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 22 September 2022 was 718.03 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 734.93 pence per share (cum income). The mid-market price at the close of business on 22 September 2022 was 717.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

705.22

718.03

NAV with debt at fair value

722.11

734.93

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-11.6

-8.6

17.9

27.1

135.2

NAV total return (with debt at fair value)2

-4.8

-2.4

27.8

36.0

143.6

FTSE Actuaries All-Share Index Total Return3

-4.0

0.0

6.7

16.0

87.0

Share price total return3

-9.3

-4.5

34.5

43.4

147.2

Change in Retail Price Index4

8.7

12.3

18.3

25.7

42.1

                

1 The fair value of the IPS business has been calculated as at 30 June 2022.

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: Office for National Statistics, subject to latest published RPI, August 2022.

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

31 August 2022

% of portfolio

31 December 2021

% of portfolio

31 December 2020

UK

82.9

82.6

82.1

Europe

9.8

10.0

10.1

North America

6.1

5.4

5.4

Japan

1.2

1.1

1.1

Other

                            

0.2

0.4

Other Pacific

                            

0.7

0.9

TOTAL

100

100

100

Full Portfolio Listing

Full Portfolio Listing

As at 31 August 2022 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

Shell

UK

Oil & Gas

Oil & gas producers

28,613

3.23

BP

UK

Oil & Gas

Oil & gas producers

25,166

2.84

HSBC

UK

Financials

Banks

22,932

2.59

Barclays

UK

Financials

Banks

20,231

2.29

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

19,171

2.17

Rio Tinto

UK

Basic Materials

Mining

17,891

2.02

Flutter Entertainment

UK

Consumer Services

Travel & leisure

16,148

1.83

NatWest

UK

Financials

Banks

16,019

1.81

National Grid

UK

Utilities

Gas, water & multiutilities

14,106

1.60

BAE Systems

UK

Industrials

Aerospace & defence

13,972

1.58

Tesco

UK

Consumer Goods

Food & Drug Retailers

13,182

1.49

Direct Line Insurance

UK

Financials

Nonlife insurance

13,178

1.49

Lloyds Banking Group

UK

Financials

Banks

13,164

1.49

Anglo American

UK

Basic Materials

Mining

12,521

1.42

Standard Chartered

UK

Financials

Banks

11,277

1.28

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

11,263

1.27

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

11,242

1.27

Senior

UK

Industrials

Aerospace & defence

11,125

1.26

Vodafone

UK

Telecommunications

Mobile telecommunications

10,990

1.24

Aviva

UK

Financials

Life insurance/assurance

10,769

1.22

M & G

UK

Financials

Financial services

10,766

1.22

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

10,723

1.21

Severn Trent

UK

Utilities

Gas, water & multiutilities

10,718

1.21

Herald Investment Trust

UK

Financials

Equity investment instruments

10,044

1.14

Land Securities

UK

Financials

Real estate investment trusts

9,913

1.12

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

9,811

1.11

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

9,484

1.07

Glencore

Switzerland

Basic Materials

Mining

9,466

1.07

BT Group

UK

Telecommunications

Fixed Line Telecommunications

9,419

1.07

Accsys Technologies

UK

Industrials

Construction & materials

9,322

1.05

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

9,133

1.03

Cummins

USA

Industrials

Industrial engineering

8,708

0.98

Balfour Beatty

UK

Industrials

Construction & materials

8,707

0.98

Kingfisher

UK

Consumer Goods

Household goods & home construction

8,583

0.97

Marks & Spencer

UK

Consumer Services

General retailers

8,530

0.96

DS Smith

UK

Industrials

General industrials

8,472

0.96

Prudential Corp

UK

Financials

Life insurance/assurance

8,438

0.95

i3 Energy

UK

Oil & Gas

Oil & gas producers

8,324

0.94

Hiscox

UK

Financials

Nonlife insurance

8,119

0.92

Convatec Group

UK

Health Care

Health care equipment & services

8,001

0.90

Caterpillar

USA

Industrials

Industrial engineering

7,945

0.90

IMI

UK

Industrials

Industrial engineering

7,879

0.89

Ibstock

UK

Industrials

Construction & materials

7,862

0.89

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

7,577

0.86

Scottish Oriental Small Co

UK

Financials

Equity investment instruments

7,429

0.84

Reckitt Benckiser Group

UK

Health Care

Health care equipment & services

7,313

0.83

Rolls Royce

UK

Industrials

Aerospace & defence

7,276

0.82

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

7,248

0.82

Watkin Jones

UK

Consumer Goods

Household goods & home construction

7,008

0.79

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

6,989

0.79

Mondi

UK

Basic Materials

Forestry & paper

6,964

0.79

Hill & Smith

UK

Industrials

Industrial engineering

6,936

0.78

Cranswick

UK

Consumer Goods

Food producers

6,594

0.75

Elementis

UK

Basic Materials

Chemicals

6,504

0.74

Jubilee Metals Group

UK

Basic Materials

Mining

6,452

0.73

IP Group

UK

Financials

Financial services

6,381

0.72

Merck & Co

USA

Health Care

Pharmaceuticals & biotechnology

6,245

0.71

General Motors

USA

Consumer Goods

Automobiles & parts

6,243

0.71

Chesnara

UK

Financials

Life insurance/assurance

6,219

0.70

Johnson Service Group

UK

Industrials

Support services

6,149

0.70

Babcock

UK

Industrials

Aerospace & defence

6,070

0.69

Spectris

UK

Industrials

Electronic & electrical equipment

5,925

0.67

Unilever

UK

Consumer Goods

Personal goods

5,888

0.67

Royal Mail

UK

Industrials

Industrial transportation

5,786

0.65

Kier

UK

Industrials

Construction & materials

5,769

0.65

Dunelm

UK

Consumer Services

General retailers

5,710

0.65

Bayer AG

Germany

Health Care

Pharmaceuticals & biotechnology

5,655

0.64

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

5,625

0.64

Centrica

UK

Utilities

Gas, water & multiutilities

5,491

0.62

iEnergizer

Guernsey

Industrials

Support services

5,192

0.59

Oxford Sciences Innovation

UKULM

Financials

Financial services

5,167

0.58

International Personal Finance

UK

Financials

Financial services

5,150

0.58

Indus Gas

UK

Oil & Gas

Oil & gas producers

5,148

0.58

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

5,120

0.58

Hammerson

UK

Financials

Real estate investment trusts

5,105

0.58

AFC Energy

UK

Oil & Gas

Alternative Energy

5,101

0.58

Britishvolt Limited

UKULM

Other

Sustainable Energy

5,000

0.57

SSE

UK

Utilities

Electricity

4,955

0.56

Smith & Nephew

UK

Health Care

Health care equipment & services

4,771

0.54

Boku

UK

Industrials

Support services

4,665

0.53

ITV

UK

Consumer Services

Media

4,662

0.53

Marshalls

UK

Industrials

Construction & materials

4,601

0.52

Applied Materials

USA

Technology

Technology hardware & equipment

4,451

0.50

Standard Life Aberdeen

UK

Financials

Financial services

4,412

0.50

Kistos

UK

Oil & Gas

Oil & gas producers

4,410

0.50

Provident Financial

UK

Financials

Financial services

4,238

0.48

Reach

UK

Consumer Services

Media

4,040

0.46

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,025

0.46

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

3,999

0.45

Redde Northgate

UK

Industrials

Support services

3,998

0.45

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

3,960

0.45

Ricardo

UK

Industrials

Support services

3,861

0.44

Halfords

UK

Consumer Services

General retailers

3,795

0.43

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

3,720

0.42

Plant Health Care

USA

Basic Materials

Chemicals

3,369

0.38

Vertu Motors

UK

Consumer Services

General retailers

3,270

0.37

Munchener Rueckver

Germany

Financials

Nonlife insurance

2,995

0.34

Nestle

Switzerland

Consumer Goods

Food producers

2,977

0.34

Weir Group

UK

Industrials

Industrial engineering

2,914

0.33

SigmaRoc

UK

Industrials

Construction & materials

2,635

0.30

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,631

0.30

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

2,522

0.29

Castings

UK

Industrials

Construction & materials

2,428

0.27

ASML

Netherlands

Technology

Technology hardware & equipment

2,391

0.27

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

2,026

0.23

Amundi

France

Financials

Financial services

1,988

0.22

Ilika

UK

Oil & Gas

Alternative Energy

1,978

0.22

Libertine Holdings

UK

Other

Sustainable Energy

1,919

0.22

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

1,851

0.21

Bawag

Austria

Financials

Banks

1,825

0.21

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,778

0.20

Safran SA

France

Industrials

Aerospace & defence

1,715

0.19

Gelion

UK

Other

Sustainable Energy

1,661

0.19

Ondine Biomedical Inc.

Canada

Health Care

Pharmaceuticals & biotechnology

1,625

0.18

Moncler

Italy

Consumer Goods

Personal goods

1,573

0.18

UniCredit

Italy

Financials

Banks

1,569

0.18

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,543

0.17

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

1,537

0.17

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,535

0.17

LVMH

France

Consumer Goods

Leisure Goods

1,530

0.17

Danone SA

France

Consumer Goods

Food producers

1,505

0.17

Renold

UK

Industrials

Industrial engineering

1,431

0.16

Sig Combibloc

Switzerland

Industrials

General industrials

1,402

0.16

Longboat Energy

UK

Oil & Gas

Oil & gas producers

1,350

0.15

Marstons

UK

Consumer Services

Travel & leisure

1,337

0.15

EDP Renovaveis SA

Spain

Other

Sustainable Energy

1,317

0.15

SAP

Germany

Technology

Software & computer services

1,305

0.15

CNH Industrial

UK

Industrials

Industrial engineering

1,273

0.14

Airbus SE

Netherlands

Industrials

Aerospace & defence

1,203

0.14

Deutsche Boerse

Germany

Financials

Financial services

1,182

0.13

Arkema SA

France

Basic Materials

Chemicals

1,142

0.13

Kion Group AG

Germany

Industrials

Construction & materials

1,136

0.13

Allied Minds

UK

Financials

Financial services

1,045

0.12

Sartorius AG

Germany

Health Care

Health care equipment & services

1,035

0.12

Universal Music Group

Netherlands

Consumer Services

Media

1,003

0.11

Tullow Oil

UK

Oil & Gas

Oil & gas producers

972

0.11

Logistics Development Group

UK

Industrials

Industrial transportation

964

0.11

Allfunds Group

UK

Other

Other

959

0.11

Harbour Energy

UK

Oil & Gas

Oil & gas producers

894

0.10

First Tin

UK

Basic Materials

Mining

822

0.09

Jackson Financial

USA

Financials

Financial services

628

0.07

Brockhaus Capital Management

Germany

Financials

Financial services

439

0.05

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

414

0.05

SIMEC Atlantis Energy

UK

Utilities

Electricity

307

0.03

Morses Club

UK

Financials

Financial services

293

0.03

Mirriad Advertising

UK

Consumer Services

Media

290

0.03

Carclo

UK

Basic Materials

Chemicals

245

0.03

Providence Resources

UK

Oil & Gas

Oil & gas producers

120

0.01

LDIC Investments

UK

Financials

Financial services

100

0.01

EuroAPI Sasu

France

Health Care

Pharmaceuticals & biotechnology

82

0.01

Better Cap

UK

Financials

Equity investment instruments

25

                            

Permanent TSB

Ireland

Financials

Banks

5