TIDMLWDB

RNS Number : 4145X

Law Debenture Corp PLC

04 January 2022

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 December 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 December 2021 was 821.12 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 780.09 pence per share (cum income). The mid-market price at the close of business on 31 December 2021 was 799.00 pence per share.

 
Net Asset Value               Excluding Income (pence)  Including Income (pence) 
NAV with debt at par                            810.25                    821.12 
                              ------------------------  ------------------------ 
NAV with debt at fair value                     769.22                    780.09 
                              ------------------------  ------------------------ 
 

Performance

 
                                                   YTD  1 year  3 years  5 years  10 years 
                                                     %       %        %        %         % 
NAV total return (with debt at par) (2)           21.2    21.2     47.0     57.2     194.7 
------------------------------------------------  ----  ------  -------  -------  -------- 
NAV total return (with debt at fair value) (2)    23.1    23.1     44.9     56.9     183.1 
------------------------------------------------  ----  ------  -------  -------  -------- 
FTSE Actuaries All-Share Index Total Return (3)   18.3    18.3     27.2     30.2     110.7 
------------------------------------------------  ----  ------  -------  -------  -------- 
Share price total return (3)                      19.2    19.2     67.6     81.2     237.0 
------------------------------------------------  ----  ------  -------  -------  -------- 
Change in Retail Price Index (4)                   6.4     7.1     10.4     18.4      31.8 
------------------------------------------------  ----  ------  -------  -------  -------- 
 

(1) The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 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: Office for National Statistics, subject to latest published RPI, November 2021.

Geographical Split of investment portfolio

 
Region             % of portfolio     % of portfolio     % of portfolio 
                 31 December 2021   31 December 2020   31 December 2019 
UK                           82.6               82.1               80.7 
Europe                       10.0               10.1                7.8 
North America                 5.4                5.4                8.3 
Japan                         1.1                1.1                1.1 
Other                         0.2                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 31 December 2021 the portfolio comprised as follows:

 
Holding Name                       Location      Sector               Industry                            GBP000  % 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
GlaxoSmithKline                    UK            Health Care          Pharmaceuticals & biotechnology     26,911  2.72 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Royal Dutch Shell                  UK            Oil & Gas            Oil & gas producers                 20,280  2.05 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Barclays                           UK            Financials           Banks                               20,196  2.04 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
HSBC                               UK            Financials           Banks                               19,454  1.96 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BP                                 UK            Oil & Gas            Oil & gas producers                 18,839  1.90 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Rio Tinto                          UK            Basic Materials      Mining                              18,345  1.85 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Accsys Technologies                UK            Industrials          Construction & materials            15,723  1.58 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Herald Investment Trust            UK            Financials           Equity investment instruments       15,030  1.51 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
National Grid                      UK            Utilities            Gas, water & multiutilities         14,934  1.50 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Severn Trent                       UK            Utilities            Gas, water & multiutilities         14,735  1.48 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Relx                               UK            Consumer Services    Media                               14,388  1.45 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Lloyds Banking Group               UK            Financials           Banks                               14,340  1.44 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Marks & Spencer                    UK            Consumer Services    General retailers                   14,115  1.42 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
NatWest                            UK            Financials           Banks                               14,100  1.42 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Direct Line Insurance              UK            Financials           Nonlife insurance                   13,950  1.41 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Aviva                              UK            Financials           Life insurance/assurance            13,892  1.40 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Morgan Advanced Materials          UK            Industrials          Electronic & electrical equipment   13,783  1.39 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Anglo American                     UK            Basic Materials      Mining                              13,572  1.37 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Tesco                              UK            Consumer Goods       Food & Drug Retailers               13,488  1.36 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
Ceres Power                        UK            Oil & Gas             distribution                       13,058  1.32 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Linde                              Germany       Basic Materials      Chemicals                           12,819  1.29 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Senior                             UK            Industrials          Aerospace & defence                 12,542  1.26 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BHP                                UK            Basic Materials      Mining                              12,095  1.22 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Prudential Corp                    UK            Financials           Life insurance/assurance            11,904  1.20 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Land Securities                    UK            Financials           Real estate investment trusts       11,820  1.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Household goods & home 
Kingfisher plc                     UK            Consumer Goods        construction                       11,663  1.17 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Dunelm                             UK            Consumer Services    General retailers                   11,462  1.15 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
IP Group                           UK            Financials           Financial services                  11,274  1.14 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Toyota Motor Corporation           Japan         Consumer Goods       Automobiles & parts                 11,151  1.12 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
M & G                              UK            Financials           Financial services                  10,948  1.10 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Smith (DS)                         UK            Industrials          General industrials                 10,807  1.09 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Vodafone                           UK            Telecommunications   Mobile telecommunications           10,657  1.07 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BT Group                           UK            Telecommunications   Fixed Line Telecommunications       10,597  1.07 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Rolls Royce                        UK            Industrials          Aerospace & defence                 10,383  1.05 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hipgnosis Songs Fund               UK            Financials           Equity investment instruments       10,157  1.02 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hill & Smith                       UK            Industrials          Industrial engineering              10,124  1.02 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Irish Continental Group            Ireland       Consumer Services    Travel & leisure                    9,969   1.00 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BAE Systems                        UK            Industrials          Aerospace & defence                 9,896   1.00 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Household goods & home 
Watkin Jones                       UK            Consumer Goods        construction                       9,676   0.97 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Urban Logistics REIT               UK            Financials           Real estate investment trusts       9,524   0.96 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Kier                               UK            Industrials          Construction & materials            8,905   0.90 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Flutter Entertainment              UK            Consumer Services    Travel & leisure                    8,813   0.89 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Mondi                              UK            Basic Materials      Forestry & paper                    8,674   0.87 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
Schlumberger                       USA           Oil & Gas             distribution                       8,655   0.87 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Sanofi                             France        Health Care          Pharmaceuticals & biotechnology     8,559   0.86 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Standard Chartered                 UK            Financials           Banks                               8,456   0.85 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Johnson Service Group              UK            Industrials          Support services                    8,249   0.83 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
General Motors                     USA           Consumer Goods       Automobiles & parts                 8,231   0.83 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Jubilee Metals Group               UK            Basic Materials      Mining                              8,221   0.83 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Centrica                           UK            Utilities            Gas, water & multiutilities         8,039   0.81 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Provident Financial                UK            Financials           Financial services                  7,928   0.80 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
AFC Energy                         UK            Oil & Gas            Alternative Energy                  7,817   0.79 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hiscox                             UK            Financials           Nonlife insurance                   7,786   0.78 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Spectris                           UK            Industrials          Electronic & electrical equipment   7,773   0.78 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Elementis                          UK            Basic Materials      Chemicals                           7,711   0.78 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hammerson                          UK            Financials           Real estate investment trusts       7,671   0.77 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Caterpillar                        USA           Industrials          Industrial engineering              7,640   0.77 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
IMI                                UK            Industrials          Industrial engineering              7,595   0.77 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Royal Mail                         UK            Industrials          Industrial transportation           7,590   0.76 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
ITM Power                          UK            Oil & Gas             distribution                       7,585   0.76 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Cummins                            USA           Industrials          Industrial engineering              7,574   0.76 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Balfour Beatty                     UK            Industrials          Construction & materials            7,242   0.73 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Standard Life Aberdeen             UK            Financials           Financial services                  7,239   0.73 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Scottish Oriental Small Co         Other Asia    Financials           Equity investment instruments       7,082   0.71 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Halfords                           UK            Consumer Services    General retailers                   6,901   0.70 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
TT Electronics                     UK            Industrials          Electronic & electrical equipment   6,807   0.69 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Glencore                           Switzerland   Basic Materials      Mining                              6,562   0.66 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Marshalls                          UK            Industrials          Construction & materials            6,233   0.63 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Gibson Energy                      Canada        Oil & Gas            Oil & gas producers                 6,114   0.62 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Smith & Nephew                     UK            Health Care          Health care equipment & services    6,065   0.61 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
International Personal Finance     UK            Financials           Financial services                  5,999   0.60 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Convatec Group                     UK            Health Care          Health care equipment & services    5,927   0.60 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Unilever                           UK            Consumer Goods       Personal goods                      5,918   0.60 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Ibstock                            UK            Industrials          Construction & materials            5,886   0.59 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Chesnara                           UK            Financials           Life insurance/assurance            5,843   0.59 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Bristol-Myers Squibb               USA           Health Care          Pharmaceuticals & biotechnology     5,760   0.58 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Phoenix Group Holdings             UK            Financials           Life insurance/assurance            5,551   0.56 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
VH Global Sustainable Energy 
 Opportunities                     UK            Other                Sustainable Energy                  5,340   0.54 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Euromoney                          UK            Consumer Services    Media                               5,112   0.52 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Redde Northgate                    UK            Industrials          Support services                    5,089   0.51 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SSE                                UK            Utilities            Electricity                         4,944   0.50 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Oxford Sciences Innovation         UKULM         Financials           Financial services                  4,933   0.50 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
International Consolidated 
 Airlines                          UK            Consumer Services    Travel & leisure                    4,897   0.49 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Merck & Co                         USA           Health Care          Pharmaceuticals & biotechnology     4,814   0.49 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Babcock                            UK            Industrials          Aerospace & defence                 4,762   0.48 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Ilika                              UK            Oil & Gas            Alternative Energy                  4,513   0.45 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Advanced Medical Equipment & 
Oxford Nanopore Tehcnologies       UK            Technology            Technology                         4,466   0.45 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SigmaRoc                           UK            Industrials          Construction & materials            4,410   0.44 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Grit Real Estate Income Group      Guernsey      Financials           Real estate investment trusts       4,356   0.44 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Nestle                             Switzerland   Consumer Goods       Food producers                      4,204   0.42 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Blue Prism Group                   UK            Technology           Software & computer services        4,105   0.41 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Vertu Motors                       UK            Consumer Services    General retailers                   3,930   0.40 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
iEnergizer                         Guernsey      Industrials          Support services                    3,808   0.38 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
UniCredit                          Italy         Financials           Banks                               3,785   0.38 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Ricardo                            UK            Industrials          Support services                    3,753   0.38 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
i3 Energy                          UK            Oil & Gas            Oil & gas producers                 3,738   0.38 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Roche                              Switzerland   Health Care          Pharmaceuticals & biotechnology     3,729   0.38 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Indus Gas                          UK            Oil & Gas            Oil & gas producers                 3,672   0.37 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Koninklijke DSM                    Netherlands   Basic Materials      Chemicals                           3,631   0.37 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Boku                               UK            Industrials          Support services                    3,471   0.35 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Weir Group                         UK            Industrials          Industrial engineering              3,423   0.34 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Bawag                              Austria       Financials           Banks                               3,306   0.33 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Morses Club                        UK            Financials           Financial services                  3,281   0.33 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
ASML                               Netherlands   Technology           Technology hardware & equipment     3,229   0.33 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Reckitt Benckiser Group Plc        UK            Health Care          Health care equipment & services    3,170   0.32 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Munchener Rueckver                 Germany       Financials           Nonlife insurance                   3,043   0.31 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Libertine Holdings                 UK            Other                Sustainable Energy                  3,000   0.30 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Marstons                           UK            Consumer Services    Travel & leisure                    2,829   0.29 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Amundi                             France        Financials           Financial services                  2,631   0.27 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Studio Retail Group                UK            Consumer Services    General retailers                   2,481   0.25 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Novo Nordisk                       Denmark       Health Care          Pharmaceuticals & biotechnology     2,314   0.23 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
ONDINE BIOMEDICAL INC.             Canada        Health Care          Pharmaceuticals & biotechnology     2,292   0.23 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Cellnex Telecom                    Spain         Telecommunications   Mobile telecommunications           2,201   0.22 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SAP                                Germany       Technology           Software & computer services        2,142   0.22 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Moncler                            Italy         Consumer Goods       Personal goods                      2,095   0.21 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Surface Transforms                 UK            Consumer Goods       Automobiles & parts                 2,054   0.21 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Allied Minds                       UK            Financials           Financial services                  1,980   0.20 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
GELION PLC                         Other         Other                Sustainable Energy                  1,931   0.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Koninklijke KPN                    Netherlands   Telecommunications   Fixed Line Telecommunications       1,895   0.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Plant Health Care                  USA           Basic Materials      Chemicals                           1,864   0.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Renold                             UK            Industrials          Industrial engineering              1,836   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Longboat Energy                    UK            Oil & Gas            Oil & gas producers                 1,830   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
Velocys                            UK            Oil & Gas             distribution                       1,766   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Stellantis                         Netherlands   Consumer Goods       Automobiles & parts                 1,678   0.17 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Sig Combibloc                      Switzerland   Industrials          General industrials                 1,671   0.17 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Faurecia                           France        Consumer Goods       Automobiles & parts                 1,612   0.16 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Arkema SA                          France        Basic Materials      Chemicals                           1,552   0.16 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Kion Group AG                      Germany       Industrials          Construction & materials            1,501   0.15 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Mirriad Advertising                UK            Consumer Services    Media                               1,425   0.14 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
CNH Industrial                     UK            Industrials          Industrial engineering              1,326   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Danone SA                          France        Consumer Goods       Food producers                      1,308   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Safran SA                          France        Industrials          Aerospace & defence                 1,293   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Prosus                             Netherlands   Technology           Software & computer services        1,272   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Grifols                            Spain         Health Care          Pharmaceuticals & biotechnology     1,270   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Allfunds Group                     UK            Other                Other                               1,261   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
AB Skf                             Sweden        Industrials          Construction & materials            1,243   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Logistics Development Group        UK            Industrials          Industrial transportation           987     0.10 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Tullow Oil                         UK            Oil & Gas            Oil & gas producers                 918     0.09 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Jackson Financial                  USA           Financials           Financial services                  722     0.07 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Harbour Energy                     UK            Oil & Gas            Oil & gas producers                 663     0.07 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Brockhaus Capital Management       Germany       Financials           Financial services                  531     0.05 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Carclo                             UK            Basic Materials      Chemicals                           497     0.05 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SIMEC Atlantis Energy              UK            Utilities            Electricity                         280     0.03 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Unlisted                           UK            Financials           Financial services                  213     0.02 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Providence Resources               UK            Oil & Gas            Oil & gas producers                 83      0.01 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Better Cap                         UK            Financials           Equity investment instruments       25 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Permanent TSB                      Ireland       Financials           Banks                               5 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
 

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, 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

January 04, 2022 11:09 ET (16:09 GMT)

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