The Law Debenture Corporation p.l.c. Interim Management
Statement
for the nine months ended 30 September
2012 (including subsidiaries)
Company history
From its origins in 1889, Law Debenture has diversified to
become a group with a unique range of activities in the financial
services sector. The group divides into two distinct complementary
areas of business.
Firstly, we are a global investment trust, listed on the London
Stock Exchange. Our portfolio of investments is managed by
Henderson Global Investors Limited under a contract terminable by
either side on 6 months' notice.
Secondly, we are a leading provider of independent fiduciary
services. Our activities are corporate trusts, treasury management
and structured finance administration, pension trusts, corporate
services (including agent for service of process) board
effectiveness and whistle blowing services. We have offices in
London, Sunderland, New
York, Delaware,
Hong Kong and the Channel Islands.
Fund objective
Our objective is to achieve long term capital growth in real
terms and steadily increasing income. The aim is to achieve a
higher rate of total return than the FTSE All-Share Index through
investing in a portfolio diversified both geographically and by
industry.
Company Information
The interim dividend for 2012 of 4.5p was paid on 13 September 2012. There are no other material
events or transactions to report.
Trust information
Sector Global Growth
Benchmark FTSE All-Share index
Trust type Conventional (Ords)
Launch date December 1889
Financial year end 31 December
Dividend payment April, September
Last ex div date 08 August
2012
Management fee (based on NAV) 0.30%
Performance fee No
Total expense ratio (TER) 0.49%
Trust statistics at 30 September
2012
Gross total assets £472m
NAV per ordinary share (cum income) 367.8p
NAV per ordinary share (ex income) 361.5p
Share price (code LWDB) 398.4p
Premium/(discount) (cum income) 8.3%
Group gearing - AIC (net) 106%
Group gearing - excluding 100%
fixed interest (net)
Yield 3.5%
Performance to 30 Sept 2012 9mths 1yr 3yrs 5yrs 10yrs
Share price (total 23.7% 20.3% 61.8% 34.0% 211.3%
return)
Net asset value (total 14.8% 22.7% 47.5% 31.0% 226.0%
return)
FTSE All-Share (total 8.2% 17.2% 26.1% 8.7% 135.7%
return)
Geographic breakdown at 30 September
2012
UK 68.3%
North America 7.7%
UK Gilts 7.5%
Europe 6.9%
Other Pacific 6.9%
Japan 2.7%
OEICs included
above:
Henderson Asia 2.4%
Pacific Capital
Growth
Henderson Japan 2.4%
Capital Growth
Baillie Gifford 2.1%
Pacific
First State Asia 2.0%
Pacific
Sectoral breakdown at 30 September
2012
Industrials 22.5%
Financials 11.4%
Consumer Goods 11.1%
Oil & Gas 10.2%
Pooled Equity 10.2%
Investments
Health Care 7.9%
UK Gilts 7.5%
Consumer Services 6.3%
Utilities 4.4%
Basic Materials 3.9%
Technology 2.6%
Telecommunications 2.0%
The UK Gilts holdings are all less than 5 years to maturity.
Top Ten Equity Holdings (excluding OEICs and Gilts) at
30 September 2012 as a percentage of
the portfolio
Senior 3.5%
BP 2.5%
Royal Dutch Shell 2.4%
GlaxoSmithKline 2.3%
GKN 2.1%
Amlin 1.9%
Smith (DS) 1.8%
HSBC 1.6%
Interserve 1.5%
Hill & Smith 1.5%
Contacts
Caroline Banszky Tim Fullwood
Managing Director Chief Financial Officer
Email: Email:
caroline.banszky@lawdeb.co.uk tim.fullwood@lawdeb.co.uk
Tel: +44 (0)207 606 5451