TIDMLWDB
RNS Number : 0051E
Law Debenture Corp PLC
02 November 2020
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 October 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 October 2020 was 556.79 pence per
share (cum income). With the Corporation's long term debt stated at
fair value, the NAV was 516.67 pence per share (cum income). The
mid-market price at the close of business on 31 October 2020 was
504.00 pence per share. The second interim dividend in respect of
the year ending 31 December 2020 of 6.5 pence per share was paid on
28 October 2020.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 549.70 556.79
------------------------ ------------------------
NAV with debt at fair value 509.59 516.67
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) -19.5 -14.0 -9.7 21.8 107.2
------------------------------------------------ ----- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -21.7 -15.8 -12.7 15.6 94.0
------------------------------------------------ ----- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -23.0 -18.6 -14.4 8.9 53.7
------------------------------------------------ ----- ------ ------- ------- --------
Share price total return (3) -17.5 -9.8 -4.4 16.9 125.2
------------------------------------------------ ----- ------ ------- ------- --------
Change in Retail Price Index (4) 0.8 1.1 7.0 13.4 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;
September 2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
31 October 2020 31 December 2019 31 December 2018
UK 79.4 80.7 74.5
Europe 10.0 7.8 8.6
North America 8.0 8.3 9.9
Japan 1.2 1.1 1.1
Other 0.4 1.2 1.4
Other Pacific 1.0 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 October 2020 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 23,314 3.48
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 21,638 3.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 16,337 2.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 13,518 2.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 12,950 1.94
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,145 1.82
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 12,109 1.81
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 11,608 1.74
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Relx UK Consumer Services Media 11,453 1.72
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 10,197 1.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Astrazeneca UK Health Care Pharmaceuticals & biotechnology 9,624 1.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 9,567 1.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 9,382 1.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 8,806 1.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 8,561 1.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
HSBC UK Financials Banks 8,556 1.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 8,494 1.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 8,447 1.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,286 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BHP UK Basic Materials Mining 8,196 1.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Anglo American UK Basic Materials Mining 8,150 1.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 7,987 1.20
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 7,972 1.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 7,757 1.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 7,724 1.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 7,457 1.12
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 7,429 1.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
M & G UK Financials Financial services 7,333 1.10
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 7,261 1.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 7,144 1.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IP Group plc UK Financials Financial services 7,009 1.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
RSA Insurance UK Financials Nonlife insurance 6,989 1.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 6,949 1.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Croda UK Basic Materials Chemicals 6,936 1.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deere USA Industrials Industrial engineering 6,820 1.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 6,810 1.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Chartered UK Financials Banks 6,634 0.99
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,405 0.96
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 6,289 0.94
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 6,282 0.94
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
St Modwen Properties UK Financials services 6,124 0.92
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,021 0.90
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 6,001 0.90
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 5,899 0.88
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,646 0.85
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 5,627 0.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,468 0.82
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 5,338 0.80
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,300 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 5,263 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 5,255 0.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Provident Financial UK Financials Financial services 5,145 0.77
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 5,045 0.76
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson Service UK Industrials Support services 4,955 0.74
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 4,943 0.74
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 4,675 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
NatWest UK Financials Banks 4,658 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Euromoney UK Consumer Services Media 4,548 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 4,546 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IMI UK Industrials Industrial engineering 4,519 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 4,457 0.67
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 4,404 0.66
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 4,398 0.66
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 4,359 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 4,283 0.64
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 4,257 0.64
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 4,250 0.64
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,114 0.62
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Pfizer USA Health Care Pharmaceuticals & biotechnology 4,112 0.62
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,077 0.61
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Boku UK Industrials Support services 3,863 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 3,849 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SSE UK Utilities Electricity 3,765 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 3,605 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 3,601 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,553 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,538 0.53
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 3,492 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Halfords UK Consumer Services General retailers 3,487 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,426 0.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Taylor Wimpey UK Consumer Goods construction 3,384 0.51
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Allied Minds UK Financials Financial services 3,353 0.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,346 0.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 3,314 0.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,312 0.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,252 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 3,243 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hammerson ORD GBP0.05 UK Financials Real estate investment trusts 3,139 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 3,026 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,979 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bawag Austria Financials Banks 2,959 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 2,867 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,828 0.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 2,733 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 2,705 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 2,627 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vivendi France Consumer Services Media 2,618 0.39
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ROLLS ROYCE RIGHTS ISSUE UK Industrials Aerospace & defence 2,530 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Personal Finance UK Financials Financial services 2,526 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grit Real Estate Income Other Financials Real estate investment trusts 2,442 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
UniCredit Italy Financials Banks 2,328 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,305 0.35
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
St. James's Place UK Financials Life insurance/assurance 2,248 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Amundi France Financials Financial services 2,190 0.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Deutsche Boerse Germany Financials Financial services 2,125 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Worldline France Industrials Support services 2,118 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Redde Northgate UK Industrials Support services 2,075 0.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 1,909 0.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Daily Mail & General Trust 'A' UK Consumer Services Media 1,863 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 1,775 0.27
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 1,763 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ricardo UK Industrials Support services 1,760 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Augean UK Industrials Support services 1,730 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nexi Italy Industrials Support services 1,479 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,410 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 1,391 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
JDE Peet's Netherlands Consumer Goods Food producers 1,273 0.19
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,204 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 1,056 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 1,044 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 1,037 0.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund - C Shares UK Financials Equity investment instruments 1,030 0.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 923 0.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 918 0.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AMS AG Switzerland Technology Technology hardware & equipment 915 0.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morses Club UK Financials Financial services 888 0.13
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Kier UK Industrials Construction & materials 833 0.12
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 806 0.12
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 784 0.12
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 737 0.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 621 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Renold UK Industrials Industrial engineering 612 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 422 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severfield UK Industrials Industrial engineering 418 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 402 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 372 0.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
National Oilwell Vaeco USA Oil & Gas distribution 324 0.05
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 233 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 206 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 39 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 Alison Skerritt-Black,
Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number -
2138006E39QX7XV6PP21
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END
NAVBLBDBSSGDGGD
(END) Dow Jones Newswires
November 02, 2020 11:45 ET (16:45 GMT)
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