NAV and Portfolio Information

Net Asset Value

Net Asset Value as at 16 May 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 16 May 2024 was 853.27 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 881.36 pence per share (cum income). The mid-market price at the close of business on 16 May 2024 was 892.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

840.57

853.27

NAV with debt at fair value

868.66

881.36

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

11.8

15.7

24.1

57.1

121.9

NAV total return (with debt at fair value)2

11.7

15.2

33.6

69.1

134.3

FTSE Actuaries All-Share Index Total Return3

10.5

13.2

27.9

39.0

81.6

Share price total return3

12.7

14.0

33.4

83.7

148.5

Change in Retail Price Index4

1.1

2.7

27.2

32.9

49.8

                

1 The fair value of the IPS business has been calculated as at 31 December 2023.

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, March 2024.

                 

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

30 April 2024

% of portfolio

31 December 2023

% of portfolio

31 December 2022

UK

89.0

0

83.4

Europe

6.2

0

10.4

North America

3.3

0

5.1

Japan

1.5

0

1.1

Other

0

0

0

Other Pacific

0

0

0

TOTAL

100

100

100

Full Portfolio Listing

Full Portfolio Listing

As at 30 April 2024 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

Rolls Royce

UK

Industrials

Aerospace & defence

45,223

4.52

Shell

UK

Oil & Gas

Oil & gas producers

35,788

3.58

HSBC

UK

Financials

Banks

30,161

3.02

BP

UK

Oil & Gas

Oil & gas producers

29,663

2.97

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

27,429

2.75

Barclays

UK

Financials

Banks

24,932

2.50

Flutter Entertainment

UK

Consumer Services

Travel & leisure

23,134

2.32

Rio Tinto

UK

Basic Materials

Mining

20,513

2.05

Marks & Spencer

UK

Consumer Services

General retailers

20,464

2.05

NatWest

UK

Financials

Banks

19,728

1.98

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

15,201

1.52

Tesco

UK

Consumer Goods

Food & Drug Retailers

14,961

1.50

Anglo American

UK

Basic Materials

Mining

14,487

1.45

Senior

UK

Industrials

Aerospace & defence

14,043

1.41

National Grid

UK

Utilities

Gas, water & multiutilities

13,714

1.37

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

13,345

1.34

Standard Chartered

UK

Financials

Banks

13,004

1.30

BAE Systems

UK

Industrials

Aerospace & defence

12,664

1.27

Hill & Smith

UK

Industrials

Industrial engineering

12,580

1.26

Herald Investment Trust

UK

Financials

Equity investment instruments

12,570

1.26

Shaftesbury Capital PLC

UK

Financials

Real estate investment trusts

12,123

1.21

Boku

UK

Industrials

Support services

12,095

1.21

M & G

UK

Financials

Financial services

12,060

1.21

IMI

UK

Industrials

Industrial engineering

12,045

1.21

Aviva

UK

Financials

Life insurance/assurance

11,981

1.20

DS Smith

UK

Industrials

General industrials

11,794

1.18

Kier

UK

Industrials

Construction & materials

11,575

1.16

Land Securities

UK

Financials

Real estate investment trusts

11,537

1.16

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

11,239

1.13

Hiscox

UK

Financials

Nonlife insurance

11,126

1.11

Cummins

USA

Industrials

Industrial engineering

10,629

1.06

Cranswick

UK

Consumer Goods

Food producers

10,299

1.03

Marshalls

UK

Industrials

Construction & materials

10,078

1.01

Balfour Beatty

UK

Industrials

Construction & materials

10,056

1.01

Kingfisher

UK

Consumer Goods

Household goods & home construction

10,047

1.01

Direct Line Insurance

UK

Financials

Nonlife insurance

10,028

1.00

ITV

UK

Consumer Services

Media

10,018

1.00

Babcock

UK

Industrials

Aerospace & defence

9,779

0.98

Severn Trent

UK

Utilities

Gas, water & multiutilities

9,498

0.95

International Distribution Services

UK

Industrials

Industrial transportation

9,336

0.93

Elementis

UK

Basic Materials

Chemicals

9,165

0.92

Johnson Service Group

UK

Industrials

Support services

8,539

0.86

Dunelm

UK

Consumer Services

General retailers

8,425

0.84

Scottish Oriental Small Co

UK

Financials

Equity investment instruments

8,342

0.84

Prudential Corp

UK

Financials

Life insurance/assurance

8,297

0.83

AFC Energy

UK

Oil & Gas

Alternative Energy

8,107

0.81

Ibstock

UK

Industrials

Construction & materials

7,627

0.76

Vodafone

UK

Telecommunications

Mobile telecommunications

7,440

0.75

BT Group

UK

Telecommunications

Fixed Line Telecommunications

7,439

0.74

Hammerson

UK

Financials

Real estate investment trusts

7,324

0.73

J Sainsbury plc

UK

Consumer Services

General retailers

7,244

0.73

Spectris

UK

Industrials

Electronic & electrical equipment

7,076

0.71

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

6,857

0.69

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

6,788

0.68

General Motors

USA

Consumer Goods

Automobiles & parts

6,773

0.68

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

6,698

0.67

Smith & Nephew

UK

Health Care

Health care equipment & services

6,315

0.63

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

6,300

0.63

Next Fifteen Communications Group

UK

Consumer Services

Media

6,279

0.63

Weir Group

UK

Industrials

Industrial engineering

6,138

0.61

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,114

0.61

TT Electronics

UK

Industrials

Electronic & electrical equipment

6,104

0.61

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

6,019

0.60

Castings

UK

Industrials

Construction & materials

5,731

0.57

Beazley PLC (UK)

UK

Financials

Nonlife insurance

5,636

0.56

Accsys Technologies

UK

Industrials

Construction & materials

5,358

0.54

International Personal Finance

UK

Financials

Financial services

5,356

0.54

Dowlais Group plc

UK

Consumer Goods

Automobiles & parts

5,311

0.53

Chesnara

UK

Financials

Life insurance/assurance

5,249

0.53

Inchcape

UK

Industrials

Support services

5,197

0.52

Unilever

UK

Consumer Goods

Personal goods

5,173

0.52

Oxford Sciences Innovation

UKULM

Financials

Financial services

5,067

0.51

SSE

UK

Utilities

Electricity

5,000

0.50

Workspace Group PLC

UK

Financials

Real estate investment trusts

4,975

0.50

Halfords

UK

Consumer Services

General retailers

4,910

0.49

Vertu Motors

UK

Consumer Services

General retailers

4,737

0.47

IP Group

UK

Financials

Financial services

4,728

0.47

Air Products and Chemicals

Canada

Oil & Gas

Oil & gas producers

4,726

0.47

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

4,613

0.46

Redde Northgate

UK

Industrials

Support services

4,488

0.45

Epwin Group

UK

Consumer Goods

Household goods & home construction

4,469

0.45

Johnson Matthey

UK

Other

Sustainable Energy

4,390

0.44

Reach

UK

Consumer Services

Media

4,254

0.43

SigmaRoc

UK

Industrials

Construction & materials

4,158

0.42

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

4,023

0.40

Jubilee Metals Group

UK

Basic Materials

Mining

3,854

0.39

Bellway

UK

Consumer Goods

Household goods & home construction

3,795

0.38

Ricardo

UK

Industrials

Support services

3,787

0.38

i3 Energy

UK

Oil & Gas

Oil & gas producers

3,450

0.35

Serica Energy

UK

Oil & Gas

Oil & gas producers

3,255

0.33

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

3,167

0.32

Renold

UK

Industrials

Industrial engineering

3,023

0.30

SAP

Germany

Technology

Software & computer services

3,022

0.30

XP Power Ltd

UK

Technology

Technology hardware & equipment

2,996

0.30

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

2,978

0.30

ASML

Netherlands

Technology

Technology hardware & equipment

2,941

0.29

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

2,888

0.29

Watkin Jones

UK

Consumer Goods

Household goods & home construction

2,765

0.28

Airbus SE

Netherlands

Industrials

Aerospace & defence

2,513

0.25

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

2,426

0.24

Safran SA

France

Industrials

Aerospace & defence

2,385

0.24

UniCredit

Italy

Financials

Banks

2,381

0.24

Munchener Rueckver

Germany

Financials

Nonlife insurance

2,356

0.24

Vanquis Banking Group

UK

Financials

Financial services

2,279

0.23

Siemens AG

Germany

Technology

Software & computer services

2,004

0.20

LVMH

France

Consumer Goods

Leisure Goods

1,869

0.19

Amundi

France

Financials

Financial services

1,829

0.18

Deutsche Boerse

Germany

Financials

Financial services

1,807

0.18

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

1,805

0.18

SGS SA

Switzerland

Industrials

Support services

1,640

0.16

DSM-Firmenich AG

Netherlands

Basic Materials

Chemicals

1,634

0.16

Nestle

Switzerland

Consumer Goods

Food producers

1,580

0.16

Gelion

UK

Other

Sustainable Energy

1,467

0.15

Heineken NV

Netherlands

Consumer Goods

Beverages

1,307

0.13

Infineon Technologies AG

Germany

Industrials

Electronic & electrical equipment

1,265

0.13

Danone SA

France

Consumer Goods

Food producers

1,236

0.12

Arbuthnot Banking Group

UK

Financials

Financial services

1,226

0.12

Plant Health Care

USA

Basic Materials

Chemicals

1,200

0.12

ASM International NV

Netherlands

Industrials

Electronic & electrical equipment

1,136

0.11

Arkema SA

France

Basic Materials

Chemicals

1,031

0.10

Marstons

UK

Consumer Services

Travel & leisure

1,025

0.10

Moncler

Italy

Consumer Goods

Personal goods

971

0.10

Invinity Energy Systems

UK

Oil & Gas

Alternative Energy

963

0.10

Logistics Development Group

UK

Industrials

Industrial transportation

880

0.09

Bawag

Austria

Financials

Banks

851

0.09

Kistos

UK

Oil & Gas

Oil & gas producers

801

0.08

Allfunds Group

UK

Other

Other

777

0.08

Syensqo SA

Belgium

Basic Materials

Chemicals

770

0.08

Universal Music Group

Netherlands

Consumer Services

Media

762

0.08

Ondine Biomedical Inc.

Canada

Health Care

Pharmaceuticals & biotechnology

744

0.07

Ilika

UK

Oil & Gas

Alternative Energy

735

0.07

First Tin

UK

Basic Materials

Mining

732

0.07

Kone Oyj

Finland

Industrials

Electronic & electrical equipment

708

0.07

Aena SME

Spain

Consumer Services

Travel & leisure

646

0.06

Galderma Group AG

Switzerland

Health Care

Pharmaceuticals & biotechnology

580

0.06

Surface Transforms

UK

Consumer Goods

Automobiles & parts

554

0.06

Longboat Energy

UK

Oil & Gas

Oil & gas producers

525

0.05

Deltic Energy

UK

Oil & Gas

Oil & gas producers

317

0.03

Libertine Holdings

UK

Other

Sustainable Energy

315

0.03

Brockhaus Capital Management

Germany

Financials

Financial services

255

0.03

Carclo

UK

Basic Materials

Chemicals

157

0.02

SIMEC Atlantis Energy

UK

Utilities

Electricity

136

0.01

Indus Gas

UK

Oil & Gas

Oil & gas producers

132

0.01

LDIC Investments

UK

Financials

Financial services

100

0.01

Saietta Group

UK

Consumer Goods

Automobiles & parts

44

                            

Better Cap

UK

Financials

Equity investment instruments

25

                            

Puig Brands

Spain

Consumer Goods

Personal goods

                            

                            

Windar Photonics Plc

UK

Industrials

Waste & Environ Svcs & Equip

                            

                            

                

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