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1 Jul 2024 17:13
The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 June 2024
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 28 June 2024 was 824.70 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 854.07 pence per share (cum income). The mid-market price at the close of business on 28 June 2024 was 845.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 814.94 | 824.70 |
NAV with debt at fair value | 844.31 | 854.07 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 9.1 | 15.9 | 17.7 | 49.5 | 111.8 |
NAV total return (with debt at fair value)2 | 9.2 | 14.8 | 27.0 | 62.1 | 123.9 |
FTSE Actuaries All-Share Index Total Return3 | 7.4 | 13.4 | 23.3 | 31.4 | 76.0 |
Share price total return3 | 7.7 | 15.0 | 26.0 | 79.8 | 130.7 |
Change in Retail Price Index4 | 2.0 | 3.0 | 28.0 | 33.6 | 51.0 |
1 The fair value of the IPS business has been calculated as at 31 December 2023.
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 Share Price source: Refinitiv.
4 Source: Office for National Statistics, subject to latest published RPI, May 2024.
Geographical Split of investment portfolio
Region | % of portfolio 28 June 2024 | % of portfolio 31 December 2023 | % of portfolio 31 December 2022 |
UK | 88.8 | 0 | 83.4 |
Europe | 6.3 | 0 | 10.4 |
North America | 3.6 | 0 | 5.1 |
Japan | 1.3 | 0 | 1.1 |
Other | 0 | 0 | 0 |
Other Pacific | 0 | 0 | 0 |
TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
As at 28 June 2024 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Rolls Royce | UK | Industrials | Aerospace & defence | 39,742 | 3.98 |
Shell | UK | Oil & Gas | Oil & gas producers | 35,419 | 3.55 |
HSBC | UK | Financials | Banks | 29,654 | 2.97 |
BP | UK | Oil & Gas | Oil & gas producers | 27,086 | 2.72 |
Barclays | UK | Financials | Banks | 25,695 | 2.57 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 25,084 | 2.51 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 22,413 | 2.24 |
Marks & Spencer | UK | Consumer Services | General retailers | 20,041 | 2.00 |
Rio Tinto | UK | Basic Materials | Mining | 19,500 | 1.95 |
NatWest | UK | Financials | Banks | 15,585 | 1.56 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 15,451 | 1.54 |
National Grid | UK | Utilities | Gas, water & multiutilities | 14,921 | 1.49 |
Anglo American | UK | Basic Materials | Mining | 13,761 | 1.37 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 13,679 | 1.37 |
Senior | UK | Industrials | Aerospace & defence | 13,634 | 1.36 |
Standard Chartered | UK | Financials | Banks | 13,502 | 1.35 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 13,325 | 1.33 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,133 | 1.31 |
Hill & Smith | UK | Industrials | Industrial engineering | 13,072 | 1.31 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 13,050 | 1.30 |
Boku | UK | Industrials | Support services | 12,585 | 1.26 |
BAE Systems | UK | Industrials | Aerospace & defence | 12,540 | 1.25 |
Shaftesbury Capital PLC | UK | Financials | Real estate investment trusts | 12,519 | 1.25 |
Marshalls | UK | Industrials | Construction & materials | 12,441 | 1.24 |
Aviva | UK | Financials | Life insurance/assurance | 12,261 | 1.22 |
M & G | UK | Financials | Financial services | 12,240 | 1.22 |
Land Securities | UK | Financials | Real estate investment trusts | 12,217 | 1.22 |
IMI | UK | Industrials | Industrial engineering | 12,128 | 1.21 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 12,087 | 1.21 |
ITV | UK | Consumer Services | Media | 11,866 | 1.19 |
Kier | UK | Industrials | Construction & materials | 11,402 | 1.14 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 10,635 | 1.06 |
Cranswick | UK | Consumer Goods | Food producers | 10,622 | 1.06 |
Johnson Service Group | UK | Industrials | Support services | 10,397 | 1.04 |
Hiscox | UK | Financials | Nonlife insurance | 10,393 | 1.04 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 10,349 | 1.03 |
Cummins | USA | Industrials | Industrial engineering | 10,291 | 1.03 |
Balfour Beatty | UK | Industrials | Construction & materials | 10,090 | 1.01 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 10,067 | 1.01 |
Babcock | UK | Industrials | Aerospace & defence | 10,059 | 1.00 |
Prudential Corp | UK | Financials | Life insurance/assurance | 9,940 | 0.99 |
Elementis | UK | Basic Materials | Chemicals | 9,452 | 0.94 |
Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 9,034 | 0.90 |
Dunelm | UK | Consumer Services | General retailers | 8,806 | 0.88 |
Ibstock | UK | Industrials | Construction & materials | 8,741 | 0.87 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 8,039 | 0.80 |
J Sainsbury plc | UK | Consumer Services | General retailers | 7,899 | 0.79 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 7,831 | 0.78 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 7,671 | 0.77 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 7,560 | 0.76 |
Hammerson | UK | Financials | Real estate investment trusts | 7,442 | 0.74 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 7,301 | 0.73 |
General Motors | USA | Consumer Goods | Automobiles & parts | 6,978 | 0.70 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 6,672 | 0.67 |
Spectris | UK | Industrials | Electronic & electrical equipment | 6,598 | 0.66 |
International Personal Finance | UK | Financials | Financial services | 6,541 | 0.65 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 6,452 | 0.64 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,246 | 0.62 |
Beazley PLC (UK) | UK | Financials | Nonlife insurance | 6,010 | 0.60 |
Weir Group | UK | Industrials | Industrial engineering | 5,952 | 0.59 |
Workspace Group PLC | UK | Financials | Real estate investment trusts | 5,930 | 0.59 |
Reach | UK | Consumer Services | Media | 5,681 | 0.57 |
Castings | UK | Industrials | Construction & materials | 5,668 | 0.57 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 5,579 | 0.56 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 5,577 | 0.56 |
Unilever | UK | Consumer Goods | Personal goods | 5,430 | 0.54 |
SSE | UK | Utilities | Electricity | 5,367 | 0.54 |
Accsys Technologies | UK | Industrials | Construction & materials | 5,318 | 0.53 |
Chesnara | UK | Financials | Life insurance/assurance | 5,144 | 0.51 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,098 | 0.51 |
Redde Northgate | UK | Industrials | Support services | 5,013 | 0.50 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,992 | 0.50 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.49 |
Vertu Motors | UK | Consumer Services | General retailers | 4,838 | 0.48 |
Inchcape | UK | Industrials | Support services | 4,836 | 0.48 |
Dowlais Group plc | UK | Consumer Goods | Automobiles & parts | 4,752 | 0.47 |
Johnson Matthey | UK | Other | Sustainable Energy | 4,698 | 0.47 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 4,662 | 0.47 |
Halfords | UK | Consumer Services | General retailers | 4,571 | 0.46 |
Centrica | UK | Utilities | Gas, water & multiutilities | 4,448 | 0.44 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 4,438 | 0.44 |
Epwin Group | UK | Consumer Goods | Household goods & home construction | 4,270 | 0.43 |
SigmaRoc | UK | Industrials | Construction & materials | 4,235 | 0.42 |
IP Group | UK | Financials | Financial services | 4,102 | 0.41 |
Ricardo | UK | Industrials | Support services | 4,062 | 0.41 |
XP Power Ltd | UK | Technology | Technology hardware & equipment | 4,028 | 0.40 |
Jubilee Metals Group | UK | Basic Materials | Mining | 3,968 | 0.40 |
Bellway | UK | Consumer Goods | Household goods & home construction | 3,804 | 0.38 |
Renold | UK | Industrials | Industrial engineering | 3,521 | 0.35 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,380 | 0.34 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,349 | 0.33 |
SAP | Germany | Technology | Software & computer services | 3,332 | 0.33 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 3,038 | 0.30 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 2,956 | 0.30 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 2,944 | 0.29 |
Plant Health Care | USA | Basic Materials | Chemicals | 2,909 | 0.29 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 2,784 | 0.28 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,651 | 0.26 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 2,493 | 0.25 |
Vanquis Banking Group | UK | Financials | Financial services | 2,384 | 0.24 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,377 | 0.24 |
UniCredit | Italy | Financials | Banks | 2,338 | 0.23 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 2,328 | 0.23 |
Safran SA | France | Industrials | Aerospace & defence | 2,288 | 0.23 |
Airbus SE | Netherlands | Industrials | Aerospace & defence | 2,068 | 0.21 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,062 | 0.21 |
Gelion | UK | Other | Sustainable Energy | 2,036 | 0.20 |
Great Portland Estates | UK | Financials | Real estate investments & services | 1,998 | 0.20 |
Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,973 | 0.20 |
Siemens AG | Germany | Technology | Software & computer services | 1,972 | 0.20 |
Deutsche Boerse | Germany | Financials | Financial services | 1,889 | 0.19 |
Schroders PLC | UK | Financials | Equity investment instruments | 1,818 | 0.18 |
LVMH | France | Consumer Goods | Leisure Goods | 1,709 | 0.17 |
SGS SA | Switzerland | Industrials | Support services | 1,635 | 0.16 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,588 | 0.16 |
Windar Photonics Plc | UK | Industrials | Waste & Environ Svcs & Equip | 1,395 | 0.14 |
ASM International NV | Netherlands | Industrials | Electronic & electrical equipment | 1,344 | 0.13 |
Infineon Technologies AG | Germany | Industrials | Electronic & electrical equipment | 1,325 | 0.13 |
Heineken NV | Netherlands | Consumer Goods | Beverages | 1,283 | 0.13 |
Danone SA | France | Consumer Goods | Food producers | 1,188 | 0.12 |
Amundi | France | Financials | Financial services | 1,183 | 0.12 |
Marstons | UK | Consumer Services | Travel & leisure | 1,144 | 0.11 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,142 | 0.11 |
DSM-Firmenich AG | Netherlands | Basic Materials | Chemicals | 1,096 | 0.11 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,015 | 0.10 |
Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 975 | 0.10 |
Bawag | Austria | Financials | Banks | 892 | 0.09 |
Logistics Development Group | UK | Industrials | Industrial transportation | 861 | 0.09 |
Ilika | UK | Oil & Gas | Alternative Energy | 861 | 0.09 |
Arkema SA | France | Basic Materials | Chemicals | 856 | 0.09 |
Aena SME | Spain | Consumer Services | Travel & leisure | 802 | 0.08 |
Universal Music Group | Netherlands | Consumer Services | Media | 759 | 0.08 |
Syensqo SA | Belgium | Basic Materials | Chemicals | 734 | 0.07 |
Kone Oyj | Finland | Industrials | Electronic & electrical equipment | 707 | 0.07 |
Galderma Group AG | Switzerland | Health Care | Pharmaceuticals & biotechnology | 633 | 0.06 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 615 | 0.06 |
Kistos | UK | Oil & Gas | Oil & gas producers | 585 | 0.06 |
First Tin | UK | Basic Materials | Mining | 576 | 0.06 |
Puig Brands | Spain | Consumer Goods | Personal goods | 527 | 0.05 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 361 | 0.04 |
Carclo | UK | Basic Materials | Chemicals | 232 | 0.02 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 118 | 0.01 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 111 | 0.01 |
Libertine Holdings | UK | Other | Sustainable Energy | 105 | 0.01 |
LDIC Investments | UK | Financials | Financial services | 100 | 0.01 |
Saietta Group | UK | Consumer Goods | Automobiles & parts | 44 |
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Better Cap | UK | Financials | Equity investment instruments | 25 |
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Allied Minds | UK | Financials | Financial services |
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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 Nicola Lambourne, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
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