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 29 November 2022 was 747.85 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 763.08 pence per share (cum income). The mid-market price at the close of business on 29 November 2022 was 771.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

743.45

747.85

NAV with debt at fair value

758.67

763.08

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-7.0

-2.2

22.6

33.4

142.8

NAV total return (with debt at fair value)2

-0.2

5.5

31.9

42.1

150.6

FTSE Actuaries All-Share Index Total Return3

1.1

5.8

11.5

21.9

91.6

Share price total return3

-0.5

6.4

45.3

56.6

170.9

Change in Retail Price Index4

12.1

14.2

22.7

29.4

45.0

                

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 Share Price source: Refinitiv.

4 Source: Office for National Statistics, subject to latest published RPI, October 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 October 2022

% of portfolio

31 December 2021

% of portfolio

31 December 2020

UK

82.4

82.6

82.1

Europe

10.7

10.0

10.1

North America

5.7

5.4

5.4

Japan

1.2

1.1

1.1

Other

0.0                            

0.2

0.4

Other Pacific

0.0                            

0.7

0.9

TOTAL

100

100

100

Full Portfolio Listing

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

Holding Name

Location

Sector

Industry

£000

%

Shell

UK

Oil & Gas

Oil & gas producers

30,050

3.57

BP

UK

Oil & Gas

Oil & gas producers

27,349

3.24

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

19,860

2.35

HSBC

UK

Financials

Banks

19,398

2.30

Barclays

UK

Financials

Banks

18,174

2.15

Flutter Entertainment

UK

Consumer Services

Travel & leisure

17,949

2.13

Rio Tinto

UK

Basic Materials

Mining

17,014

2.01

NatWest

UK

Financials

Banks

15,262

1.81

Direct Line Insurance

UK

Financials

Nonlife insurance

12,915

1.53

Lloyds Banking Group

UK

Financials

Banks

12,605

1.49

National Grid

UK

Utilities

Gas, water & multiutilities

12,416

1.47

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

12,134

1.44

Anglo American

UK

Basic Materials

Mining

11,738

1.39

Tesco

UK

Consumer Goods

Food & Drug Retailers

11,406

1.35

Senior

UK

Industrials

Aerospace & defence

11,091

1.31

Aviva

UK

Financials

Life insurance/assurance

10,756

1.27

BAE Systems

UK

Industrials

Aerospace & defence

10,582

1.25

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

10,434

1.24

Herald Investment Trust

UK

Financials

Equity investment instruments

10,344

1.22

Land Securities

UK

Financials

Real estate investment trusts

10,117

1.20

Cummins

USA

Industrials

Industrial engineering

10,025

1.19

Glencore

Switzerland

Basic Materials

Mining

9,990

1.18

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

9,938

1.18

Standard Chartered

UK

Financials

Banks

9,809

1.16

Vodafone

UK

Telecommunications

Mobile telecommunications

9,654

1.14

Severn Trent

UK

Utilities

Gas, water & multiutilities

9,637

1.14

M & G

UK

Financials

Financial services

9,636

1.14

Caterpillar

USA

Industrials

Industrial engineering

9,435

1.12

BT Group

UK

Telecommunications

Fixed Line Telecommunications

9,407

1.11

DS Smith

UK

Industrials

General industrials

9,187

1.09

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

9,083

1.08

Kingfisher

UK

Consumer Goods

Household goods & home construction

8,860

1.05

IMI

UK

Industrials

Industrial engineering

8,443

1.00

Balfour Beatty

UK

Industrials

Construction & materials

8,254

0.98

Hiscox

UK

Financials

Nonlife insurance

8,134

0.96

Convatec Group

UK

Health Care

Health care equipment & services

8,015

0.95

i3 Energy

UK

Oil & Gas

Oil & gas producers

7,802

0.92

Mondi

UK

Basic Materials

Forestry & paper

7,678

0.91

Prudential Corp

UK

Financials

Life insurance/assurance

7,573

0.90

Rolls Royce

UK

Industrials

Aerospace & defence

7,384

0.87

Marks & Spencer

UK

Consumer Services

General retailers

7,378

0.87

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

7,236

0.86

Dunelm

UK

Consumer Services

General retailers

7,192

0.85

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

7,150

0.85

Boku

UK

Industrials

Support services

7,029

0.83

Scottish Oriental Small Co

UK

Financials

Equity investment instruments

6,988

0.83

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,904

0.82

Cranswick

UK

Consumer Goods

Food producers

6,809

0.81

Accsys Technologies

UK

Industrials

Construction & materials

6,594

0.78

Hill & Smith

UK

Industrials

Industrial engineering

6,576

0.78

ITV

UK

Consumer Services

Media

6,533

0.77

General Motors

USA

Consumer Goods

Automobiles & parts

6,503

0.77

Ibstock

UK

Industrials

Construction & materials

6,448

0.76

Spectris

UK

Industrials

Electronic & electrical equipment

6,418

0.76

Reckitt Benckiser Group

UK

Health Care

Health care equipment & services

6,356

0.75

Jubilee Metals Group

UK

Basic Materials

Mining

6,233

0.74

Johnson Service Group

UK

Industrials

Support services

6,108

0.72

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

6,079

0.72

Unilever

UK

Consumer Goods

Personal goods

5,962

0.71

Elementis

UK

Basic Materials

Chemicals

5,882

0.70

iEnergizer

Guernsey

Industrials

Support services

5,830

0.69

Bayer AG

Germany

Health Care

Pharmaceuticals & biotechnology

5,737

0.68

Chesnara

UK

Financials

Life insurance/assurance

5,551

0.66

IP Group

UK

Financials

Financial services

5,382

0.64

Halfords

UK

Consumer Services

General retailers

5,300

0.63

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

5,250

0.62

Oxford Sciences Innovation

UKULM

Financials

Financial services

5,167

0.61

Kier

UK

Industrials

Construction & materials

5,158

0.61

Marshalls

UK

Industrials

Construction & materials

5,119

0.61

Babcock

UK

Industrials

Aerospace & defence

5,084

0.60

Reach

UK

Consumer Services

Media

5,049

0.60

Britishvolt Limited

UKULM

Other

Sustainable Energy

5,000

0.59

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

4,966

0.59

Smith & Nephew

UK

Health Care

Health care equipment & services

4,841

0.57

Next Fifteen Communications Group

UK

Consumer Services

Media

4,829

0.57

Standard Life Aberdeen

UK

Financials

Financial services

4,780

0.57

SSE

UK

Utilities

Electricity

4,667

0.55

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

4,609

0.55

Hammerson

UK

Financials

Real estate investment trusts

4,472

0.53

Provident Financial

UK

Financials

Financial services

4,423

0.52

International Distribution Services

UK

Industrials

Industrial transportation

4,246

0.50

Applied Materials

USA

Technology

Technology hardware & equipment

4,233

0.50

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

4,177

0.49

Indus Gas

UK

Oil & Gas

Oil & gas producers

4,153

0.49

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

3,960

0.47

TT Electronics

UK

Industrials

Electronic & electrical equipment

3,941

0.47

AFC Energy

UK

Oil & Gas

Alternative Energy

3,940

0.47

International Personal Finance

UK

Financials

Financial services

3,935

0.47

Redde Northgate

UK

Industrials

Support services

3,881

0.46

Ricardo

UK

Industrials

Support services

3,678

0.44

Watkin Jones

UK

Consumer Goods

Household goods & home construction

3,463

0.41

Surface Transforms

UK

Consumer Goods

Automobiles & parts

3,339

0.40

Nestle

Switzerland

Consumer Goods

Food producers

3,293

0.39

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,249

0.38

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,225

0.38

Vertu Motors

UK

Consumer Services

General retailers

3,061

0.36

Weir Group

UK

Industrials

Industrial engineering

3,045

0.36

Plant Health Care

USA

Basic Materials

Chemicals

2,840

0.34

Bellway

UK

Consumer Goods

Household goods & home construction

2,783

0.33

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

2,762

0.33

ASML

Netherlands

Technology

Technology hardware & equipment

2,699

0.32

SigmaRoc

UK

Industrials

Construction & materials

2,517

0.30

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

2,500

0.30

Castings

UK

Industrials

Construction & materials

2,397

0.28

UniCredit

Italy

Financials

Banks

2,351

0.28

Amundi

France

Financials

Financial services

2,192

0.26

Bawag

Austria

Financials

Banks

2,034

0.24

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

1,945

0.23

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

1,861

0.22

Kistos

UK

Oil & Gas

Oil & gas producers

1,778

0.21

SAP

Germany

Technology

Software & computer services

1,743

0.21

Airbus SE

Netherlands

Industrials

Aerospace & defence

1,720

0.20

Deutsche Boerse

Germany

Financials

Financial services

1,624

0.19

LVMH

France

Consumer Goods

Leisure Goods

1,556

0.18

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,530

0.18

Safran SA

France

Industrials

Aerospace & defence

1,505

0.18

Moncler

Italy

Consumer Goods

Personal goods

1,475

0.17

Gelion

UK

Other

Sustainable Energy

1,469

0.17

Libertine Holdings

UK

Other

Sustainable Energy

1,365

0.16

EDP Renovaveis SA

Spain

Other

Sustainable Energy

1,352

0.16

Longboat Energy

UK

Oil & Gas

Oil & gas producers

1,350

0.16

Renold

UK

Industrials

Industrial engineering

1,331

0.16

Marstons

UK

Consumer Services

Travel & leisure

1,290

0.15

Ilika

UK

Oil & Gas

Alternative Energy

1,268

0.15

First Tin

UK

Basic Materials

Mining

1,200

0.14

Universal Music Group

Netherlands

Consumer Services

Media

1,176

0.14

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,069

0.13

Ondine Biomedical Inc.

Canada

Health Care

Pharmaceuticals & biotechnology

1,021

0.12

Arkema SA

France

Basic Materials

Chemicals

1,017

0.12

Deltic Energy

UK

Oil & Gas

Oil & gas producers

1,015

0.12

Danone SA

France

Consumer Goods

Food producers

991

0.12

Logistics Development Group

UK

Industrials

Industrial transportation

972

0.12

Sig Combibloc

Switzerland

Industrials

General industrials

948

0.11

Allfunds Group

UK

Other

Other

880

0.10

Sartorius AG

Germany

Health Care

Health care equipment & services

866

0.10

Tullow Oil

UK

Oil & Gas

Oil & gas producers

810

0.10

Jackson Financial

USA

Financials

Financial services

781

0.09

Allied Minds

UK

Financials

Financial services

759

0.09

Harbour Energy

UK

Oil & Gas

Oil & gas producers

709

0.08

ASM International NV

Netherlands

Industrials

Electronic & electrical equipment

651

0.08

Kion Group AG

Germany

Industrials

Construction & materials

600

0.07

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

399

0.05

Brockhaus Capital Management

Germany

Financials

Financial services

375

0.04

Mirriad Advertising

UK

Consumer Services

Media

290

0.03

SIMEC Atlantis Energy

UK

Utilities

Electricity

208

0.02

Carclo

UK

Basic Materials

Chemicals

193

0.02

Morses Club

UK

Financials

Financial services

165

0.02

LDIC Investments

UK

Financials

Financial services

100

0.01

Barryroe Offshore Energy

Ireland

Oil & Gas

Oil & gas producers

100

0.01

EuroAPI Sasu

France

Health Care

Pharmaceuticals & biotechnology

93

0.01

Better Cap

UK

Financials

Equity investment instruments

25

                            

Permanent TSB

Ireland

Financials

Banks

6