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 business1 on 3 July 2020 was 586.95 pence per share (cum income) which excludes the proposed 2020 first quarterly dividend of 6.50p as the shares went ex-dividend on the 25 June 2020. With the Corporation’s long term debt stated at fair value, the NAV was 546.65 pence per share (cum income). The mid-market price at the close of business on 3 July 2020 was 535.00 pence per share. The first quarterly dividend will be paid on 28 July 2020 to holders on the register at the record date of 26 June 2020.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par 583.27

586.95

NAV with debt at fair value

542.97

546.65

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-16.1

-10.6

-2.7

23.8

134.2

NAV total return (with debt at fair value)2

-18.2

-12.5

-5.4

18.1

120.0

FTSE Actuaries All-Share Index Total Return3

-17.4

-14.6

-5.6

12.6

79.7

Share price total return3

-13.6

-5.0

3.9

21.4

148.3

Change in Retail Price Index4

0.1                            

1.0

7.5

13.0

30.7

1 The fair value of the IPS business has been calculated as at 31 December 2019. The fair value at 30 June 2020 is currently being calculated and will be published as part of our half year results announcement.

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 the latest published RPI data based on May 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

30 June 2020

% of portfolio

31 December 2019

% of portfolio

31 December 2018

UK

80.3

80.7

74.5

Europe

10.2

7.8

8.6

North America

6.7

8.3

9.9

Japan

1.2

1.1

1.1

Other

0.7

1.2

1.4

Other Pacific

0.9

0.9

4.5

TOTAL

100

100

100

                

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 30 June 2020 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

Glaxosmithkline

UK

Health Care

Pharmaceuticals & biotechnology

27,406

3.92

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

21,611

3.09

Rio Tinto

UK

Basic Materials

Mining

17,057

2.43

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

15,300

2.18

Relx

UK

Consumer Services

Media

14,025

2.00

National Grid

UK

Utilities

Gas, water & multiutilities

13,925

1.99

Herald Investment Trust

UK

Financials

Equity investment instruments

13,056

1.86

Severn Trent

UK

Utilities

Gas, water & multiutilities

12,395

1.77

Dunelm

UK

Consumer Services

General retailers

12,247

1.75

Prudential Corp

UK

Financials

Life insurance/assurance

11,381

1.62

Astrazeneca

UK

Health Care

Pharmaceuticals & biotechnology

10,436

1.49

HSBC

UK

Financials

Banks

9,977

1.42

BP

UK

Oil & Gas

Oil & gas producers

9,829

1.40

Urban Logistics REIT

UK

Financials

Real estate investment trusts

9,313

1.33

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

9,279

1.32

Smith (DS)

UK

Industrials

General industrials

9,242

1.32

BHP

UK

Basic Materials

Mining

9,098

1.30

Direct Line Insurance

UK

Financials

Nonlife insurance

8,804

1.26

BAE Systems

UK

Industrials

Aerospace & defence

8,701

1.24

Croda

UK

Basic Materials

Chemicals

8,666

1.24

Land Securities

UK

Financials

Real estate investment trusts

8,426

1.20

Cummins

USA

Industrials

Industrial engineering

8,378

1.20

M & G

UK

Financials

Financial services

8,375

1.19

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

8,375

1.19

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

8,321

1.19

Standard Chartered

UK

Financials

Banks

8,297

1.18

Hill & Smith

UK

Industrials

Industrial engineering

8,280

1.18

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

8,052

1.15

Flutter Entertainment PLC

UK

Consumer Services

Travel & leisure

7,946

1.13

Aviva

UK

Financials

Life insurance/assurance

7,893

1.13

Johnson Service

UK

Industrials

Support services

7,212

1.03

Balfour Beatty

UK

Industrials

Construction & materials

7,204

1.03

Mondi

UK

Basic Materials

Forestry & paper

7,175

1.02

Caterpillar

USA

Industrials

Industrial engineering

7,133

1.02

Hiscox

UK

Financials

Nonlife insurance

7,130

1.02

Smith & Nephew

UK

Health Care

Health care equipment & services

7,076

1.01

Anglo American

UK

Basic Materials

Mining

7,010

1.00

Accsys Technologies

UK

Industrials

Construction & materials

6,846

0.98

RSA Insurance

UK

Financials

Nonlife insurance

6,762

0.96

St Modwen Properties

UK

Financials

Real estate investments & services

6,383

0.91

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

5,968

0.85

Senior

UK

Industrials

Aerospace & defence

5,959

0.85

Chesnara

UK

Financials

Life insurance/assurance

5,948

0.85

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,838

0.83

IP Group plc

UK

Financials

Financial services

5,660

0.81

Lloyds Banking

UK

Financials

Banks

5,612

0.80

Applied Materials

USA

Technology

Technology hardware & equipment

5,603

0.80

Watkin Jones

UK

Consumer Goods

Household goods & home construction

5,572

0.79

Rolls Royce

UK

Industrials

Aerospace & defence

5,565

0.79

Marshalls

UK

Industrials

Construction & materials

5,540

0.79

Royal Mail

UK

Industrials

Industrial transportation

5,468

0.78

British American Tobacco

UK

Consumer Goods

Tobacco

5,433

0.78

Standard Life Aberdeen

UK

Financials

Financial services

5,369

0.77

Spectris

UK

Industrials

Electronic & electrical equipment

5,366

0.77

Irish Continental

Ireland

Consumer Services

Travel & leisure

5,073

0.72

Deere

USA

Industrials

Industrial engineering

4,946

0.71

Tesco

UK

Consumer Goods

Food & Drug Retailers

4,790

0.68

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

4,739

0.68

General Motors

USA

Consumer Goods

Automobiles & parts

4,589

0.65

Royal Bank Of Scotland

UK

Financials

Banks

4,558

0.65

Taylor Wimpey

UK

Consumer Goods

Household goods & home construction

4,555

0.65

Vodafone

UK

Telecommunications

Mobile telecommunications

4,510

0.64

Linde

Germany

Basic Materials

Chemicals

4,269

0.61

SSE

UK

Utilities

Electricity

4,094

0.58

IMI

UK

Industrials

Industrial engineering

4,036

0.58

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,008

0.57

Pfizer

USA

Health Care

Pharmaceuticals & biotechnology

3,954

0.56

Ibstock

UK

Industrials

Construction & materials

3,947

0.56

Euromoney

UK

Consumer Services

Media

3,946

0.56

Babcock

UK

Industrials

Aerospace & defence

3,866

0.55

Ryanair

Ireland

Consumer Services

Travel & leisure

3,859

0.55

Provident Financial

UK

Financials

Financial services

3,854

0.55

Foresight Solar

UK

Financials

Equity investment instruments

3,815

0.54

TT Electronics

UK

Industrials

Electronic & electrical equipment

3,769

0.54

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

3,720

0.53

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,647

0.52

Nestle

Switzerland

Consumer Goods

Food producers

3,632

0.52

Marks and Spencer

UK

Consumer Services

General retailers

3,464

0.49

Grit Real Estate Income

Other

Financials

Real estate investments & services

3,446

0.49

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,381

0.48

Vivendi

France

Consumer Services

Media

3,285

0.47

Studio Retail Group plc

UK

Consumer Services

General retailers

3,283

0.47

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,220

0.46

Prosus

Netherlands

Technology

Software & computer services

3,186

0.45

Elementis

UK

Basic Materials

Chemicals

3,100

0.44

Hammerson

UK

Financials

Real estate investment trusts

3,090

0.44

Allied Minds

UK

Financials

Financial services

3,062

0.44

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

3,054

0.44

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,969

0.42

SigmaRoc

UK

Industrials

Construction & materials

2,958

0.42

Meggitt

UK

Industrials

Aerospace & defence

2,941

0.42

UniCredit

Italy

Financials

Banks

2,773

0.40

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

2,743

0.39

Amundi

France

Financials

Financial services

2,729

0.39

Deutsche Boerse

Germany

Financials

Financial services

2,708

0.39

Bawag

Austria

Financials

Banks

2,668

0.38

Total (Fra)

France

Oil & Gas

Oil & gas producers

2,619

0.37

Worldline

France

Industrials

Support services

2,583

0.37

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

2,539

0.36

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,422

0.35

Simec Atlantis Energy

UK

Utilities

Electricity

2,414

0.34

SAP

Germany

Technology

Software & computer services

2,389

0.34

St. James's Place

UK

Financials

Life insurance/assurance

2,382

0.34

Sig Combibloc

Switzerland

Industrials

General industrials

2,323

0.33

International Personal Finance

UK

Financials

Financial services

2,301

0.33

ASML

Netherlands

Technology

Technology hardware & equipment

2,234

0.32

Carnival

UK

Consumer Services

Travel & leisure

2,218

0.32

Unilever

UK

Consumer Goods

Personal goods

2,178

0.31

Weir Group

UK

Industrials

Industrial engineering

2,127

0.30

Marstons

UK

Consumer Services

Travel & leisure

1,952

0.28

Redde Northgate

UK

Industrials

Support services

1,935

0.28

Premier Oil

UK

Oil & Gas

Oil & gas producers

1,931

0.28

Daily Mail & General Trust 'A'

UK

Consumer Services

Media

1,902

0.27

Augean

UK

Industrials

Support services

1,832

0.26

Kier

UK

Industrials

Construction & materials

1,805

0.26

Ricardo

UK

Industrials

Support services

1,787

0.25

Embraer

Other

Industrials

Aerospace & defence

1,653

0.24

Nexi

Italy

Industrials

Support services

1,567

0.22

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,552

0.22

JDE Peet's

Netherlands

Consumer Goods

Food producers

1,516

0.22

Morses Club

UK

Financials

Financial services

1,284

0.18

Moncler

Italy

Consumer Goods

Personal goods

1,200

0.17

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

1,186

0.17

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,112

0.16

AMS AG

Switzerland

Technology

Technology hardware & equipment

924

0.13

Wincanton

UK

Industrials

Industrial transportation

879

0.13

Boku

UK

Industrials

Support services

835

0.12

Halfords

UK

Consumer Services

General retailers

758

0.11

Ilika

UK

Oil & Gas

Alternative Energy

675

0.10

Eddie Stobart Logistics

UK

Industrials

Industrial transportation

639

0.09

Tullow Oil

UK

Oil & Gas

Oil & gas producers

632

0.09

Renold

UK

Industrials

Industrial engineering

612

0.09

GVS

Italy

Industrials

Waste & Environ Svcs & Equip

565

0.08

National Oilwell Vaeco

USA

Oil & Gas

Oil equipment services & distribution

494

0.07

Severfield

UK

Industrials

Industrial engineering

483

0.07

Mirriad Advertising

UK

Consumer Services

Media

388

0.06

Centrica

UK

Utilities

Gas, water & multiutilities

385

0.05

Unlisted

UK

Other

Other

213

0.03

Providence Resources

UK

Oil & Gas

Oil & gas producers

116

0.02

Carclo

UK

Basic Materials

Chemicals

101

0.01

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

87

0.01

Fastjet

UK

Consumer Services

Travel & leisure

77

0.01

Better Cap

UK

Financials

Equity investment instruments

25

0.00