NAV and Portfolio Information

Net Asset Value

The Corporation publishes its Net Asset Value (‘NAV’) each Tuesday and immediately after each month end.

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 business* on 14 February 2020 was 708.01 pence per share (ex income) and 732.61 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 672.69 pence per share (ex income) and 697.29 pence per share (cum income). The mid-market price at the close of business on 14 February 2020 was 622.00 pence per share.

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. Its top ten holdings, including all holdings with a value greater than 5% of the Corporation’s gross assets as at 31 January 2020 are set out below:

Geographical Split and Top Ten Holdings

Immediately following the end of each month, we also publish information about the geographical split and top ten holdings of the portfolio.

The current data is as follows

Geographical Split at 31 January 2020

Region % of Portfolio
UK 76
Europe 8
North America 7
Japan 1
Other Pacific 1
Other 1
Cash and Fixed Interest 6
Total 100

 

Top 10 Holdings at 31 January 2020

Rank Name of Holding % of Portfolio (excl. cash)
1 GlaxoSmithKline 3.67
2 Royal Dutch Shell 3.07
3 Ceres Power 2.40
4 Rio Tinto 1.88
5 Relx 1.85
6 Johnson Service 1.80
7 BP 1.79
8 HSBC 1.78
9 National Grid 1.74
10 AstraZeneca 1.63

* The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2019. The fair value at 31 December 2019 is currently being calculated and will be published as part of our audited results.