TIDMLWDB
RNS Number : 6075N
Law Debenture Corp PLC
01 February 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 29 January 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 business(1) on 29 January 2021 was 678.37 pence per
share (cum income). With the Corporation's long term debt stated at
fair value, the NAV was 636.66 pence per share (cum income). The
mid-market price at the close of business on 29 January 2021 was
647.00 pence per share. The third interim dividend in respect of
the year ending 31 December 2020 of 6.5 pence per share was paid on
28 January 2021.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 671.93 678.37
------------------------ ------------------------
NAV with debt at fair value 630.22 636.66
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -2.5 -1.8 7.3 61.0 136.3
------------------------------------------------ ---- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -2.3 -2.6 4.9 54.9 123.8
------------------------------------------------ ---- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -0.8 -11.0 -3.5 27.4 70.5
------------------------------------------------ ---- ------ ------- ------- --------
Share price total return (3) -6.2 5.9 17.9 76.3 158.1
------------------------------------------------ ---- ------ ------- ------- --------
Change in Retail Price Index (4) 1.2 1.2 6.2 13.4 29.3
------------------------------------------------ ---- ------ ------- ------- --------
(1) The fair value of the IPS business is consistent with the
most recent formal valuation at 30 June 2020. The fair value at 31
December 2020 is currently being calculated and will be published
as part of our audited results. This, along with other year-end
adjustments, will result in a slight variance between the NAV we
have and the final audited NAV we will disclose in our Annual
Report and Accounts.
(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 latest published RPI; December
2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
29 January 2021 31 December 2020 31 December 2019
UK 80.5 82.1 80.7
Europe 10.5 10.1 7.8
North America 6.5 5.4 8.3
Japan 1.1 1.1 1.1
Other 0.5 0.4 1.2
Other Pacific 0.9 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 January 2021 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 22,726 2.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 20,955 2.64
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 20,522 2.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 15,903 2.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 15,476 1.95
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 13,200 1.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 12,543 1.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
HSBC UK Financials Banks 12,005 1.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 11,978 1.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 11,555 1.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 11,343 1.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,223 1.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BHP UK Basic Materials Mining 11,063 1.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 11,000 1.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 10,951 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 10,891 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Relx UK Consumer Services Media 10,875 1.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Anglo American UK Basic Materials Mining 10,861 1.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 10,247 1.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 10,170 1.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 9,734 1.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 9,710 1.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 9,595 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 9,366 1.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 9,082 1.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 9,038 1.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 8,969 1.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
M & G UK Financials Financial services 8,795 1.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 8,450 1.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IP Group plc UK Financials Financial services 8,419 1.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,396 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Chartered UK Financials Banks 8,371 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 8,316 1.04
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 8,208 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 8,203 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
NatWest UK Financials Banks 8,118 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 8,118 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 8,108 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,040 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 7,996 1.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 7,766 0.97
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 7,749 0.97
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 7,590 0.95
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Johnson Service UK Industrials Support services 7,521 0.94
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 7,436 0.93
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,245 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 7,230 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Croda UK Basic Materials Chemicals 7,223 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 7,219 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
St Modwen Properties UK Financials Real estate investments & services 7,104 0.89
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Barclays PLC UK Financials Banks 7,078 0.89
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 7,062 0.89
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 6,865 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 6,452 0.81
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 6,445 0.81
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 6,340 0.79
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 6,224 0.78
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 6,045 0.76
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 5,846 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,749 0.72
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,603 0.70
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IMI UK Industrials Industrial engineering 5,447 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Provident Financial UK Financials Financial services 5,410 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 5,339 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,272 0.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 5,222 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,128 0.64
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 5,065 0.63
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 4,937 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 4,914 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Halfords UK Consumer Services General retailers 4,905 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 4,882 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Boku UK Industrials Support services 4,857 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 4,841 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 4,651 0.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SSE UK Utilities Electricity 4,452 0.56
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 4,312 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,251 0.53
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 4,240 0.53
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,077 0.51
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 3,967 0.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,790 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grit Real Estate Income Other Financials Real estate investment trusts 3,775 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BT Group PLC UK Telecommunications Fixed Line Telecommunications 3,767 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,766 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Personal Finance UK Financials Financial services 3,720 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,553 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,478 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bawag Austria Financials Banks 3,456 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 3,433 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SANOFI SA France Health Care Pharmaceuticals & biotechnology 3,389 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,372 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,340 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 3,272 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,192 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
UniCredit Italy Financials Banks 3,065 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 3,026 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,022 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 3,018 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,976 0.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 2,904 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Redde Northgate UK Industrials Support services 2,866 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morses Club UK Financials Financial services 2,719 0.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 2,687 0.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vivendi France Consumer Services Media 2,631 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 2,621 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 2,544 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allied Minds UK Financials Financial services 2,498 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Amundi France Financials Financial services 2,347 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Worldline France Industrials Support services 2,295 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,269 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,116 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Augean UK Industrials Support services 2,086 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 2,082 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,938 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ricardo UK Industrials Support services 1,930 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 1,760 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nexi Italy Industrials Support services 1,622 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,607 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 1,553 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,538 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,384 0.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 1,291 0.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 1,128 0.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 906 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Renold UK Industrials Industrial engineering 857 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 716 0.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 709 0.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 514 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 240 0.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 209 0.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 76 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Permanent TSB Ireland Financials Banks 3 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Fastjet (delisted) UK Consumer Services Travel & leisure 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Interserve (delisted) UK Industrials Support services 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Stellantis N.V. Netherlands Consumer Goods Automobiles & parts 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
VH Global Sustainable Energy
Opportunities plc UK Other Sustainable Energy 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
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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END
NAVBUGDDLXGDGBB
(END) Dow Jones Newswires
February 01, 2021 10:37 ET (15:37 GMT)
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