NAV and Portfolio Information

Net Asset Value

Net Asset Value as at 5 December 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 5 December 2024 was 863.32 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 892.33 pence per share (cum income). The mid-market price at the close of business on 5 December 2024 was 905.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

856.39

863.32

NAV with debt at fair value

885.39

892.33

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

15.2

19.8

21.4

53.6

120.7

NAV total return (with debt at fair value)2

15.1

18.4

32.4

66.9

133.7

FTSE Actuaries All-Share Index Total Return3

11.7

16.0

25.4

33.3

81.9

Share price total return3

16.4

19.6

34.0

84.5

147.6

Change in Retail Price Index4

3.1

3.6

24.3

34.3

52.0

                

1 The fair value of the IPS business has been calculated as at 30 June 2024.

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, October 2024.

                

In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.

Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

Geographical Split and Full Portfolio Listing

Immediately following the end of each month, we also publish information about the geographical split and full portfolio listing. 

The current data is as follows

Geographical Split of investment portfolio

Region

% of portfolio

31 October 2024

% of portfolio

31 December 2023

% of portfolio

31 December 2022

UK

87.9

0

83.4

Europe

5.8

0

10.4

North America

5.2

0

5.1

Japan

1.1

0

1.1

Other

0

0

0

Other Pacific

0

0

0

TOTAL

100

100

100

Full Portfolio Listing

As at 31 October 2024 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

Flutter Entertainment

UK

Consumer Services

Travel & leisure

36,270

3.53

Shell

UK

Oil & Gas

Oil & gas producers

32,213

3.13

HSBC

UK

Financials

Banks

30,859

3.00

Rolls Royce

UK

Industrials

Aerospace & defence

27,830

2.71

Barclays

UK

Financials

Banks

27,550

2.68

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

22,829

2.22

BP

UK

Oil & Gas

Oil & gas producers

21,469

2.08

Marks & Spencer

UK

Consumer Services

General retailers

20,642

2.00

Rio Tinto

UK

Basic Materials

Mining

18,810

1.82

NatWest

UK

Financials

Banks

18,380

1.78

Tesco

UK

Consumer Goods

Food & Drug Retailers

17,290

1.68

Standard Chartered

UK

Financials

Banks

16,975

1.65

National Grid

UK

Utilities

Gas, water & multiutilities

16,508

1.60

Marshalls

UK

Industrials

Construction & materials

14,461

1.40

J Sainsbury plc

UK

Consumer Services

General retailers

14,242

1.38

Hill & Smith

UK

Industrials

Industrial engineering

13,512

1.31

BT Group

UK

Telecommunications

Fixed Line Telecommunications

13,479

1.31

Kingfisher

UK

Consumer Goods

Household goods & home construction

13,307

1.29

Anglo American

UK

Basic Materials

Mining

13,197

1.28

Herald Investment Trust

UK

Financials

Equity investment instruments

12,480

1.21

Kier

UK

Industrials

Construction & materials

12,316

1.19

Balfour Beatty

UK

Industrials

Construction & materials

12,296

1.19

Boku

UK

Industrials

Support services

12,235

1.19

Shaftesbury Capital PLC

UK

Financials

Real estate investment trusts

12,213

1.18

Cranswick

UK

Consumer Goods

Food producers

12,115

1.17

Cummins

USA

Industrials

Industrial engineering

11,987

1.16

Senior

UK

Industrials

Aerospace & defence

11,958

1.16

BAE Systems

UK

Industrials

Aerospace & defence

11,875

1.15

Land Securities

UK

Financials

Real estate investment trusts

11,862

1.15

Aviva

UK

Financials

Life insurance/assurance

11,656

1.13

M & G

UK

Financials

Financial services

11,634

1.13

IMI

UK

Industrials

Industrial engineering

11,344

1.10

Ibstock

UK

Industrials

Construction & materials

11,321

1.10

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

11,283

1.09

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

11,272

1.09

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,171

1.08

ITV

UK

Consumer Services

Media

10,900

1.06

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

10,264

0.99

Prudential Corp

UK

Financials

Life insurance/assurance

9,885

0.96

Johnson Service Group

UK

Industrials

Support services

9,844

0.95

Schroders PLC

UK

Financials

Equity investment instruments

9,804

0.95

Hiscox

UK

Financials

Nonlife insurance

9,778

0.95

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

9,740

0.94

Dunelm

UK

Consumer Services

General retailers

9,221

0.89

Scottish Oriental Small Co

UK

Financials

Equity investment instruments

9,160

0.89

Babcock

UK

Industrials

Aerospace & defence

9,095

0.88

Elementis

UK

Basic Materials

Chemicals

8,684

0.84

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

8,320

0.81

Vodafone

UK

Telecommunications

Mobile telecommunications

7,922

0.77

Smith & Nephew

UK

Health Care

Health care equipment & services

7,879

0.76

Hammerson

UK

Financials

Real estate investment trusts

7,727

0.75

General Motors

USA

Consumer Goods

Automobiles & parts

7,477

0.72

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

7,444

0.72

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

7,250

0.70

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

7,129

0.69

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

7,120

0.69

Freeport-McMoran Inc

USA

Basic Materials

Mining

6,980

0.68

WPP LLP

UK

Consumer Services

Media

6,916

0.67

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

6,877

0.67

International Personal Finance

UK

Financials

Financial services

6,850

0.66

IP Group

UK

Financials

Financial services

6,819

0.66

Beazley PLC (UK)

UK

Financials

Nonlife insurance

6,418

0.62

Dowlais Group plc

UK

Consumer Goods

Automobiles & parts

6,354

0.62

Whitbread PLC

Canada

Consumer Services

Travel & leisure

6,325

0.61

Weir Group

UK

Industrials

Industrial engineering

6,264

0.61

Sabre Insurance Group PLC

UK

Financials

Nonlife insurance

6,147

0.60

Air Products and Chemicals

Canada

Oil & Gas

Oil & gas producers

6,018

0.58

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,975

0.58

Spectris

UK

Industrials

Electronic & electrical equipment

5,971

0.58

Workspace Group PLC

UK

Financials

Real estate investment trusts

5,530

0.54

Halfords

UK

Consumer Services

General retailers

5,451

0.53

Reach

UK

Consumer Services

Media

5,335

0.52

AFC Energy

UK

Oil & Gas

Alternative Energy

5,293

0.51

SSE

UK

Utilities

Electricity

5,283

0.51

Chesnara

UK

Financials

Life insurance/assurance

5,238

0.51

Epwin Group

UK

Consumer Goods

Household goods & home construction

5,213

0.51

SigmaRoc

UK

Industrials

Construction & materials

4,968

0.48

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,900

0.47

Accsys Technologies

UK

Industrials

Construction & materials

4,671

0.45

Inchcape

UK

Industrials

Support services

4,654

0.45

Vertu Motors

UK

Consumer Services

General retailers

4,542

0.44

Johnson Matthey

UK

Other

Sustainable Energy

4,464

0.43

Bellway

UK

Consumer Goods

Household goods & home construction

4,254

0.41

Castings

UK

Industrials

Construction & materials

4,243

0.41

Zigup

UK

Industrials

Support services

4,132

0.40

i3 Energy

UK

Oil & Gas

Oil & gas producers

4,032

0.39

Next Fifteen Communications Group

UK

Consumer Services

Media

4,025

0.39

Centrica

UK

Utilities

Gas, water & multiutilities

3,871

0.38

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

3,624

0.35

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

3,507

0.34

Ricardo

UK

Industrials

Support services

3,503

0.34

XP Power Ltd

UK

Technology

Technology hardware & equipment

3,335

0.32

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,208

0.31

Renold

UK

Industrials

Industrial engineering

3,198

0.31

Vanquis Banking Group

UK

Financials

Financial services

3,029

0.29

UniCredit

Italy

Financials

Banks

2,762

0.27

TT Electronics

UK

Industrials

Electronic & electrical equipment

2,701

0.26

Munchener Rueckver

Germany

Financials

Nonlife insurance

2,656

0.26

SAP

Germany

Technology

Software & computer services

2,652

0.26

Jubilee Metals Group

UK

Basic Materials

Mining

2,522

0.24

Serica Energy

UK

Oil & Gas

Oil & gas producers

2,504

0.24

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

2,502

0.24

Siemens AG

Germany

Technology

Software & computer services

2,386

0.23

DVS A/S

Denmark

Industrials

Industrial transportation

2,366

0.23

Invinity Energy Systems

UK

Oil & Gas

Alternative Energy

2,309

0.22

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,259

0.22

Safran SA

France

Industrials

Aerospace & defence

2,158

0.21

Deutsche Boerse

Germany

Financials

Financial services

2,109

0.20

Ondine Biomedical Inc.

Canada

Health Care

Pharmaceuticals & biotechnology

2,105

0.20

SGS SA

Switzerland

Industrials

Support services

1,908

0.18

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,897

0.18

Great Portland Estates

UK

Financials

Real estate investments & services

1,878

0.18

Hercules Site Services Plc

UK

Industrials

Construction & materials

1,838

0.18

Gelion

UK

Other

Sustainable Energy

1,758

0.17

ASML

Netherlands

Technology

Technology hardware & equipment

1,694

0.16

Anheuser-Busch InBev

Belgium

Consumer Goods

Beverages

1,656

0.16

Watkin Jones

UK

Consumer Goods

Household goods & home construction

1,593

0.15

Bawag

Austria

Financials

Banks

1,537

0.15

LVMH

France

Consumer Goods

Leisure Goods

1,455

0.14

Nestle

Switzerland

Consumer Goods

Food producers

1,441

0.14

Marstons

UK

Consumer Services

Travel & leisure

1,415

0.14

DSM-Firmenich AG

Netherlands

Basic Materials

Chemicals

1,388

0.13

Danone SA

France

Consumer Goods

Food producers

1,364

0.13

Windar Photonics Plc

UK

Industrials

Waste & Environ Svcs & Equip

1,331

0.13

Infineon Technologies AG

Germany

Industrials

Electronic & electrical equipment

1,301

0.13

Aena SME

Spain

Consumer Services

Travel & leisure

1,103

0.11

Arbuthnot Banking Group

UK

Financials

Financial services

1,081

0.10

ASM International NV

Netherlands

Industrials

Electronic & electrical equipment

953

0.09

Kone Oyj

Finland

Industrials

Electronic & electrical equipment

947

0.09

Syensqo SA

Belgium

Basic Materials

Chemicals

907

0.09

Logistics Development Group

UK

Industrials

Industrial transportation

842

0.08

First Tin

UK

Basic Materials

Mining

720

0.07

Ilika

UK

Oil & Gas

Alternative Energy

645

0.06

Longboat Energy

UK

Oil & Gas

Oil & gas producers

510

0.05

Kistos

UK

Oil & Gas

Oil & gas producers

477

0.05

Carclo

UK

Basic Materials

Chemicals

390

0.04

SIMEC Atlantis Energy

UK

Utilities

Electricity

307

0.03

Surface Transforms

UK

Consumer Goods

Automobiles & parts

203

0.02

Indus Gas

UK

Oil & Gas

Oil & gas producers

140

0.01

Deltic Energy

UK

Oil & Gas

Oil & gas producers

103

0.01

LDIC Investments

UK

Financials

Financial services

100

0.01

Better Cap

UK

Financials

Equity investment instruments

25

                            

Allied Minds

UK

Financials

Financial services

                            

                            

Saietta Group

UK

Consumer Goods

Automobiles & parts

                            

                            

                

In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.

Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21