NAV and Portfolio Information
Net Asset Value
Net Asset Value as at 25 April 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 25 April 2024 was 803.27 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 834.05 pence per share (cum income). The mid-market price at the close of business on 25 April 2024 was 839.00 pence per share.
|
Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
|
NAV with debt at par |
795.07 |
803.27 |
|
NAV with debt at fair value |
825.85 |
834.05 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV total return (with debt at par)2 |
5.2 |
8.0 |
18.4 |
44.6 |
109.7 |
|
NAV total return (with debt at fair value)2 |
5.7 |
8.4 |
28.6 |
56.2 |
122.3 |
|
FTSE Actuaries All-Share Index Total Return3 |
5.1 |
6.5 |
23.4 |
28.4 |
77.7 |
|
Share price total return3 |
6.0 |
6.5 |
27.5 |
73.3 |
131.1 |
|
Change in Retail Price Index4 |
1.1 |
4.3 |
29.0 |
34.3 |
50.3 |
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 28 March 2024 |
% of portfolio 31 December 2023 |
% of portfolio 31 December 2022 |
|
UK |
88.5 |
0 |
83.4 |
|
Europe |
6.4 |
0 |
10.4 |
|
North America |
3.5 |
0 |
5.1 |
|
Japan |
1.6 |
0 |
1.1 |
|
Other |
0 |
0 |
0 |
|
Other Pacific |
0 |
0 |
0 |
|
TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
Full Portfolio Listing
As at 28 March 2024 the full holdings of the portfolio comprised of the following:
|
Holding Name |
Location |
Sector |
Industry |
£000 |
% |
|
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
50,991 |
5.12 |
|
Shell |
UK |
Oil & Gas |
Oil & gas producers |
32,813 |
3.30 |
|
BP |
UK |
Oil & Gas |
Oil & gas producers |
28,255 |
2.84 |
|
GlaxoSmithKline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
28,021 |
2.81 |
|
HSBC |
UK |
Financials |
Banks |
26,839 |
2.69 |
|
Flutter Entertainment |
UK |
Consumer Services |
Travel & leisure |
24,475 |
2.45 |
|
Barclays |
UK |
Financials |
Banks |
22,534 |
2.26 |
|
Marks & Spencer |
UK |
Consumer Services |
General retailers |
21,208 |
2.12 |
|
Rio Tinto |
UK |
Basic Materials |
Mining |
18,814 |
1.88 |
|
NatWest |
UK |
Financials |
Banks |
17,251 |
1.73 |
|
Toyota Motor Corporation |
Japan |
Consumer Goods |
Automobiles & parts |
16,413 |
1.64 |
|
Senior |
UK |
Industrials |
Aerospace & defence |
15,084 |
1.51 |
|
Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
14,986 |
1.50 |
|
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
13,949 |
1.40 |
|
DS Smith |
UK |
Industrials |
General industrials |
13,339 |
1.34 |
|
M & G |
UK |
Financials |
Financial services |
13,230 |
1.32 |
|
Hill & Smith |
UK |
Industrials |
Industrial engineering |
13,006 |
1.30 |
|
Shaftesbury Capital PLC |
UK |
Financials |
Real estate investment trusts |
12,987 |
1.30 |
|
BAE Systems |
UK |
Industrials |
Aerospace & defence |
12,820 |
1.28 |
|
Aviva |
UK |
Financials |
Life insurance/assurance |
12,770 |
1.28 |
|
Boku |
UK |
Industrials |
Support services |
12,724 |
1.27 |
|
Standard Chartered |
UK |
Financials |
Banks |
12,661 |
1.27 |
|
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
12,660 |
1.27 |
|
IMI |
UK |
Industrials |
Industrial engineering |
12,478 |
1.25 |
|
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
12,113 |
1.21 |
|
Land Securities |
UK |
Financials |
Real estate investment trusts |
11,670 |
1.17 |
|
Kier |
UK |
Industrials |
Construction & materials |
11,350 |
1.14 |
|
Hiscox |
UK |
Financials |
Nonlife insurance |
11,216 |
1.12 |
|
Cummins |
USA |
Industrials |
Industrial engineering |
10,961 |
1.10 |
|
Irish Continental Group |
Ireland |
Consumer Services |
Travel & leisure |
10,868 |
1.09 |
|
Anglo American |
UK |
Basic Materials |
Mining |
10,735 |
1.07 |
|
Balfour Beatty |
UK |
Industrials |
Construction & materials |
10,565 |
1.06 |
|
Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
10,533 |
1.05 |
|
ITV |
UK |
Consumer Services |
Media |
10,528 |
1.05 |
|
Marshalls |
UK |
Industrials |
Construction & materials |
10,291 |
1.03 |
|
Kingfisher |
UK |
Consumer Goods |
Household goods & home construction |
10,095 |
1.01 |
|
Babcock |
UK |
Industrials |
Aerospace & defence |
10,020 |
1.00 |
|
Cranswick |
UK |
Consumer Goods |
Food producers |
9,783 |
0.98 |
|
Elementis |
UK |
Basic Materials |
Chemicals |
9,582 |
0.96 |
|
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
9,506 |
0.95 |
|
Dunelm |
UK |
Consumer Services |
General retailers |
9,387 |
0.94 |
|
Johnson Service Group |
UK |
Industrials |
Support services |
8,645 |
0.87 |
|
Scottish Oriental Small Co |
UK |
Financials |
Equity investment instruments |
8,121 |
0.81 |
|
Hammerson |
UK |
Financials |
Real estate investment trusts |
7,996 |
0.80 |
|
BT Group |
UK |
Telecommunications |
Fixed Line Telecommunications |
7,950 |
0.80 |
|
International Distribution Services |
UK |
Industrials |
Industrial transportation |
7,911 |
0.79 |
|
Ibstock |
UK |
Industrials |
Construction & materials |
7,756 |
0.78 |
|
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
7,750 |
0.78 |
|
Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
7,717 |
0.77 |
|
AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
7,611 |
0.76 |
|
Hipgnosis Songs Fund |
UK |
Financials |
Equity investment instruments |
7,149 |
0.72 |
|
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
7,027 |
0.70 |
|
Prudential Corp |
UK |
Financials |
Life insurance/assurance |
6,940 |
0.69 |
|
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
6,821 |
0.68 |
|
Haleon |
UK |
Health Care |
Pharmaceuticals & biotechnology |
6,662 |
0.67 |
|
Next Fifteen Communications Group |
UK |
Consumer Services |
Media |
6,461 |
0.65 |
|
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
6,395 |
0.64 |
|
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
6,293 |
0.63 |
|
J Sainsbury plc |
UK |
Consumer Services |
General retailers |
6,084 |
0.61 |
|
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
6,071 |
0.61 |
|
Weir Group |
UK |
Industrials |
Industrial engineering |
6,063 |
0.61 |
|
Accsys Technologies |
UK |
Industrials |
Construction & materials |
5,829 |
0.58 |
|
Beazley PLC (UK) |
UK |
Financials |
Nonlife insurance |
5,657 |
0.57 |
|
International Personal Finance |
UK |
Financials |
Financial services |
5,614 |
0.56 |
|
Chesnara |
UK |
Financials |
Life insurance/assurance |
5,489 |
0.55 |
|
VH Global Sustainable Energy Opportunities |
UK |
Other |
Sustainable Energy |
5,456 |
0.55 |
|
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
5,416 |
0.54 |
|
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
5,361 |
0.54 |
|
Halfords |
UK |
Consumer Services |
General retailers |
5,226 |
0.52 |
|
Castings |
UK |
Industrials |
Construction & materials |
5,130 |
0.51 |
|
Workspace Group PLC |
UK |
Financials |
Real estate investment trusts |
5,120 |
0.51 |
|
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
5,067 |
0.51 |
|
Unilever |
UK |
Consumer Goods |
Personal goods |
4,969 |
0.50 |
|
SSE |
UK |
Utilities |
Electricity |
4,950 |
0.50 |
|
Air Products and Chemicals |
Canada |
Oil & Gas |
Oil & gas producers |
4,798 |
0.48 |
|
Inchcape |
UK |
Industrials |
Support services |
4,706 |
0.47 |
|
IP Group |
UK |
Financials |
Financial services |
4,699 |
0.47 |
|
Reach |
UK |
Consumer Services |
Media |
4,531 |
0.45 |
|
Vertu Motors |
UK |
Consumer Services |
General retailers |
4,528 |
0.45 |
|
Johnson Matthey |
UK |
Other |
Sustainable Energy |
4,471 |
0.45 |
|
Redde Northgate |
UK |
Industrials |
Support services |
4,447 |
0.45 |
|
SigmaRoc |
UK |
Industrials |
Construction & materials |
4,337 |
0.43 |
|
Bellway |
UK |
Consumer Goods |
Household goods & home construction |
3,996 |
0.40 |
|
Novo Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
3,934 |
0.39 |
|
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
3,866 |
0.39 |
|
Ricardo |
UK |
Industrials |
Support services |
3,787 |
0.38 |
|
Epwin Group |
UK |
Consumer Goods |
Household goods & home construction |
3,724 |
0.37 |
|
i3 Energy |
UK |
Oil & Gas |
Oil & gas producers |
3,640 |
0.36 |
|
Serica Energy |
UK |
Oil & Gas |
Oil & gas producers |
3,297 |
0.33 |
|
SAP |
Germany |
Technology |
Software & computer services |
3,216 |
0.32 |
|
ITM Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
3,143 |
0.31 |
|
Jubilee Metals Group |
UK |
Basic Materials |
Mining |
3,117 |
0.31 |
|
Grit Real Estate Income Group |
Guernsey |
Financials |
Real estate investment trusts |
3,040 |
0.30 |
|
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
3,004 |
0.30 |
|
XP Power Ltd |
UK |
Technology |
Technology hardware & equipment |
2,969 |
0.30 |
|
Oxford Nanopore Technologies |
UK |
Technology |
Advanced Medical Equipment & Technology |
2,966 |
0.30 |
|
Nestle |
Switzerland |
Consumer Goods |
Food producers |
2,918 |
0.29 |
|
Safran SA |
France |
Industrials |
Aerospace & defence |
2,781 |
0.28 |
|
Airbus SE |
Netherlands |
Industrials |
Aerospace & defence |
2,658 |
0.27 |
|
Munchener Rueckver |
Germany |
Financials |
Nonlife insurance |
2,582 |
0.26 |
|
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
2,523 |
0.25 |
|
Vanquis Banking Group |
UK |
Financials |
Financial services |
2,508 |
0.25 |
|
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
2,436 |
0.24 |
|
UniCredit |
Italy |
Financials |
Banks |
2,427 |
0.24 |
|
Sanofi |
France |
Health Care |
Pharmaceuticals & biotechnology |
2,374 |
0.24 |
|
Renold |
UK |
Industrials |
Industrial engineering |
2,333 |
0.23 |
|
LVMH |
France |
Consumer Goods |
Leisure Goods |
2,014 |
0.20 |
|
Deutsche Boerse |
Germany |
Financials |
Financial services |
1,855 |
0.19 |
|
SGS SA |
Switzerland |
Industrials |
Support services |
1,786 |
0.18 |
|
Surface Transforms |
UK |
Consumer Goods |
Automobiles & parts |
1,780 |
0.18 |
|
Amundi |
France |
Financials |
Financial services |
1,776 |
0.18 |
|
Moncler |
Italy |
Consumer Goods |
Personal goods |
1,690 |
0.17 |
|
DSM-Firmenich AG |
Netherlands |
Basic Materials |
Chemicals |
1,631 |
0.16 |
|
Heineken NV |
Netherlands |
Consumer Goods |
Beverages |
1,286 |
0.13 |
|
Ondine Biomedical Inc. |
Canada |
Health Care |
Pharmaceuticals & biotechnology |
1,275 |
0.13 |
|
Arbuthnot Banking Group |
UK |
Financials |
Financial services |
1,262 |
0.13 |
|
Gelion |
UK |
Other |
Sustainable Energy |
1,251 |
0.13 |
|
Danone SA |
France |
Consumer Goods |
Food producers |
1,169 |
0.12 |
|
Plant Health Care |
USA |
Basic Materials |
Chemicals |
1,106 |
0.11 |
|
ASM International NV |
Netherlands |
Industrials |
Electronic & electrical equipment |
1,081 |
0.11 |
|
Siemens AG |
Germany |
Technology |
Software & computer services |
1,044 |
0.10 |
|
Marstons |
UK |
Consumer Services |
Travel & leisure |
1,039 |
0.10 |
|
Cellnex Telecom |
Spain |
Telecommunications |
Mobile telecommunications |
953 |
0.10 |
|
Infineon Technologies AG |
Germany |
Industrials |
Electronic & electrical equipment |
903 |
0.09 |
|
Bawag |
Austria |
Financials |
Banks |
892 |
0.09 |
|
Allfunds Group |
UK |
Other |
Other |
875 |
0.09 |
|
Arkema SA |
France |
Basic Materials |
Chemicals |
868 |
0.09 |
|
Logistics Development Group |
UK |
Industrials |
Industrial transportation |
842 |
0.08 |
|
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
837 |
0.08 |
|
Invinity Energy Systems |
UK |
Oil & Gas |
Alternative Energy |
823 |
0.08 |
|
Universal Music Group |
Netherlands |
Consumer Services |
Media |
768 |
0.08 |
|
Ilika |
UK |
Oil & Gas |
Alternative Energy |
685 |
0.07 |
|
Kistos |
UK |
Oil & Gas |
Oil & gas producers |
644 |
0.06 |
|
Longboat Energy |
UK |
Oil & Gas |
Oil & gas producers |
630 |
0.06 |
|
First Tin |
UK |
Basic Materials |
Mining |
624 |
0.06 |
|
Galderma Group AG |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
539 |
0.05 |
|
Deltic Energy |
UK |
Oil & Gas |
Oil & gas producers |
516 |
0.05 |
|
Kone Oyj |
Finland |
Industrials |
Electronic & electrical equipment |
499 |
0.05 |
|
Sig Combibloc |
Switzerland |
Industrials |
General industrials |
496 |
0.05 |
|
Brockhaus Capital Management |
Germany |
Financials |
Financial services |
439 |
0.04 |
|
Libertine Holdings |
UK |
Other |
Sustainable Energy |
420 |
0.04 |
|
SIMEC Atlantis Energy |
UK |
Utilities |
Electricity |
163 |
0.02 |
|
LDIC Investments |
UK |
Financials |
Financial services |
100 |
0.01 |
|
Carclo |
UK |
Basic Materials |
Chemicals |
88 |
0.01 |
|
Saietta Group |
UK |
Consumer Goods |
Automobiles & parts |
44 |
|
|
Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
|
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