TIDMLWDB
RNS Number : 7544Q
Law Debenture Corp PLC
01 March 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 26 February 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 26 February 2021 was 705.18 pence per
share (cum income) which includes the proposed 2020 final dividend
of 8.0 pence as the shares go ex-dividend on 11 March 2021. With
the Corporation's long term debt stated at fair value, the NAV was
671.26 pence per share (cum income). The mid-market price at the
close of business on 26 February 2021 was 698.00 pence per share.
The final dividend will be paid on 15 April 2021 to holders on the
register at the record date of 12 March 2021.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 704.36 705.18
------------------------ ------------------------
NAV with debt at fair value 670.44 671.26
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) 1.2 3.5 17.1 66.4 141.2
------------------------------------------------ --- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) 2.9 4.2 15.8 61.9 131.9
------------------------------------------------ --- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) 1.2 -7.7 0.4 34.1 68.2
------------------------------------------------ --- ------ ------- ------- --------
Share price total return (3) 1.2 19.7 35.0 90.4 178.3
------------------------------------------------ --- ------ ------- ------- --------
Change in Retail Price Index (4) 0.3 1.4 6.7 13.8 28.6
------------------------------------------------ --- ------ ------- ------- --------
(1) The fair value of the IPS business has been calculated as at
31 December 2020 and was published as part of the year end results
announcement on 26 February 2020.
(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; January
2021.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
26 February 2021 31 December 2020 31 December 2019
UK 81.7 82.0 80.7
Europe 9.9 10.6 7.8
North America 6.6 5.4 8.3
Japan 1.0 1.1 1.1
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 26 February 2021 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 23,201 2.74
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 19,946 2.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 17,345 2.04
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Barclays PLC UK Financials Banks 17,230 2.04
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 16,630 1.97
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 16,385 1.94
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 14,031 1.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
HSBC UK Financials Banks 13,368 1.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 13,155 1.56
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 12,660 1.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BHP UK Basic Materials Mining 12,482 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Anglo American UK Basic Materials Mining 12,474 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 12,250 1.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,935 1.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 11,364 1.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 11,190 1.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 11,171 1.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 10,915 1.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 10,675 1.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 10,433 1.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 10,420 1.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 10,260 1.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IP Group plc UK Financials Financial services 10,238 1.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Relx UK Consumer Services Media 10,152 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 10,134 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 10,132 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
NatWest UK Financials Banks 10,128 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 9,750 1.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Johnson Service UK Industrials Support services 9,353 1.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 9,340 1.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 9,293 1.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 9,263 1.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
M & G UK Financials Financial services 9,193 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 9,096 1.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 8,976 1.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 8,797 1.04
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,737 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 8,728 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Chartered UK Financials Banks 8,714 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 8,710 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 8,539 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,537 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 8,475 1.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 8,189 0.97
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 7,832 0.93
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BT Group PLC UK Telecommunications Fixed Line Telecommunications 7,706 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 7,613 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 7,419 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 7,389 0.87
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
St Modwen Properties UK Financials Real estate investments & services 7,308 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 7,277 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 7,237 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 7,194 0.85
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Croda UK Basic Materials Chemicals 7,090 0.84
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 7,013 0.83
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 6,593 0.78
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 6,549 0.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 6,512 0.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 6,447 0.76
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Provident Financial UK Financials Financial services 6,192 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,129 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IMI UK Industrials Industrial engineering 5,727 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,686 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,635 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,500 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 5,464 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,372 0.64
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 5,365 0.63
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Halfords UK Consumer Services General retailers 5,202 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 5,187 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 5,114 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Boku UK Industrials Support services 4,925 0.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 4,612 0.55
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 4,236 0.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 4,231 0.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,077 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bawag Austria Financials Banks 4,036 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,025 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SSE UK Utilities Electricity 3,972 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,964 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,771 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,767 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Personal Finance UK Financials Financial services 3,767 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 3,733 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grit Real Estate Income Guernsey Financials Real estate investment trusts 3,700 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 3,595 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,550 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 3,545 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,518 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 3,517 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
UniCredit Italy Financials Banks 3,360 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morses Club UK Financials Financial services 3,327 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,260 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SANOFI SA France Health Care Pharmaceuticals & biotechnology 3,257 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 3,249 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 3,236 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Redde Northgate UK Industrials Support services 3,204 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,057 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
VH Global Sustainable Energy
Opportunities plc UK Other Sustainable Energy 3,030 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Convatec Group UK Health Care Health care equipment & services 3,013 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
iEnergizer Ltd Guernsey Industrials Support services 3,000 0.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 2,891 0.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,858 0.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 2,761 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 2,753 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,722 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ricardo UK Industrials Support services 2,636 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 2,624 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allied Minds UK Financials Financial services 2,405 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,396 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Worldline France Industrials Support services 2,365 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Amundi France Financials Financial services 2,356 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,193 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Augean UK Industrials Support services 2,035 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vivendi France Consumer Services Media 1,992 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 1,988 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bacanora Lithium PLC UK Basic Materials Mining 1,914 0.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,863 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,730 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,727 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nexi Italy Industrials Support services 1,604 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 1,583 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Logistics Development Group Plc UK Industrials Industrial transportation 1,378 0.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Stellantis N.V. Netherlands Consumer Goods Automobiles & parts 1,312 0.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Surface Transforms plc UK Consumer Goods Automobiles & parts 1,300 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,253 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Renold UK Industrials Industrial engineering 1,163 0.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 1,106 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 1,095 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 1,068 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 878 0.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 636 0.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AUTO1 Group SE Germany Other Financial Technology 545 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 284 0.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 176 0.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 95 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Permanent TSB Ireland Financials Banks 4 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Fastjet (delisted) UK Consumer Services Travel & leisure 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Interserve (delisted) UK Industrials Support services 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
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(END) Dow Jones Newswires
March 01, 2021 10:40 ET (15:40 GMT)
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