TIDMLWDB
RNS Number : 7369X
Law Debenture Corp PLC
02 September 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 August 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 August 2020 was 586.26 pence per
share (cum income). With the Corporation's long term debt stated at
fair value, the NAV was 546.88 pence per share (cum income). The
mid-market price at the close of business on 31 August 2020 was
539.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 577.06 586.26
------------------------ ------------------------
NAV with debt at fair value 537.68 546.88
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -16.2 -8.0 -3.8 27.4 137.1
------------------------------------------------ ----- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -18.1 -9.3 -6.0 21.5 123.0
------------------------------------------------ ----- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -18.5 -12.6 -8.2 17.3 77.6
------------------------------------------------ ----- ------ ------- ------- --------
Share price total return (3) -13.0 -0.1 -0.8 33.1 153.4
------------------------------------------------ ----- ------ ------- ------- --------
Change in Retail Price Index (4) 0.8 1.6 7.8 13.8 31.6
------------------------------------------------ ----- ------ ------- ------- --------
(1) The fair value of the IPS business has been calculated as at
30 June 2020 and was published as part of the interim results
announcement on 31 July 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: Refinitiv.
(4) Source: Bloomberg, subject to latest published RPI; July
2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
31 August 2020 31 December 2019 31 December 2018
UK 79.5 80.7 74.5
Europe 10.5 7.8 8.6
North America 7.4 8.3 9.9
Japan 1.2 1.1 1.1
Other 0.5 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 31 August 2020 the portfolio
comprised as follows:
Name Country Sector Industry MV GBP000 % of Portfolio
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Glaxosmithkline UK Health Care biotechnology 24,656 3.56
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oil equipment services &
Ceres Power UK Oil & Gas distribution 21,262 3.07
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Rio Tinto UK Basic Materials Mining 17,379 2.51
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Royal Dutch Shell UK Oil & Gas Oil & gas producers 13,288 1.92
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Dunelm UK Consumer Services General retailers 13,280 1.92
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Equity investment
Herald Investment Trust UK Financials instruments 12,953 1.87
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Relx UK Consumer Services Media 12,769 1.84
--------------------------- ------------ ------------------- --------------------------- --------- --------------
National Grid UK Utilities Gas, water & multiutilities 11,879 1.72
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Severn Trent UK Utilities Gas, water & multiutilities 11,650 1.68
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Prudential Corp UK Financials Life insurance/assurance 11,409 1.65
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Astrazeneca UK Health Care biotechnology 10,333 1.49
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Real estate investment
Urban Logistics REIT UK Financials trusts 10,071 1.45
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Direct Line Insurance UK Financials Nonlife insurance 9,584 1.38
--------------------------- ------------ ------------------- --------------------------- --------- --------------
BHP UK Basic Materials Mining 9,418 1.36
--------------------------- ------------ ------------------- --------------------------- --------- --------------
BAE Systems UK Industrials Aerospace & defence 9,353 1.35
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Cummins USA Industrials Industrial engineering 9,299 1.34
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Electronic & electrical
Morgan Advanced Materials UK Industrials equipment 8,874 1.28
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Real estate investment
Land Securities UK Financials trusts 8,808 1.27
--------------------------- ------------ ------------------- --------------------------- --------- --------------
HSBC UK Financials Banks 8,703 1.26
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Equity investment
Hipgnosis Songs Fund UK Financials instruments 8,699 1.26
--------------------------- ------------ ------------------- --------------------------- --------- --------------
M & G UK Financials Financial services 8,648 1.25
--------------------------- ------------ ------------------- --------------------------- --------- --------------
BP UK Oil & Gas Oil & gas producers 8,454 1.22
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Toyota Motor Japan Consumer Goods Automobiles & parts 8,163 1.18
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Aviva UK Financials Life insurance/assurance 8,156 1.18
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Hill & Smith UK Industrials Industrial engineering 8,094 1.17
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 7,880 1.14
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Caterpillar USA Industrials Industrial engineering 7,448 1.08
--------------------------- ------------ ------------------- --------------------------- --------- --------------
RSA Insurance UK Financials Nonlife insurance 7,413 1.07
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Standard Chartered UK Financials Banks 7,398 1.07
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Smith (DS) UK Industrials General industrials 7,285 1.05
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Accsys Technologies UK Industrials Construction & materials 7,261 1.05
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Hiscox UK Financials Nonlife insurance 7,177 1.04
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Health care equipment &
Smith & Nephew UK Health Care services 7,151 1.03
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Mondi UK Basic Materials Forestry & paper 6,937 1
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Anglo American UK Basic Materials Mining 6,872 0.99
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Croda UK Basic Materials Chemicals 6,779 0.98
--------------------------- ------------ ------------------- --------------------------- --------- --------------
IP Group plc UK Financials Financial services 6,494 0.94
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Gibson Energy Canada Oil & Gas Oil & gas producers 6,332 0.91
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Equity investment
Scottish Oriental Small Co Pacific Financials instruments 6,172 0.89
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Balfour Beatty UK Industrials Construction & materials 6,164 0.89
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Chesnara UK Financials Life insurance/assurance 6,156 0.89
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Deere USA Industrials Industrial engineering 6,131 0.89
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Johnson Service UK Industrials Support services 6,064 0.88
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Real estate investments &
St Modwen Properties UK Financials services 5,985 0.86
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Standard Life Aberdeen UK Financials Financial services 5,942 0.86
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Bristol-Myers Squibb USA Health Care biotechnology 5,813 0.84
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Marshalls UK Industrials Construction & materials 5,706 0.82
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Marks and Spencer UK Consumer Services General retailers 5,555 0.8
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Household goods & home
Watkin Jones UK Consumer Goods construction 5,461 0.79
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Provident Financial UK Financials Financial services 5,437 0.79
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Electronic & electrical
Spectris UK Industrials equipment 5,387 0.78
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Royal Mail UK Industrials Industrial transportation 5,382 0.78
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Technology hardware &
Applied Materials USA Technology equipment 5,294 0.76
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Lloyds Banking Group UK Financials Banks 5,103 0.74
--------------------------- ------------ ------------------- --------------------------- --------- --------------
General Motors USA Consumer Goods Automobiles & parts 4,984 0.72
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Simec Atlantis Energy UK Utilities Electricity 4,779 0.69
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Rolls Royce UK Industrials Aerospace & defence 4,701 0.68
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Linde Germany Basic Materials Chemicals 4,680 0.68
--------------------------- ------------ ------------------- --------------------------- --------- --------------
IMI UK Industrials Industrial engineering 4,616 0.67
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Tesco UK Consumer Goods Food & Drug Retailers 4,591 0.66
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Irish Continental Ireland Consumer Services Travel & leisure 4,560 0.66
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Unilever UK Consumer Goods Personal goods 4,460 0.64
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Senior UK Industrials Aerospace & defence 4,454 0.64
--------------------------- ------------ ------------------- --------------------------- --------- --------------
British American Tobacco UK Consumer Goods Tobacco 4,431 0.64
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Ryanair Ireland Consumer Services Travel & leisure 4,315 0.62
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Pfizer USA Health Care biotechnology 4,236 0.61
--------------------------- ------------ ------------------- --------------------------- --------- --------------
NatWest UK Financials Banks 4,228 0.61
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Elementis UK Basic Materials Chemicals 4,222 0.61
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Euromoney UK Consumer Services Media 4,202 0.61
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Electronic & electrical
TT Electronics UK Industrials equipment 4,105 0.59
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oxford Sciences Innovation UKULM Financials Financial services 4,008 0.58
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Koninklijke DSM Netherlands Basic Materials Chemicals 4,001 0.58
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Household goods & home
Taylor Wimpey UK Consumer Goods construction 3,918 0.57
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Allied Minds UK Financials Financial services 3,913 0.57
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Vodafone UK Telecommunications Mobile telecommunications 3,900 0.56
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Muenchener Rueckver Germany Financials Nonlife insurance 3,872 0.56
--------------------------- ------------ ------------------- --------------------------- --------- --------------
SSE UK Utilities Electricity 3,777 0.55
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Equity investment
Foresight Solar UK Financials instruments 3,763 0.54
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Nestle Switzerland Consumer Goods Food producers 3,659 0.53
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Vivendi France Consumer Services Media 3,598 0.52
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Phoenix Group Holdings UK Financials Life insurance/assurance 3,460 0.5
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Studio Retail Group plc UK Consumer Services General retailers 3,434 0.5
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Ibstock UK Industrials Construction & materials 3,396 0.49
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Babcock UK Industrials Aerospace & defence 3,391 0.49
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 3,377 0.49
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Indus Gas UK Oil & Gas Oil & gas producers 3,346 0.48
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 3,322 0.48
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Real estate investment
Grit Real Estate Income Other Financials trusts 3,275 0.47
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Software & computer
Prosus Netherlands Technology services 3,184 0.46
--------------------------- ------------ ------------------- --------------------------- --------- --------------
UniCredit Italy Financials Banks 2,974 0.43
--------------------------- ------------ ------------------- --------------------------- --------- --------------
International Consolidated
Airlines UK Consumer Services Travel & leisure 2,971 0.43
--------------------------- ------------ ------------------- --------------------------- --------- --------------
International Personal
Finance UK Financials Financial services 2,970 0.43
--------------------------- ------------ ------------------- --------------------------- --------- --------------
SigmaRoc UK Industrials Construction & materials 2,958 0.43
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Bawag Austria Financials Banks 2,911 0.42
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Meggitt UK Industrials Aerospace & defence 2,909 0.42
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Roche Switzerland Health Care biotechnology 2,889 0.42
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Novo-Nordisk Denmark Health Care biotechnology 2,812 0.41
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Deutsche Boerse Germany Financials Financial services 2,622 0.38
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Boku UK Industrials Support services 2,553 0.37
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Worldline France Industrials Support services 2,543 0.37
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Weir Group UK Industrials Industrial engineering 2,537 0.37
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Amundi France Financials Financial services 2,512 0.36
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Sig Combibloc Switzerland Industrials General industrials 2,480 0.36
--------------------------- ------------ ------------------- --------------------------- --------- --------------
St. James's Place UK Financials Life insurance/assurance 2,448 0.35
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Halfords UK Consumer Services General retailers 2,393 0.35
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Carnival UK Consumer Services Travel & leisure 2,372 0.34
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Redde Northgate UK Industrials Support services 2,190 0.32
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Technology hardware &
ASML Netherlands Technology equipment 2,117 0.31
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Marstons UK Consumer Services Travel & leisure 1,948 0.28
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Real estate investment
Hammerson UK Financials trusts 1,865 0.27
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Daily Mail & General Trust
'A' UK Consumer Services Media 1,813 0.26
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Augean UK Industrials Support services 1,730 0.25
--------------------------- ------------ ------------------- --------------------------- --------- --------------
JDE Peet's Netherlands Consumer Goods Food producers 1,526 0.22
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Morses Club UK Financials Financial services 1,524 0.22
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Nexi Italy Industrials Support services 1,515 0.22
--------------------------- ------------ ------------------- --------------------------- --------- --------------
EQTEC Ireland Utilities Electricity 1,422 0.21
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Ricardo UK Industrials Support services 1,395 0.2
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Pharmaceuticals &
Grifols, S.A. Spain Health Care biotechnology 1,287 0.19
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oil equipment services &
Velocys UK Oil & Gas distribution 1,219 0.18
--------------------------- ------------ ------------------- --------------------------- --------- --------------
AFC Energy UK Oil & Gas Alternative Energy 1,201 0.17
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Total (Fra) France Oil & Gas Oil & gas producers 1,168 0.17
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oil equipment services &
Schlumberger USA Oil & Gas distribution 1,137 0.16
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Technology hardware &
AMS AG Switzerland Technology equipment 1,125 0.16
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Moncler Italy Consumer Goods Personal goods 1,124 0.16
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Kier UK Industrials Construction & materials 1,097 0.16
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Hipgnosis Songs Fund - C Equity investment
Shares UK Financials instruments 1,020 0.15
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Ilika UK Oil & Gas Alternative Energy 975 0.14
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Wincanton UK Industrials Industrial transportation 912 0.13
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Premier Oil UK Oil & Gas Oil & gas producers 819 0.12
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Eddie Stobart Logistics UK Industrials Industrial transportation 656 0.09
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Brockhaus Capital
Management Germany Financials Financial services 642 0.09
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Renold UK Industrials Industrial engineering 520 0.08
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Centrica UK Utilities Gas, water & multiutilities 460 0.07
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oil equipment services &
National Oilwell Vaeco USA Oil & Gas distribution 448 0.06
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Severfield UK Industrials Industrial engineering 432 0.06
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Tullow Oil UK Oil & Gas Oil & gas producers 410 0.06
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Mirriad Advertising UK Consumer Services Media 369 0.05
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Unlisted UK Other Other 213 0.03
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Carclo UK Basic Materials Chemicals 174 0.03
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Providence Resources UK Oil & Gas Oil & gas producers 163 0.02
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Waste & Environ Svcs &
GVS Italy Industrials Equip 159 0.02
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Oil equipment services &
Now Inc USA Oil & Gas distribution 68 0.01
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Equity investment
Better Cap UK Financials instruments 25 0
--------------------------- ------------ ------------------- --------------------------- --------- --------------
Permanent TSB Ireland Financials Banks 2 0
--------------------------- ------------ ------------------- --------------------------- --------- --------------
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
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END
NAVKKDBQOBKDQCK
(END) Dow Jones Newswires
September 02, 2020 02:06 ET (06:06 GMT)
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