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 24 September 2020 was 559.87 pence per share (cum income) which excludes the proposed 2020 second interim dividend of 6.5 pence as the shares went ex-dividend on 24 September 2020. With the Corporation’s long term debt stated at fair value, the NAV was 519.58 pence per share (cum income). The mid-market price at the close of business on 24 September 2020 was 481.50 pence per share. The second interim dividend will be paid on 28 October 2020 to shareholders on the register at the record date of 25 September 2020.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

550.66

559.87

NAV with debt at fair value

510.38

519.58

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-19.1

-13.9

-7.2

26.4

114.0

NAV total return (with debt at fair value)2

-21.3

-15.6

-10.2

20.1

100.4

FTSE Actuaries All-Share Index Total Return3

-20.8

-17.5

-10.4

17.2

62.0

Share price total return3

-13.0

-4.1

2.2

29.6

138.6

Change in Retail Price Index4

0.5

0.5

6.8

12.9

30.6

                

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; August 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 August 2020

% of portfolio

31 December 2019

% of portfolio

31 December 2018

UK

79.5

80.7

74.5

Europe

10.5

7.8

8.6

North America

7.4

8.3

9.9

Japan

1.2

1.1

1.1

Other

0.5

1.2

1.4

Other Pacific

0.9

0.9

4.5

TOTAL

100

100

100

 

Full Portfolio Listing

Full Portfolio Listing

Law Debenture publishes details of its full investment portfolio monthly. As at 31 August 2020 the portfolio comprised as follows:

Name

Country

Sector

Industry

MV £000

% of Portfolio

Glaxosmithkline

UK

Health Care

Pharmaceuticals & biotechnology

24,656

3.56

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

21,262

3.07

Rio Tinto

UK

Basic Materials

Mining

17,379

2.51

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

13,288

1.92

Dunelm

UK

Consumer Services

General retailers

13,280

1.92

Herald Investment Trust

UK

Financials

Equity investment instruments

12,953

1.87

Relx

UK

Consumer Services

Media

12,769

1.84

National Grid

UK

Utilities

Gas, water & multiutilities

11,879

1.72

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,650

1.68

Prudential Corp

UK

Financials

Life insurance/assurance

11,409

1.65

Astrazeneca

UK

Health Care

Pharmaceuticals & biotechnology

10,333

1.49

Urban Logistics REIT

UK

Financials

Real estate investment trusts

10,071

1.45

Direct Line Insurance

UK

Financials

Nonlife insurance

9,584

1.38

BHP

UK

Basic Materials

Mining

9,418

1.36

BAE Systems

UK

Industrials

Aerospace & defence

9,353

1.35

Cummins

USA

Industrials

Industrial engineering

9,299

1.34

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

8,874

1.28

Land Securities

UK

Financials

Real estate investment trusts

8,808

1.27

HSBC

UK

Financials

Banks

8,703

1.26

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

8,699

1.26

M & G

UK

Financials

Financial services

8,648

1.25

BP

UK

Oil & Gas

Oil & gas producers

8,454

1.22

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

8,163

1.18

Aviva

UK

Financials

Life insurance/assurance

8,156

1.18

Hill & Smith

UK

Industrials

Industrial engineering

8,094

1.17

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

7,880

1.14

Caterpillar

USA

Industrials

Industrial engineering

7,448

1.08

RSA Insurance

UK

Financials

Nonlife insurance

7,413

1.07

Standard Chartered

UK

Financials

Banks

7,398

1.07

Smith (DS)

UK

Industrials

General industrials

7,285

1.05

Accsys Technologies

UK

Industrials

Construction & materials

7,261

1.05

Hiscox

UK

Financials

Nonlife insurance

7,177

1.04

Smith & Nephew

UK

Health Care

Health care equipment & services

7,151

1.03

Mondi

UK

Basic Materials

Forestry & paper

6,937

1

Anglo American

UK

Basic Materials

Mining

6,872

0.99

Croda

UK

Basic Materials

Chemicals

6,779

0.98

IP Group plc

UK

Financials

Financial services

6,494

0.94

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,332

0.91

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,172

0.89

Balfour Beatty

UK

Industrials

Construction & materials

6,164

0.89

Chesnara

UK

Financials

Life insurance/assurance

6,156

0.89

Deere

USA

Industrials

Industrial engineering

6,131

0.89

Johnson Service

UK

Industrials

Support services

6,064

0.88

St Modwen Properties

UK

Financials

Real estate investments & services

5,985

0.86

Standard Life Aberdeen

UK

Financials

Financial services

5,942

0.86

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,813

0.84

Marshalls

UK

Industrials

Construction & materials

5,706

0.82

Marks and Spencer

UK

Consumer Services

General retailers

5,555

0.8

Watkin Jones

UK

Consumer Goods

Household goods & home construction

5,461

0.79

Provident Financial

UK

Financials

Financial services

5,437

0.79

Spectris

UK

Industrials

Electronic & electrical equipment

5,387

0.78

Royal Mail

UK

Industrials

Industrial transportation

5,382

0.78

Applied Materials

USA

Technology

Technology hardware & equipment

5,294

0.76

Lloyds Banking Group

UK

Financials

Banks

5,103

0.74

General Motors

USA

Consumer Goods

Automobiles & parts

4,984

0.72

Simec Atlantis Energy

UK

Utilities

Electricity

4,779

0.69

Rolls Royce

UK

Industrials

Aerospace & defence

4,701

0.68

Linde

Germany

Basic Materials

Chemicals

4,680

0.68

IMI

UK

Industrials

Industrial engineering

4,616

0.67

Tesco

UK

Consumer Goods

Food & Drug Retailers

4,591

0.66

Irish Continental

Ireland

Consumer Services

Travel & leisure

4,560

0.66

Unilever

UK

Consumer Goods

Personal goods

4,460

0.64

Senior

UK

Industrials

Aerospace & defence

4,454

0.64

British American Tobacco

UK

Consumer Goods

Tobacco

4,431

0.64

Ryanair

Ireland

Consumer Services

Travel & leisure

4,315

0.62

Pfizer

USA

Health Care

Pharmaceuticals & biotechnology

4,236

0.61

NatWest

UK

Financials

Banks

4,228

0.61

Elementis

UK

Basic Materials

Chemicals

4,222

0.61

Euromoney

UK

Consumer Services

Media

4,202

0.61

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,105

0.59

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,008

0.58

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,001

0.58

Taylor Wimpey

UK

Consumer Goods

Household goods & home construction

3,918

0.57

Allied Minds

UK

Financials

Financial services

3,913

0.57

Vodafone

UK

Telecommunications

Mobile telecommunications

3,900

0.56

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,872

0.56

SSE

UK

Utilities

Electricity

3,777

0.55

Foresight Solar

UK

Financials

Equity investment instruments

3,763

0.54

Nestle

Switzerland

Consumer Goods

Food producers

3,659

0.53

Vivendi

France

Consumer Services

Media

3,598

0.52

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,460

0.5

Studio Retail Group plc

UK

Consumer Services

General retailers

3,434

0.5

Ibstock

UK

Industrials

Construction & materials

3,396

0.49

Babcock

UK

Industrials

Aerospace & defence

3,391

0.49

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

3,377

0.49

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,346

0.48

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

3,322

0.48

Grit Real Estate Income

Other

Financials

Real estate investment trusts

3,275

0.47

Prosus

Netherlands

Technology

Software & computer services

3,184

0.46

UniCredit

Italy

Financials

Banks

2,974

0.43

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

2,971

0.43

International Personal Finance

UK

Financials

Financial services

2,970

0.43

SigmaRoc

UK

Industrials

Construction & materials

2,958

0.43

Bawag

Austria

Financials

Banks

2,911

0.42

Meggitt

UK

Industrials

Aerospace & defence

2,909

0.42

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,889

0.42

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,812

0.41

Deutsche Boerse

Germany

Financials

Financial services

2,622

0.38

Boku

UK

Industrials

Support services

2,553

0.37

Worldline

France

Industrials

Support services

2,543

0.37

Weir Group

UK

Industrials

Industrial engineering

2,537

0.37

Amundi

France

Financials

Financial services

2,512

0.36

Sig Combibloc

Switzerland

Industrials

General industrials

2,480

0.36

St. James's Place

UK

Financials

Life insurance/assurance

2,448

0.35

Halfords

UK

Consumer Services

General retailers

2,393

0.35

Carnival

UK

Consumer Services

Travel & leisure

2,372

0.34

Redde Northgate

UK

Industrials

Support services

2,190

0.32

ASML

Netherlands

Technology

Technology hardware & equipment

2,117

0.31

Marstons

UK

Consumer Services

Travel & leisure

1,948

0.28

Hammerson

UK

Financials

Real estate investment trusts

1,865

0.27

Daily Mail & General Trust 'A'

UK

Consumer Services

Media

1,813

0.26

Augean

UK

Industrials

Support services

1,730

0.25

JDE Peet's

Netherlands

Consumer Goods

Food producers

1,526

0.22

Morses Club

UK

Financials

Financial services

1,524

0.22

Nexi

Italy

Industrials

Support services

1,515

0.22

EQTEC

Ireland

Utilities

Electricity

1,422

0.21

Ricardo

UK

Industrials

Support services

1,395

0.2

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,287

0.19

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,219

0.18

AFC Energy

UK

Oil & Gas

Alternative Energy

1,201

0.17

Total (Fra)

France

Oil & Gas

Oil & gas producers

1,168

0.17

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

1,137

0.16

AMS AG

Switzerland

Technology

Technology hardware & equipment

1,125

0.16

Moncler

Italy

Consumer Goods

Personal goods

1,124

0.16

Kier

UK

Industrials

Construction & materials

1,097

0.16

Hipgnosis Songs Fund - C Shares

UK

Financials

Equity investment instruments

1,020

0.15

Ilika

UK

Oil & Gas

Alternative Energy

975

0.14

Wincanton

UK

Industrials

Industrial transportation

912

0.13

Premier Oil

UK

Oil & Gas

Oil & gas producers

819

0.12

Eddie Stobart Logistics

UK

Industrials

Industrial transportation

656

0.09

Brockhaus Capital Management

Germany

Financials

Financial services

642

0.09

Renold

UK

Industrials

Industrial engineering

520

0.08

Centrica

UK

Utilities

Gas, water & multiutilities

460

0.07

National Oilwell Vaeco

USA

Oil & Gas

Oil equipment services & distribution

448

0.06

Severfield

UK

Industrials

Industrial engineering

432

0.06

Tullow Oil

UK

Oil & Gas

Oil & gas producers

410

0.06

Mirriad Advertising

UK

Consumer Services

Media

369

0.05

Unlisted

UK

Other

Other

213

0.03

Carclo

UK

Basic Materials

Chemicals

174

0.03

Providence Resources

UK

Oil & Gas

Oil & gas producers

163

0.02

GVS

Italy

Industrials

Waste & Environ Svcs & Equip

159

0.02

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

68

0.01

Better Cap

UK

Financials

Equity investment instruments

25

0

Permanent TSB

Ireland

Financials

Banks

2

0