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 23 June 2021 was 786.15 pence per share (cum income) which includes the proposed 2021 first interim dividend of 6.875 pence per share as the shares went ex-dividend on 03 June 2021. With the Corporation’s long term debt stated at fair value, the NAV was 752.85 pence per share (cum income). The mid-market price at the close of business on 23 June 2021 was 767.00 pence per share. The first interim dividend will be paid on 07 July 2021 to shareholders on the register at the record date of 04 June 2021.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

776.90

786.15

NAV with debt at fair value

743.60

752.85

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

15.1

35.9

26.4

79.0

175.1

NAV total return (with debt at fair value)2

17.8

39.2

25.5

79.5

166.3

FTSE Actuaries All-Share Index Total Return3

11.7

19.1

6.2

41.5

93.5

Share price total return3

13.4

48.7

43.5

97.9

196.7

Change in Retail Price Index4

2.2

3.3

7.6

15.2

28.4

1 The fair value of the IPS business has been calculated as at 31 December 2020 and was published as part of the year end results announcement on 26 February 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: Bloomberg, subject to subject to latest published RPI; May 2021.     

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

28 May 2021

% of portfolio

31 December 2020

% of portfolio

31 December 2019

UK

82.9

82.1

80.7

Europe

9.0

10.1

7.8

North America

6.4

5.4

8.3

Japan

1.0

1.1

1.1

Other

-

0.4

1.2

Other Pacific

0.7

0.9

0.9

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 28 May 2021 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

Rio Tinto

UK

Basic Materials

Mining

22,740

2.42

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

22,515

2.40

Barclays

UK

Financials

Banks

19,775

2.11

HSBC

UK

Financials

Banks

19,745

2.10

BP

UK

Oil & Gas

Oil & gas producers

17,451

1.86

Royal Mail

UK

Industrials

Industrial transportation

17,069

1.82

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

16,043

1.71

Lloyds Banking Group

UK

Financials

Banks

14,967

1.59

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

14,294

1.52

Accsys Technologies

UK

Industrials

Construction & materials

14,245

1.52

Anglo American

UK

Basic Materials

Mining

14,108

1.50

Prudential Corp

UK

Financials

Life insurance/assurance

14,019

1.49

Aviva

UK

Financials

Life insurance/assurance

13,919

1.48

Senior

UK

Industrials

Aerospace & defence

13,565

1.44

National Grid

UK

Utilities

Gas, water & multiutilities

13,235

1.41

NatWest

UK

Financials

Banks

12,938

1.38

Herald Investment Trust

UK

Financials

Equity investment instruments

12,900

1.37

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

12,840

1.37

Severn Trent

UK

Utilities

Gas, water & multiutilities

12,255

1.30

M & G

UK

Financials

Financial services

12,225

1.30

Dunelm

UK

Consumer Services

General retailers

12,160

1.29

Smith (DS)

UK

Industrials

General industrials

11,782

1.25

BHP

UK

Basic Materials

Mining

11,677

1.24

Vodafone

UK

Telecommunications

Mobile telecommunications

11,226

1.20

Direct Line Insurance

UK

Financials

Nonlife insurance

11,149

1.19

Relx

UK

Consumer Services

Media

11,031

1.17

IP Group

UK

Financials

Financial services

10,965

1.17

BT Group

UK

Telecommunications

Fixed Line Telecommunications

10,928

1.16

Land Securities

UK

Financials

Real estate investment trusts

10,714

1.14

Linde

Germany

Basic Materials

Chemicals

10,586

1.13

AFC Energy

UK

Oil & Gas

Alternative Energy

10,192

1.09

St Modwen Properties

UK

Financials

Real estate investments & services

10,157

1.08

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

10,011

1.07

Applied Materials

USA

Technology

Technology hardware & equipment

9,735

1.04

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

9,666

1.03

Johnson Service Group

UK

Industrials

Support services

9,660

1.03

Standard Chartered

UK

Financials

Banks

9,576

1.02

BAE Systems

UK

Industrials

Aerospace & defence

9,479

1.01

General Motors

USA

Consumer Goods

Automobiles & parts

9,408

1.00

Elementis

UK

Basic Materials

Chemicals

9,270

0.99

Mondi

UK

Basic Materials

Forestry & paper

9,056

0.96

Rolls Royce

UK

Industrials

Aerospace & defence

9,041

0.96

Hammerson

UK

Financials

Real estate investment trusts

8,807

0.94

Hill & Smith

UK

Industrials

Industrial engineering

8,665

0.92

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

8,633

0.92

Balfour Beatty

UK

Industrials

Construction & materials

8,591

0.91

Cummins

USA

Industrials

Industrial engineering

8,520

0.91

Caterpillar

USA

Industrials

Industrial engineering

8,495

0.90

Marks & Spencer

UK

Consumer Services

General retailers

8,435

0.90

Watkin Jones

UK

Consumer Goods

Household goods & home construction

8,307

0.88

Standard Life Aberdeen

UK

Financials

Financial services

8,267

0.88

Urban Logistics REIT

UK

Financials

Real estate investment trusts

8,031

0.86

Croda

UK

Basic Materials

Chemicals

8,028

0.85

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

7,840

0.83

IMI

UK

Industrials

Industrial engineering

7,258

0.77

Smith & Nephew

UK

Health Care

Health care equipment & services

7,240

0.77

Hiscox

UK

Financials

Nonlife insurance

7,093

0.76

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

6,961

0.74

Halfords

UK

Consumer Services

General retailers

6,865

0.73

TT Electronics

UK

Industrials

Electronic & electrical equipment

6,860

0.73

Spectris

UK

Industrials

Electronic & electrical equipment

6,821

0.73

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

6,754

0.72

Marshalls

UK

Industrials

Construction & materials

6,624

0.71

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,479

0.69

SigmaRoc

UK

Industrials

Construction & materials

6,408

0.68

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,358

0.68

Unilever

UK

Consumer Goods

Personal goods

6,338

0.67

Tesco

UK

Consumer Goods

Food & Drug Retailers

6,257

0.67

Convatec Group

UK

Health Care

Health care equipment & services

6,175

0.66

International Personal Finance

UK

Financials

Financial services

6,138

0.65

Euromoney

UK

Consumer Services

Media

5,869

0.62

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,791

0.62

Chesnara

UK

Financials

Life insurance/assurance

5,760

0.61

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

5,662

0.60

Ibstock

UK

Industrials

Construction & materials

5,497

0.59

Centrica

UK

Utilities

Gas, water & multiutilities

5,466

0.58

Provident Financial

UK

Financials

Financial services

5,251

0.56

Meggitt

UK

Industrials

Aerospace & defence

5,086

0.54

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,847

0.52

SSE

UK

Utilities

Electricity

4,626

0.49

Redde Northgate

UK

Industrials

Support services

4,494

0.48

Babcock

UK

Industrials

Aerospace & defence

4,473

0.48

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,413

0.47

Jubilee Metals Group

UK

Basic Materials

Mining

4,325

0.46

Studio Retail Group

UK

Consumer Services

General retailers

4,236

0.45

Bawag

Austria

Financials

Banks

3,944

0.42

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,878

0.41

Weir Group

UK

Industrials

Industrial engineering

3,838

0.41

Ricardo

UK

Industrials

Support services

3,836

0.41

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

3,792

0.40

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,678

0.39

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,604

0.38

Nestle

Switzerland

Consumer Goods

Food producers

3,544

0.38

Morses Club

UK

Financials

Financial services

3,532

0.38

Boku

UK

Industrials

Support services

3,492

0.37

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

3,473

0.37

Kier

UK

Industrials

Construction & materials

3,450

0.37

Marstons

UK

Consumer Services

Travel & leisure

3,361

0.36

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

3,012

0.32

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,002

0.32

UniCredit

Italy

Financials

Banks

2,994

0.32

iEnergizer

Guernsey

Industrials

Support services

2,980

0.32

Plant Health Care

USA

Basic Materials

Chemicals

2,878

0.31

Augean

UK

Industrials

Support services

2,799

0.30

Stellantis

Netherlands

Consumer Goods

Automobiles & parts

2,720

0.29

Sig Combibloc

Switzerland

Industrials

General industrials

2,716

0.29

Amundi

France

Financials

Financial services

2,709

0.29

Worldline

France

Industrials

Support services

2,707

0.29

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,625

0.28

ASML

Netherlands

Technology

Technology hardware & equipment

2,580

0.27

Bacanora Lithium

UK

Basic Materials

Mining

2,490

0.27

Vertu Motors

UK

Consumer Services

General retailers

2,463

0.26

Mirriad Advertising

UK

Consumer Services

Media

2,427

0.26

Prosus

Netherlands

Technology

Software & computer services

2,388

0.25

Ilika

UK

Oil & Gas

Alternative Energy

2,375

0.25

CNH Industrial

UK

Industrials

Industrial engineering

2,109

0.22

Allied Minds

UK

Financials

Financial services

2,072

0.22

Faurecia

France

Consumer Goods

Automobiles & parts

1,973

0.21

Moncler

Italy

Consumer Goods

Personal goods

1,944

0.21

Nexi

Italy

Industrials

Support services

1,788

0.19

Renold

UK

Industrials

Industrial engineering

1,555

0.17

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

1,325

0.14

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,320

0.14

SIMEC Atlantis Energy

UK

Utilities

Electricity

1,265

0.13

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

1,195

0.13

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

1,109

0.12

Tullow Oil

UK

Oil & Gas

Oil & gas producers

1,026

0.11

Velocys

UK

Oil & Gas

Oil equipment services & distribution

991

0.11

Harbour Energy

UK

Oil & Gas

Oil & gas producers

767

0.08

Logistics Development Group

UK

Industrials

Industrial transportation

765

0.08

Carclo

UK

Basic Materials

Chemicals

685

0.07

Embracer Group

Sweden

Consumer Goods

Leisure Goods

639

0.07

Allfunds Group

UK

Other

Other

626

0.07

Brockhaus Capital Management

Germany

Financials

Financial services

533

0.06

AUTO1 Group

Germany

Other

Financial Technology

510

0.05

Unlisted

UK

Financials

Financial services

213

0.02

Providence Resources

UK

Oil & Gas

Oil & gas producers

113

0.01

NOW Inc

USA

Oil & Gas

Oil equipment services & distribution

92

0.01