TIDMLWDB
RNS Number : 8647A
Law Debenture Corp PLC
01 October 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 September 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 September 2020 was 565.53 pence per
share (cum income) which excludes the proposed 2020 second interim
dividend of 6.5 pence as the shares went ex-dividend on 24
September 2020. With the Corporation's long term debt stated at
fair value, the NAV was 525.16 pence per share (cum income). The
mid-market price at the close of business on 30 September 2020 was
503.00 pence per share. The second interim dividend will be paid on
28 October 2020 to shareholders on the register at the record date
of 25 September 2020.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 560.93 565.53
------------------------ ------------------------
NAV with debt at fair value 520.57 525.16
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -18.3 -13.0 -6.2 27.6 116.2
------------------------------------------------ ----- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -20.4 -14.7 -9.2 21.4 102.6
------------------------------------------------ ----- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -19.9 -16.6 -9.3 18.6 63.9
------------------------------------------------ ----- ------ ------- ------- --------
Share price total return (3) -13.0 -4.1 2.2 29.6 138.6
------------------------------------------------ ----- ------ ------- ------- --------
Change in Retail Price Index (4) 0.5 0.5 6.8 12.9 30.6
------------------------------------------------ ----- ------ ------- ------- --------
(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; August
2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
30 September 2020 31 December 2019 31 December 2018
UK 79.3 80.7 74.5
Europe 10.5 7.8 8.6
North America 7.7 8.3 9.9
Japan 1.2 1.1 1.1
Other 0.4 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 September 2020 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 24,321 3.57
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 21,185 3.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 17,456 2.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 12,955 1.91
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Relx UK Consumer Services Media 12,941 1.90
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 12,780 1.88
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 12,533 1.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,195 1.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 11,749 1.73
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AstraZeneca UK Health Care Pharmaceuticals & biotechnology 10,479 1.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 10,358 1.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 9,807 1.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 9,727 1.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 9,144 1.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BHP UK Basic Materials Mining 9,096 1.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 8,756 1.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 8,676 1.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Anglo American UK Basic Materials Mining 8,441 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 8,411 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,394 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 8,284 1.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 8,242 1.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 8,081 1.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 8,074 1.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
M & G UK Financials Financial services 7,973 1.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 7,961 1.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
HSBC UK Financials Banks 7,949 1.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 7,947 1.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 7,785 1.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
RSA Insurance UK Financials Nonlife insurance 7,453 1.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 7,424 1.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 7,229 1.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 7,206 1.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Croda UK Basic Materials Chemicals 7,175 1.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 7,170 1.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,125 1.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IP Group plc UK Financials Financial services 6,911 1.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Chartered UK Financials Banks 6,715 0.99
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deere USA Industrials Industrial engineering 6,696 0.99
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,347 0.93
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 6,181 0.91
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 5,873 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,831 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,823 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
St Modwen Properties UK Financials services 5,781 0.85
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,729 0.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 5,664 0.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 5,288 0.78
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 5,179 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 5,158 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 5,152 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson Service UK Industrials Support services 5,109 0.75
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 4,876 0.72
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 4,860 0.72
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 4,776 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 4,744 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 4,639 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 4,592 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IMI UK Industrials Industrial engineering 4,589 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 4,461 0.66
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 4,460 0.66
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 4,453 0.66
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Euromoney UK Consumer Services Media 4,432 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Provident Financial UK Financials Financial services 4,282 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Pfizer USA Health Care Pharmaceuticals & biotechnology 4,259 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,252 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 4,138 0.61
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,008 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
NatWest UK Financials Banks 3,975 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 3,823 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 3,774 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,742 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 3,736 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 3,706 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vivendi France Consumer Services Media 3,657 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SSE UK Utilities Electricity 3,624 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,623 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 3,594 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,513 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Taylor Wimpey UK Consumer Goods construction 3,469 0.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,436 0.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,346 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Allied Minds UK Financials Financial services 3,339 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 3,327 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 3,233 0.48
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,179 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hammerson ORD GBP0.05 UK Financials Real estate investment trusts 3,138 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 3,119 0.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 3,042 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,039 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 2,949 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bawag Austria Financials Banks 2,872 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grit Real Estate Income Other Financials Real estate investment trusts 2,775 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Halfords UK Consumer Services General retailers 2,627 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,623 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
UniCredit Italy Financials Banks 2,586 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 2,575 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Boku UK Industrials Support services 2,554 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 2,534 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Boerse Germany Financials Financial services 2,520 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 2,500 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Amundi France Financials Financial services 2,358 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Worldline France Industrials Support services 2,353 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
St. James's Place UK Financials Life insurance/assurance 2,328 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 2,247 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Redde Northgate UK Industrials Support services 2,150 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Personal Finance UK Financials Financial services 2,042 0.30
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 1,793 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Daily Mail & General Trust 'A' UK Consumer Services Media 1,791 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nexi Italy Industrials Support services 1,777 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Augean UK Industrials Support services 1,730 0.25
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ricardo UK Industrials Support services 1,645 0.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 1,618 0.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
JDE Peet's Netherlands Consumer Goods Food producers 1,460 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,443 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AMS AG Switzerland Technology Technology hardware & equipment 1,317 0.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 1,306 0.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,237 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 1,111 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morses Club UK Financials Financial services 1,093 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 1,084 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 1,062 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 1,047 0.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund - C Shares UK Financials Equity investment instruments 1,015 0.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 991 0.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 963 0.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Wincanton UK Industrials Industrial transportation 955 0.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Kier UK Industrials Construction & materials 891 0.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 722 0.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 660 0.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Renold UK Industrials Industrial engineering 630 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 622 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 595 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severfield UK Industrials Industrial engineering 419 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 401 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
National Oilwell Vaeco USA Oil & Gas distribution 350 0.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 305 0.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 283 0.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 209 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 44 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
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END
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(END) Dow Jones Newswires
October 01, 2020 11:04 ET (15:04 GMT)
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