NAV and Portfolio Information
Net Asset Value
Net Asset Value as at 12 September 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 12 September 2024 was 848.12 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 872.61 pence per share (cum income). The mid-market price at the close of business on 12 September 2024 was 885.00 pence per share.
|
Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
|
NAV with debt at par |
841.67 |
848.12 |
|
NAV with debt at fair value |
866.16 |
872.61 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV total return (with debt at par)2 |
12.2 |
16.4 |
16.6 |
54.1 |
116.8 |
|
NAV total return (with debt at fair value)2 |
11.6 |
14.5 |
25.2 |
67.5 |
128.1 |
|
FTSE Actuaries All-Share Index Total Return3 |
9.5 |
14.0 |
23.8 |
34.0 |
78.4 |
|
Share price total return3 |
12.8 |
13.5 |
29.7 |
88.8 |
141.8 |
|
Change in Retail Price Index4 |
2.2 |
2.9 |
26.1 |
32.8 |
50.8 |
1 The fair value of the IPS business has been calculated as at 30 June 2024.
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, July 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 Nicola Lambourne, 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 30 August 2024 |
% of portfolio 31 December 2023 |
% of portfolio 31 December 2022 |
|
UK |
88.5 |
0 |
83.4 |
|
Europe |
6.0 |
0 |
10.4 |
|
North America |
4.4 |
0 |
5.1 |
|
Japan |
1.1 |
0 |
1.1 |
|
Other |
0 |
0 |
0 |
|
Other Pacific |
0 |
0 |
0 |
|
TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
As at 30 August 2024 the full holdings of the portfolio comprised of the following:
|
Holding Name |
Location |
Sector |
Industry |
£000 |
% |
|
Shell |
UK |
Oil & Gas |
Oil & gas producers |
33,513 |
3.14 |
|
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
33,245 |
3.11 |
|
HSBC |
UK |
Financials |
Banks |
28,908 |
2.70 |
|
GlaxoSmithKline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
27,175 |
2.55 |
|
Barclays |
UK |
Financials |
Banks |
25,804 |
2.42 |
|
Flutter Entertainment |
UK |
Consumer Services |
Travel & leisure |
25,110 |
2.36 |
|
BP |
UK |
Oil & Gas |
Oil & gas producers |
24,476 |
2.30 |
|
Marks & Spencer |
UK |
Consumer Services |
General retailers |
23,947 |
2.25 |
|
Rio Tinto |
UK |
Basic Materials |
Mining |
17,886 |
1.68 |
|
Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
17,866 |
1.68 |
|
NatWest |
UK |
Financials |
Banks |
17,255 |
1.62 |
|
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
16,880 |
1.58 |
|
Senior |
UK |
Industrials |
Aerospace & defence |
14,718 |
1.38 |
|
Standard Chartered |
UK |
Financials |
Banks |
14,693 |
1.38 |
|
Marshalls |
UK |
Industrials |
Construction & materials |
14,525 |
1.36 |
|
Hill & Smith |
UK |
Industrials |
Industrial engineering |
14,244 |
1.34 |
|
J Sainsbury plc |
UK |
Consumer Services |
General retailers |
14,172 |
1.33 |
|
BT Group |
UK |
Telecommunications |
Fixed Line Telecommunications |
13,553 |
1.27 |
|
Shaftesbury Capital PLC |
UK |
Financials |
Real estate investment trusts |
13,221 |
1.24 |
|
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
13,133 |
1.23 |
|
Kier |
UK |
Industrials |
Construction & materials |
13,093 |
1.23 |
|
Aviva |
UK |
Financials |
Life insurance/assurance |
12,976 |
1.22 |
|
BAE Systems |
UK |
Industrials |
Aerospace & defence |
12,949 |
1.22 |
|
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
12,930 |
1.21 |
|
Kingfisher |
UK |
Consumer Goods |
Household goods & home construction |
12,925 |
1.21 |
|
M & G |
UK |
Financials |
Financial services |
12,864 |
1.21 |
|
IMI |
UK |
Industrials |
Industrial engineering |
12,588 |
1.18 |
|
Land Securities |
UK |
Financials |
Real estate investment trusts |
12,414 |
1.17 |
|
Anglo American |
UK |
Basic Materials |
Mining |
12,147 |
1.14 |
|
Irish Continental Group |
Ireland |
Consumer Services |
Travel & leisure |
11,957 |
1.12 |
|
Boku |
UK |
Industrials |
Support services |
11,885 |
1.12 |
|
Toyota Motor Corporation |
Japan |
Consumer Goods |
Automobiles & parts |
11,859 |
1.11 |
|
ITV |
UK |
Consumer Services |
Media |
11,748 |
1.10 |
|
Balfour Beatty |
UK |
Industrials |
Construction & materials |
11,582 |
1.09 |
|
Cranswick |
UK |
Consumer Goods |
Food producers |
11,506 |
1.08 |
|
Cummins |
USA |
Industrials |
Industrial engineering |
11,193 |
1.05 |
|
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
11,180 |
1.05 |
|
Hiscox |
UK |
Financials |
Nonlife insurance |
10,638 |
1.00 |
|
Johnson Service Group |
UK |
Industrials |
Support services |
10,542 |
0.99 |
|
Elementis |
UK |
Basic Materials |
Chemicals |
10,532 |
0.99 |
|
Ibstock |
UK |
Industrials |
Construction & materials |
10,367 |
0.97 |
|
Dunelm |
UK |
Consumer Services |
General retailers |
10,325 |
0.97 |
|
Babcock |
UK |
Industrials |
Aerospace & defence |
10,087 |
0.95 |
|
Prudential Corp |
UK |
Financials |
Life insurance/assurance |
10,002 |
0.94 |
|
Schroders PLC |
UK |
Financials |
Equity investment instruments |
9,753 |
0.92 |
|
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
9,598 |
0.90 |
|
Scottish Oriental Small Co |
UK |
Financials |
Equity investment instruments |
9,254 |
0.87 |
|
AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
8,333 |
0.78 |
|
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
8,184 |
0.77 |
|
International Personal Finance |
UK |
Financials |
Financial services |
8,137 |
0.76 |
|
Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
7,917 |
0.74 |
|
Dowlais Group plc |
UK |
Consumer Goods |
Automobiles & parts |
7,788 |
0.73 |
|
Haleon |
UK |
Health Care |
Pharmaceuticals & biotechnology |
7,636 |
0.72 |
|
Hammerson |
UK |
Financials |
Real estate investment trusts |
7,625 |
0.72 |
|
VH Global Sustainable Energy Opportunities |
UK |
Other |
Sustainable Energy |
7,620 |
0.72 |
|
Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
7,414 |
0.70 |
|
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
7,200 |
0.68 |
|
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
7,198 |
0.68 |
|
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
7,068 |
0.66 |
|
Oxford Nanopore Technologies |
UK |
Technology |
Advanced Medical Equipment & Technology |
6,675 |
0.63 |
|
Beazley PLC (UK) |
UK |
Financials |
Nonlife insurance |
6,371 |
0.60 |
|
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
6,291 |
0.59 |
|
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
6,276 |
0.59 |
|
Workspace Group PLC |
UK |
Financials |
Real estate investment trusts |
6,160 |
0.58 |
|
WPP LLP |
UK |
Consumer Services |
Media |
6,156 |
0.58 |
|
Whitbread PLC |
Canada |
Consumer Services |
Travel & leisure |
6,059 |
0.57 |
|
Weir Group |
UK |
Industrials |
Industrial engineering |
6,006 |
0.56 |
|
Next Fifteen Communications Group |
UK |
Consumer Services |
Media |
5,943 |
0.56 |
|
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
5,847 |
0.55 |
|
Reach |
UK |
Consumer Services |
Media |
5,762 |
0.54 |
|
SSE |
UK |
Utilities |
Electricity |
5,661 |
0.53 |
|
Inchcape |
UK |
Industrials |
Support services |
5,535 |
0.52 |
|
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
5,488 |
0.52 |
|
Chesnara |
UK |
Financials |
Life insurance/assurance |
5,468 |
0.51 |
|
Air Products and Chemicals |
Canada |
Oil & Gas |
Oil & gas producers |
5,307 |
0.50 |
|
Redde Northgate |
UK |
Industrials |
Support services |
5,013 |
0.47 |
|
IP Group |
UK |
Financials |
Financial services |
4,956 |
0.47 |
|
Castings |
UK |
Industrials |
Construction & materials |
4,940 |
0.46 |
|
Accsys Technologies |
UK |
Industrials |
Construction & materials |
4,906 |
0.46 |
|
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
4,900 |
0.46 |
|
Johnson Matthey |
UK |
Other |
Sustainable Energy |
4,893 |
0.46 |
|
Vertu Motors |
UK |
Consumer Services |
General retailers |
4,797 |
0.45 |
|
Halfords |
UK |
Consumer Services |
General retailers |
4,780 |
0.45 |
|
SigmaRoc |
UK |
Industrials |
Construction & materials |
4,586 |
0.43 |
|
Bellway |
UK |
Consumer Goods |
Household goods & home construction |
4,551 |
0.43 |
|
Epwin Group |
UK |
Consumer Goods |
Household goods & home construction |
4,469 |
0.42 |
|
Grit Real Estate Income Group |
Guernsey |
Financials |
Real estate investment trusts |
4,379 |
0.41 |
|
Centrica |
UK |
Utilities |
Gas, water & multiutilities |
4,247 |
0.40 |
|
Ricardo |
UK |
Industrials |
Support services |
4,104 |
0.39 |
|
XP Power Ltd |
UK |
Technology |
Technology hardware & equipment |
4,011 |
0.38 |
|
i3 Energy |
UK |
Oil & Gas |
Oil & gas producers |
3,944 |
0.37 |
|
Sabre Insurance Group PLC |
UK |
Financials |
Nonlife insurance |
3,880 |
0.36 |
|
Vanquis Banking Group |
UK |
Financials |
Financial services |
3,824 |
0.36 |
|
ITM Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
3,669 |
0.34 |
|
Novo Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
3,575 |
0.34 |
|
Renold |
UK |
Industrials |
Industrial engineering |
3,484 |
0.33 |
|
SAP |
Germany |
Technology |
Software & computer services |
3,478 |
0.33 |
|
Freeport-McMoran Inc |
USA |
Basic Materials |
Mining |
3,369 |
0.32 |
|
Jubilee Metals Group |
UK |
Basic Materials |
Mining |
3,061 |
0.29 |
|
Invinity Energy Systems |
UK |
Oil & Gas |
Alternative Energy |
2,910 |
0.27 |
|
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
2,902 |
0.27 |
|
Munchener Rueckver |
Germany |
Financials |
Nonlife insurance |
2,760 |
0.26 |
|
Sanofi |
France |
Health Care |
Pharmaceuticals & biotechnology |
2,601 |
0.24 |
|
UniCredit |
Italy |
Financials |
Banks |
2,529 |
0.24 |
|
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
2,417 |
0.23 |
|
Siemens AG |
Germany |
Technology |
Software & computer services |
2,280 |
0.21 |
|
Airbus SE |
Netherlands |
Industrials |
Aerospace & defence |
2,222 |
0.21 |
|
Serica Energy |
UK |
Oil & Gas |
Oil & gas producers |
2,214 |
0.21 |
|
Gelion |
UK |
Other |
Sustainable Energy |
2,128 |
0.20 |
|
Safran SA |
France |
Industrials |
Aerospace & defence |
2,050 |
0.19 |
|
Great Portland Estates |
UK |
Financials |
Real estate investments & services |
2,019 |
0.19 |
|
Deutsche Boerse |
Germany |
Financials |
Financial services |
1,999 |
0.19 |
|
SGS SA |
Switzerland |
Industrials |
Support services |
1,969 |
0.18 |
|
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
1,854 |
0.17 |
|
Ondine Biomedical Inc. |
Canada |
Health Care |
Pharmaceuticals & biotechnology |
1,776 |
0.17 |
|
Nestle |
Switzerland |
Consumer Goods |
Food producers |
1,605 |
0.15 |
|
LVMH |
France |
Consumer Goods |
Leisure Goods |
1,604 |
0.15 |
|
DSM-Firmenich AG |
Netherlands |
Basic Materials |
Chemicals |
1,561 |
0.15 |
|
Heineken NV |
Netherlands |
Consumer Goods |
Beverages |
1,519 |
0.14 |
|
Marstons |
UK |
Consumer Services |
Travel & leisure |
1,474 |
0.14 |
|
Infineon Technologies AG |
Germany |
Industrials |
Electronic & electrical equipment |
1,470 |
0.14 |
|
Windar Photonics Plc |
UK |
Industrials |
Waste & Environ Svcs & Equip |
1,397 |
0.13 |
|
Anheuser-Busch InBev |
Belgium |
Consumer Goods |
Beverages |
1,371 |
0.13 |
|
Amundi |
France |
Financials |
Financial services |
1,324 |
0.12 |
|
Surface Transforms |
UK |
Consumer Goods |
Automobiles & parts |
1,311 |
0.12 |
|
Danone SA |
France |
Consumer Goods |
Food producers |
1,298 |
0.12 |
|
Arbuthnot Banking Group |
UK |
Financials |
Financial services |
1,130 |
0.11 |
|
Bawag |
Austria |
Financials |
Banks |
1,086 |
0.10 |
|
Logistics Development Group |
UK |
Industrials |
Industrial transportation |
842 |
0.08 |
|
ASM International NV |
Netherlands |
Industrials |
Electronic & electrical equipment |
836 |
0.08 |
|
Ilika |
UK |
Oil & Gas |
Alternative Energy |
825 |
0.08 |
|
First Tin |
UK |
Basic Materials |
Mining |
780 |
0.07 |
|
Aena SME |
Spain |
Consumer Services |
Travel & leisure |
774 |
0.07 |
|
Kone Oyj |
Finland |
Industrials |
Electronic & electrical equipment |
741 |
0.07 |
|
Syensqo SA |
Belgium |
Basic Materials |
Chemicals |
648 |
0.06 |
|
Kistos |
UK |
Oil & Gas |
Oil & gas producers |
612 |
0.06 |
|
Longboat Energy |
UK |
Oil & Gas |
Oil & gas producers |
525 |
0.05 |
|
Puig Brands |
Spain |
Consumer Goods |
Personal goods |
501 |
0.05 |
|
SIMEC Atlantis Energy |
UK |
Utilities |
Electricity |
425 |
0.04 |
|
Carclo |
UK |
Basic Materials |
Chemicals |
365 |
0.03 |
|
Deltic Energy |
UK |
Oil & Gas |
Oil & gas producers |
159 |
0.01 |
|
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
157 |
0.01 |
|
LDIC Investments |
UK |
Financials |
Financial services |
100 |
0.01 |
|
Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
|
|
Allied Minds |
UK |
Financials |
Financial services |
|
|
|
Saietta Group |
UK |
Consumer Goods |
Automobiles & parts |
|
|
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 Nicola Lambourne, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21