TIDMLWDB
RNS Number : 5102X
Law Debenture Corp PLC
04 May 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 April 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 30 April 2021 was 771.70 pence per
share (cum income). With the Corporation's long term debt stated at
fair value, the NAV was 738.40 pence per share (cum income). The
mid-market price at the close of business on 30 April 2021 was
749.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 764.49 771.70
------------------------ ------------------------
NAV with debt at fair value 731.19 738.40
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) 12.0 45.6 26.1 70.5 161.1
------------------------------------------------ ---- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) 14.5 49.4 25.3 69.0 152.4
------------------------------------------------ ---- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) 9.7 25.9 7.7 39.9 81.0
------------------------------------------------ ---- ------ ------- ------- --------
Share price total return (3) 9.8 56.4 41.2 85.8 192.3
------------------------------------------------ ---- ------ ------- ------- --------
Change in Retail Price Index (4) 0.5 1.5 6.7 13.7 27.7
------------------------------------------------ ---- ------ ------- ------- --------
(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 latest published RPI; March
2021.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
30 April 2021 31 December 2020 31 December 2019
UK 82.5 82.0 80.7
Europe 9.5 10.6 7.8
North America 6.3 5.4 8.3
Japan 1.0 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 30 April 2021 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 22,785 2.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 22,438 2.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
HSBC UK Financials Banks 19,634 2.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Barclays PLC UK Financials Banks 18,954 2.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 17,490 1.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 17,271 1.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 16,235 1.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 14,632 1.59
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 14,332 1.56
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Anglo American UK Basic Materials Mining 13,815 1.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 13,631 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 13,590 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 13,543 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 12,830 1.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,375 1.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
NatWest UK Financials Banks 12,284 1.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 12,234 1.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BHP UK Basic Materials Mining 12,015 1.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 11,970 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 11,849 1.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 11,769 1.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,377 1.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IP Group plc UK Financials Financial services 11,373 1.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Relx UK Consumer Services Media 11,274 1.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 10,979 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
M & G UK Financials Financial services 10,865 1.18
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 10,818 1.18
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 10,410 1.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 10,340 1.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BT Group PLC UK Telecommunications Fixed Line Telecommunications 10,306 1.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 9,946 1.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Chartered UK Financials Banks 9,798 1.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 9,606 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 9,396 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 9,329 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 9,317 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 9,266 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 9,206 1.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 9,112 0.99
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 8,872 0.97
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Johnson Service UK Industrials Support services 8,863 0.97
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 8,839 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 8,776 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 8,766 0.95
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 8,751 0.95
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 8,625 0.94
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,574 0.93
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 8,339 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 8,314 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 8,256 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 8,058 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
St Modwen Properties UK Financials Real estate investments & services 8,011 0.87
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Croda UK Basic Materials Chemicals 7,775 0.85
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 7,655 0.83
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,374 0.80
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 7,345 0.80
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 6,994 0.76
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 6,970 0.76
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IMI UK Industrials Industrial engineering 6,969 0.76
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 6,915 0.75
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Halfords UK Consumer Services General retailers 6,779 0.74
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,543 0.71
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 6,340 0.69
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 6,331 0.69
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,258 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 6,145 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Personal Finance UK Financials Financial services 5,906 0.64
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,749 0.63
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Convatec Group UK Health Care Health care equipment & services 5,673 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 5,658 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,647 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SANOFI SA France Health Care Pharmaceuticals & biotechnology 5,644 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,471 0.60
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Provident Financial UK Financials Financial services 5,397 0.59
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 5,291 0.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,800 0.52
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 4,660 0.51
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 4,535 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 4,417 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,414 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SSE UK Utilities Electricity 4,403 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 4,310 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Redde Northgate UK Industrials Support services 4,243 0.46
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 4,232 0.46
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 4,027 0.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 3,992 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bawag Austria Financials Banks 3,951 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Boku UK Industrials Support services 3,884 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,878 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,833 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,750 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grit Real Estate Income Guernsey Financials Real estate investment trusts 3,700 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 3,569 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,556 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,514 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ricardo UK Industrials Support services 3,502 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,484 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
iEnergizer Ltd Guernsey Industrials Support services 3,060 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 3,037 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
VH Global Sustainable Energy
Opportunities plc UK Other Sustainable Energy 3,006 0.33
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morses Club UK Financials Financial services 2,932 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 2,874 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,864 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Worldline France Industrials Support services 2,834 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Jubilee Metals Group plc UK Basic Materials Mining 2,805 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Amundi France Financials Financial services 2,784 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Plant Health Care PLC USA Basic Materials Chemicals 2,714 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Kier UK Industrials Construction & materials 2,625 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,580 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,560 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,490 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
UniCredit Italy Financials Banks 2,478 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Augean UK Industrials Support services 2,137 0.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vertu Motors PLC UK Consumer Services General retailers 2,133 0.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allied Minds UK Financials Financial services 2,128 0.23
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Stellantis N.V. Netherlands Consumer Goods Automobiles & parts 1,997 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,969 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bacanora Lithium PLC UK Basic Materials Mining 1,937 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nexi Italy Industrials Support services 1,737 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,726 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 1,626 0.18
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Renold UK Industrials Industrial engineering 1,524 0.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 1,445 0.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,372 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Surface Transforms plc UK Consumer Goods Automobiles & parts 1,280 0.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 1,180 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 1,082 0.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 1,058 0.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Logistics Development Group Plc UK Industrials Industrial transportation 969 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Harbour Energy plc UK Oil & Gas Oil & gas producers 765 0.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Embracer Group Sweden Consumer Goods Leisure Goods 696 0.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AUTO1 Group SE Germany Other Financial Technology 560 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 559 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allfunds Group Ltd UK Other Other 545 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 508 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unlisted UK Financials Financial services 213 0.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 155 0.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 110 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 89 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Permanent TSB Ireland Financials Banks 5
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Fastjet (delisted) UK Consumer Services Travel & leisure
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Interserve (delisted) UK Industrials Support services
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
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
NAVBSGDUDBGDGBS
(END) Dow Jones Newswires
May 04, 2021 10:17 ET (14:17 GMT)
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