TIDMLWDB
RNS Number : 7813R
Law Debenture Corp PLC
02 July 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 June 2020
The Law Debenture Corporation p.l.c. announces that its
preliminary Net Asset Value ("NAV") with borrowings at par and
including the fair value of IPS business(1) on 30 June 2020 was
585.92 pence per share (cum income) which excludes the proposed
2020 first quarterly dividend of 6.50p as the shares went
ex-dividend on the 25 June 2020. With the Corporation's long term
debt stated at fair value, the NAV was 545.57 pence per share (cum
income). The mid-market price at the close of business on 30 June
2020 was 517.00 pence per share. The first quarterly dividend will
be paid on 28 July 2020 to holders on the register at the record
date of 26 June 2020.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 582.24 585.92
------------------------ ------------------------
NAV with debt at fair value 541.89 545.57
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -16.3 -10.3 -1.8 24.4 145.4
------------------------------------------------ ----- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -18.3 -12.7 -4.5 18.5 130.4
------------------------------------------------ ----- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -17.5 -13.0 -4.6 15.2 91.8
------------------------------------------------ ----- ------ ------- ------- --------
Share price total return (3) -16.5 -7.3 2.0 21.9 163.9
------------------------------------------------ ----- ------ ------- ------- --------
Change in Retail Price Index (4) 0.1 1.0 7.5 13.0 30.7
------------------------------------------------ ----- ------ ------- ------- --------
(1) The fair value of the IPS business has been calculated as at
31 December 2019. The fair value at 30 June 2020 is currently being
calculated and will be published as part of our half year results
announcement. This, along with other half year-end adjustments, is
likely to result in a variance between the NAV we have published
today and the final NAV we will disclose in our half yearly
report.
(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: Refinitiv.
(4) Source: Bloomberg, subject to latest published RPI based on
May 2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
30 June 2020 31 December 2019 31 December 2018
UK 80.3 80.7 74.5
Europe 10.2 7.8 8.6
North America 6.7 8.3 9.9
Japan 1.2 1.1 1.1
Other 0.7 1.2 1.4
Other Pacific 0.9 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 June 2020 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 27,406 3.92
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 21,611 3.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 17,057 2.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 15,300 2.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Relx UK Consumer Services Media 14,025 2.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 13,925 1.99
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 13,056 1.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,395 1.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 12,247 1.75
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 11,381 1.62
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Astrazeneca UK Health Care Pharmaceuticals & biotechnology 10,436 1.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
HSBC UK Financials Banks 9,977 1.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 9,829 1.40
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 9,313 1.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 9,279 1.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 9,242 1.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BHP UK Basic Materials Mining 9,098 1.30
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 8,804 1.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 8,701 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Croda UK Basic Materials Chemicals 8,666 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 8,426 1.20
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,378 1.20
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
M & G UK Financials Financial services 8,375 1.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 8,375 1.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,321 1.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Chartered UK Financials Banks 8,297 1.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 8,280 1.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 8,052 1.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Flutter Entertainment PLC UK Consumer Services Travel & leisure 7,946 1.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 7,893 1.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson Service UK Industrials Support services 7,212 1.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 7,204 1.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 7,175 1.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 7,133 1.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 7,130 1.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,076 1.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Anglo American UK Basic Materials Mining 7,010 1.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 6,846 0.98
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
RSA Insurance UK Financials Nonlife insurance 6,762 0.96
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
St Modwen Properties UK Financials services 6,383 0.91
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 5,968 0.85
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 5,959 0.85
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,948 0.85
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,838 0.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IP Group plc UK Financials Financial services 5,660 0.81
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Lloyds Banking UK Financials Banks 5,612 0.80
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 5,603 0.80
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 5,572 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 5,565 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 5,540 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 5,468 0.78
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 5,433 0.78
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 5,369 0.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 5,366 0.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 5,073 0.72
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deere USA Industrials Industrial engineering 4,946 0.71
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 4,790 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 4,739 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 4,589 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Bank Of Scotland UK Financials Banks 4,558 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Taylor Wimpey UK Consumer Goods construction 4,555 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 4,510 0.64
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 4,269 0.61
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SSE UK Utilities Electricity 4,094 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IMI UK Industrials Industrial engineering 4,036 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,008 0.57
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Pfizer USA Health Care Pharmaceuticals & biotechnology 3,954 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 3,947 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Euromoney UK Consumer Services Media 3,946 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 3,866 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 3,859 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Provident Financial UK Financials Financial services 3,854 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,815 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 3,769 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 3,720 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,647 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,632 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 3,464 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
Grit Real Estate Income Other Financials services 3,446 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,381 0.48
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vivendi France Consumer Services Media 3,285 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 3,283 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,220 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,186 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 3,100 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 3,090 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Allied Minds UK Financials Financial services 3,062 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 3,054 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,969 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 2,958 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 2,941 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
UniCredit Italy Financials Banks 2,773 0.40
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 2,743 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Amundi France Financials Financial services 2,729 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Boerse Germany Financials Financial services 2,708 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bawag Austria Financials Banks 2,668 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 2,619 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Worldline France Industrials Support services 2,583 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 2,539 0.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,422 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 2,414 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SAP Germany Technology Software & computer services 2,389 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
St. James's Place UK Financials Life insurance/assurance 2,382 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,323 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Personal Finance UK Financials Financial services 2,301 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,234 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 2,218 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 2,178 0.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 2,127 0.30
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 1,952 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Redde Northgate UK Industrials Support services 1,935 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 1,931 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Daily Mail & General Trust 'A' UK Consumer Services Media 1,902 0.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Augean UK Industrials Support services 1,832 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,805 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ricardo UK Industrials Support services 1,787 0.25
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Embraer Other Industrials Aerospace & defence 1,653 0.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nexi Italy Industrials Support services 1,567 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,552 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
JDE Peet's Netherlands Consumer Goods Food producers 1,516 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morses Club UK Financials Financial services 1,284 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,200 0.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 1,186 0.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 1,112 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AMS AG Switzerland Technology Technology hardware & equipment 924 0.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Wincanton UK Industrials Industrial transportation 879 0.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Boku UK Industrials Support services 835 0.12
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Halfords UK Consumer Services General retailers 758 0.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 675 0.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 639 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 632 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Renold UK Industrials Industrial engineering 612 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
GVS Italy Industrials Waste & Environ Svcs & Equip 565 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
National Oilwell Vaeco USA Oil & Gas distribution 494 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severfield UK Industrials Industrial engineering 483 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 388 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 385 0.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 116 0.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 101 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 87 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Fastjet UK Consumer Services Travel & leisure 77 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
NAVSSUFAFESSEIW
(END) Dow Jones Newswires
July 02, 2020 02:00 ET (06:00 GMT)
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