Last checked at 
1 Aug 2022 14:42
The Law Debenture Corporation p.l.c.
Net Asset Value as at 29 July 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 29 July 2022 was 768.85 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 766.33 pence per share (cum income). The mid-market price at the close of business on 29 July 2022 was 776.00 pence per share.
The NAV has been updated to reflect the change in the valuation of the IPS business, as reported in the 2022 Half Year Report.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 756.03 | 768.85 |
NAV with debt at fair value | 753.51 | 766.33 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | -5.4 | 0.1 | 26.5 | 37.6 | 159.8 |
NAV total return (with debt at fair value)2 | -0.8 | 4.4 | 32.9 | 43.8 | 162.1 |
FTSE Actuaries All-Share Index Total Return3 | -0.4 | 5.5 | 9.9 | 21.5 | 100.4 |
Share price total return3 | -1.8 | 4.7 | 45.3 | 58.9 | 177.1 |
Change in Retail Price Index4 | 7.0 | 11.8 | 17.4 | 24.9 | 40.6 |
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, June 2022.
Geographical Split of investment portfolio
Region | % of portfolio 29 July 2022 | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 |
UK | 84.4 | 82.6 | 82.1 |
Europe | 8.9 | 10.0 | 10.1 |
North America | 5.5 | 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 29 July 2022 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Shell | UK | Oil & Gas | Oil & gas producers | 27,238 | 3.02 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 23,150 | 2.57 |
BP | UK | Oil & Gas | Oil & gas producers | 22,797 | 2.53 |
HSBC | UK | Financials | Banks | 22,273 | 2.47 |
Barclays | UK | Financials | Banks | 19,333 | 2.14 |
Rio Tinto | UK | Basic Materials | Mining | 18,463 | 2.05 |
NatWest | UK | Financials | Banks | 17,402 | 1.93 |
National Grid | UK | Utilities | Gas, water & multiutilities | 14,813 | 1.65 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 13,925 | 1.55 |
BAE Systems | UK | Industrials | Aerospace & defence | 13,860 | 1.54 |
Lloyds Banking Group | UK | Financials | Banks | 13,572 | 1.51 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,536 | 1.51 |
Anglo American | UK | Basic Materials | Mining | 13,273 | 1.48 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 13,184 | 1.47 |
Senior | UK | Industrials | Aerospace & defence | 12,388 | 1.38 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 12,339 | 1.37 |
M & G | UK | Financials | Financial services | 11,726 | 1.31 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 11,476 | 1.28 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 11,431 | 1.27 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,358 | 1.26 |
Land Securities | UK | Financials | Real estate investment trusts | 11,138 | 1.24 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,875 | 1.21 |
Standard Chartered | UK | Financials | Banks | 10,639 | 1.18 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 10,476 | 1.17 |
Aviva | UK | Financials | Life insurance/assurance | 10,187 | 1.13 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 10,109 | 1.13 |
Marks & Spencer | UK | Consumer Services | General retailers | 9,898 | 1.10 |
Accsys Technologies | UK | Industrials | Construction & materials | 9,675 | 1.08 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 9,567 | 1.07 |
Prudential Corp | UK | Financials | Life insurance/assurance | 9,396 | 1.05 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 9,242 | 1.03 |
DS Smith | UK | Industrials | General industrials | 9,219 | 1.03 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 9,151 | 1.02 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 8,954 | 1.00 |
Hill & Smith | UK | Industrials | Industrial engineering | 8,746 | 0.97 |
Cummins | USA | Industrials | Industrial engineering | 8,549 | 0.95 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 8,523 | 0.95 |
Ibstock | UK | Industrials | Construction & materials | 8,492 | 0.95 |
Rolls Royce | UK | Industrials | Aerospace & defence | 8,435 | 0.94 |
Convatec Group | UK | Health Care | Health care equipment & services | 8,390 | 0.93 |
IMI | UK | Industrials | Industrial engineering | 8,159 | 0.91 |
Caterpillar | USA | Industrials | Industrial engineering | 8,152 | 0.91 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 8,140 | 0.91 |
Hiscox | UK | Financials | Nonlife insurance | 8,074 | 0.90 |
IP Group | UK | Financials | Financial services | 7,867 | 0.88 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,848 | 0.87 |
Balfour Beatty | UK | Industrials | Construction & materials | 7,751 | 0.86 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,583 | 0.84 |
Mondi | UK | Basic Materials | Forestry & paper | 7,358 | 0.82 |
Reckitt Benckiser Group | UK | Health Care | Health care equipment & services | 7,311 | 0.81 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,147 | 0.80 |
Cranswick | UK | Consumer Goods | Food producers | 7,134 | 0.79 |
Dunelm | UK | Consumer Services | General retailers | 7,055 | 0.79 |
Jubilee Metals Group | UK | Basic Materials | Mining | 7,039 | 0.78 |
Johnson Service Group | UK | Industrials | Support services | 7,038 | 0.78 |
Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 6,831 | 0.76 |
Marshalls | UK | Industrials | Construction & materials | 6,822 | 0.76 |
Spectris | UK | Industrials | Electronic & electrical equipment | 6,607 | 0.74 |
Elementis | UK | Basic Materials | Chemicals | 6,387 | 0.71 |
Centrica | UK | Utilities | Gas, water & multiutilities | 6,358 | 0.71 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 6,244 | 0.70 |
Kier | UK | Industrials | Construction & materials | 6,207 | 0.69 |
Chesnara | UK | Financials | Life insurance/assurance | 6,156 | 0.69 |
iEnergizer | Guernsey | Industrials | Support services | 6,030 | 0.67 |
Unilever | UK | Consumer Goods | Personal goods | 6,005 | 0.67 |
Bayer AG | Germany | Health Care | Pharmaceuticals & biotechnology | 5,992 | 0.67 |
Royal Mail | UK | Industrials | Industrial transportation | 5,937 | 0.66 |
Hammerson | UK | Financials | Real estate investment trusts | 5,828 | 0.65 |
General Motors | USA | Consumer Goods | Automobiles & parts | 5,664 | 0.63 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,471 | 0.61 |
Babcock | UK | Industrials | Aerospace & defence | 5,452 | 0.61 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,375 | 0.60 |
Kistos | UK | Oil & Gas | Oil & gas producers | 5,350 | 0.60 |
SSE | UK | Utilities | Electricity | 5,304 | 0.59 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,167 | 0.58 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 5,125 | 0.57 |
Britishvolt Limited | UKULM | Other | Sustainable Energy | 5,000 | 0.56 |
Halfords | UK | Consumer Services | General retailers | 4,998 | 0.56 |
Standard Life Aberdeen | UK | Financials | Financial services | 4,980 | 0.55 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 4,923 | 0.55 |
Provident Financial | UK | Financials | Financial services | 4,757 | 0.53 |
Boku | UK | Industrials | Support services | 4,726 | 0.53 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 4,714 | 0.52 |
International Personal Finance | UK | Financials | Financial services | 4,480 | 0.50 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 4,313 | 0.48 |
Redde Northgate | UK | Industrials | Support services | 4,278 | 0.48 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 4,082 | 0.45 |
ITV | UK | Consumer Services | Media | 4,045 | 0.45 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,981 | 0.44 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,960 | 0.44 |
Vertu Motors | UK | Consumer Services | General retailers | 3,929 | 0.44 |
Ricardo | UK | Industrials | Support services | 3,427 | 0.38 |
Weir Group | UK | Industrials | Industrial engineering | 3,339 | 0.37 |
SigmaRoc | UK | Industrials | Construction & materials | 3,281 | 0.37 |
Plant Health Care | USA | Basic Materials | Chemicals | 2,943 | 0.33 |
Reach | UK | Consumer Services | Media | 2,897 | 0.32 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 2,858 | 0.32 |
Nestle | Switzerland | Consumer Goods | Food producers | 2,832 | 0.32 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,578 | 0.29 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,536 | 0.28 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,463 | 0.27 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 2,356 | 0.26 |
Glencore | Switzerland | Basic Materials | Mining | 2,305 | 0.26 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 2,206 | 0.25 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,098 | 0.23 |
Ilika | UK | Oil & Gas | Alternative Energy | 1,952 | 0.22 |
Amundi | France | Financials | Financial services | 1,920 | 0.21 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,778 | 0.20 |
Allied Minds | UK | Financials | Financial services | 1,767 | 0.20 |
Marstons | UK | Consumer Services | Travel & leisure | 1,756 | 0.20 |
Gelion | UK | Other | Sustainable Energy | 1,746 | 0.19 |
Bawag | Austria | Financials | Banks | 1,683 | 0.19 |
Libertine Holdings | UK | Other | Sustainable Energy | 1,600 | 0.18 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,598 | 0.18 |
Moncler | Italy | Consumer Goods | Personal goods | 1,589 | 0.18 |
Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,583 | 0.18 |
Safran SA | France | Industrials | Aerospace & defence | 1,526 | 0.17 |
Renold | UK | Industrials | Industrial engineering | 1,524 | 0.17 |
LVMH | France | Consumer Goods | Leisure Goods | 1,476 | 0.16 |
Danone SA | France | Consumer Goods | Food producers | 1,435 | 0.16 |
UniCredit | Italy | Financials | Banks | 1,420 | 0.16 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,414 | 0.16 |
SAP | Germany | Technology | Software & computer services | 1,292 | 0.14 |
EDP Renovaveis SA | Spain | Other | Sustainable Energy | 1,277 | 0.14 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,166 | 0.13 |
Arkema SA | France | Basic Materials | Chemicals | 1,156 | 0.13 |
Deutsche Boerse | Germany | Financials | Financial services | 1,109 | 0.12 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,105 | 0.12 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,080 | 0.12 |
Kion Group AG | Germany | Industrials | Construction & materials | 1,069 | 0.12 |
Sartorius AG | Germany | Health Care | Health care equipment & services | 1,063 | 0.12 |
Airbus SE | Netherlands | Industrials | Aerospace & defence | 1,051 | 0.12 |
Universal Music Group | Netherlands | Consumer Services | Media | 1,035 | 0.12 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,033 | 0.11 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 1,027 | 0.11 |
Allfunds Group | UK | Other | Other | 814 | 0.09 |
First Tin | UK | Basic Materials | Mining | 795 | 0.09 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 702 | 0.08 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 686 | 0.08 |
Jackson Financial | USA | Financials | Financial services | 527 | 0.06 |
Mirriad Advertising | UK | Consumer Services | Media | 422 | 0.05 |
Brockhaus Capital Management | Germany | Financials | Financial services | 404 | 0.04 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 325 | 0.04 |
Morses Club | UK | Financials | Financial services | 279 | 0.03 |
Carclo | UK | Basic Materials | Chemicals | 245 | 0.03 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 126 | 0.01 |
LDIC Investments | UK | Financials | Financial services | 100 | 0.01 |
EuroAPI Sasu | France | Health Care | Pharmaceuticals & biotechnology | 84 | 0.01 |
Better Cap | UK | Financials | Equity investment instruments | 25 |
|
Permanent TSB | Ireland | Financials | Banks | 4 |
|
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