TIDMLWDB
RNS Number : 7323L
Law Debenture Corp PLC
04 May 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 April 2020
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 business(1) on 30 April 2020 was 553.07 pence per
share (cum income). With the Corporation's long term debt stated at
fair value, the NAV was 517.23 pence per share (cum income). The
final dividend in respect of the year ended 31 December 2019 of
19.4 pence per share was paid on 16 April 2020. The mid-market
price at the close of business on 30 April 2020 was 497.00 pence
per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 545.95 553.07
------------------------ ------------------------
NAV with debt at fair value 510.11 517.23
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -21.8 -15.5 -5.8 12.7 111.4
------------------------------------------------ ----- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -23.5 -17.9 -7.9 8.2 99.2
------------------------------------------------ ----- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -21.4 -16.7 -7.5 4.8 63.4
------------------------------------------------ ----- ------ ------- ------- --------
Share price total return (3) -20.8 -15.1 -2.7 17.7 132.4
------------------------------------------------ ----- ------ ------- ------- --------
Change in Retail Price Index (4) 0.2 2.6 8.7 13.8 32.6
------------------------------------------------ ----- ------ ------- ------- --------
(1) The fair value of the IPS business has been calculated as at
31 December 2019 and was published as part of the year end results
announcement on 27 February 2020.
(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: Thomson Reuters.
(4) Source: Bloomberg, subject to the latest published RPI data
based on March 2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
30 April 2020 31 December 2019 31 December 2018
UK 80.0 80.7 74.5
Europe 10.1 7.8 8.6
North America 7.2 8.3 9.9
Japan 1.2 1.1 1.1
Other 0.7 1.2 1.4
Other Pacific 0.8 0.9 4.5
TOTAL 100 100 100
-------------- ----------------- -----------------
Full Portfolio Listing
Law Debenture will now be publishing details of its full
investment portfolio monthly. As at 30 April 2020 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 27,822 4.20
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 19,584 2.95
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 16,080 2.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 13,815 2.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Relx UK Consumer Services Media 13,474 2.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 13,156 1.99
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 11,945 1.81
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 11,645 1.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Flutter Entertainment PLC UK Consumer Services Travel & leisure 11,396 1.72
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Astrazeneca UK Health Care Pharmaceuticals & biotechnology 11,145 1.69
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
HSBC UK Financials Banks 10,810 1.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 10,540 1.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 10,019 1.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 9,481 1.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 9,248 1.40
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 9,151 1.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 8,968 1.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 8,856 1.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 8,783 1.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson Service UK Industrials Support services 8,680 1.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 8,412 1.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,143 1.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Croda UK Basic Materials Chemicals 8,049 1.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 7,798 1.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 7,681 1.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 7,436 1.12
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BHP UK Basic Materials Mining 7,348 1.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,323 1.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Chartered UK Financials Banks 7,277 1.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 7,171 1.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 6,929 1.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
St Modwen Properties UK Financials services 6,799 1.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 6,698 1.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
M & G UK Financials Financial services 6,613 1.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 6,459 0.98
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 6,435 0.97
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 6,371 0.96
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 6,369 0.96
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 6,260 0.95
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 6,144 0.93
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Lloyds Banking UK Financials Banks 5,803 0.88
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 5,738 0.87
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 5,665 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 5,533 0.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 5,472 0.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 5,387 0.81
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,264 0.80
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 5,253 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 5,090 0.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
RSA Insurance UK Financials Nonlife insurance 5,057 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 4,995 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IP Group plc UK Financials Financial services 4,915 0.74
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 4,828 0.73
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 4,720 0.71
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Taylor Wimpey UK Consumer Goods construction 4,706 0.71
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Pfizer USA Health Care Pharmaceuticals & biotechnology 4,563 0.69
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 4,534 0.69
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deere USA Industrials Industrial engineering 4,497 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 4,415 0.67
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,270 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson & Johnson USA Health Care Pharmaceuticals & biotechnology 4,163 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Bank Of Scotland UK Financials Banks 4,146 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Euromoney UK Consumer Services Media 4,142 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 3,980 0.60
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 3,925 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Anglo American UK Basic Materials Mining 3,891 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 3,873 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 3,855 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,850 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SSE UK Utilities Electricity 3,750 0.57
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 3,662 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 3,656 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IMI UK Industrials Industrial engineering 3,620 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 3,616 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,591 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 3,399 0.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Provident Financial UK Financials Financial services 3,352 0.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,226 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 3,056 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 3,051 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,033 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,005 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
Grit Real Estate Income Other Financials services 2,953 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,906 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 2,844 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,831 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Allied Minds UK Financials Financial services 2,817 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 2,793 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Pernod-Ricard France Consumer Goods Beverages 2,726 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vivendi France Consumer Services Media 2,723 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 2,714 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 2,559 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 2,521 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Boerse Germany Financials Financial services 2,480 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 2,465 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bawag Austria Financials Banks 2,448 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 2,432 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 2,355 0.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Personal Finance UK Financials Financial services 2,320 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,275 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SAP Germany Technology Software & computer services 2,200 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 2,132 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
St. James's Place UK Financials Life insurance/assurance 2,129 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Telekom Germany Telecommunications Mobile telecommunications 2,078 0.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 2,051 0.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SGS Switzerland Industrials Support services 1,994 0.30
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Daily Mail & General Trust 'A' UK Consumer Services Media 1,946 0.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 1,909 0.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 1,891 0.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 1,842 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morses Club UK Financials Financial services 1,731 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Embraer Other Industrials Aerospace & defence 1,726 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,698 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Redde Northgate UK Industrials Support services 1,647 0.25
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Worldline France Industrials Support services 1,627 0.25
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Amundi France Financials Financial services 1,586 0.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,535 0.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Augean UK Industrials Support services 1,506 0.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 1,389 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
UniCredit Italy Financials Banks 1,375 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 1,222 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,156 0.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Wincanton UK Industrials Industrial transportation 1,102 0.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 1,068 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 1,056 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ricardo UK Industrials Support services 970 0.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 709 0.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severfield UK Industrials Industrial engineering 575 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 519 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
National Oilwell Vaeco USA Oil & Gas distribution 501 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 500 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 457 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Renold UK Industrials Industrial engineering 444 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 399 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 169 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 73 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 63 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 61 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Fastjet UK Consumer Services Travel & leisure 57 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Permanent TSB Ireland Financials Banks 2 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
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., Fifth Floor,
100 Wood Street, London, EC2V 7EX (contact Debbie Fish, Company
Secretariat, 020 7696 5940).
The Law Debenture Corporation p.l.c. LEI number -
2138006E39QX7XV6PP21
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NAVEAXSFEFDEEFA
(END) Dow Jones Newswires
May 04, 2020 02:00 ET (06:00 GMT)
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