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 31 March 2020 was 515.66 pence per share (cum income), which excludes the proposed 2019 final dividend of 19.40p as the shares went ex-dividend on 12 March. With the Corporation's long term debt stated at fair value, the NAV was 489.87 pence per share (cum income). The mid-market price at the close of business on 31 March 2020 was 464.00 pence per share. The final dividend will be paid, subject to shareholder approval, on 16 April 2020 to holders on the register at the record date of 13 March 2020.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

510.27

515.66

NAV with debt at fair value

484.48

489.87

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-27.1

-18.4 -11.4 5.8 98.0

NAV total return (with debt at fair value)2

-27.5 -19.2 -11.9 3.4 89.6

FTSE Actuaries All-Share Index Total Return3

-25.1 -18.5 -12.2 2.9 53.6

Share price total return3

-26.0 -19.7 -6.3 7.6 114.6

Change in Retail Price Index4

0.0

2.5

8.8

13.8

33.2

1 The fair value of the IPS business has been calculated as at 31 December 2019 and was published as part of the year end results announcement on 27 February 2020.         

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: Thomson Reuters.

4 Source: Bloomberg, subject to the latest published RPI data based on February 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 March 2020

% of portfolio

31 December 2019

% of portfolio

31 December 2018

UK

78.6

80.7

74.5

Europe

10.3

7.8

8.6

North America

8.0

8.3

9.9

Japan

1.3

1.1

1.1

Other 

1.0

1.2

1.4

Other Pacific

0.8

0.9

4.5

TOTAL

100.0

100.0

100.0

                

Full Portfolio Listing

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

Holding Name

Location

Sector

Industry

£000

%

Glaxosmithkline

UK

Health Care

Pharmaceuticals & biotechnology

25,363

4.10

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

16,995

2.75

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

15,528

2.51

Rio Tinto

UK

Basic Materials

Mining

13,941

2.25

National Grid

UK

Utilities

Gas, water & multiutilities

13,334

2.16

Relx

UK

Consumer Services

Media

12,986

2.10

HSBC

UK

Financials

Banks

11,977

1.94

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,395

1.84

BP

UK

Oil & Gas

Oil & gas producers

10,990

1.78

Astrazeneca

UK

Health Care

Pharmaceuticals & biotechnology

10,744

1.74

Prudential Corp

UK

Financials

Life insurance/assurance

9,639

1.56

Direct Line Insurance

UK

Financials

Nonlife insurance

9,601

1.55

BAE Systems

UK

Industrials

Aerospace & defence

9,389

1.52

Herald Investment Trust

UK

Financials

Equity investment instruments

9,350

1.51

Flutter Entertainment PLC

UK

Consumer Services

Travel & leisure

8,381

1.35

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

8,016

1.30

Standard Chartered

UK

Financials

Banks

7,961

1.29

Urban Logistics REIT

UK

Financials

Real estate investment trusts

7,864

1.27

Hiscox

UK

Financials

Nonlife insurance

7,779

1.26

Smith (DS)

UK

Industrials

General industrials

7,749

1.25

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

7,364

1.19

Dunelm

UK

Consumer Services

General retailers

7,277

1.18

Johnson Service

UK

Industrials

Support services

7,213

1.17

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

7,126

1.15

Aviva

UK

Financials

Life insurance/assurance

7,072

1.14

Croda

UK

Basic Materials

Chemicals

7,043

1.14

Land Securities

UK

Financials

Real estate investment trusts

6,945

1.12

British American Tobacco

UK

Consumer Goods

Tobacco

6,893

1.11

BHP

UK

Basic Materials

Mining

6,885

1.11

Smith & Nephew

UK

Health Care

Health care equipment & services

6,737

1.09

Rolls Royce

UK

Industrials

Aerospace & defence

6,642

1.07

Mondi

UK

Basic Materials

Forestry & paper

6,560

1.06

Caterpillar

USA

Industrials

Industrial engineering

6,540

1.06

Cummins

USA

Industrials

Industrial engineering

6,537

1.06

St Modwen Properties

UK

Financials

Real estate investments & services

6,114

0.99

Senior

UK

Industrials

Aerospace & defence

5,985

0.97

RSA Insurance

UK

Financials

Nonlife insurance

5,886

0.95

Hill & Smith

UK

Industrials

Industrial engineering

5,879

0.95

Lloyds Banking

UK

Financials

Banks

5,759

0.93

Watkin Jones

UK

Consumer Goods

Household goods & home construction

5,720

0.92

Chesnara

UK

Financials

Life insurance/assurance

5,676

0.92

M & G

UK

Financials

Financial services

5,630

0.91

Accsys Technologies

UK

Industrials

Construction & materials

5,585

0.90

Balfour Beatty

UK

Industrials

Construction & materials

5,441

0.88

Johnson & Johnson

USA

Health Care

Pharmaceuticals & biotechnology

5,273

0.85

Marshalls

UK

Industrials

Construction & materials

5,265

0.85

Spectris

UK

Industrials

Electronic & electrical equipment

5,213

0.84

Applied Materials

USA

Technology

Technology hardware & equipment

5,165

0.83

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

4,888

0.79

Babcock

UK

Industrials

Aerospace & defence

4,767

0.77

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

4,483

0.72

IP Group plc

UK

Financials

Financial services

4,436

0.72

Deere

USA

Industrials

Industrial engineering

4,340

0.70

Grit Real Estate Income

Other

Financials

Real estate investments & services

4,290

0.69

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

4,278

0.69

Irish Continental

Ireland

Consumer Services

Travel & leisure

4,255

0.69

Royal Bank Of Scotland

UK

Financials

Banks

4,234

0.68

Microsoft

USA

Technology

Software & computer services

4,125

0.67

Euromoney

UK

Consumer Services

Media

4,067

0.66

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,038

0.65

Vodafone

UK

Telecommunications

Mobile telecommunications

3,954

0.64

Pfizer

USA

Health Care

Pharmaceuticals & biotechnology

3,942

0.64

SSE

UK

Utilities

Electricity

3,912

0.63

Oxford Sciences Innovation

UKULM

Financials

Financial services

3,855

0.62

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

3,835

0.62

Foresight Solar

UK

Financials

Equity investment instruments

3,815

0.62

General Motors

USA

Consumer Goods

Automobiles & parts

3,765

0.61

Taylor Wimpey

UK

Consumer Goods

Household goods & home construction

3,758

0.61

Provident Financial

UK

Financials

Financial services

3,758

0.61

Royal Mail

UK

Industrials

Industrial transportation

3,750

0.61

Standard Life Aberdeen

UK

Financials

Financial services

3,708

0.60

Nestle

Switzerland

Consumer Goods

Food producers

3,570

0.58

Linde

Germany

Basic Materials

Chemicals

3,567

0.58

TT Electronics

UK

Industrials

Electronic & electrical equipment

3,514

0.57

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,503

0.57

Ibstock

UK

Industrials

Construction & materials

3,339

0.54

Ryanair

Ireland

Consumer Services

Travel & leisure

3,271

0.53

IMI

UK

Industrials

Industrial engineering

3,270

0.53

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,242

0.52

International Personal Finance

UK

Financials

Financial services

3,162

0.51

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,133

0.51

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

2,958

0.48

Indus Gas

UK

Oil & Gas

Oil & gas producers

2,917

0.47

Meggitt

UK

Industrials

Aerospace & defence

2,895

0.47

Muenchener Rueckver

Germany

Financials

Nonlife insurance

2,798

0.45

Total (Fra)

France

Oil & Gas

Oil & gas producers

2,665

0.43

Hammerson

UK

Financials

Real estate investment trusts

2,592

0.42

Pernod-Ricard

France

Consumer Goods

Beverages

2,590

0.42

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

2,390

0.39

Prosus

Netherlands

Technology

Software & computer services

2,386

0.39

Allied Minds

UK

Financials

Financial services

2,382

0.39

Vivendi

France

Consumer Services

Media

2,356

0.38

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

2,232

0.36

Deutsche Boerse

Germany

Financials

Financial services

2,221

0.36

Carnival

UK

Consumer Services

Travel & leisure

2,208

0.36

Elementis

UK

Basic Materials

Chemicals

2,185

0.35

Sig Combibloc

Switzerland

Industrials

General industrials

2,163

0.35

Studio Retail Group plc

UK

Consumer Services

General retailers

2,148

0.35

Anglo American

UK

Basic Materials

Mining

2,124

0.34

SAP

Germany

Technology

Software & computer services

2,095

0.34

SGS

Switzerland

Industrials

Support services

2,084

0.34

Embraer

Other

Industrials

Aerospace & defence

2,046

0.33

Bawag

Austria

Financials

Banks

2,041

0.33

Marks and Spencer

UK

Consumer Services

General retailers

1,984

0.32

St. James's Place

UK

Financials

Life insurance/assurance

1,899

0.31

Daily Mail & General Trust 'A'

UK

Consumer Services

Media

1,880

0.30

Deutsche Telekom

Germany

Telecommunications

Mobile telecommunications

1,873

0.30

ASML

Netherlands

Technology

Technology hardware & equipment

1,729

0.28

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,689

0.27

SigmaRoc

UK

Industrials

Construction & materials

1,582

0.26

Marstons

UK

Consumer Services

Travel & leisure

1,517

0.25

Weir Group

UK

Industrials

Industrial engineering

1,442

0.23

Worldline

France

Industrials

Support services

1,439

0.23

Amundi

France

Financials

Financial services

1,437

0.23

Augean

UK

Industrials

Support services

1,384

0.22

Kier

UK

Industrials

Construction & materials

1,352

0.22

Redde Northgate

UK

Industrials

Support services

1,275

0.21

Wincanton

UK

Industrials

Industrial transportation

1,197

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,146

0.19

Simec Atlantis Energy

UK

Utilities

Electricity

1,132

0.18

UniCredit

Italy

Financials

Banks

1,033

0.17

Eddie Stobart Logistics

UK

Industrials

Industrial transportation

971

0.16

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

869

0.14

Morses Club

UK

Financials

Financial services

808

0.13

Premier Oil

UK

Oil & Gas

Oil & gas producers

646

0.10

Severfield

UK

Industrials

Industrial engineering

507

0.08

Renold

UK

Industrials

Industrial engineering

490

0.08

Ilika

UK

Oil & Gas

Alternative Energy

400

0.06

National Oilwell Vaeco

USA

Oil & Gas

Oil equipment services & distribution

395

0.06

Velocys

UK

Oil & Gas

Oil equipment services & distribution

386

0.06

Centrica

UK

Utilities

Gas, water & multiutilities

381

0.06

Tullow Oil

UK

Oil & Gas

Oil & gas producers

215

0.03

Unlisted

UK

Other

Other

213

0.03

Better Cap

UK

Financials

Equity investment instruments

150

0.02

Mirriad Advertising

UK

Consumer Services

Media

126

0.02

Ricardo

UK

Industrials

Support services

101

0.02

Fastjet

UK

Consumer Services

Travel & leisure

62

0.01

Carclo

UK

Basic Materials

Chemicals

62

0.01

Providence Resources

UK

Oil & Gas

Oil & gas producers

53

0.01

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

52

0.01

Permanent TSB

Ireland

Financials

Banks

2

0.00