TIDMLWDB
RNS Number : 9120D
Law Debenture Corp PLC
01 July 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 June 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 June 2021 was 784.11 pence per share
(cum income) which includes the proposed 2021 first interim
dividend of 6.875 pence per share as the shares went ex-dividend on
03 June 2021. With the Corporation's long term debt stated at fair
value, the NAV was 750.07 pence per share (cum income). The
mid-market price at the close of business on 30 June 2021 was
750.00 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 776.57 784.11
------------------------ ------------------------
NAV with debt at fair value 742.53 750.07
------------------------ ------------------------
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par) (2) 14.8 39.3 25.4 72.6 163.0
------------------------------------------------ ---- ------ ------- ------- --------
NAV total return (with debt at fair value) (2) 17.3 43.5 24.3 73.9 154.3
------------------------------------------------ ---- ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) 11.1 21.5 6.3 36.9 85.5
------------------------------------------------ ---- ------ ------- ------- --------
Share price total return (3) 10.9 50.0 42.6 85.5 184.0
------------------------------------------------ ---- ------ ------- ------- --------
Change in Retail Price Index (4) 2.2 3.3 7.6 15.2 28.4
------------------------------------------------ ---- ------ ------- ------- --------
(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 subject to latest published
RPI; May 2021.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio % of portfolio
30 June 2021 31 December 2020 31 December 2019
UK 82.0 82.1 80.7
Europe 9.5 10.1 7.8
North America 6.7 5.4 8.3
Japan 1.1 1.1 1.1
Other 0.0 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 30 June 2021 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 23,775 2.52
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 22,309 2.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Barclays UK Financials Banks 18,481 1.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
HSBC UK Financials Banks 18,095 1.92
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 17,955 1.91
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 17,488 1.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 16,986 1.80
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 16,305 1.72
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 14,007 1.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 13,886 1.47
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 13,740 1.45
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 13,591 1.44
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 13,080 1.38
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 12,976 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Anglo American UK Basic Materials Mining 12,926 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 12,925 1.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 12,824 1.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
NatWest UK Financials Banks 12,694 1.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 12,505 1.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BT Group UK Telecommunications Fixed Line Telecommunications 12,122 1.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 11,778 1.25
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 11,765 1.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BHP UK Basic Materials Mining 11,715 1.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Relx UK Consumer Services Media 11,511 1.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
M & G UK Financials Financial services 11,440 1.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 10,688 1.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Kier UK Industrials Construction & materials 10,644 1.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 10,617 1.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 10,462 1.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 10,427 1.10
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IP Group UK Financials Financial services 10,327 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 10,296 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 10,288 1.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 10,160 1.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Johnson Service Group UK Industrials Support services 9,899 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 9,881 1.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 9,591 1.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 9,396 0.99
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
ITM Power UK Oil & Gas distribution 9,100 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 9,048 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 9,030 0.96
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 8,830 0.93
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Chartered UK Financials Banks 8,693 0.92
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 8,475 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Croda UK Basic Materials Chemicals 8,469 0.90
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 8,450 0.89
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 8,359 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 8,286 0.88
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 8,207 0.87
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 8,147 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 8,130 0.86
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 8,083 0.85
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 7,955 0.84
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 7,869 0.83
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 7,522 0.80
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
IMI UK Industrials Industrial engineering 7,521 0.80
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marks & Spencer UK Consumer Services General retailers 7,469 0.79
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,344 0.78
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 6,925 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 6,874 0.73
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 6,847 0.72
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 6,794 0.72
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Halfords UK Consumer Services General retailers 6,684 0.71
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Irish Continental Group Ireland Consumer Services Travel & leisure 6,617 0.70
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 6,463 0.68
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 6,346 0.67
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Convatec Group UK Health Care Health care equipment & services 6,256 0.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Personal Finance UK Financials Financial services 6,203 0.66
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,170 0.65
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 6,038 0.64
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 5,987 0.63
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sanofi France Health Care Pharmaceuticals & biotechnology 5,681 0.60
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,626 0.60
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 5,530 0.58
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 5,144 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Provident Financial UK Financials Financial services 5,123 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 5,114 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Morses Club UK Financials Financial services 5,069 0.54
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,847 0.51
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Merck & Co USA Health Care Pharmaceuticals & biotechnology 4,671 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Redde Northgate UK Industrials Support services 4,651 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Glencore Switzerland Basic Materials Mining 4,641 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 4,612 0.49
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,585 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Jubilee Metals Group UK Basic Materials Mining 4,550 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SSE UK Utilities Electricity 4,500 0.48
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Studio Retail Group UK Consumer Services General retailers 4,357 0.46
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 4,339 0.46
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Cellnex Telecom Spain Telecommunications Mobile telecommunications 4,081 0.43
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bawag Austria Financials Banks 3,882 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,878 0.41
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,701 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,668 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Boku UK Industrials Support services 3,640 0.39
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Munchener Rueckver Germany Financials Nonlife insurance 3,542 0.37
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ricardo UK Industrials Support services 3,410 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,375 0.36
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 3,322 0.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,309 0.35
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 3,236 0.34
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
VH Global Sustainable Energy
Opportunities UK Other Sustainable Energy 2,991 0.32
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
iEnergizer Guernsey Industrials Support services 2,960 0.31
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,861 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Novo Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,853 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Augean UK Industrials Support services 2,849 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
UniCredit Italy Financials Banks 2,836 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Stellantis Netherlands Consumer Goods Automobiles & parts 2,795 0.30
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Amundi France Financials Financial services 2,750 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Worldline France Industrials Support services 2,701 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 2,701 0.29
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Bacanora Lithium UK Basic Materials Mining 2,674 0.28
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Vertu Motors UK Consumer Services General retailers 2,584 0.27
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Plant Health Care USA Basic Materials Chemicals 2,477 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 2,427 0.26
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 2,316 0.24
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 2,083 0.22
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Blue Prism Group UK Technology Software & computer services 2,025 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Nexi Italy Industrials Support services 1,974 0.21
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 1,937 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allied Minds UK Financials Financial services 1,924 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,906 0.20
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,805 0.19
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Grifols Spain Health Care Pharmaceuticals & biotechnology 1,492 0.16
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Longboat Energy UK Oil & Gas Oil & gas producers 1,400 0.15
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Renold UK Industrials Industrial engineering 1,291 0.14
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Surface Transforms UK Consumer Goods Automobiles & parts 1,240 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 1,189 0.13
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 1,136 0.12
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 1,064 0.11
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 882 0.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Logistics Development Group UK Industrials Industrial transportation 880 0.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
SIMEC Atlantis Energy UK Utilities Electricity 867 0.09
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Harbour Energy UK Oil & Gas Oil & gas producers 707 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Allfunds Group UK Other Other 682 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 644 0.07
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Danone SA France Consumer Goods Food producers 613 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Embracer Group Sweden Consumer Goods Leisure Goods 604 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 537 0.06
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
AUTO1 Group Germany Other Financial Technology 453 0.05
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Unlisted UK Financials Financial services 213 0.02
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 116 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Thungela Resources Other Other Sustainable Energy 89 0.01
--------------------------------- ------------ ------------------- ---------------------------------- ------ ----
Oil equipment services &
NOW Inc USA Oil & Gas distribution 86 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
NAVBSGDRGUGDGBB
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July 01, 2021 10:52 ET (14:52 GMT)
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