Last checked at 
1 Sep 2022 13:46
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 August 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 August 2022 was 738.22 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 744.05 pence per share (cum income). The mid-market price at the close of business on 31 August 2022 was 735.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 725.40 | 738.22 |
NAV with debt at fair value | 731.23 | 744.05 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | -9.2 | -7.5 | 25.0 | 30.8 | 146.1 |
NAV total return (with debt at fair value)2 | -3.6 | -2.5 | 33.8 | 38.6 | 151.0 |
FTSE Actuaries All-Share Index Total Return3 | -2.1 | 1.0 | 12.0 | 17.8 | 92.7 |
Share price total return3 | -7.0 | -6.7 | 43.8 | 42.8 | 154.3 |
Change in Retail Price Index4 | 8.0 | 12.3 | 18.5 | 25.8 | 41.8 |
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, July 2022.
Geographical Split of investment portfolio
Region | % of portfolio 31 August 2022 | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 |
UK | 82.9 | 82.6 | 82.1 |
Europe | 9.8 | 10.0 | 10.1 |
North America | 6.1 | 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 31 August 2022 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Shell | UK | Oil & Gas | Oil & gas producers | 28,613 | 3.23 |
BP | UK | Oil & Gas | Oil & gas producers | 25,166 | 2.84 |
HSBC | UK | Financials | Banks | 22,932 | 2.59 |
Barclays | UK | Financials | Banks | 20,231 | 2.29 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 19,171 | 2.17 |
Rio Tinto | UK | Basic Materials | Mining | 17,891 | 2.02 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 16,148 | 1.83 |
NatWest | UK | Financials | Banks | 16,019 | 1.81 |
National Grid | UK | Utilities | Gas, water & multiutilities | 14,106 | 1.60 |
BAE Systems | UK | Industrials | Aerospace & defence | 13,972 | 1.58 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 13,182 | 1.49 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 13,178 | 1.49 |
Lloyds Banking Group | UK | Financials | Banks | 13,164 | 1.49 |
Anglo American | UK | Basic Materials | Mining | 12,521 | 1.42 |
Standard Chartered | UK | Financials | Banks | 11,277 | 1.28 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,263 | 1.27 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 11,242 | 1.27 |
Senior | UK | Industrials | Aerospace & defence | 11,125 | 1.26 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 10,990 | 1.24 |
Aviva | UK | Financials | Life insurance/assurance | 10,769 | 1.22 |
M & G | UK | Financials | Financial services | 10,766 | 1.22 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,723 | 1.21 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 10,718 | 1.21 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 10,044 | 1.14 |
Land Securities | UK | Financials | Real estate investment trusts | 9,913 | 1.12 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 9,811 | 1.11 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 9,484 | 1.07 |
Glencore | Switzerland | Basic Materials | Mining | 9,466 | 1.07 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 9,419 | 1.07 |
Accsys Technologies | UK | Industrials | Construction & materials | 9,322 | 1.05 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 9,133 | 1.03 |
Cummins | USA | Industrials | Industrial engineering | 8,708 | 0.98 |
Balfour Beatty | UK | Industrials | Construction & materials | 8,707 | 0.98 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 8,583 | 0.97 |
Marks & Spencer | UK | Consumer Services | General retailers | 8,530 | 0.96 |
DS Smith | UK | Industrials | General industrials | 8,472 | 0.96 |
Prudential Corp | UK | Financials | Life insurance/assurance | 8,438 | 0.95 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 8,324 | 0.94 |
Hiscox | UK | Financials | Nonlife insurance | 8,119 | 0.92 |
Convatec Group | UK | Health Care | Health care equipment & services | 8,001 | 0.90 |
Caterpillar | USA | Industrials | Industrial engineering | 7,945 | 0.90 |
IMI | UK | Industrials | Industrial engineering | 7,879 | 0.89 |
Ibstock | UK | Industrials | Construction & materials | 7,862 | 0.89 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,577 | 0.86 |
Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 7,429 | 0.84 |
Reckitt Benckiser Group | UK | Health Care | Health care equipment & services | 7,313 | 0.83 |
Rolls Royce | UK | Industrials | Aerospace & defence | 7,276 | 0.82 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,248 | 0.82 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 7,008 | 0.79 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 6,989 | 0.79 |
Mondi | UK | Basic Materials | Forestry & paper | 6,964 | 0.79 |
Hill & Smith | UK | Industrials | Industrial engineering | 6,936 | 0.78 |
Cranswick | UK | Consumer Goods | Food producers | 6,594 | 0.75 |
Elementis | UK | Basic Materials | Chemicals | 6,504 | 0.74 |
Jubilee Metals Group | UK | Basic Materials | Mining | 6,452 | 0.73 |
IP Group | UK | Financials | Financial services | 6,381 | 0.72 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 6,245 | 0.71 |
General Motors | USA | Consumer Goods | Automobiles & parts | 6,243 | 0.71 |
Chesnara | UK | Financials | Life insurance/assurance | 6,219 | 0.70 |
Johnson Service Group | UK | Industrials | Support services | 6,149 | 0.70 |
Babcock | UK | Industrials | Aerospace & defence | 6,070 | 0.69 |
Spectris | UK | Industrials | Electronic & electrical equipment | 5,925 | 0.67 |
Unilever | UK | Consumer Goods | Personal goods | 5,888 | 0.67 |
Royal Mail | UK | Industrials | Industrial transportation | 5,786 | 0.65 |
Kier | UK | Industrials | Construction & materials | 5,769 | 0.65 |
Dunelm | UK | Consumer Services | General retailers | 5,710 | 0.65 |
Bayer AG | Germany | Health Care | Pharmaceuticals & biotechnology | 5,655 | 0.64 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,625 | 0.64 |
Centrica | UK | Utilities | Gas, water & multiutilities | 5,491 | 0.62 |
iEnergizer | Guernsey | Industrials | Support services | 5,192 | 0.59 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,167 | 0.58 |
International Personal Finance | UK | Financials | Financial services | 5,150 | 0.58 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 5,148 | 0.58 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,120 | 0.58 |
Hammerson | UK | Financials | Real estate investment trusts | 5,105 | 0.58 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 5,101 | 0.58 |
Britishvolt Limited | UKULM | Other | Sustainable Energy | 5,000 | 0.57 |
SSE | UK | Utilities | Electricity | 4,955 | 0.56 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 4,771 | 0.54 |
Boku | UK | Industrials | Support services | 4,665 | 0.53 |
ITV | UK | Consumer Services | Media | 4,662 | 0.53 |
Marshalls | UK | Industrials | Construction & materials | 4,601 | 0.52 |
Applied Materials | USA | Technology | Technology hardware & equipment | 4,451 | 0.50 |
Standard Life Aberdeen | UK | Financials | Financial services | 4,412 | 0.50 |
Kistos | UK | Oil & Gas | Oil & gas producers | 4,410 | 0.50 |
Provident Financial | UK | Financials | Financial services | 4,238 | 0.48 |
Reach | UK | Consumer Services | Media | 4,040 | 0.46 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,025 | 0.46 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 3,999 | 0.45 |
Redde Northgate | UK | Industrials | Support services | 3,998 | 0.45 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,960 | 0.45 |
Ricardo | UK | Industrials | Support services | 3,861 | 0.44 |
Halfords | UK | Consumer Services | General retailers | 3,795 | 0.43 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 3,720 | 0.42 |
Plant Health Care | USA | Basic Materials | Chemicals | 3,369 | 0.38 |
Vertu Motors | UK | Consumer Services | General retailers | 3,270 | 0.37 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,995 | 0.34 |
Nestle | Switzerland | Consumer Goods | Food producers | 2,977 | 0.34 |
Weir Group | UK | Industrials | Industrial engineering | 2,914 | 0.33 |
SigmaRoc | UK | Industrials | Construction & materials | 2,635 | 0.30 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,631 | 0.30 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 2,522 | 0.29 |
Castings | UK | Industrials | Construction & materials | 2,428 | 0.27 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,391 | 0.27 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 2,026 | 0.23 |
Amundi | France | Financials | Financial services | 1,988 | 0.22 |
Ilika | UK | Oil & Gas | Alternative Energy | 1,978 | 0.22 |
Libertine Holdings | UK | Other | Sustainable Energy | 1,919 | 0.22 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 1,851 | 0.21 |
Bawag | Austria | Financials | Banks | 1,825 | 0.21 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,778 | 0.20 |
Safran SA | France | Industrials | Aerospace & defence | 1,715 | 0.19 |
Gelion | UK | Other | Sustainable Energy | 1,661 | 0.19 |
Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,625 | 0.18 |
Moncler | Italy | Consumer Goods | Personal goods | 1,573 | 0.18 |
UniCredit | Italy | Financials | Banks | 1,569 | 0.18 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,543 | 0.17 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 1,537 | 0.17 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,535 | 0.17 |
LVMH | France | Consumer Goods | Leisure Goods | 1,530 | 0.17 |
Danone SA | France | Consumer Goods | Food producers | 1,505 | 0.17 |
Renold | UK | Industrials | Industrial engineering | 1,431 | 0.16 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,402 | 0.16 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 1,350 | 0.15 |
Marstons | UK | Consumer Services | Travel & leisure | 1,337 | 0.15 |
EDP Renovaveis SA | Spain | Other | Sustainable Energy | 1,317 | 0.15 |
SAP | Germany | Technology | Software & computer services | 1,305 | 0.15 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,273 | 0.14 |
Airbus SE | Netherlands | Industrials | Aerospace & defence | 1,203 | 0.14 |
Deutsche Boerse | Germany | Financials | Financial services | 1,182 | 0.13 |
Arkema SA | France | Basic Materials | Chemicals | 1,142 | 0.13 |
Kion Group AG | Germany | Industrials | Construction & materials | 1,136 | 0.13 |
Allied Minds | UK | Financials | Financial services | 1,045 | 0.12 |
Sartorius AG | Germany | Health Care | Health care equipment & services | 1,035 | 0.12 |
Universal Music Group | Netherlands | Consumer Services | Media | 1,003 | 0.11 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 972 | 0.11 |
Logistics Development Group | UK | Industrials | Industrial transportation | 964 | 0.11 |
Allfunds Group | UK | Other | Other | 959 | 0.11 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 894 | 0.10 |
First Tin | UK | Basic Materials | Mining | 822 | 0.09 |
Jackson Financial | USA | Financials | Financial services | 628 | 0.07 |
Brockhaus Capital Management | Germany | Financials | Financial services | 439 | 0.05 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 414 | 0.05 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 307 | 0.03 |
Morses Club | UK | Financials | Financial services | 293 | 0.03 |
Mirriad Advertising | UK | Consumer Services | Media | 290 | 0.03 |
Carclo | UK | Basic Materials | Chemicals | 245 | 0.03 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 120 | 0.01 |
LDIC Investments | UK | Financials | Financial services | 100 | 0.01 |
EuroAPI Sasu | France | Health Care | Pharmaceuticals & biotechnology | 82 | 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