LWDB Law Debenture Corporation Plc

 
TIDMLWDB 
 
The Law Debenture Corporation p.l.c. Interim Management Statement 
 
     for the nine months ended 30 September 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 
 
On 23 July 2013 the Corporation replaced a $50 million guarantee provided by a 
subsidiary company to the group's US trust company with capital raised through 
a bank facility. Details were provided in the half yearly management report. 
 
The interim dividend for 2013 of 4.5p was paid on 12 September 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                  14 August 2013 
 
Management fee (based on NAV)              0.30% 
 
Performance fee                               No 
 
Ongoing charges                            0.45% 
 
 
Trust statistics at 30 September 2013 
 
Gross total assets                        GBP596m 
 
NAV per ordinary share (cum income)      449.8p 
 
NAV per ordinary share (ex income)       442.6p 
 
Share price (code LWDB)                  497.6p 
 
Premium/(discount) (cum income)           10.6% 
 
NAV (debt at fair value) 
 
NAV per ordinary share (cum income)      444.4p 
 
NAV per ordinary share (ex income)       437.2p 
 
Group gearing - AIC (net)                    5% 
 
Group gearing - excluding                    1% 
 
fixed interest (net) 
 
Yield                                      2.9% 
 
Performance to 30 September 2013   9mths      1yr    3yrs    5yrs   10yrs 
 
Share price (total                 20.7%    28.7%   74.2%   122.3%  234.5% 
return) 
 
Net asset value (total             19.8%    24.9%   57.3%   111.8%  239.9% 
return) 
 
FTSE All-Share (total         14.6%    18.9%   33.4%  66.2% 140.2% 
return) 
 
 
Geographic breakdown at 30 September 2013 
 
UK                   72.3% 
 
North America         7.5% 
 
Europe                7.1% 
 
Other Pacific         5.8% 
 
UK Gilts              4.3% 
 
Japan                 3.0% 
 
OEICs included 
above: 
 
Henderson Japan       2.6% 
Capital Growth 
 
Henderson Asia        2.2% 
Pacific Capital 
Growth 
 
Baillie Gifford       1.9% 
Pacific 
 
First State Asia      1.7% 
Pacific 
 
 
Sector breakdown at 30 September 2013 
 
Industrials              24.4% 
 
Financials               12.6% 
 
Consumer Goods           10.3% 
 
Pooled Equity            10.3% 
Investments 
 
Oil & Gas                 9.3% 
 
Consumer Services         8.4% 
 
Health Care               8.0% 
 
Basic Materials           6.2% 
 
UK Gilts                  4.3% 
 
Utilities                 3.2% 
 
Technology                2.5% 
 
Telecommunications        0.5% 
 
The UK Gilts holding is less than 5 years to maturity. 
 
 
Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2013 as a 
percentage of the portfolio 
 
Senior                2.8% 
 
GKN                   2.8% 
 
BP                    2.3% 
 
GlaxoSmithKline       2.1% 
 
Royal Dutch Shell     1.9% 
 
 
HSBC                  1.8% 
 
Amlin                 1.8% 
 
Rio Tinto             1.8% 
 
Smith (DS)            1.7% 
 
Interserve            1.6% 
 
Contacts 
 
Caroline Banszky                     Tim Fullwood 
Managing Director                    Chief Financial Officer 
Email: caroline.banszky@lawdeb.com   Email: tim.fullwood@lawdeb.com 
Tel: +44 (0)207 606 5451 
 
 
 
END 
 

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