TIDMLWDB

RNS Number : 0173H

Law Debenture Corp PLC

01 April 2022

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 March 2022

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business(1) on 31 March 2022 was 814.85 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 792.80 pence per share (cum income). The mid-market price at the close of business on 31 March 2022 was 806.00 pence per share.

 
Net Asset Value               Excluding Income (pence)  Including Income (pence) 
NAV with debt at par                            805.59                    814.85 
                              ------------------------  ------------------------ 
NAV with debt at fair value                     783.54                    792.80 
                              ------------------------  ------------------------ 
 

Performance

 
                                                   YTD  1 year  3 years  5 years  10 years 
                                                     %       %        %        %         % 
NAV total return (with debt at par) (2)           -0.6    13.4     39.5     51.6     173.4 
------------------------------------------------  ----  ------  -------  -------  -------- 
NAV total return (with debt at fair value) (2)     1.7    15.5     42.1     55.0     169.1 
------------------------------------------------  ----  ------  -------  -------  -------- 
FTSE Actuaries All-Share Index Total Return (3)    0.5    13.0     16.8     25.8      99.5 
------------------------------------------------  ----  ------  -------  -------  -------- 
Share price total return (3)                       2.0    14.4     49.0     73.9     198.6 
------------------------------------------------  ----  ------  -------  -------  -------- 
Change in Retail Price Index (4)                   0.8     8.2     12.4     19.3      33.5 
------------------------------------------------  ----  ------  -------  -------  -------- 
 

(1) The fair value of the IPS business has been calculated as at 31 December 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, February 2022.

Geographical Split of investment portfolio

 
Region          % of portfolio     % of portfolio     % of portfolio 
                 31 March 2022   31 December 2021   31 December 2020 
UK                        82.2               82.6               82.1 
Europe                     9.2               10.0               10.1 
North America              4.8                5.4                5.4 
Japan                      1.2                1.1                1.1 
Other                      0.2                0.2                0.4 
Other Pacific              2.4                0.7                0.9 
                --------------  -----------------  ----------------- 
TOTAL                      100                100                100 
                --------------  -----------------  ----------------- 
 

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 March 2022 the portfolio comprised as follows:

 
Holding Name                       Location      Sector               Industry                            GBP000  % 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
GlaxoSmithKline                    UK            Health Care          Pharmaceuticals & biotechnology     27,591  2.88 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Shell plc                          UK            Oil & Gas            Oil & gas producers                 26,356  2.75 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Rio Tinto                          UK            Basic Materials      Mining                              22,804  2.37 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
HSBC                               UK            Financials           Banks                               22,785  2.37 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BP                                 UK            Oil & Gas            Oil & gas producers                 21,392  2.23 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Anglo American                     UK            Basic Materials      Mining                              17,876  1.86 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
National Grid                      UK            Utilities            Gas, water & multiutilities         16,518  1.72 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BHP Group                          Australia     Basic Materials      Mining                              16,197  1.69 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Barclays                           UK            Financials           Banks                               16,016  1.67 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Severn Trent                       UK            Utilities            Gas, water & multiutilities         15,385  1.60 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Aviva                              UK            Financials           Life insurance/assurance            15,293  1.59 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Direct Line Insurance              UK            Financials           Nonlife insurance                   14,855  1.55 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Relx                               UK            Consumer Services    Media                               14,292  1.49 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Lloyds Banking Group               UK            Financials           Banks                               14,115  1.47 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
NatWest                            UK            Financials           Banks                               13,494  1.40 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Accsys Technologies                UK            Industrials          Construction & materials            12,991  1.35 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BAE Systems                        UK            Industrials          Aerospace & defence                 12,913  1.34 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Tesco                              UK            Consumer Goods       Food & Drug Retailers               12,841  1.34 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
M & G                              UK            Financials           Financial services                  12,166  1.27 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Land Securities                    UK            Financials           Real estate investment trusts       11,970  1.25 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Morgan Advanced Materials          UK            Industrials          Electronic & electrical equipment   11,935  1.24 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Vodafone                           UK            Telecommunications   Mobile telecommunications           11,860  1.23 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Toyota Motor Corporation           Japan         Consumer Goods       Automobiles & parts                 11,466  1.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
BT Group                           UK            Telecommunications   Fixed Line Telecommunications       11,384  1.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Herald Investment Trust            UK            Financials           Equity investment instruments       11,364  1.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
Ceres Power                        UK            Oil & Gas             distribution                       11,166  1.16 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Sanofi                             France        Health Care          Pharmaceuticals & biotechnology     10,911  1.14 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Senior                             UK            Industrials          Aerospace & defence                 10,835  1.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Prudential Corp                    UK            Financials           Life insurance/assurance            10,587  1.10 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hipgnosis Songs Fund               UK            Financials           Equity investment instruments       9,783   1.02 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Standard Chartered                 UK            Financials           Banks                               9,617   1.00 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Rolls Royce                        UK            Industrials          Aerospace & defence                 9,554   0.99 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Household goods & home 
Watkin Jones                       UK            Consumer Goods        construction                       9,472   0.99 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Household goods & home 
Kingfisher plc                     UK            Consumer Goods        construction                       9,448   0.98 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Marks & Spencer                    UK            Consumer Services    General retailers                   9,431   0.98 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Smith (DS)                         UK            Industrials          General industrials                 9,064   0.94 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Dunelm                             UK            Consumer Services    General retailers                   9,055   0.94 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Centrica                           UK            Utilities            Gas, water & multiutilities         9,009   0.94 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hiscox                             UK            Financials           Nonlife insurance                   8,892   0.93 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Flutter Entertainment              UK            Consumer Services    Travel & leisure                    8,878   0.92 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Glencore                           Switzerland   Basic Materials      Mining                              8,748   0.91 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Linde                              Germany       Basic Materials      Chemicals                           8,575   0.89 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Irish Continental Group            Ireland       Consumer Services    Travel & leisure                    8,527   0.89 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Caterpillar                        USA           Industrials          Industrial engineering              8,481   0.88 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hill & Smith                       UK            Industrials          Industrial engineering              8,326   0.87 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
IP Group                           UK            Financials           Financial services                  8,191   0.85 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Convatec Group                     UK            Health Care          Health care equipment & services    7,927   0.83 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Hammerson                          UK            Financials           Real estate investment trusts       7,722   0.80 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Jubilee Metals Group               UK            Basic Materials      Mining                              7,501   0.78 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Cummins                            USA           Industrials          Industrial engineering              7,334   0.76 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
ITM Power                          UK            Oil & Gas             distribution                       7,156   0.74 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Gibson Energy                      Canada        Oil & Gas            Oil & gas producers                 7,105   0.74 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Balfour Beatty                     UK            Industrials          Construction & materials            7,104   0.74 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Mondi                              UK            Basic Materials      Forestry & paper                    7,085   0.74 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
AFC Energy                         UK            Oil & Gas            Alternative Energy                  7,020   0.73 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
IMI                                UK            Industrials          Industrial engineering              6,980   0.73 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Elementis                          UK            Basic Materials      Chemicals                           6,967   0.73 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Bristol-Myers Squibb               USA           Health Care          Pharmaceuticals & biotechnology     6,948   0.72 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Kier                               UK            Industrials          Construction & materials            6,906   0.72 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Scottish Oriental Small Co         Other Asia    Financials           Equity investment instruments       6,862   0.71 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Provident Financial                UK            Financials           Financial services                  6,771   0.70 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Johnson Service Group              UK            Industrials          Support services                    6,656   0.69 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Standard Life Aberdeen             UK            Financials           Financial services                  6,460   0.67 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Reckitt Benckiser Group Plc        UK            Health Care          Health care equipment & services    6,415   0.67 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Euromoney                          UK            Consumer Services    Media                               6,371   0.66 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Urban Logistics REIT               UK            Financials           Real estate investment trusts       6,326   0.66 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
General Motors                     USA           Consumer Goods       Automobiles & parts                 6,326   0.66 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Chesnara                           UK            Financials           Life insurance/assurance            6,302   0.66 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Marshalls                          UK            Industrials          Construction & materials            6,129   0.64 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Royal Mail                         UK            Industrials          Industrial transportation           6,087   0.63 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
i3 Energy                          UK            Oil & Gas            Oil & gas producers                 5,936   0.62 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
VH Global Sustainable Energy 
 Opportunities                     UK            Other                Sustainable Energy                  5,870   0.61 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Smith & Nephew                     UK            Health Care          Health care equipment & services    5,734   0.60 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Ibstock                            UK            Industrials          Construction & materials            5,519   0.57 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Spectris                           UK            Industrials          Electronic & electrical equipment   5,517   0.57 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
TT Electronics                     UK            Industrials          Electronic & electrical equipment   5,485   0.57 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Merck & Co                         USA           Health Care          Pharmaceuticals & biotechnology     5,309   0.55 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SSE                                UK            Utilities            Electricity                         5,246   0.55 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Phoenix Group Holdings             UK            Financials           Life insurance/assurance            5,219   0.54 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Unilever                           UK            Consumer Goods       Personal goods                      5,183   0.54 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Redde Northgate                    UK            Industrials          Support services                    5,043   0.52 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Oxford Sciences Innovation         UKULM         Financials           Financial services                  4,933   0.51 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Halfords                           UK            Consumer Services    General retailers                   4,915   0.51 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
International Consolidated 
 Airlines                          UK            Consumer Services    Travel & leisure                    4,890   0.51 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Babcock                            UK            Industrials          Aerospace & defence                 4,854   0.51 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
International Personal Finance     UK            Financials           Financial services                  4,799   0.50 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
iEnergizer                         Guernsey      Industrials          Support services                    4,790   0.50 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Kistos Plc                         UK            Oil & Gas            Oil & gas producers                 4,515   0.47 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SigmaRoc                           UK            Industrials          Construction & materials            4,141   0.43 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
ITV PLC                            UK            Consumer Services    Media                               4,096   0.43 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Grit Real Estate Income Group      Guernsey      Financials           Real estate investment trusts       4,092   0.43 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Indus Gas                          UK            Oil & Gas            Oil & gas producers                 4,050   0.42 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Nestle                             Switzerland   Consumer Goods       Food producers                      4,039   0.42 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Vertu Motors                       UK            Consumer Services    General retailers                   3,712   0.39 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Roche                              Switzerland   Health Care          Pharmaceuticals & biotechnology     3,672   0.38 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Ilika                              UK            Oil & Gas            Alternative Energy                  3,600   0.37 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Ricardo                            UK            Industrials          Support services                    3,285   0.34 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Weir Group                         UK            Industrials          Industrial engineering              3,279   0.34 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Marstons                           UK            Consumer Services    Travel & leisure                    2,991   0.31 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Koninklijke DSM                    Netherlands   Basic Materials      Chemicals                           2,988   0.31 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Advanced Medical Equipment & 
Oxford Nanopore Technologies       UK            Technology            Technology                         2,945   0.31 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Munchener Rueckver                 Germany       Financials           Nonlife insurance                   2,823   0.29 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
ASML                               Netherlands   Technology           Technology hardware & equipment     2,794   0.29 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Libertine Holdings                 UK            Other                Sustainable Energy                  2,540   0.26 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Novo Nordisk                       Denmark       Health Care          Pharmaceuticals & biotechnology     2,361   0.25 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Boku                               UK            Industrials          Support services                    2,307   0.24 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Amundi                             France        Financials           Financial services                  2,263   0.24 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Koninklijke KPN                    Netherlands   Telecommunications   Fixed Line Telecommunications       2,173   0.23 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Plant Health Care                  USA           Basic Materials      Chemicals                           2,062   0.21 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Surface Transforms                 UK            Consumer Goods       Automobiles & parts                 2,054   0.21 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
GELION PLC                         Other         Other                Sustainable Energy                  2,023   0.21 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
ONDINE BIOMEDICAL INC.             Canada        Health Care          Pharmaceuticals & biotechnology     1,917   0.20 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Allied Minds                       UK            Financials           Financial services                  1,832   0.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Longboat Energy                    UK            Oil & Gas            Oil & gas producers                 1,830   0.19 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Cranswick PLC                      UK            Consumer Goods       Food producers                      1,762   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SAP                                Germany       Technology           Software & computer services        1,735   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Bawag                              Austria       Financials           Banks                               1,735   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Sig Combibloc                      Switzerland   Industrials          General industrials                 1,686   0.18 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Moncler                            Italy         Consumer Goods       Personal goods                      1,668   0.17 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Cellnex Telecom                    Spain         Telecommunications   Mobile telecommunications           1,607   0.17 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
UniCredit                          Italy         Financials           Banks                               1,450   0.15 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
                                                                      Oil equipment services & 
Velocys                            UK            Oil & Gas             distribution                       1,416   0.15 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Arkema SA                          France        Basic Materials      Chemicals                           1,366   0.14 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Renold                             UK            Industrials          Industrial engineering              1,255   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
CNH Industrial                     UK            Industrials          Industrial engineering              1,230   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Danone SA                          France        Consumer Goods       Food producers                      1,204   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Logistics Development Group        UK            Industrials          Industrial transportation           1,201   0.13 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
EDP Renovaveis SA                  Spain         Other                Sustainable Energy                  1,181   0.12 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Safran SA                          France        Industrials          Aerospace & defence                 1,123   0.12 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Mirriad Advertising                UK            Consumer Services    Media                               1,108   0.12 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Tullow Oil                         UK            Oil & Gas            Oil & gas producers                 1,074   0.11 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Deutsche Boerse                    Germany       Financials           Financial services                  1,064   0.11 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
First Tin                          UKULM         Basic Materials      Mining                              1,050   0.11 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Kion Group AG                      Germany       Industrials          Construction & materials            1,034   0.11 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Stellantis                         Netherlands   Consumer Goods       Automobiles & parts                 960     0.10 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Allfunds Group                     UK            Other                Other                               918     0.10 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Harbour Energy                     UK            Oil & Gas            Oil & gas producers                 910     0.09 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Universal Music Group              Netherlands   Consumer Services    Media                               865     0.09 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Grifols                            Spain         Health Care          Pharmaceuticals & biotechnology     822     0.09 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Jackson Financial                  USA           Financials           Financial services                  786     0.08 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Morses Club                        UK            Financials           Financial services                  641     0.07 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Brockhaus Capital Management       Germany       Financials           Financial services                  454     0.05 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Carclo                             UK            Basic Materials      Chemicals                           350     0.04 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
SIMEC Atlantis Energy              UK            Utilities            Electricity                         271     0.03 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Unlisted                           UK            Financials           Financial services                  100     0.01 
---------------------------------  ------------  -------------------  ----------------------------------  ------  ---- 
Providence Resources               UK            Oil & Gas            Oil & gas producers                 76      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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April 01, 2022 10:06 ET (14:06 GMT)

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