Last checked at 
3 Oct 2022 15:59
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 September 2022
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 September 2022 was 679.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 701.89 pence per share (cum income). The mid-market price at the close of business on 30 September 2022 was 674.00 pence per share. The second interim dividend will be paid on 27 October 2022 to shareholders on the register at the record date of 7 October 2022.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 666.18 | 679.00 |
NAV with debt at fair value | 689.08 | 701.89 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | -16.4 | -13.5 | 11.5 | 20.2 | 122.4 |
NAV total return (with debt at fair value)2 | -9.1 | -6.8 | 22.0 | 29.9 | 132.6 |
FTSE Actuaries All-Share Index Total Return3 | -7.9 | -4.0 | 2.4 | 11.3 | 79.5 |
Share price total return3 | -14.7 | -10.2 | 26.5 | 34.8 | 132.4 |
Change in Retail Price Index4 | 8.7 | 12.3 | 18.3 | 25.7 | 42.1 |
1 The fair value of the IPS business has been calculated as at 30 June 2022.
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, August 2022.
Geographical Split of investment portfolio
Region | % of portfolio 30 September 2022 | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 |
UK | 81.9 | 82.6 | 82.1 |
Europe | 10.6 | 10.0 | 10.1 |
North America | 6.3 | 5.4 | 5.4 |
Japan | 1.2 | 1.1 | 1.1 |
Other |
| 0.2 | 0.4 |
Other Pacific |
| 0.7 | 0.9 |
TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
As at 30 September 2022 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Shell | UK | Oil & Gas | Oil & gas producers | 28,081 | 3.48 |
BP | UK | Oil & Gas | Oil & gas producers | 24,687 | 3.05 |
HSBC | UK | Financials | Banks | 20,265 | 2.51 |
Rio Tinto | UK | Basic Materials | Mining | 18,360 | 2.27 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 18,151 | 2.25 |
Barclays | UK | Financials | Banks | 17,749 | 2.20 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 15,401 | 1.91 |
NatWest | UK | Financials | Banks | 14,677 | 1.82 |
Lloyds Banking Group | UK | Financials | Banks | 12,417 | 1.54 |
Anglo American | UK | Basic Materials | Mining | 12,310 | 1.52 |
National Grid | UK | Utilities | Gas, water & multiutilities | 12,186 | 1.51 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 11,869 | 1.47 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 11,032 | 1.36 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 10,961 | 1.36 |
Standard Chartered | UK | Financials | Banks | 10,684 | 1.32 |
BAE Systems | UK | Industrials | Aerospace & defence | 10,267 | 1.27 |
Aviva | UK | Financials | Life insurance/assurance | 9,987 | 1.24 |
Senior | UK | Industrials | Aerospace & defence | 9,982 | 1.24 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 9,732 | 1.20 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 9,606 | 1.19 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 9,584 | 1.19 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 9,578 | 1.19 |
Glencore | Switzerland | Basic Materials | Mining | 9,562 | 1.18 |
M & G | UK | Financials | Financial services | 9,158 | 1.13 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 9,067 | 1.12 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 8,921 | 1.10 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 8,864 | 1.10 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 8,794 | 1.09 |
Cummins | USA | Industrials | Industrial engineering | 8,574 | 1.06 |
Balfour Beatty | UK | Industrials | Construction & materials | 8,470 | 1.05 |
Prudential Corp | UK | Financials | Life insurance/assurance | 8,348 | 1.03 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 8,261 | 1.02 |
DS Smith | UK | Industrials | General industrials | 8,133 | 1.01 |
Hiscox | UK | Financials | Nonlife insurance | 7,980 | 0.99 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,963 | 0.99 |
Land Securities | UK | Financials | Real estate investment trusts | 7,947 | 0.98 |
IMI | UK | Industrials | Industrial engineering | 7,693 | 0.95 |
Convatec Group | UK | Health Care | Health care equipment & services | 7,552 | 0.93 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,538 | 0.93 |
Caterpillar | USA | Industrials | Industrial engineering | 7,351 | 0.91 |
Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 7,334 | 0.91 |
Mondi | UK | Basic Materials | Forestry & paper | 7,319 | 0.91 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 7,232 | 0.89 |
Marks & Spencer | UK | Consumer Services | General retailers | 6,905 | 0.85 |
Ibstock | UK | Industrials | Construction & materials | 6,804 | 0.84 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,621 | 0.82 |
Rolls Royce | UK | Industrials | Aerospace & defence | 6,574 | 0.81 |
Reckitt Benckiser Group | UK | Health Care | Health care equipment & services | 6,574 | 0.81 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 6,562 | 0.81 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,300 | 0.78 |
Jubilee Metals Group | UK | Basic Materials | Mining | 6,288 | 0.78 |
Hill & Smith | UK | Industrials | Industrial engineering | 6,064 | 0.75 |
Dunelm | UK | Consumer Services | General retailers | 6,059 | 0.75 |
Unilever | UK | Consumer Goods | Personal goods | 5,954 | 0.74 |
Spectris | UK | Industrials | Electronic & electrical equipment | 5,814 | 0.72 |
iEnergizer | Guernsey | Industrials | Support services | 5,755 | 0.71 |
Cranswick | UK | Consumer Goods | Food producers | 5,730 | 0.71 |
Chesnara | UK | Financials | Life insurance/assurance | 5,729 | 0.71 |
Boku | UK | Industrials | Support services | 5,662 | 0.70 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 5,594 | 0.69 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 5,592 | 0.69 |
Kier | UK | Industrials | Construction & materials | 5,509 | 0.68 |
General Motors | USA | Consumer Goods | Automobiles & parts | 5,469 | 0.68 |
IP Group | UK | Financials | Financial services | 5,414 | 0.67 |
Elementis | UK | Basic Materials | Chemicals | 5,288 | 0.65 |
Bayer AG | Germany | Health Care | Pharmaceuticals & biotechnology | 5,209 | 0.64 |
Johnson Service Group | UK | Industrials | Support services | 5,205 | 0.64 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,175 | 0.64 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,167 | 0.64 |
Babcock | UK | Industrials | Aerospace & defence | 5,143 | 0.64 |
Britishvolt Limited | UKULM | Other | Sustainable Energy | 5,000 | 0.62 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 4,935 | 0.61 |
ITV | UK | Consumer Services | Media | 4,724 | 0.58 |
Marshalls | UK | Industrials | Construction & materials | 4,618 | 0.57 |
SSE | UK | Utilities | Electricity | 4,583 | 0.57 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 4,476 | 0.55 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 4,290 | 0.53 |
Hammerson | UK | Financials | Real estate investment trusts | 4,186 | 0.52 |
Standard Life Aberdeen | UK | Financials | Financial services | 4,182 | 0.52 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,110 | 0.51 |
International Personal Finance | UK | Financials | Financial services | 4,089 | 0.51 |
Provident Financial | UK | Financials | Financial services | 4,088 | 0.51 |
Applied Materials | USA | Technology | Technology hardware & equipment | 4,037 | 0.50 |
Royal Mail | UK | Industrials | Industrial transportation | 3,872 | 0.48 |
Ricardo | UK | Industrials | Support services | 3,845 | 0.48 |
Halfords | UK | Consumer Services | General retailers | 3,830 | 0.47 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,828 | 0.47 |
Reach | UK | Consumer Services | Media | 3,809 | 0.47 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 3,556 | 0.44 |
Redde Northgate | UK | Industrials | Support services | 3,379 | 0.42 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 3,254 | 0.40 |
Nestle | Switzerland | Consumer Goods | Food producers | 3,222 | 0.40 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,124 | 0.39 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,899 | 0.36 |
Vertu Motors | UK | Consumer Services | General retailers | 2,843 | 0.35 |
Weir Group | UK | Industrials | Industrial engineering | 2,813 | 0.35 |
Plant Health Care | USA | Basic Materials | Chemicals | 2,780 | 0.34 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 2,647 | 0.33 |
Kistos | UK | Oil & Gas | Oil & gas producers | 2,640 | 0.33 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,436 | 0.30 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 2,118 | 0.26 |
Castings | UK | Industrials | Construction & materials | 2,117 | 0.26 |
Libertine Holdings | UK | Other | Sustainable Energy | 2,100 | 0.26 |
Bawag | Austria | Financials | Banks | 2,038 | 0.25 |
SigmaRoc | UK | Industrials | Construction & materials | 2,028 | 0.25 |
Amundi | France | Financials | Financial services | 1,918 | 0.24 |
UniCredit | Italy | Financials | Banks | 1,907 | 0.24 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 1,900 | 0.24 |
Safran SA | France | Industrials | Aerospace & defence | 1,802 | 0.22 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 1,693 | 0.21 |
Deutsche Boerse | Germany | Financials | Financial services | 1,606 | 0.20 |
Gelion | UK | Other | Sustainable Energy | 1,597 | 0.20 |
Danone SA | France | Consumer Goods | Food producers | 1,589 | 0.20 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,541 | 0.19 |
SAP | Germany | Technology | Software & computer services | 1,450 | 0.18 |
LVMH | France | Consumer Goods | Leisure Goods | 1,447 | 0.18 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,433 | 0.18 |
Renold | UK | Industrials | Industrial engineering | 1,406 | 0.17 |
Moncler | Italy | Consumer Goods | Personal goods | 1,393 | 0.17 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,383 | 0.17 |
Ilika | UK | Oil & Gas | Alternative Energy | 1,369 | 0.17 |
Airbus SE | Netherlands | Industrials | Aerospace & defence | 1,358 | 0.17 |
Marstons | UK | Consumer Services | Travel & leisure | 1,311 | 0.16 |
EDP Renovaveis SA | Spain | Other | Sustainable Energy | 1,306 | 0.16 |
Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,250 | 0.15 |
First Tin | UK | Basic Materials | Mining | 1,230 | 0.15 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,215 | 0.15 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,170 | 0.14 |
Arkema SA | France | Basic Materials | Chemicals | 1,157 | 0.14 |
Universal Music Group | Netherlands | Consumer Services | Media | 1,115 | 0.14 |
Allfunds Group | UK | Other | Other | 1,054 | 0.13 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 999 | 0.12 |
Allied Minds | UK | Financials | Financial services | 976 | 0.12 |
Sig Combibloc | Switzerland | Industrials | General industrials | 941 | 0.12 |
Logistics Development Group | UK | Industrials | Industrial transportation | 903 | 0.11 |
Sartorius AG | Germany | Health Care | Health care equipment & services | 867 | 0.11 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 839 | 0.10 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 837 | 0.10 |
Jackson Financial | USA | Financials | Financial services | 581 | 0.07 |
Kion Group AG | Germany | Industrials | Construction & materials | 520 | 0.06 |
ASM International NV | Netherlands | Industrials | Electronic & electrical equipment | 472 | 0.06 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 382 | 0.05 |
Brockhaus Capital Management | Germany | Financials | Financial services | 367 | 0.05 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 307 | 0.04 |
Bellway | UK | Consumer Goods | Household goods & home construction | 284 | 0.04 |
Mirriad Advertising | UK | Consumer Services | Media | 237 | 0.03 |
Carclo | UK | Basic Materials | Chemicals | 206 | 0.03 |
Morses Club | UK | Financials | Financial services | 188 | 0.02 |
LDIC Investments | UK | Financials | Financial services | 100 | 0.01 |
Barryroe Offshore Energy | Ireland | Oil & Gas | Oil & gas producers | 100 | 0.01 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 99 | 0.01 |
EuroAPI Sasu | France | Health Care | Pharmaceuticals & biotechnology | 91 | 0.01 |
Better Cap | UK | Financials | Equity investment instruments | 25 |
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Permanent TSB | Ireland | Financials | Banks | 6 |
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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