The Law Debenture Corporation p.l.c. Interim Management
Statement
for the three months ended 31 March
2013 (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
At the Annual General Meeting of the Company on 10 April 2013 all resolutions were passed. The
final dividend for 2012 of 9.75p was paid on 18 April 2013. 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 20 March 2013
Management fee (based on NAV) 0.30%
Performance fee No
Ongoing charges 0.47%
Trust statistics at 31 March
2013
Gross total assets £542m
NAV per ordinary share (cum income) 427.8p
NAV per ordinary share (ex income) 424.1p
Share price (code LWDB) 464.5p
Premium/(discount) (cum income) 8.6%
NAV (debt at fair value)
NAV per ordinary share (cum income) 421.0p
NAV per ordinary share (ex income) 417.3p
Group gearing - AIC (net) 5%
Group gearing - excluding 0%
fixed interest (net)
Yield 3.1%
Performance to 31 March 2013 3mths
1yr 3yrs 5yrs 10yrs
Share price (total 11.6% 27.9% 70.5% 77.6% 295.8%
return)
Net asset value 12.3% 21.6% 52.2% 70.7% 308.1%
(total return)
FTSE All-Share (total 10.3% 16.8% 28.7% 38.5% 175.3%
return)
Geographic breakdown at 31 March
2013 Sector breakdown at 31 March
2013
UK 69.3%
Europe 8.1%
North America 6.9%
Other Pacific 6.4%
UK Gilts 6.3%
Japan 3.0%
OEICs included
above:
Henderson Japan 2.6%
Capital Growth
Henderson Asia 2.4%
Pacific Capital
Growth
Baillie Gifford 2.1%
Pacific
First State Asia 1.9%
Pacific
Industrials 23.1%
Financials 12.1%
Consumer Goods 10.3%
Pooled Equity 9.9%
Investments
Oil & Gas 9.5%
Health Care 7.7%
Consumer Services 7.1%
UK Gilts 6.3%
Basic Materials 4.9%
Utilities 4.2%
Technology 2.9%
Telecommunications 2.0%
The UK Gilts holding is less than 5 years to maturity.
Top Ten Equity Holdings (excluding OEICs and Gilts) at 31 March 2013 as a
percentage of the portfolio
Senior 3.3%
BP 2.5%
GKN 2.3%
GlaxoSmithKline 2.1%
Royal Dutch 2.0%
Shell
Amlin 1.9%
HSBC 1.7%
Interserve 1.5%
Diageo 1.5%
Smith (DS) 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