TIDMLWDB
RNS Number : 3818U
Law Debenture Corp PLC
01 April 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 March 2021
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 March 2021 was 745.00 pence per
share (cum income). With the Corporation's long term debt stated at
fair value, the NAV was 712.60 pence per share (cum income). The
mid-market price at the close of business on 31 March 2021 was
725.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 741.45 745.00
------------------------ ------------------------
NAV with debt at fair value 709.05 712.60
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) 8.1 50.8 27.6 65.8 160.6
------------------------------------------------ ---- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) 10.5 52.2 27.1 64.0 151.8
------------------------------------------------ ---- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) 5.2 26.7 9.9 35.7 79.0
------------------------------------------------ ---- ------ ------- ------- --------
Share price total return (3) 6.3 62.2 42.9 89.3 194.0
------------------------------------------------ ---- ------ ------- ------- --------
Change in Retail Price Index (4)
------------------------------------------------ ---- ------ ------- ------- --------
(1) The fair value of the IPS business has been calculated as at
31 December 2020 and was published as part of the year end results
announcement on 26 February 2021.
(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 one month lag based on timing
of release of March 2021 RPI data.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
31 March 2021 31 December 2020 31 December 2019
UK 81.7 82.0 80.7
Europe 9.5 10.6 7.8
North America 7.0 5.4 8.3
Japan 1.1 1.1 1.1
Other Pacific 0.7 0.9 0.9
-------------- ----------------- -----------------
TOTAL 100 100 100
-------------- ----------------- -----------------
Full Portfolio Listing
Law Debenture will now be publishing details of its full
investment portfolio monthly. As at 31 March 2021 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 21,571 2.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 20,813 2.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Barclays PLC UK Financials Banks 20,079 2.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
HSBC UK Financials Banks 18,350 2.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 16,795 1.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 16,688 1.89
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 16,490 1.87
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 15,636 1.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 14,388 1.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 13,818 1.56
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 13,046 1.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Anglo American UK Basic Materials Mining 12,791 1.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 12,761 1.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 12,360 1.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 12,175 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,993 1.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 11,540 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 11,530 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BHP UK Basic Materials Mining 11,517 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 11,478 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 11,467 1.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IP Group plc UK Financials Financial services 11,019 1.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Relx UK Consumer Services Media 10,914 1.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
NatWest UK Financials Banks 10,794 1.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 10,773 1.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 10,515 1.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
M & G UK Financials Financial services 10,370 1.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 10,182 1.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 10,157 1.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 10,149 1.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 10,106 1.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 9,693 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BT Group PLC UK Telecommunications Fixed Line Telecommunications 9,675 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 9,445 1.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 9,440 1.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Chartered UK Financials Banks 9,419 1.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 9,324 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 9,317 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 9,086 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 9,038 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 8,898 1.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,836 1.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 8,785 0.99
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 8,712 0.98
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 8,314 0.94
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Johnson Service UK Industrials Support services 8,249 0.93
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 8,160 0.92
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 7,844 0.89
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 7,783 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 7,714 0.87
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 7,691 0.87
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
St Modwen Properties UK Financials Real estate investments & services 7,493 0.85
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 7,348 0.83
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 7,323 0.83
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Croda UK Basic Materials Chemicals 7,297 0.82
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 7,070 0.80
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Halfords UK Consumer Services General retailers 6,840 0.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 6,817 0.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 6,629 0.75
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 6,477 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,358 0.72
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,161 0.70
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 6,139 0.69
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,998 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,937 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IMI UK Industrials Industrial engineering 5,832 0.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,726 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 5,721 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 5,277 0.60
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,272 0.60
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Personal Finance UK Financials Financial services 4,873 0.55
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,800 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Provident Financial UK Financials Financial services 4,792 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 4,774 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 4,697 0.53
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SSE UK Utilities Electricity 4,365 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,177 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 4,056 0.46
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,997 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 3,979 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 3,914 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,878 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Boku UK Industrials Support services 3,862 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bawag Austria Financials Banks 3,795 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grit Real Estate Income Guernsey Financials Real estate investment trusts 3,700 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,670 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 3,602 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Redde Northgate UK Industrials Support services 3,595 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,580 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 3,567 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,553 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,553 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SANOFI SA France Health Care Pharmaceuticals & biotechnology 3,549 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
UniCredit Italy Financials Banks 3,514 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,298 0.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Convatec Group UK Health Care Health care equipment & services 3,138 0.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
iEnergizer Ltd Guernsey Industrials Support services 3,060 0.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 2,946 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
VH Global Sustainable Energy
Opportunities plc UK Other Sustainable Energy 2,946 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 2,945 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,853 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 2,849 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Plant Health Care PLC USA Basic Materials Chemicals 2,769 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morses Club UK Financials Financial services 2,666 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ricardo UK Industrials Support services 2,513 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Amundi France Financials Financial services 2,509 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,445 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Worldline France Industrials Support services 2,427 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,392 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,316 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 2,312 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Stellantis N.V. Netherlands Consumer Goods Automobiles & parts 2,144 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Augean UK Industrials Support services 2,137 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allied Minds UK Financials Financial services 2,044 0.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,953 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bacanora Lithium PLC UK Basic Materials Mining 1,844 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,803 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 1,726 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,625 0.18
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 1,624 0.18
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nexi Italy Industrials Support services 1,581 0.18
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vertu Motors PLC UK Consumer Services General retailers 1,510 0.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Surface Transforms plc UK Consumer Goods Automobiles & parts 1,440 0.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 1,355 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,348 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Renold UK Industrials Industrial engineering 1,298 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 1,162 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 991 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Logistics Development Group Plc UK Industrials Industrial transportation 984 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 959 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 944 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 892 0.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Embracer Group Sweden Consumer Goods Leisure Goods 618 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 566 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AUTO1 Group SE Germany Other Financial Technology 566 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 388 0.04
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unlisted UK Other Other 213 0.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 110 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 92 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Permanent TSB Ireland Financials Banks 4 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Fastjet (delisted) UK Consumer Services Travel & leisure 0.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Interserve (delisted) UK Industrials Support services 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., 8th Floor, 100
Bishopsgate, London, EC2N 4AG (contact Alison Skerritt-Black,
Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number -
2138006E39QX7XV6PP21
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END
NAVBUGDSBGGDGBB
(END) Dow Jones Newswires
April 01, 2021 11:05 ET (15:05 GMT)
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