TIDMLWDB
RNS Number : 6028O
Law Debenture Corp PLC
02 June 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 May 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 31 May 2020 was 573.20 pence per share
(cum income). With the Corporation's long term debt stated at fair
value, the NAV was 536.21 pence per share (cum income). The
mid-market price at the close of business on 31 May 2020 was 498.50
pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 564.32 573.20
------------------------ ------------------------
NAV with debt at fair value 527.34 536.21
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -19.0 -9.7 -5.3 14.6 131.4
------------------------------------------------ ----- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -20.7 -11.8 -7.2 9.8 118.1
------------------------------------------------ ----- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -18.8 -11.2 -8.4 6.9 80.2
------------------------------------------------ ----- ------ ------- ------- --------
Share price total return (3) -20.5 -11.7 -4.3 12.0 147.1
------------------------------------------------ ----- ------ ------- ------- --------
Change in Retail Price Index (4) 0.2 1.5 8.1 13.4 31.3
------------------------------------------------ ----- ------ ------- ------- --------
(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 April 2020..
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
31 May 2020 31 December 2019 31 December 2018
UK 79.7 80.7 74.5
Europe 10.3 7.8 8.6
North America 7.3 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 31 May 2020 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 27,999 4.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 22,806 3.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 16,172 2.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 15,323 2.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Relx UK Consumer Services Media 14,051 2.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 13,046 1.91
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 12,478 1.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,200 1.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 10,959 1.61
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Astrazeneca UK Health Care Pharmaceuticals & biotechnology 10,633 1.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 9,782 1.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 9,774 1.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
HSBC UK Financials Banks 9,758 1.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 9,549 1.40
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 9,227 1.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 9,214 1.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 8,930 1.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 8,761 1.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BHP UK Basic Materials Mining 8,696 1.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 8,596 1.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Croda UK Basic Materials Chemicals 8,557 1.25
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 8,480 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Flutter Entertainment PLC UK Consumer Services Travel & leisure 8,422 1.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,372 1.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,242 1.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 8,201 1.20
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 7,761 1.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,717 1.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson Service UK Industrials Support services 7,387 1.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 7,161 1.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 7,143 1.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
M & G UK Financials Financial services 6,998 1.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 6,927 1.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 6,809 1.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 6,695 0.98
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Chartered UK Financials Banks 6,577 0.96
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
RSA Insurance UK Financials Nonlife insurance 6,506 0.95
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 6,407 0.94
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Anglo American UK Basic Materials Mining 6,377 0.93
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
St Modwen Properties UK Financials services 6,225 0.91
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 6,157 0.90
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 5,984 0.88
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 5,850 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,841 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 5,661 0.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 5,581 0.82
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IP Group plc UK Financials Financial services 5,518 0.81
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 5,446 0.80
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Lloyds Banking UK Financials Banks 5,377 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 5,296 0.78
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 5,290 0.78
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 5,237 0.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 5,231 0.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 5,182 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 4,837 0.71
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deere USA Industrials Industrial engineering 4,814 0.71
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 4,770 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 4,715 0.69
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 4,706 0.69
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 4,656 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Pfizer USA Health Care Pharmaceuticals & biotechnology 4,630 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Taylor Wimpey UK Consumer Goods construction 4,595 0.67
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Bank Of Scotland UK Financials Banks 4,138 0.61
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 4,065 0.60
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 4,030 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 4,015 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 3,943 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IMI UK Industrials Industrial engineering 3,933 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 3,855 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,780 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SSE UK Utilities Electricity 3,723 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Provident Financial UK Financials Financial services 3,691 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Euromoney UK Consumer Services Media 3,669 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 3,636 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,563 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,398 0.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Allied Minds UK Financials Financial services 3,242 0.48
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 3,232 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,213 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 3,141 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,081 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
Grit Real Estate Income Other Financials services 3,012 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,985 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 2,967 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 2,933 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vivendi France Consumer Services Media 2,918 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 2,834 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,832 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 2,829 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 2,770 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 2,723 0.40
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson & Johnson USA Health Care Pharmaceuticals & biotechnology 2,707 0.40
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 2,603 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Amundi France Financials Financial services 2,588 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 2,573 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
UniCredit Italy Financials Banks 2,562 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bawag Austria Financials Banks 2,528 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Boerse Germany Financials Financial services 2,485 0.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 2,476 0.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,405 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 2,379 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 2,345 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Telekom Germany Telecommunications Mobile telecommunications 2,313 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
St. James's Place UK Financials Life insurance/assurance 2,297 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 2,285 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Worldline France Industrials Support services 2,220 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SAP Germany Technology Software & computer services 2,185 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 2,165 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,115 0.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Daily Mail & General Trust 'A' UK Consumer Services Media 1,976 0.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 1,932 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AMS AG Switzerland Technology Technology hardware & equipment 1,860 0.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Augean UK Industrials Support services 1,832 0.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Personal Finance UK Financials Financial services 1,760 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Redde Northgate UK Industrials Support services 1,741 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,618 0.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morses Club UK Financials Financial services 1,584 0.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Embraer Other Industrials Aerospace & defence 1,533 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,525 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ricardo UK Industrials Support services 1,480 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nexi Italy Industrials Support services 1,280 0.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 1,196 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,177 0.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 1,001 0.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 981 0.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Wincanton UK Industrials Industrial transportation 855 0.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
JDE Peet's Netherlands Consumer Goods Food producers 700 0.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 674 0.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 573 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severfield UK Industrials Industrial engineering 567 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
National Oilwell Vaeco USA Oil & Gas distribution 505 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 475 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 447 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Renold UK Industrials Industrial engineering 392 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 365 0.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 301 0.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 101 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 75 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 69 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Fastjet UK Consumer Services Travel & leisure 41 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25 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
NAVSSAFAFESSESM
(END) Dow Jones Newswires
June 02, 2020 02:00 ET (06:00 GMT)
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