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 16 September 2021 was 816.69 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 781.17 pence per share (cum income). The mid-market price at the close of business on 16 September 2021 was 766.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

802.20

816.69

NAV with debt at fair value

766.68

781.17

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

19.5

43.8

32.6

65.4

202.3

NAV total return (with debt at fair value)2

22.2

48.2

31.2

68.4

192.2

FTSE Actuaries All-Share Index Total Return3

13.2

23.3

11.7

31.7

108.6

Share price total return3

13.3

57.5

39.4

84.1

216.8

Change in Retail Price Index4

4.1

4.8

8.2

16.0

30.2

1 The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 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, August 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.

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

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 August 2021

% of portfolio

31 December 2020

% of portfolio

31 December 2019

UK

82.7

82.1

80.7

Europe

9.5

10.1

7.8

North America

6.0

5.4

8.3

Japan

1.1

1.1

1.1

Other

0.0

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 31 August 2021 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

24,485

2.48

Rio Tinto

UK

Basic Materials

Mining

20,183

2.04

Barclays

UK

Financials

Banks

19,969

2.02

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

17,888

1.81

BP

UK

Oil & Gas

Oil & gas producers

16,926

1.72

HSBC

UK

Financials

Banks

16,744

1.69

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

15,491

1.56

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

15,419

1.55

Senior

UK

Industrials

Aerospace & defence

15,135

1.53

Herald Investment Trust

UK

Financials

Equity investment instruments

14,550

1.47

Prudential Corp

UK

Financials

Life insurance/assurance

14,145

1.43

Accsys Technologies

UK

Industrials

Construction & materials

13,886

1.40

Royal Mail

UK

Industrials

Industrial transportation

13,871

1.40

Anglo American

UK

Basic Materials

Mining

13,811

1.39

Severn Trent

UK

Utilities

Gas, water & multiutilities

13,810

1.39

Aviva

UK

Financials

Life insurance/assurance

13,679

1.38

NatWest

UK

Financials

Banks

13,319

1.34

National Grid

UK

Utilities

Gas, water & multiutilities

13,264

1.34

Lloyds Banking Group

UK

Financials

Banks

13,133

1.32

Relx

UK

Consumer Services

Media

13,086

1.32

Smith (DS)

UK

Industrials

General industrials

12,458

1.26

BHP

UK

Basic Materials

Mining

12,416

1.25

Direct Line Insurance

UK

Financials

Nonlife insurance

12,360

1.25

Tesco

UK

Consumer Goods

Food & Drug Retailers

11,867

1.20

Vodafone

UK

Telecommunications

Mobile telecommunications

11,584

1.17

IP Group

UK

Financials

Financial services

11,566

1.17

Linde

Germany

Basic Materials

Chemicals

11,431

1.15

M & G

UK

Financials

Financial services

11,330

1.14

Marks & Spencer

UK

Consumer Services

General retailers

10,946

1.10

Land Securities

UK

Financials

Real estate investment trusts

10,803

1.09

Dunelm

UK

Consumer Services

General retailers

10,674

1.08

BT Group

UK

Telecommunications

Fixed Line Telecommunications

10,613

1.07

Croda

UK

Basic Materials

Chemicals

10,513

1.06

Hill & Smith

UK

Industrials

Industrial engineering

10,475

1.06

Kier

UK

Industrials

Construction & materials

10,449

1.05

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

10,448

1.05

BAE Systems

UK

Industrials

Aerospace & defence

10,231

1.03

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

10,059

1.01

Applied Materials

USA

Technology

Technology hardware & equipment

9,823

0.99

Rolls Royce

UK

Industrials

Aerospace & defence

9,704

0.98

AFC Energy

UK

Oil & Gas

Alternative Energy

9,534

0.96

Mondi

UK

Basic Materials

Forestry & paper

9,524

0.96

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

9,340

0.94

Urban Logistics REIT

UK

Financials

Real estate investment trusts

9,061

0.91

Elementis

UK

Basic Materials

Chemicals

8,977

0.91

Watkin Jones

UK

Consumer Goods

Household goods & home construction

8,788

0.89

Standard Chartered

UK

Financials

Banks

8,576

0.86

Johnson Service Group

UK

Industrials

Support services

8,408

0.85

Spectris

UK

Industrials

Electronic & electrical equipment

8,373

0.84

Hiscox

UK

Financials

Nonlife insurance

8,309

0.84

Cummins

USA

Industrials

Industrial engineering

8,060

0.81

Hammerson

UK

Financials

Real estate investment trusts

8,009

0.81

Standard Life Aberdeen

UK

Financials

Financial services

7,982

0.80

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

7,967

0.80

IMI

UK

Industrials

Industrial engineering

7,967

0.80

Balfour Beatty

UK

Industrials

Construction & materials

7,906

0.80

Provident Financial

UK

Financials

Financial services

7,857

0.79

Caterpillar

USA

Industrials

Industrial engineering

7,665

0.77

SigmaRoc

UK

Industrials

Construction & materials

7,635

0.77

TT Electronics

UK

Industrials

Electronic & electrical equipment

7,528

0.76

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

7,522

0.76

Meggitt

UK

Industrials

Aerospace & defence

7,463

0.75

Marshalls

UK

Industrials

Construction & materials

7,277

0.73

Flutter Entertainment

UK

Consumer Services

Travel & leisure

7,055

0.71

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,862

0.69

International Personal Finance

UK

Financials

Financial services

6,836

0.69

General Motors

USA

Consumer Goods

Automobiles & parts

6,768

0.68

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

6,564

0.66

Smith & Nephew

UK

Health Care

Health care equipment & services

6,557

0.66

Chesnara

UK

Financials

Life insurance/assurance

6,261

0.63

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,093

0.61

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

6,075

0.61

Unilever

UK

Consumer Goods

Personal goods

6,069

0.61

Convatec Group

UK

Health Care

Health care equipment & services

5,860

0.59

Ibstock

UK

Industrials

Construction & materials

5,732

0.58

Glencore

Switzerland

Basic Materials

Mining

5,729

0.58

Euromoney

UK

Consumer Services

Media

5,704

0.58

Halfords

UK

Consumer Services

General retailers

5,627

0.57

Jubilee Metals Group

UK

Basic Materials

Mining

5,548

0.56

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

5,478

0.55

Babcock

UK

Industrials

Aerospace & defence

5,430

0.55

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

5,263

0.53

Centrica

UK

Utilities

Gas, water & multiutilities

5,194

0.52

Redde Northgate

UK

Industrials

Support services

5,101

0.51

SSE

UK

Utilities

Electricity

4,898

0.49

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,847

0.49

Merck & Co

USA

Health Care

Pharmaceuticals & biotechnology

4,713

0.48

Bawag

Austria

Financials

Banks

4,394

0.44

Studio Retail Group

UK

Consumer Services

General retailers

4,281

0.43

Morses Club

UK

Financials

Financial services

4,158

0.42

Boku

UK

Industrials

Support services

4,064

0.41

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,844

0.39

Blue Prism Group

UK

Technology

Software & computer services

3,833

0.39

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,783

0.38

Nestle

Switzerland

Consumer Goods

Food producers

3,744

0.38

Ilika

UK

Oil & Gas

Alternative Energy

3,676

0.37

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,548

0.36

Weir Group

UK

Industrials

Industrial engineering

3,500

0.35

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,411

0.34

Augean

UK

Industrials

Support services

3,358

0.34

iEnergizer

Guernsey

Industrials

Support services

3,292

0.33

ASML

Netherlands

Technology

Technology hardware & equipment

3,288

0.33

Sig Combibloc

Switzerland

Industrials

General industrials

3,241

0.33

Ricardo

UK

Industrials

Support services

3,176

0.32

Marstons

UK

Consumer Services

Travel & leisure

3,175

0.32

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,116

0.31

Vertu Motors

UK

Consumer Services

General retailers

3,093

0.31

i3 Energy

UK

Oil & Gas

Oil & gas producers

3,068

0.31

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

3,060

0.31

Bacanora Lithium

UK

Basic Materials

Mining

3,043

0.31

UniCredit

Italy

Financials

Banks

3,019

0.30

Amundi

France

Financials

Financial services

2,970

0.30

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

2,869

0.29

Stellantis

Netherlands

Consumer Goods

Automobiles & parts

2,860

0.29

Worldline

France

Industrials

Support services

2,579

0.26

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

2,552

0.26

Plant Health Care

USA

Basic Materials

Chemicals

2,277

0.23

Allied Minds

UK

Financials

Financial services

2,183

0.22

Longboat Energy

UK

Oil & Gas

Oil & gas producers

2,100

0.21

CNH Industrial

UK

Industrials

Industrial engineering

2,096

0.21

Nexi

Italy

Industrials

Support services

1,890

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,819

0.18

Faurecia

France

Consumer Goods

Automobiles & parts

1,784

0.18

Mirriad Advertising

UK

Consumer Services

Media

1,583

0.16

Danone SA

France

Consumer Goods

Food producers

1,511

0.15

Renold

UK

Industrials

Industrial engineering

1,469

0.15

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,280

0.13

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

1,252

0.13

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

1,173

0.12

Logistics Development Group

UK

Industrials

Industrial transportation

1,040

0.10

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

1,037

0.10

SIMEC Atlantis Energy

UK

Utilities

Electricity

921

0.09

Prosus

Netherlands

Technology

Software & computer services

908

0.09

Tullow Oil

UK

Oil & Gas

Oil & gas producers

891

0.09

Velocys

UK

Oil & Gas

Oil equipment services & distribution

872

0.09

Allfunds Group

UK

Other

Other

707

0.07

Harbour Energy

UK

Oil & Gas

Oil & gas producers

669

0.07

Brockhaus Capital Management

Germany

Financials

Financial services

507

0.05

Carclo

UK

Basic Materials

Chemicals

497

0.05

AUTO1 Group

Germany

Other

Financial Technology

453

0.05

Unlisted

UK

Financials

Financial services

213

0.02

Providence Resources

UK

Oil & Gas

Oil & gas producers

120

0.01

Better Cap

UK

Financials

Equity investment instruments

25

                            

Permanent TSB

Ireland

Financials

Banks

5