TIDMLWDB
RNS Number : 4779A
Law Debenture Corp PLC
01 June 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 May 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 28 May 2021 was 788.07 pence per share
(cum income) which includes the proposed 2021 first interim
dividend of 6.875 pence per share as the shares go ex-dividend on
03 June 2021. With the Corporation's long term debt stated at fair
value, the NAV was 755.02 pence per share (cum income). The
mid-market price at the close of business on 28 May 2021 was 766.00
pence per share. The first interim dividend will be paid on 07 July
2021 to shareholders on the register at the record date of 04 June
2021.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 778.80 788.07
------------------------ ------------------------
NAV with debt at fair value 745.75 755.02
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) 14.4 40.9 25.6 77.8 167.5
------------------------------------------------ ---- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) 17.0 44.2 24.7 76.7 158.9
------------------------------------------------ ---- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) 10.9 20.5 8.9 41.5 85.6
------------------------------------------------ ---- ------ ------- ------- --------
Share price total return (3) 12.3 56.5 41.5 88.0 188.2
------------------------------------------------ ---- ------ ------- ------- --------
Change in Retail Price Index (4) 1.9 2.9 7.7 15.2 28.5
------------------------------------------------ ---- ------ ------- ------- --------
(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 subject to latest published
RPI; April 2021.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
28 May 2021 31 December 2020 31 December 2019
UK 82.9 82.1 80.7
Europe 9.0 10.1 7.8
North America 6.4 5.4 8.3
Japan 1.0 1.1 1.1
Other - 0.4 1.2
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 28 May 2021 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 22,740 2.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 22,515 2.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Barclays UK Financials Banks 19,775 2.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
HSBC UK Financials Banks 19,745 2.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 17,451 1.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 17,069 1.82
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 16,043 1.71
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 14,967 1.59
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 14,294 1.52
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 14,245 1.52
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Anglo American UK Basic Materials Mining 14,108 1.50
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 14,019 1.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 13,919 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 13,565 1.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 13,235 1.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
NatWest UK Financials Banks 12,938 1.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 12,900 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 12,840 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,255 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
M & G UK Financials Financial services 12,225 1.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 12,160 1.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 11,782 1.25
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BHP UK Basic Materials Mining 11,677 1.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 11,226 1.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 11,149 1.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Relx UK Consumer Services Media 11,031 1.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IP Group UK Financials Financial services 10,965 1.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BT Group UK Telecommunications Fixed Line Telecommunications 10,928 1.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 10,714 1.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 10,586 1.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 10,192 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
St Modwen Properties UK Financials Real estate investments & services 10,157 1.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 10,011 1.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 9,735 1.04
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 9,666 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Johnson Service Group UK Industrials Support services 9,660 1.03
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Chartered UK Financials Banks 9,576 1.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 9,479 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 9,408 1.00
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 9,270 0.99
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 9,056 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 9,041 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 8,807 0.94
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 8,665 0.92
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 8,633 0.92
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 8,591 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,520 0.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 8,495 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marks & Spencer UK Consumer Services General retailers 8,435 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 8,307 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 8,267 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 8,031 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Croda UK Basic Materials Chemicals 8,028 0.85
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
ITM Power UK Oil & Gas distribution 7,840 0.83
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IMI UK Industrials Industrial engineering 7,258 0.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,240 0.77
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 7,093 0.76
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 6,961 0.74
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Halfords UK Consumer Services General retailers 6,865 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 6,860 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 6,821 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Irish Continental Group Ireland Consumer Services Travel & leisure 6,754 0.72
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,624 0.71
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 6,479 0.69
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 6,408 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,358 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 6,338 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 6,257 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Convatec Group UK Health Care Health care equipment & services 6,175 0.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Personal Finance UK Financials Financial services 6,138 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,869 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,791 0.62
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,760 0.61
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sanofi France Health Care Pharmaceuticals & biotechnology 5,662 0.60
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 5,497 0.59
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 5,466 0.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Provident Financial UK Financials Financial services 5,251 0.56
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 5,086 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,847 0.52
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SSE UK Utilities Electricity 4,626 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Redde Northgate UK Industrials Support services 4,494 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 4,473 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,413 0.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Jubilee Metals Group UK Basic Materials Mining 4,325 0.46
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Studio Retail Group UK Consumer Services General retailers 4,236 0.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bawag Austria Financials Banks 3,944 0.42
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,878 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,838 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ricardo UK Industrials Support services 3,836 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cellnex Telecom Spain Telecommunications Mobile telecommunications 3,792 0.40
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,678 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,604 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,544 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morses Club UK Financials Financial services 3,532 0.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Boku UK Industrials Support services 3,492 0.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 3,473 0.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Kier UK Industrials Construction & materials 3,450 0.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 3,361 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
VH Global Sustainable Energy
Opportunities UK Other Sustainable Energy 3,012 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,002 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
UniCredit Italy Financials Banks 2,994 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
iEnergizer Guernsey Industrials Support services 2,980 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Plant Health Care USA Basic Materials Chemicals 2,878 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Augean UK Industrials Support services 2,799 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Stellantis Netherlands Consumer Goods Automobiles & parts 2,720 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,716 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Amundi France Financials Financial services 2,709 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Worldline France Industrials Support services 2,707 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Novo Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,625 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,580 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bacanora Lithium UK Basic Materials Mining 2,490 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vertu Motors UK Consumer Services General retailers 2,463 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 2,427 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 2,388 0.25
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 2,375 0.25
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 2,109 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allied Minds UK Financials Financial services 2,072 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,973 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,944 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nexi Italy Industrials Support services 1,788 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Renold UK Industrials Industrial engineering 1,555 0.17
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grifols Spain Health Care Pharmaceuticals & biotechnology 1,325 0.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Surface Transforms UK Consumer Goods Automobiles & parts 1,320 0.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SIMEC Atlantis Energy UK Utilities Electricity 1,265 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 1,195 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 1,109 0.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 1,026 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 991 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Harbour Energy UK Oil & Gas Oil & gas producers 767 0.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Logistics Development Group UK Industrials Industrial transportation 765 0.08
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 685 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Embracer Group Sweden Consumer Goods Leisure Goods 639 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allfunds Group UK Other Other 626 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 533 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AUTO1 Group Germany Other Financial Technology 510 0.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unlisted UK Financials Financial services 213 0.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 113 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
NOW Inc USA Oil & Gas distribution 92 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
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
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(END) Dow Jones Newswires
June 01, 2021 11:13 ET (15:13 GMT)
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