Law Debenture Corp PLC Net Asset Value(s)

RNS Number : 1121B

Law Debenture Corp PLC

26 January 2024

The Law Debenture Corporation p.l.c.

Net Asset Value as at 25 January 2024

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 business¹ on 25 January 2024 was 761.35 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 792.28 pence per share (cum income). The mid-market price at the close of business on 25 January 2024 was 779.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	761.83	761.35
NAV with debt at fair value	792.76	792.28

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)²	-1.4	0.7	20.6	43.2	98.1
NAV total return (with debt at fair value)²	-0.7	2.8	33.8	54.5	110.5
FTSE Actuaries All-Share Index Total Return³	-2.5	1.0	22.2	31.4	65.8
Share price total return³	-2.7	-0.5	36.2	67.8	113.7
Change in Retail Price Index⁴	0.0	5.2	28.3	32.7	49.6

¹ The fair value of the IPS business has been calculated as at 30 June 2023.

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 Share Price source: Refinitiv.

⁴ Source: Office for National Statistics, subject to latest published RPI, December 2023.

Monthly information omitted from the 02nd January press release. This information will continue to be released on the first working day of the month going forward.

Geographical Split of investment portfolio as at 29.12.2023

Region	% of portfolio 29 December 2023	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	88.2	0	83.4
Europe	7.4	0	10.4
North America	3.2	0	5.1
Japan	1.2	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

As at 29 December 2023 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Rolls Royce	UK	Industrials	Aerospace & defence	37,263	3.85
Shell	UK	Oil & Gas	Oil & gas producers	32,119	3.32
HSBC	UK	Financials	Banks	27,555	2.84
BP	UK	Oil & Gas	Oil & gas producers	26,571	2.74
Rio Tinto	UK	Basic Materials	Mining	21,908	2.26
Marks & Spencer	UK	Consumer Services	General retailers	21,792	2.25
Flutter Entertainment	UK	Consumer Services	Travel & leisure	21,576	2.23
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	20,158	2.09
Barclays	UK	Financials	Banks	18,915	1.96
Senior	UK	Industrials	Aerospace & defence	15,118	1.57
Tesco	UK	Consumer Goods	Food & Drug Retailers	14,673	1.52
BAE Systems	UK	Industrials	Aerospace & defence	14,437	1.50
Lloyds Banking Group	UK	Financials	Banks	14,312	1.48
NatWest	UK	Financials	Banks	14,255	1.48
National Grid	UK	Utilities	Gas, water & multiutilities	13,851	1.43
M & G	UK	Financials	Financial services	13,344	1.38
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	13,264	1.37
Hill & Smith	UK	Industrials	Industrial engineering	12,700	1.32
Standard Chartered	UK	Financials	Banks	12,563	1.30
Land Securities	UK	Financials	Real estate investment trusts	12,501	1.30
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	12,420	1.29
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,028	1.25
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,877	1.23
IMI	UK	Industrials	Industrial engineering	11,578	1.20
Herald Investment Trust	UK	Financials	Equity investment instruments	11,484	1.19
Aviva	UK	Financials	Life insurance/assurance	11,160	1.16
Anglo American	UK	Basic Materials	Mining	10,838	1.12
Marshalls	UK	Industrials	Construction & materials	10,487	1.09
DS Smith	UK	Industrials	General industrials	10,343	1.07
Severn Trent	UK	Utilities	Gas, water & multiutilities	9,918	1.03
Kingfisher	UK	Consumer Goods	Household goods & home construction	9,852	1.02
Direct Line Insurance	UK	Financials	Nonlife insurance	9,825	1.02
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	9,797	1.01
Hiscox	UK	Financials	Nonlife insurance	9,534	0.99
Johnson Service Group	UK	Industrials	Support services	9,330	0.97
Kier	UK	Industrials	Construction & materials	9,246	0.96
Boku	UK	Industrials	Support services	9,229	0.96
Balfour Beatty	UK	Industrials	Construction & materials	9,155	0.95
Dunelm	UK	Consumer Services	General retailers	9,105	0.94
Cranswick	UK	Consumer Goods	Food producers	9,100	0.94
BT Group	UK	Telecommunications	Fixed Line Telecommunications	8,943	0.93
Cummins	USA	Industrials	Industrial engineering	8,844	0.92
AFC Energy	UK	Oil & Gas	Alternative Energy	8,573	0.89
Prudential Corp	UK	Financials	Life insurance/assurance	8,285	0.86
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,216	0.85
Elementis	UK	Basic Materials	Chemicals	8,115	0.84
Mondi	UK	Basic Materials	Forestry & paper	8,067	0.84
ITV	UK	Consumer Services	Media	8,066	0.84
Spectris	UK	Industrials	Electronic & electrical equipment	8,011	0.83
Ibstock	UK	Industrials	Construction & materials	7,797	0.81
Hammerson	UK	Financials	Real estate investment trusts	7,631	0.79
Vodafone	UK	Telecommunications	Mobile telecommunications	7,541	0.78
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,476	0.77
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,470	0.77
Babcock	UK	Industrials	Aerospace & defence	7,289	0.76
International Distribution Services	UK	Industrials	Industrial transportation	7,075	0.73
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	6,882	0.71
Halfords	UK	Consumer Services	General retailers	6,489	0.67
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	6,433	0.67
Vanquis Banking Group	UK	Financials	Financial services	6,148	0.64
International Personal Finance	UK	Financials	Financial services	6,129	0.63
Accsys Technologies	UK	Industrials	Construction & materials	5,946	0.62
Next Fifteen Communications Group	UK	Consumer Services	Media	5,775	0.60
IP Group	UK	Financials	Financial services	5,726	0.59
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,655	0.59
SSE	UK	Utilities	Electricity	5,568	0.58
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,564	0.58
Chesnara	UK	Financials	Life insurance/assurance	5,457	0.57
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,377	0.56
General Motors	USA	Consumer Goods	Automobiles & parts	5,359	0.56
Standard Life Aberdeen	UK	Financials	Financial services	5,351	0.55
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	5,328	0.55
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	5,082	0.53
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,067	0.52
Smith & Nephew	UK	Health Care	Health care equipment & services	5,062	0.52
Vertu Motors	UK	Consumer Services	General retailers	4,777	0.49
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	4,632	0.48
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,560	0.47
Reach	UK	Consumer Services	Media	4,329	0.45
Johnson Matthey	UK	Other	Sustainable Energy	4,244	0.44
Redde Northgate	UK	Industrials	Support services	4,237	0.44
Ricardo	UK	Industrials	Support services	4,087	0.42
Epwin Group	UK	Consumer Goods	Household goods & home construction	3,972	0.41
Inchcape	UK	Industrials	Support services	3,935	0.41
Bellway	UK	Consumer Goods	Household goods & home construction	3,840	0.40
Weir Group	UK	Industrials	Industrial engineering	3,773	0.39
Jubilee Metals Group	UK	Basic Materials	Mining	3,627	0.38
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	3,625	0.38
i3 Energy	UK	Oil & Gas	Oil & gas producers	3,557	0.37
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	3,475	0.36
SigmaRoc	UK	Industrials	Construction & materials	3,406	0.35
Nestle	Switzerland	Consumer Goods	Food producers	3,157	0.33
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,147	0.33
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,040	0.31
Watkin Jones	UK	Consumer Goods	Household goods & home construction	3,032	0.31
Castings	UK	Industrials	Construction & materials	2,933	0.30
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,754	0.29
SAP	Germany	Technology	Software & computer services	2,524	0.26
XP Power Ltd	UK	Technology	Technology hardware & equipment	2,344	0.24
ASML	Netherlands	Technology	Technology hardware & equipment	2,259	0.23
Airbus SE	Netherlands	Industrials	Aerospace & defence	2,206	0.23
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,184	0.23
Safran SA	France	Industrials	Aerospace & defence	2,142	0.22
Renold	UK	Industrials	Industrial engineering	2,121	0.22
Gelion	UK	Other	Sustainable Energy	2,088	0.22
Moncler	Italy	Consumer Goods	Personal goods	1,886	0.20
Zoo Digital Group	UK	Technology	Software & computer services	1,885	0.20
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,884	0.20
Deutsche Boerse	Germany	Financials	Financial services	1,852	0.19
LVMH	France	Consumer Goods	Leisure Goods	1,798	0.19
Amundi	France	Financials	Financial services	1,739	0.18
UniCredit	Italy	Financials	Banks	1,709	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,662	0.17
Saietta Group	UK	Consumer Goods	Automobiles & parts	1,500	0.16
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,475	0.15
SGS SA	Switzerland	Industrials	Support services	1,443	0.15
Marstons	UK	Consumer Services	Travel & leisure	1,242	0.13
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	1,204	0.12
Indus Gas	UK	Oil & Gas	Oil & gas producers	1,201	0.12
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,190	0.12
EDP Renovaveis SA	Spain	Other	Sustainable Energy	1,185	0.12
Arbuthnot Banking Group	UK	Financials	Financial services	1,166	0.12
Danone SA	France	Consumer Goods	Food producers	1,162	0.12
Plant Health Care	USA	Basic Materials	Chemicals	1,133	0.12
BNP Paribas SA	France	Financials	Banks	1,131	0.12
Sig Combibloc	Switzerland	Industrials	General industrials	1,022	0.11
Allied Minds	UK	Financials	Financial services	971	0.10
Logistics Development Group	UK	Industrials	Industrial transportation	941	0.10
Arkema SA	France	Basic Materials	Chemicals	927	0.10
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	911	0.09
Ilika	UK	Oil & Gas	Alternative Energy	887	0.09
Grifols	Spain	Health Care	Pharmaceuticals & biotechnology	856	0.09
Allfunds Group	UK	Other	Other	852	0.09
Heineken NV	Netherlands	Consumer Goods	Beverages	802	0.08
Bawag	Austria	Financials	Banks	741	0.08
Kistos	UK	Oil & Gas	Oil & gas producers	734	0.08
Universal Music Group	Netherlands	Consumer Services	Media	720	0.07
Sartorius AG	Germany	Health Care	Health care equipment & services	648	0.07
Longboat Energy	UK	Oil & Gas	Oil & gas producers	585	0.06
Serica Energy	UK	Oil & Gas	Oil & gas producers	574	0.06
Brockhaus Capital Management	Germany	Financials	Financial services	541	0.06
First Tin	UK	Basic Materials	Mining	540	0.06
Adidas	Germany	Consumer Goods	Leisure Goods	375	0.04
Deltic Energy	UK	Oil & Gas	Oil & gas producers	365	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	271	0.03
Libertine Holdings	UK	Other	Sustainable Energy	263	0.03
Carclo	UK	Basic Materials	Chemicals	108	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Velocys	UK	Oil & Gas	Oil equipment services & distribution	39
Better Cap	UK	Financials	Equity investment instruments	25

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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