LWDB Law Debenture Corporation Plc

 
TIDMLWDB 
 
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 GBP542m 
 
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 
 
 
 
END 
 

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