Last checked at 
1 Apr 2022 15:06
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 March 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 31 March 2022 was 814.85 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 792.80 pence per share (cum income). The mid-market price at the close of business on 31 March 2022 was 806.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 805.59 | 814.85 |
NAV with debt at fair value | 783.54 | 792.80 |
Performance
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV total return (with debt at par)2 | -0.6 | 13.4 | 39.5 | 51.6 | 173.4 |
NAV total return (with debt at fair value)2 | 1.7 | 15.5 | 42.1 | 55.0 | 169.1 |
FTSE Actuaries All-Share Index Total Return3 | 0.5 | 13.0 | 16.8 | 25.8 | 99.5 |
Share price total return3 | 2.0 | 14.4 | 49.0 | 73.9 | 198.6 |
Change in Retail Price Index4 | 0.8 | 8.2 | 12.4 | 19.3 | 33.5 |
1 The fair value of the IPS business has been calculated as at 31 December 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, February 2022.
Geographical Split of investment portfolio
Region | % of portfolio 31 March 2022 | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 |
UK | 82.2 | 82.6 | 82.1 |
Europe | 9.2 | 10.0 | 10.1 |
North America | 4.8 | 5.4 | 5.4 |
Japan | 1.2 | 1.1 | 1.1 |
Other | 0.2 | 0.2 | 0.4 |
Other Pacific | 2.4 | 0.7 | 0.9 |
TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 March 2022 the portfolio comprised as follows:
Holding Name | Location | Sector | Industry | £000 | % |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 27,591 | 2.88 |
Shell plc | UK | Oil & Gas | Oil & gas producers | 26,356 | 2.75 |
Rio Tinto | UK | Basic Materials | Mining | 22,804 | 2.37 |
HSBC | UK | Financials | Banks | 22,785 | 2.37 |
BP | UK | Oil & Gas | Oil & gas producers | 21,392 | 2.23 |
Anglo American | UK | Basic Materials | Mining | 17,876 | 1.86 |
National Grid | UK | Utilities | Gas, water & multiutilities | 16,518 | 1.72 |
BHP Group | Australia | Basic Materials | Mining | 16,197 | 1.69 |
Barclays | UK | Financials | Banks | 16,016 | 1.67 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 15,385 | 1.60 |
Aviva | UK | Financials | Life insurance/assurance | 15,293 | 1.59 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 14,855 | 1.55 |
Relx | UK | Consumer Services | Media | 14,292 | 1.49 |
Lloyds Banking Group | UK | Financials | Banks | 14,115 | 1.47 |
NatWest | UK | Financials | Banks | 13,494 | 1.40 |
Accsys Technologies | UK | Industrials | Construction & materials | 12,991 | 1.35 |
BAE Systems | UK | Industrials | Aerospace & defence | 12,913 | 1.34 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 12,841 | 1.34 |
M & G | UK | Financials | Financial services | 12,166 | 1.27 |
Land Securities | UK | Financials | Real estate investment trusts | 11,970 | 1.25 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,935 | 1.24 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 11,860 | 1.23 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,466 | 1.19 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 11,384 | 1.19 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 11,364 | 1.18 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 11,166 | 1.16 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 10,911 | 1.14 |
Senior | UK | Industrials | Aerospace & defence | 10,835 | 1.13 |
Prudential Corp | UK | Financials | Life insurance/assurance | 10,587 | 1.10 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 9,783 | 1.02 |
Standard Chartered | UK | Financials | Banks | 9,617 | 1.00 |
Rolls Royce | UK | Industrials | Aerospace & defence | 9,554 | 0.99 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 9,472 | 0.99 |
Kingfisher plc | UK | Consumer Goods | Household goods & home construction | 9,448 | 0.98 |
Marks & Spencer | UK | Consumer Services | General retailers | 9,431 | 0.98 |
Smith (DS) | UK | Industrials | General industrials | 9,064 | 0.94 |
Dunelm | UK | Consumer Services | General retailers | 9,055 | 0.94 |
Centrica | UK | Utilities | Gas, water & multiutilities | 9,009 | 0.94 |
Hiscox | UK | Financials | Nonlife insurance | 8,892 | 0.93 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 8,878 | 0.92 |
Glencore | Switzerland | Basic Materials | Mining | 8,748 | 0.91 |
Linde | Germany | Basic Materials | Chemicals | 8,575 | 0.89 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 8,527 | 0.89 |
Caterpillar | USA | Industrials | Industrial engineering | 8,481 | 0.88 |
Hill & Smith | UK | Industrials | Industrial engineering | 8,326 | 0.87 |
IP Group | UK | Financials | Financial services | 8,191 | 0.85 |
Convatec Group | UK | Health Care | Health care equipment & services | 7,927 | 0.83 |
Hammerson | UK | Financials | Real estate investment trusts | 7,722 | 0.80 |
Jubilee Metals Group | UK | Basic Materials | Mining | 7,501 | 0.78 |
Cummins | USA | Industrials | Industrial engineering | 7,334 | 0.76 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,156 | 0.74 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,105 | 0.74 |
Balfour Beatty | UK | Industrials | Construction & materials | 7,104 | 0.74 |
Mondi | UK | Basic Materials | Forestry & paper | 7,085 | 0.74 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 7,020 | 0.73 |
IMI | UK | Industrials | Industrial engineering | 6,980 | 0.73 |
Elementis | UK | Basic Materials | Chemicals | 6,967 | 0.73 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 6,948 | 0.72 |
Kier | UK | Industrials | Construction & materials | 6,906 | 0.72 |
Scottish Oriental Small Co | Other Asia | Financials | Equity investment instruments | 6,862 | 0.71 |
Provident Financial | UK | Financials | Financial services | 6,771 | 0.70 |
Johnson Service Group | UK | Industrials | Support services | 6,656 | 0.69 |
Standard Life Aberdeen | UK | Financials | Financial services | 6,460 | 0.67 |
Reckitt Benckiser Group Plc | UK | Health Care | Health care equipment & services | 6,415 | 0.67 |
Euromoney | UK | Consumer Services | Media | 6,371 | 0.66 |
Urban Logistics REIT | UK | Financials | Real estate investment trusts | 6,326 | 0.66 |
General Motors | USA | Consumer Goods | Automobiles & parts | 6,326 | 0.66 |
Chesnara | UK | Financials | Life insurance/assurance | 6,302 | 0.66 |
Marshalls | UK | Industrials | Construction & materials | 6,129 | 0.64 |
Royal Mail | UK | Industrials | Industrial transportation | 6,087 | 0.63 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 5,936 | 0.62 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,870 | 0.61 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 5,734 | 0.60 |
Ibstock | UK | Industrials | Construction & materials | 5,519 | 0.57 |
Spectris | UK | Industrials | Electronic & electrical equipment | 5,517 | 0.57 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 5,485 | 0.57 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 5,309 | 0.55 |
SSE | UK | Utilities | Electricity | 5,246 | 0.55 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,219 | 0.54 |
Unilever | UK | Consumer Goods | Personal goods | 5,183 | 0.54 |
Redde Northgate | UK | Industrials | Support services | 5,043 | 0.52 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.51 |
Halfords | UK | Consumer Services | General retailers | 4,915 | 0.51 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 4,890 | 0.51 |
Babcock | UK | Industrials | Aerospace & defence | 4,854 | 0.51 |
International Personal Finance | UK | Financials | Financial services | 4,799 | 0.50 |
iEnergizer | Guernsey | Industrials | Support services | 4,790 | 0.50 |
Kistos Plc | UK | Oil & Gas | Oil & gas producers | 4,515 | 0.47 |
SigmaRoc | UK | Industrials | Construction & materials | 4,141 | 0.43 |
ITV PLC | UK | Consumer Services | Media | 4,096 | 0.43 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 4,092 | 0.43 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 4,050 | 0.42 |
Nestle | Switzerland | Consumer Goods | Food producers | 4,039 | 0.42 |
Vertu Motors | UK | Consumer Services | General retailers | 3,712 | 0.39 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,672 | 0.38 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,600 | 0.37 |
Ricardo | UK | Industrials | Support services | 3,285 | 0.34 |
Weir Group | UK | Industrials | Industrial engineering | 3,279 | 0.34 |
Marstons | UK | Consumer Services | Travel & leisure | 2,991 | 0.31 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 2,988 | 0.31 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 2,945 | 0.31 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,823 | 0.29 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,794 | 0.29 |
Libertine Holdings | UK | Other | Sustainable Energy | 2,540 | 0.26 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,361 | 0.25 |
Boku | UK | Industrials | Support services | 2,307 | 0.24 |
Amundi | France | Financials | Financial services | 2,263 | 0.24 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 2,173 | 0.23 |
Plant Health Care | USA | Basic Materials | Chemicals | 2,062 | 0.21 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 2,054 | 0.21 |
GELION PLC | Other | Other | Sustainable Energy | 2,023 | 0.21 |
ONDINE BIOMEDICAL INC. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,917 | 0.20 |
Allied Minds | UK | Financials | Financial services | 1,832 | 0.19 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,830 | 0.19 |
Cranswick PLC | UK | Consumer Goods | Food producers | 1,762 | 0.18 |
SAP | Germany | Technology | Software & computer services | 1,735 | 0.18 |
Bawag | Austria | Financials | Banks | 1,735 | 0.18 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,686 | 0.18 |
Moncler | Italy | Consumer Goods | Personal goods | 1,668 | 0.17 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,607 | 0.17 |
UniCredit | Italy | Financials | Banks | 1,450 | 0.15 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,416 | 0.15 |
Arkema SA | France | Basic Materials | Chemicals | 1,366 | 0.14 |
Renold | UK | Industrials | Industrial engineering | 1,255 | 0.13 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,230 | 0.13 |
Danone SA | France | Consumer Goods | Food producers | 1,204 | 0.13 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,201 | 0.13 |
EDP Renovaveis SA | Spain | Other | Sustainable Energy | 1,181 | 0.12 |
Safran SA | France | Industrials | Aerospace & defence | 1,123 | 0.12 |
Mirriad Advertising | UK | Consumer Services | Media | 1,108 | 0.12 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 1,074 | 0.11 |
Deutsche Boerse | Germany | Financials | Financial services | 1,064 | 0.11 |
First Tin | UKULM | Basic Materials | Mining | 1,050 | 0.11 |
Kion Group AG | Germany | Industrials | Construction & materials | 1,034 | 0.11 |
Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 960 | 0.10 |
Allfunds Group | UK | Other | Other | 918 | 0.10 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 910 | 0.09 |
Universal Music Group | Netherlands | Consumer Services | Media | 865 | 0.09 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 822 | 0.09 |
Jackson Financial | USA | Financials | Financial services | 786 | 0.08 |
Morses Club | UK | Financials | Financial services | 641 | 0.07 |
Brockhaus Capital Management | Germany | Financials | Financial services | 454 | 0.05 |
Carclo | UK | Basic Materials | Chemicals | 350 | 0.04 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 271 | 0.03 |
Unlisted | UK | Financials | Financial services | 100 | 0.01 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 76 | 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