Last checked at 
3 May 2022 15:29
The Law Debenture Corporation p.l.c.
Net Asset Value as at 29 April 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 April 2022 was 805.53 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 788.00 pence per share (cum income). The mid-market price at the close of business on 29 April 2022 was 796.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 791.20 | 805.53 |
NAV with debt at fair value | 773.67 | 788.00 |
Performance
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV total return (with debt at par)2 | -1.8 | 8.2 | 33.2 | 48.4 | 170.7 |
NAV total return (with debt at fair value)2 | 1.1 | 10.8 | 36.0 | 52.6 | 167.9 |
FTSE Actuaries All-Share Index Total Return3 | 0.8 | 8.7 | 14.1 | 26.6 | 100.8 |
Share price total return3 | 0.7 | 9.4 | 45.2 | 66.5 | 192.1 |
Change in Retail Price Index4 | 1.8 | 9.0 | 13.5 | 20.1 | 34.3 |
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, March 2022.
Geographical Split of investment portfolio
Region | % of portfolio 29 April 2022 | % of portfolio 31 December 2021 | % of portfolio 31 December 2020 |
UK | 83.6 | 82.6 | 82.1 |
Europe | 9.1 | 5.4 | 10.1 |
North America | 5.1 | 10.0 | 5.4 |
Japan | 1.2 | 1.1 | 1.1 |
Other | 0.2 | 0.7 | 0.4 |
Other Pacific | 0.8 | 0.2 | 0.9 |
TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 29 April 2022 the portfolio comprised as follows:
Holding Name | Location | Sector | Industry | £000 | % |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 30,096 | 3.21 |
Shell plc | UK | Oil & Gas | Oil & gas producers | 27,163 | 2.91 |
BP | UK | Oil & Gas | Oil & gas producers | 22,318 | 2.39 |
HSBC | UK | Financials | Banks | 21,735 | 2.33 |
Rio Tinto | UK | Basic Materials | Mining | 21,398 | 2.29 |
National Grid | UK | Utilities | Gas, water & multiutilities | 16,825 | 1.80 |
Barclays | UK | Financials | Banks | 16,744 | 1.79 |
Anglo American | UK | Basic Materials | Mining | 16,137 | 1.73 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 15,730 | 1.68 |
Aviva | UK | Financials | Life insurance/assurance | 14,667 | 1.57 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 14,418 | 1.54 |
Lloyds Banking Group | UK | Financials | Banks | 13,764 | 1.47 |
Direct Line Insurance | UK | Financials | Nonlife insurance | 13,700 | 1.47 |
NatWest | UK | Financials | Banks | 13,625 | 1.46 |
BAE Systems | UK | Industrials | Aerospace & defence | 13,320 | 1.43 |
Accsys Technologies | UK | Industrials | Construction & materials | 12,946 | 1.39 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 11,876 | 1.27 |
M & G | UK | Financials | Financial services | 11,776 | 1.26 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 11,546 | 1.24 |
Land Securities | UK | Financials | Real estate investment trusts | 11,467 | 1.23 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,294 | 1.21 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 11,287 | 1.21 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 11,081 | 1.19 |
Senior | UK | Industrials | Aerospace & defence | 10,921 | 1.17 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 10,857 | 1.16 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 10,752 | 1.15 |
Standard Chartered | UK | Financials | Banks | 10,402 | 1.11 |
Relx | UK | Consumer Services | Media | 9,568 | 1.02 |
Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 9,491 | 1.02 |
Prudential Corp | UK | Financials | Life insurance/assurance | 9,433 | 1.01 |
Kingfisher plc | UK | Consumer Goods | Household goods & home construction | 9,371 | 1.00 |
Smith (DS) | UK | Industrials | General industrials | 9,318 | 1.00 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 9,158 | 0.98 |
Centrica | UK | Utilities | Gas, water & multiutilities | 8,939 | 0.96 |
Linde | Germany | Basic Materials | Chemicals | 8,827 | 0.94 |
Hiscox | UK | Financials | Nonlife insurance | 8,562 | 0.92 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 8,465 | 0.91 |
Marks & Spencer | UK | Consumer Services | General retailers | 8,400 | 0.90 |
i3 Energy | UK | Oil & Gas | Oil & gas producers | 8,393 | 0.90 |
Caterpillar | USA | Industrials | Industrial engineering | 8,372 | 0.90 |
IMI | UK | Industrials | Industrial engineering | 8,275 | 0.89 |
Dunelm | UK | Consumer Services | General retailers | 8,142 | 0.87 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 8,128 | 0.87 |
Rolls Royce | UK | Industrials | Aerospace & defence | 7,870 | 0.84 |
Marshalls | UK | Industrials | Construction & materials | 7,829 | 0.84 |
Hill & Smith | UK | Industrials | Industrial engineering | 7,828 | 0.84 |
Convatec Group | UK | Health Care | Health care equipment & services | 7,795 | 0.83 |
Jubilee Metals Group | UK | Basic Materials | Mining | 7,707 | 0.82 |
IP Group | UK | Financials | Financial services | 7,607 | 0.81 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,483 | 0.80 |
Ibstock | UK | Industrials | Construction & materials | 7,380 | 0.79 |
Scottish Oriental Small Co | Other Asia | Financials | Equity investment instruments | 7,208 | 0.77 |
Mondi | UK | Basic Materials | Forestry & paper | 7,173 | 0.77 |
Elementis | UK | Basic Materials | Chemicals | 7,143 | 0.76 |
Cummins | USA | Industrials | Industrial engineering | 7,068 | 0.76 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,049 | 0.75 |
Reckitt Benckiser Group Plc | UK | Health Care | Health care equipment & services | 6,862 | 0.73 |
Hammerson | UK | Financials | Real estate investment trusts | 6,757 | 0.72 |
Balfour Beatty | UK | Industrials | Construction & materials | 6,712 | 0.72 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 6,709 | 0.72 |
Kier | UK | Industrials | Construction & materials | 6,443 | 0.69 |
Euromoney | UK | Consumer Services | Media | 6,403 | 0.69 |
Royal Mail | UK | Industrials | Industrial transportation | 6,373 | 0.68 |
Spectris | UK | Industrials | Electronic & electrical equipment | 6,267 | 0.67 |
Johnson Service Group | UK | Industrials | Support services | 6,247 | 0.67 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 6,122 | 0.66 |
Merck & Co | USA | Health Care | Pharmaceuticals & biotechnology | 5,997 | 0.64 |
Chesnara | UK | Financials | Life insurance/assurance | 5,979 | 0.64 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 5,946 | 0.64 |
Urban Logistics REIT | UK | Financials | Real estate investment trusts | 5,871 | 0.63 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 5,750 | 0.62 |
General Motors | USA | Consumer Goods | Automobiles & parts | 5,729 | 0.61 |
Standard Life Aberdeen | UK | Financials | Financial services | 5,688 | 0.61 |
Provident Financial | UK | Financials | Financial services | 5,671 | 0.61 |
SSE | UK | Utilities | Electricity | 5,604 | 0.60 |
Unilever | UK | Consumer Goods | Personal goods | 5,578 | 0.60 |
Halfords | UK | Consumer Services | General retailers | 5,442 | 0.58 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 5,175 | 0.55 |
iEnergizer | Guernsey | Industrials | Support services | 5,152 | 0.55 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 4,947 | 0.53 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,933 | 0.53 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,848 | 0.52 |
Boku | UK | Industrials | Support services | 4,699 | 0.50 |
Redde Northgate | UK | Industrials | Support services | 4,628 | 0.50 |
Babcock | UK | Industrials | Aerospace & defence | 4,584 | 0.49 |
Cranswick PLC | UK | Consumer Goods | Food producers | 4,569 | 0.49 |
Bayer AG | Germany | Health Care | Pharmaceuticals & biotechnology | 4,485 | 0.48 |
International Personal Finance | UK | Financials | Financial services | 4,464 | 0.48 |
Kistos Plc | UK | Oil & Gas | Oil & gas producers | 4,463 | 0.48 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 4,224 | 0.45 |
Nestle | Switzerland | Consumer Goods | Food producers | 4,193 | 0.45 |
ITV PLC | UK | Consumer Services | Media | 4,087 | 0.44 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 4,050 | 0.43 |
SigmaRoc | UK | Industrials | Construction & materials | 3,980 | 0.43 |
Plant Health Care | USA | Basic Materials | Chemicals | 3,626 | 0.39 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,596 | 0.38 |
Weir Group | UK | Industrials | Industrial engineering | 3,116 | 0.33 |
Ricardo | UK | Industrials | Support services | 3,042 | 0.33 |
Vertu Motors | UK | Consumer Services | General retailers | 2,967 | 0.32 |
Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 2,938 | 0.31 |
Marstons | UK | Consumer Services | Travel & leisure | 2,761 | 0.30 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,662 | 0.28 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,625 | 0.28 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,548 | 0.27 |
Libertine Holdings | UK | Other | Sustainable Energy | 2,540 | 0.27 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,498 | 0.27 |
Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 2,262 | 0.24 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 2,259 | 0.24 |
Amundi | France | Financials | Financial services | 2,091 | 0.22 |
GELION PLC | Other | Other | Sustainable Energy | 2,087 | 0.22 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 2,054 | 0.22 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 2,040 | 0.22 |
ONDINE BIOMEDICAL INC. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,833 | 0.20 |
Bawag | Austria | Financials | Banks | 1,707 | 0.18 |
Moncler | Italy | Consumer Goods | Personal goods | 1,638 | 0.18 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,631 | 0.17 |
Renold | UK | Industrials | Industrial engineering | 1,599 | 0.17 |
Allied Minds | UK | Financials | Financial services | 1,573 | 0.17 |
Sig Combibloc | Switzerland | Industrials | General industrials | 1,466 | 0.16 |
Danone SA | France | Consumer Goods | Food producers | 1,380 | 0.15 |
Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,380 | 0.15 |
Arkema SA | France | Basic Materials | Chemicals | 1,365 | 0.15 |
SAP | Germany | Technology | Software & computer services | 1,358 | 0.15 |
Mirriad Advertising | UK | Consumer Services | Media | 1,319 | 0.14 |
UniCredit | Italy | Financials | Banks | 1,302 | 0.14 |
CNH Industrial | UK | Industrials | Industrial engineering | 1,166 | 0.12 |
EDP Renovaveis SA | Spain | Other | Sustainable Energy | 1,140 | 0.12 |
Tullow Oil | UK | Oil & Gas | Oil & gas producers | 1,126 | 0.12 |
Safran SA | France | Industrials | Aerospace & defence | 1,074 | 0.11 |
Deutsche Boerse | Germany | Financials | Financial services | 1,062 | 0.11 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,056 | 0.11 |
First Tin | UK | Basic Materials | Mining | 1,000 | 0.11 |
Harbour Energy | UK | Oil & Gas | Oil & gas producers | 945 | 0.10 |
Kion Group AG | Germany | Industrials | Construction & materials | 910 | 0.10 |
Universal Music Group | Netherlands | Consumer Services | Media | 909 | 0.10 |
Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 837 | 0.09 |
Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 789 | 0.08 |
Jackson Financial | USA | Financials | Financial services | 786 | 0.08 |
Allfunds Group | UK | Other | Other | 716 | 0.08 |
Morses Club | UK | Financials | Financial services | 584 | 0.06 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 434 | 0.05 |
Brockhaus Capital Management | Germany | Financials | Financial services | 430 | 0.05 |
Carclo | UK | Basic Materials | Chemicals | 302 | 0.03 |
Unlisted | UK | Financials | Financial services | 100 | 0.01 |
Providence Resources | UK | Oil & Gas | Oil & gas producers | 73 | 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