NAV and Portfolio Information

Net Asset Value

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 26 November 2020 was 660.41 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 618.56 pence per share (cum income). The mid-market price at the close of business on 26 November 2020 was 606.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

653.32

660.41

NAV with debt at fair value

611.48

618.56

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-4.5

0.4

9.2

43.2

147.6

NAV total return (with debt at fair value)2

-6.3

-1.1

6.5

37.5

134.0

FTSE Actuaries All-Share Index Total Return3

-12.0

-9.1

-0.6

23.7

79.6

Share price total return3

-0.8

5.7

13.8

45.5

172.2

Change in Retail Price Index4

0.8

1.3

6.9

13.4

30.3

1 The fair value of the IPS business has been calculated as at 30 June 2020 and was published as part of the interim results announcement on 31 July 2020.

2 NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.

3 Source: Refinitiv.

4 Source: Bloomberg, subject to latest published RPI; October 2020.                                                                                                                 

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.

 

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 2020

% of portfolio

31 December 2019

% of portfolio

31 December 2018

UK

79.4

80.7

74.5

Europe

10.0

7.8

8.6

North America

8.0

8.3

9.9

Japan

1.2

1.1

1.1

Other

0.4

1.2

1.4

Other Pacific

1.0

0.9

4.5

TOTAL

100

100

100



Full Portfolio Listing

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 October 2020 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

23,314

3.48

Glaxosmithkline

UK

Health Care

Pharmaceuticals & biotechnology

21,638

3.24

Rio Tinto

UK

Basic Materials

Mining

16,337

2.45

Herald Investment Trust

UK

Financials

Equity investment instruments

13,518

2.03

National Grid

UK

Utilities

Gas, water & multiutilities

12,950

1.94

Severn Trent

UK

Utilities

Gas, water & multiutilities

12,145

1.82

Dunelm

UK

Consumer Services

General retailers

12,109

1.81

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

11,608

1.74

Relx

UK

Consumer Services

Media

11,453

1.72

Cummins

USA

Industrials

Industrial engineering

10,197

1.53

Astrazeneca

UK

Health Care

Pharmaceuticals & biotechnology

9,624

1.44

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

9,567

1.43

Urban Logistics REIT

UK

Financials

Real estate investment trusts

9,382

1.41

Prudential Corp

UK

Financials

Life insurance/assurance

8,806

1.32

Direct Line Insurance

UK

Financials

Nonlife insurance

8,561

1.28

HSBC

UK

Financials

Banks

8,556

1.28

Caterpillar

USA

Industrials

Industrial engineering

8,494

1.27

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

8,447

1.27

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

8,286

1.24

BHP

UK

Basic Materials

Mining

8,196

1.23

Anglo American

UK

Basic Materials

Mining

8,150

1.22

Hill & Smith

UK

Industrials

Industrial engineering

7,987

1.20

Smith (DS)

UK

Industrials

General industrials

7,972

1.19

Land Securities

UK

Financials

Real estate investment trusts

7,757

1.16

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

7,724

1.16

Hiscox

UK

Financials

Nonlife insurance

7,457

1.12

Aviva

UK

Financials

Life insurance/assurance

7,429

1.11

M & G

UK

Financials

Financial services

7,333

1.10

Accsys Technologies

UK

Industrials

Construction & materials

7,261

1.09

BAE Systems

UK

Industrials

Aerospace & defence

7,144

1.07

IP Group plc

UK

Financials

Financial services

7,009

1.05

RSA Insurance

UK

Financials

Nonlife insurance

6,989

1.05

Mondi

UK

Basic Materials

Forestry & paper

6,949

1.04

Croda

UK

Basic Materials

Chemicals

6,936

1.04

Deere

USA

Industrials

Industrial engineering

6,820

1.02

Royal Mail

UK

Industrials

Industrial transportation

6,810

1.02

Standard Chartered

UK

Financials

Banks

6,634

0.99

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,405

0.96

BP

UK

Oil & Gas

Oil & gas producers

6,289

0.94

Smith & Nephew

UK

Health Care

Health care equipment & services

6,282

0.94

St Modwen Properties

UK

Financials

Real estate investments & services

6,124

0.92

Marshalls

UK

Industrials

Construction & materials

6,021

0.90

General Motors

USA

Consumer Goods

Automobiles & parts

6,001

0.90

Balfour Beatty

UK

Industrials

Construction & materials

5,899

0.88

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,646

0.85

Standard Life Aberdeen

UK

Financials

Financial services

5,627

0.84

Chesnara

UK

Financials

Life insurance/assurance

5,468

0.82

Tesco

UK

Consumer Goods

Food & Drug Retailers

5,338

0.80

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,300

0.79

Applied Materials

USA

Technology

Technology hardware & equipment

5,263

0.79

Spectris

UK

Industrials

Electronic & electrical equipment

5,255

0.79

Provident Financial

UK

Financials

Financial services

5,145

0.77

Lloyds Banking Group

UK

Financials

Banks

5,045

0.76

Johnson Service

UK

Industrials

Support services

4,955

0.74

Watkin Jones

UK

Consumer Goods

Household goods & home construction

4,943

0.74

Senior

UK

Industrials

Aerospace & defence

4,675

0.70

NatWest

UK

Financials

Banks

4,658

0.70

Euromoney

UK

Consumer Services

Media

4,548

0.68

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,546

0.68

IMI

UK

Industrials

Industrial engineering

4,519

0.68

Marks and Spencer

UK

Consumer Services

General retailers

4,457

0.67

Unilever

UK

Consumer Goods

Personal goods

4,404

0.66

Irish Continental

Ireland

Consumer Services

Travel & leisure

4,398

0.66

Elementis

UK

Basic Materials

Chemicals

4,359

0.65

British American Tobacco

UK

Consumer Goods

Tobacco

4,283

0.64

Ryanair

Ireland

Consumer Services

Travel & leisure

4,257

0.64

Linde

Germany

Basic Materials

Chemicals

4,250

0.64

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,114

0.62

Pfizer

USA

Health Care

Pharmaceuticals & biotechnology

4,112

0.62

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,077

0.61

Boku

UK

Industrials

Support services

3,863

0.58

Ibstock

UK

Industrials

Construction & materials

3,849

0.58

SSE

UK

Utilities

Electricity

3,765

0.56

Vodafone

UK

Telecommunications

Mobile telecommunications

3,605

0.54

Studio Retail Group plc

UK

Consumer Services

General retailers

3,601

0.54

Foresight Solar

UK

Financials

Equity investment instruments

3,553

0.53

Nestle

Switzerland

Consumer Goods

Food producers

3,538

0.53

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

3,492

0.52

Halfords

UK

Consumer Services

General retailers

3,487

0.52

Prosus

Netherlands

Technology

Software & computer services

3,426

0.51

Taylor Wimpey

UK

Consumer Goods

Household goods & home construction

3,384

0.51

Allied Minds

UK

Financials

Financial services

3,353

0.50

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,346

0.50

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

3,314

0.50

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,312

0.50

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,252

0.49

Simec Atlantis Energy

UK

Utilities

Electricity

3,243

0.49

Hammerson ORD GBP0.05

UK

Financials

Real estate investment trusts

3,139

0.47

SigmaRoc

UK

Industrials

Construction & materials

3,026

0.45

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,979

0.45

Bawag

Austria

Financials

Banks

2,959

0.44

Weir Group

UK

Industrials

Industrial engineering

2,867

0.43

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,828

0.42

Meggitt

UK

Industrials

Aerospace & defence

2,733

0.41

Babcock

UK

Industrials

Aerospace & defence

2,705

0.41

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

2,627

0.39

Vivendi

France

Consumer Services

Media

2,618

0.39

ROLLS ROYCE RIGHTS ISSUE

UK

Industrials

Aerospace & defence

2,530

0.38

International Personal Finance

UK

Financials

Financial services

2,526

0.38

Grit Real Estate Income

Other

Financials

Real estate investment trusts

2,442

0.37

UniCredit

Italy

Financials

Banks

2,328

0.35

Sig Combibloc

Switzerland

Industrials

General industrials

2,305

0.35

St. James's Place

UK

Financials

Life insurance/assurance

2,248

0.34

Amundi

France

Financials

Financial services

2,190

0.33

Deutsche Boerse

Germany

Financials

Financial services

2,125

0.32

Worldline

France

Industrials

Support services

2,118

0.32

Redde Northgate

UK

Industrials

Support services

2,075

0.31

Carnival

UK

Consumer Services

Travel & leisure

1,909

0.29

Daily Mail & General Trust 'A'

UK

Consumer Services

Media

1,863

0.28

Marstons

UK

Consumer Services

Travel & leisure

1,775

0.27

ASML

Netherlands

Technology

Technology hardware & equipment

1,763

0.26

Ricardo

UK

Industrials

Support services

1,760

0.26

Augean

UK

Industrials

Support services

1,730

0.26

Nexi

Italy

Industrials

Support services

1,479

0.22

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,410

0.21

Rolls Royce

UK

Industrials

Aerospace & defence

1,391

0.21

JDE Peet's

Netherlands

Consumer Goods

Food producers

1,273

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,204

0.18

AFC Energy

UK

Oil & Gas

Alternative Energy

1,056

0.16

EQTEC

Ireland

Utilities

Electricity

1,044

0.16

Ilika

UK

Oil & Gas

Alternative Energy

1,037

0.16

Hipgnosis Songs Fund - C Shares

UK

Financials

Equity investment instruments

1,030

0.15

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

923

0.14

Total (Fra)

France

Oil & Gas

Oil & gas producers

918

0.14

AMS AG

Switzerland

Technology

Technology hardware & equipment

915

0.14

Morses Club

UK

Financials

Financial services

888

0.13

Kier

UK

Industrials

Construction & materials

833

0.12

Velocys

UK

Oil & Gas

Oil equipment services & distribution

806

0.12

Mirriad Advertising

UK

Consumer Services

Media

784

0.12

Brockhaus Capital Management

Germany

Financials

Financial services

737

0.11

Eddie Stobart Logistics

UK

Industrials

Industrial transportation

621

0.09

Renold

UK

Industrials

Industrial engineering

612

0.09

Premier Oil

UK

Oil & Gas

Oil & gas producers

422

0.06

Severfield

UK

Industrials

Industrial engineering

418

0.06

Tullow Oil

UK

Oil & Gas

Oil & gas producers

402

0.06

Centrica

UK

Utilities

Gas, water & multiutilities

372

0.06

National Oilwell Vaeco

USA

Oil & Gas

Oil equipment services & distribution

324

0.05

Carclo

UK

Basic Materials

Chemicals

233

0.03

Unlisted

UK

Other

Other

213

0.03

Providence Resources

UK

Oil & Gas

Oil & gas producers

206

0.03

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

39

0.01

Better Cap

UK

Financials

Equity investment instruments

25

0.00