK | Basic Materials | Mining | 12,470 | 1.33 |
Linde | Germany | Basic Materials | Chemicals | 12,017 | 1.28 |
Prudential Corp | UK | Financials | Life insurance/assurance | 11,913 | 1.27 |
BHP | UK | Basic Materials | Mining | 11,363 | 1.21 |
Senior | UK | Industrials | Aerospace & defence | 11,159 | 1.19 |
Dunelm | UK | Consumer Services | General retailers | 11,155 | 1.19 |
Land Securities | UK | Financials | Real estate investment trusts | 11,077 | 1.18 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,957 | 1.17 |
IP Group | UK | Financials | Financial services | 10,508 | 1.12 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 10,385 | 1.11 |
Rolls Royce | UK | Industrials | Aerospace & defence | 10,351 | 1.10 |
M & G | UK | Financials | Financial services | 10,280 | 1.09 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 10,189 | 1.08 |
Smith (DS) | UK | Industrials | General industrials | 10,089 | 1.07 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 9,913 | 1.06 |
BAE Systems | UK | Industrials | Aerospace & defence | 9,868 | 1.05 |
Hill & Smith | UK | Industrials | Industrial engineering | 9,547 | 1.02 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 9,500 | 1.01 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 9,028 | 0.96 |
Urban Logistics REIT | UK | Financials | Real estate investment trusts | 8,855 | 0.94 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 8,801 | 0.94 |
Kier | UK | Industrials | Construction & materials | 8,759 | 0.93 |
Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 8,429 | 0.90 |
General Motors | USA | Consumer Goods | Automobiles & parts | 8,267 | 0.88 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 8,222 | 0.88 |
Mondi | UK | Basic Materials | Forestry & paper | 8,168 | 0.87 |
Jubilee Metals Group | UK | Basic Materials | Mining | 8,118 | 0.86 |
Elementis | UK | Basic Materials | Chemicals | 7,904 | 0.84 |
Standard Chartered | UK | Financials | Banks | 7,848 | 0.84 |
Provident Financial | UK | Financials | Financial services | 7,840 | 0.83 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 7,809 | 0.83 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 7,639 | 0.81 |
Royal Mail | UK | Industrials | Industrial transportation | 7,521 | 0.80 |
Hiscox | UK | Financials | Nonlife insurance | 7,493 | 0.80 |
Spectris | UK | Industrials | Electronic & electrical equipment | 7,444 | 0.79 |
IMI | UK | Industrials | Industrial engineering | 7,438 | 0.79 |
Cummins | USA | Industrials | Industrial engineering | 7,412 | 0.79 |
Scottish Oriental Small Co | Other Asia | Financials | Equity investment instruments | 7,397 | 0.79 |
Johnson Service Group | UK | Industrials | Support services | 7,339 | 0.78 |
Centrica | UK | Utilities | Gas, water & multiutilities | 7,288 | 0.78 |
Caterpillar | USA | Industrials | Industrial engineering | 7,279 | 0.78 |
Standard Life Aberdeen | UK | Financials | Financial services | 7,011 | 0.75 |
Hammerson | UK | Financials | Real estate investment trusts | 6,660 | 0.71 |
Balfour Beatty | UK | Industrials | Construction & materials | 6,452 | 0.69 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,325 | 0.67 |
Glencore | Switzerland | Basic Materials | Mining | 6,249 | 0.67 |
Marshalls | UK | Industrials | Construction & materials | 6,242 | 0.66 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,073 | 0.65 |
Halfords | UK | Consumer Services | General retailers | 5,975 | 0.64 |
Unilever | UK | Consumer Goods | Personal goods | 5,789 | 0.62 |
Chesnara | UK | Financials | Life insurance/assurance | 5,739 | 0.61 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 5,720 | 0.61 |
International Personal Finance | UK | Financials | Financial services | 5,580 | 0.59 |
Ibstock | UK | Industrials | Construction & materials | 5,570 | 0.59 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 5,513 | 0.59 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,442 | 0.58 |
Euromoney | UK | Consumer Services | Media | 5,267 | 0.56 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,040 | 0.54 |
Convatec Group | UK | Health Care | Health care equipment & services | 5,018 | 0.53 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.53 |
Blue Prism Group | UK | Technology | Software & computer services | 4,871 | 0.52 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 4,784 | 0.51 |
SSE | UK | Utilities | Electricity | 4,655 | 0.50 |
Redde Northgate | UK | Industrials | Support services | 4,605 | 0.49 |
SigmaRoc | UK | Industrials | Construction & materials | 4,518 | 0.48 |
Babcock | UK | Industrials | Aerospace & defence | 4,429 | 0.47 |
Oxford Nanopore Tehcnologies | UK | Technology | Advanced Medical Equipment & Technology | 4,421 | 0.47 |
Bawag | Austria | Financials | Banks | 4,415 | 0.47 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 4,381 | 0.47 |
Kingfisher plc | UK | Consumer Goods | Household goods & home construction | 4,277 | 0.46 |
Nestle | Switzerland | Consumer Goods | Food producers | 3,933 | 0.42 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 3,797 | 0.40 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,707 | 0.39 |
Boku | UK | Industrials | Support services | 3,661 | 0.39 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,643 | 0.39 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,626 | 0.39 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,574 | 0.38 |
iEnergizer | Guernsey | Industrials | Support services | 3,570 | 0.38 |
Ricardo | UK | Industrials | Support services | 3,519 | 0.37 |
Vertu Motors | UK | Consumer Services | General retailers | 3,471 | 0.37 |
Weir Group | UK | Industrials | Industrial engineering | 3,334 | 0.35 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,243 | 0.35 |
Morses Club | UK | Financials | Financial services | 3,133 | 0.33 |
Reckitt Benckiser Group Plc | UK | Health Care | Health care equipment & services | 3,055 | 0.33 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 3,048 | 0.32 |
UniCredit | Italy | Financials | Banks | 3,040 | 0.32 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 2,982 | 0.32 |
Amundi | France | Financials | Financial services | 2,705 | 0.29 |
Studio Retail Group | UK | Consumer Services | General retailers | 2,511 | 0.27 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 2,492 | 0.27 |
Marstons | UK | Consumer Services | Travel & leisure | 2,391 | 0.25 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 2,274 | 0.24 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 2,173 | 0.23 |
Moncler | Italy | Consumer Goods | Personal goods | 2,123 | 0.23 |
Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 2,050 | 0.22 |
GELION PLC | Other | Other | Sustainable Energy | 2,041 | 0.22 |
Allied Minds | UK | Financials | Financial services | 1,943 | 0.21 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,890 | 0.20 |
Renold | UK | Industrials | Industrial engineering | 1,836 | 0.20 |
Plant Health Care | USA | Basic Materials | Chemicals | 1,729 | 0.18 |
Faurecia | France | Consumer Goods | Automobiles & parts | 1,644 | 0.18 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,615 | 0.17 |
Mirriad Advertising | UK | Consumer Services | Media | 1,477 | 0.16 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,360 | 0.14 |
Danone SA | France | Consumer Goods | Food producers | 1,264 | 0.13 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 1,189 | 0.13 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,153 | 0.12 |
AB Skf | Sweden | Industrials | Construction & materials | 1,101 | 0.12 |
Nexi | Italy | Industrials | Support services | 1,097 | 0.12 |
Safran SA | France | Industrials | Aerospace & defence | 1,035 | 0.11 |
Allfunds Group | UK | Other | Other | 1,034 | 0.11 |
Logistics Development Group | UK | Industrials | Industrial transportation | 972 | 0.10 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 958 | 0.10 |
Prosus | Netherlands | Technology | Software & computer services | 853 | 0.09 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 835 | 0.09 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 736 | 0.08 |
Brockhaus Capital Management | Germany | Financials | Financial services | 558 | 0.06 |
Jackson Financial | USA | Financials | Financial services | 556 | 0.06 |
Worldline | France | Industrials | Support services | 533 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 531 | 0.06 |
AUTO1 Group | Germany | Other | Financial Technology | 298 | 0.03 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 289 | 0.03 |
Unlisted | UK | Financials | Financial services | 213 | 0.02 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 73 | 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