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 15 January 2021 was 716.20 pence per share (cum income) which includes the proposed 2020 third interim dividend of 6.5 pence as the shares go ex-dividend on 24 December 2020. With the Corporation’s long term debt stated at fair value, the NAV was 673.50 pence per share (cum income). The mid-market price at the close of business on 15 January 2021 was 668.00 pence per share. The third interim dividend will be paid on 28 January 2021 to holders on the register at the record date of 29 December 2020.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

710.11

716.20

NAV with debt at fair value

667.41

673.50

 Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

2.9

4.2

11.8

70.0

145.3

NAV total return (with debt at fair value)2

3.4

3.0

9.5

64.6

132.8

FTSE Actuaries All-Share Index Total Return3

3.6

-6.8

0.8

33.1

75.0

Share price total return3

-3.2

10.7

18.3

78.4

165.0

Change in Retail Price Index4

0.5

0.9

6.4

13.0

29.4

1 The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020.  The fair value at 31 December 2020 is currently being calculated and will be published as part of our audited results.  This, along with other year-end adjustments, will result in a slight variance between the NAV we have and the final audited NAV we will disclose in our Annual Report and Accounts.

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; November 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 December 2020

% of portfolio

31 December 2019

UK

82.2

80.7

Europe

10.0

7.8

North America

5.4

8.3

Japan

1.1

1.1

Other

0.4

1.2

Other Pacific

0.9

0.9

TOTAL

100

100

Full Portfolio Listing

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 December 2020 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

24,198

2.99

Glaxosmithkline

UK

Health Care

Pharmaceuticals & biotechnology

22,479

2.78

Rio Tinto

UK

Basic Materials

Mining

20,513

2.54

Herald Investment Trust

UK

Financials

Equity investment instruments

17,506

2.17

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

15,743

1.94

BP

UK

Oil & Gas

Oil & gas producers

14,524

1.79

Prudential Corp

UK

Financials

Life insurance/assurance

12,581

1.55

National Grid

UK

Utilities

Gas, water & multiutilities

12,189

1.50

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

11,974

1.48

HSBC

UK

Financials

Banks

11,881

1.46

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

11,488

1.42

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,440

1.41

Accsys Technologies

UK

Industrials

Construction & materials

11,131

1.37

Aviva

UK

Financials

Life insurance/assurance

11,008

1.36

Anglo American

UK

Basic Materials

Mining

10,910

1.34

Relx

UK

Consumer Services

Media

10,755

1.33

BHP

UK

Basic Materials

Mining

10,588

1.30

Smith (DS)

UK

Industrials

General industrials

10,548

1.30

Royal Mail

UK

Industrials

Industrial transportation

10,466

1.29

Direct Line Insurance

UK

Financials

Nonlife insurance

10,368

1.28

Land Securities

UK

Financials

Real estate investment trusts

10,254

1.26

Dunelm

UK

Consumer Services

General retailers

10,068

1.24

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

10,035

1.24

M & G

UK

Financials

Financial services

9,898

1.22

Rolls Royce

UK

Industrials

Aerospace & defence

9,401

1.16

Hill & Smith

UK

Industrials

Industrial engineering

9,372

1.15

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

9,297

1.15

NatWest

UK

Financials

Banks

9,213

1.14

Hiscox

UK

Financials

Nonlife insurance

8,991

1.11

BAE Systems

UK

Industrials

Aerospace & defence

8,798

1.08

Standard Chartered

UK

Financials

Banks

8,784

1.08

IP Group plc

UK

Financials

Financial services

8,765

1.08

Urban Logistics REIT

UK

Financials

Real estate investment trusts

8,730

1.08

AFC Energy

UK

Oil & Gas

Alternative Energy

8,580

1.06

Standard Life Aberdeen

UK

Financials

Financial services

8,457

1.04

Mondi

UK

Basic Materials

Forestry & paper

8,168

1.01

Caterpillar

USA

Industrials

Industrial engineering

7,982

0.98

Johnson Service

UK

Industrials

Support services

7,953

0.98

Cummins

USA

Industrials

Industrial engineering

7,801

0.96

Lloyds Banking Group

UK

Financials

Banks

7,652

0.94

Senior

UK

Industrials

Aerospace & defence

7,576

0.93

Croda

UK

Basic Materials

Chemicals

7,561

0.93

Balfour Beatty

UK

Industrials

Construction & materials

7,469

0.92

St Modwen Properties

UK

Financials

Real estate investments & services

7,400

0.91

Barclays PLC

UK

Financials

Banks

7,261

0.89

Applied Materials

USA

Technology

Technology hardware & equipment

7,253

0.89

Smith & Nephew

UK

Health Care

Health care equipment & services

7,097

0.87

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

7,077

0.87

Marks and Spencer

UK

Consumer Services

General retailers

6,951

0.86

Irish Continental

Ireland

Consumer Services

Travel & leisure

6,949

0.86

General Motors

USA

Consumer Goods

Automobiles & parts

6,849

0.84

Watkin Jones

UK

Consumer Goods

Household goods & home construction

6,815

0.84

Provident Financial

UK

Financials

Financial services

6,780

0.84

Elementis

UK

Basic Materials

Chemicals

6,732

0.83

Marshalls

UK

Industrials

Construction & materials

6,728

0.83

Linde

Germany

Basic Materials

Chemicals

6,627

0.82

Chesnara

UK

Financials

Life insurance/assurance

6,115

0.75

Tesco

UK

Consumer Goods

Food & Drug Retailers

6,016

0.74

Spectris

UK

Industrials

Electronic & electrical equipment

5,988

0.74

Euromoney

UK

Consumer Services

Media

5,891

0.73

Ryanair

Ireland

Consumer Services

Travel & leisure

5,807

0.72

EQTEC

Ireland

Utilities

Electricity

5,667

0.70

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,666

0.70

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

5,493

0.68

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,491

0.68

TT Electronics

UK

Industrials

Electronic & electrical equipment

5,472

0.67

Taylor Wimpey

UK

Consumer Goods

Household goods & home construction

5,301

0.65

Hammerson

UK

Financials

Real estate investment trusts

5,201

0.64

IMI

UK

Industrials

Industrial engineering

5,097

0.63

Ibstock

UK

Industrials

Construction & materials

4,951

0.61

Halfords

UK

Consumer Services

General retailers

4,806

0.59

British American Tobacco

UK

Consumer Goods

Tobacco

4,739

0.58

SigmaRoc

UK

Industrials

Construction & materials

4,729

0.58

Meggitt

UK

Industrials

Aerospace & defence

4,665

0.57

Boku

UK

Industrials

Support services

4,571

0.56

SSE

UK

Utilities

Electricity

4,499

0.55

Studio Retail Group plc

UK

Consumer Services

General retailers

4,402

0.54

Unilever

UK

Consumer Goods

Personal goods

4,392

0.54

Vodafone

UK

Telecommunications

Mobile telecommunications

4,233

0.52

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,193

0.52

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,077

0.50

Weir Group

UK

Industrials

Industrial engineering

3,979

0.49

BT Group PLC

UK

Telecommunications

Fixed Line Telecommunications

3,968

0.49

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,845

0.47

Simec Atlantis Energy

UK

Utilities

Electricity

3,794

0.47

International Personal Finance

UK

Financials

Financial services

3,790

0.47

Bawag

Austria

Financials

Banks

3,670

0.45

Grit Real Estate Income

Other

Financials

Real estate investment trusts

3,624

0.45

Foresight Solar

UK

Financials

Equity investment instruments

3,570

0.44

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

3,559

0.44

Nestle

Switzerland

Consumer Goods

Food producers

3,507

0.43

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,503

0.43

Prosus

Netherlands

Technology

Software & computer services

3,502

0.43

Babcock

UK

Industrials

Aerospace & defence

3,488

0.43

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,346

0.41

UniCredit

Italy

Financials

Banks

3,122

0.38

Redde Northgate

UK

Industrials

Support services

3,105

0.38

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

3,095

0.38

Carnival

UK

Consumer Services

Travel & leisure

3,076

0.38

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,064

0.38

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

3,048

0.38

Allied Minds

UK

Financials

Financial services

3,006

0.37

Sig Combibloc

Switzerland

Industrials

General industrials

2,900

0.36

Vivendi

France

Consumer Services

Media

2,765

0.34

Marstons

UK

Consumer Services

Travel & leisure

2,759

0.34

Worldline

France

Industrials

Support services

2,612

0.32

Amundi

France

Financials

Financial services

2,579

0.32

Ilika

UK

Oil & Gas

Alternative Energy

2,499

0.31

Mirriad Advertising

UK

Consumer Services

Media

2,328

0.29

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,294

0.28

Augean

UK

Industrials

Support services

2,137

0.26

Total (Fra)

France

Oil & Gas

Oil & gas producers

2,124

0.26

ASML

Netherlands

Technology

Technology hardware & equipment

1,931

0.24

Faurecia

France

Consumer Goods

Automobiles & parts

1,886

0.23

Nexi

Italy

Industrials

Support services

1,828

0.23

Morses Club

UK

Financials

Financial services

1,795

0.22

CNH Industrial

UK

Industrials

Industrial engineering

1,742

0.21

Moncler

Italy

Consumer Goods

Personal goods

1,740

0.21

Ricardo

UK

Industrials

Support services

1,710

0.21

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,679

0.21

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,447

0.18

Kier

UK

Industrials

Construction & materials

1,425

0.18

Centrica

UK

Utilities

Gas, water & multiutilities

1,396

0.17

Brockhaus Capital Management

Germany

Financials

Financial services

743

0.09

Premier Oil

UK

Oil & Gas

Oil & gas producers

736

0.09

Renold

UK

Industrials

Industrial engineering

734

0.09

Eddie Stobart Logistics

UK

Industrials

Industrial transportation

639

0.08

Tullow Oil

UK

Oil & Gas

Oil & gas producers

591

0.07

Unlisted

UK

Other

Other

213

0.03

Carclo

UK

Basic Materials

Chemicals

198

0.02

Providence Resources

UK

Oil & Gas

Oil & gas producers

156

0.02

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

66

0.01

Better Cap

UK

Financials

Equity investment instruments

25

0.00

Permanent TSB

Ireland

Financials

Banks

3

0.00

Fastjet (delisted)

UK

Consumer Services

Travel & leisure

                            

0.00

Interserve (delisted)

UK

Industrials

Support services

                            

0.00

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

                            

0.00