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 30 November 2021 was 794.62 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 751.91 pence per share (cum income). The mid-market price at the close of business on 30 November 2021 was 754.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

779.50

794.62

NAV with debt at fair value

736.78

751.91

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

17.3

25.7

36.4

59.4

189.0

NAV total return (with debt at fair value)2

18.7

27.3

33.0

57.6

176.5

FTSE Actuaries All-Share Index Total Return3

13.0

17.4

16.9

30.6

103.0

Share price total return3

12.5

25.6

51.5

74.3

196.3

Change in Retail Price Index4

5.6

6.0

9.7

17.8

31.1

1 The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 2021.

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, October 2021.

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

30 November 2021

% of portfolio

31 December 2020

% of portfolio

31 December 2019

UK

82.4

82.1

80.7

Europe

10.1

10.1

7.8

North America

5.3

5.4

8.3

Japan

1.2

1.1

1.1

Other

0.2

0.4

1.2

Other Pacific

0.8

0.9

0.9

TOTAL

100

100

100

Full Portfolio Listing

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 30 November 2021 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

25,544

2.71

Barclays

UK

Financials

Banks

19,896

2.11

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

19,718

2.09

BP

UK

Oil & Gas

Oil & gas producers

18,551

1.98

HSBC

UK

Financials

Banks

18,186

1.94

Rio Tinto

UK

Basic Materials

Mining

17,295

1.84

Accsys Technologies

UK

Industrials

Construction & materials

14,693

1.56

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

14,557

1.55

Severn Trent

UK

Utilities

Gas, water & multiutilities

14,430

1.54

Marks & Spencer

UK

Consumer Services

General retailers

14,408

1.53

Herald Investment Trust

UK

Financials

Equity investment instruments

14,280

1.52

National Grid

UK

Utilities

Gas, water & multiutilities

14,182

1.51

Lloyds Banking Group

UK

Financials

Banks

14,040

1.49

Relx

UK

Consumer Services

Media

14,016

1.49

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

13,822

1.47

Direct Line Insurance

UK

Financials

Nonlife insurance

13,520

1.44

NatWest

UK

Financials

Banks

13,288

1.41

Aviva

UK

Financials

Life insurance/assurance

13,032

1.39

Tesco

UK

Consumer Goods

Food & Drug Retailers

12,874

1.37

Anglo American

UK

Basic Materials

Mining

12,470

1.33

Linde

Germany

Basic Materials

Chemicals

12,017

1.28

Prudential Corp

UK

Financials

Life insurance/assurance

11,913

1.27

BHP

UK

Basic Materials

Mining

11,363

1.21

Senior

UK

Industrials

Aerospace & defence

11,159

1.19

Dunelm

UK

Consumer Services

General retailers

11,155

1.19

Land Securities

UK

Financials

Real estate investment trusts

11,077

1.18

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

10,957

1.17

IP Group

UK

Financials

Financial services

10,508

1.12

Vodafone

UK

Telecommunications

Mobile telecommunications

10,385

1.11

Rolls Royce

UK

Industrials

Aerospace & defence

10,351

1.10

M & G

UK

Financials

Financial services

10,280

1.09

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

10,189

1.08

Smith (DS)

UK

Industrials

General industrials

10,089

1.07

BT Group

UK

Telecommunications

Fixed Line Telecommunications

9,913

1.06

BAE Systems

UK

Industrials

Aerospace & defence

9,868

1.05

Hill & Smith

UK

Industrials

Industrial engineering

9,547

1.02

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

9,500

1.01

Watkin Jones

UK

Consumer Goods

Household goods & home construction

9,028

0.96

Urban Logistics REIT

UK

Financials

Real estate investment trusts

8,855

0.94

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

8,801

0.94

Kier

UK

Industrials

Construction & materials

8,759

0.93

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

8,429

0.90

General Motors

USA

Consumer Goods

Automobiles & parts

8,267

0.88

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

8,222

0.88

Mondi

UK

Basic Materials

Forestry & paper

8,168

0.87

Jubilee Metals Group

UK

Basic Materials

Mining

8,118

0.86

Elementis

UK

Basic Materials

Chemicals

7,904

0.84

Standard Chartered

UK

Financials

Banks

7,848

0.84

Provident Financial

UK

Financials

Financial services

7,840

0.83

AFC Energy

UK

Oil & Gas

Alternative Energy

7,809

0.83

Flutter Entertainment

UK

Consumer Services

Travel & leisure

7,639

0.81

Royal Mail

UK

Industrials

Industrial transportation

7,521

0.80

Hiscox

UK

Financials

Nonlife insurance

7,493

0.80

Spectris

UK

Industrials

Electronic & electrical equipment

7,444

0.79

IMI

UK

Industrials

Industrial engineering

7,438

0.79

Cummins

USA

Industrials

Industrial engineering

7,412

0.79

Scottish Oriental Small Co

Other Asia

Financials

Equity investment instruments

7,397

0.79

Johnson Service Group

UK

Industrials

Support services

7,339

0.78

Centrica

UK

Utilities

Gas, water & multiutilities

7,288

0.78

Caterpillar

USA

Industrials

Industrial engineering

7,279

0.78

Standard Life Aberdeen

UK

Financials

Financial services

7,011

0.75

Hammerson

UK

Financials

Real estate investment trusts

6,660

0.71

Balfour Beatty

UK

Industrials

Construction & materials

6,452

0.69

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,325

0.67

Glencore

Switzerland

Basic Materials

Mining

6,249

0.67

Marshalls

UK

Industrials

Construction & materials

6,242

0.66

TT Electronics

UK

Industrials

Electronic & electrical equipment

6,073

0.65

Halfords

UK

Consumer Services

General retailers

5,975

0.64

Unilever

UK

Consumer Goods

Personal goods

5,789

0.62

Chesnara

UK

Financials

Life insurance/assurance

5,739

0.61

Smith & Nephew

UK

Health Care

Health care equipment & services

5,720

0.61

International Personal Finance

UK

Financials

Financial services

5,580

0.59

Ibstock

UK

Industrials

Construction & materials

5,570

0.59

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

5,513

0.59

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

5,442

0.58

Euromoney

UK

Consumer Services

Media

5,267

0.56

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,040

0.54

Convatec Group

UK

Health Care

Health care equipment & services

5,018

0.53

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,933

0.53

Blue Prism Group

UK

Technology

Software & computer services

4,871

0.52

Merck & Co

USA

Health Care

Pharmaceuticals & biotechnology

4,784

0.51

SSE

UK

Utilities

Electricity

4,655

0.50

Redde Northgate

UK

Industrials

Support services

4,605

0.49

SigmaRoc

UK

Industrials

Construction & materials

4,518

0.48

Babcock

UK

Industrials

Aerospace & defence

4,429

0.47

Oxford Nanopore Tehcnologies

UK

Technology

Advanced Medical Equipment & Technology

4,421

0.47

Bawag

Austria

Financials

Banks

4,415

0.47

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

4,381

0.47

Kingfisher plc

UK

Consumer Goods

Household goods & home construction

4,277

0.46

Nestle

Switzerland

Consumer Goods

Food producers

3,933

0.42

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

3,797

0.40

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,707

0.39

Boku

UK

Industrials

Support services

3,661

0.39

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,643

0.39

Ilika

UK

Oil & Gas

Alternative Energy

3,626

0.39

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,574

0.38

iEnergizer

Guernsey

Industrials

Support services

3,570

0.38

Ricardo

UK

Industrials

Support services

3,519

0.37

Vertu Motors

UK

Consumer Services

General retailers

3,471

0.37

Weir Group

UK

Industrials

Industrial engineering

3,334

0.35

ASML

Netherlands

Technology

Technology hardware & equipment

3,243

0.35

Morses Club

UK

Financials

Financial services

3,133

0.33

Reckitt Benckiser Group Plc

UK

Health Care

Health care equipment & services

3,055

0.33

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

3,048

0.32

UniCredit

Italy

Financials

Banks

3,040

0.32

i3 Energy

UK

Oil & Gas

Oil & gas producers

2,982

0.32

Amundi

France

Financials

Financial services

2,705

0.29

Studio Retail Group

UK

Consumer Services

General retailers

2,511

0.27

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

2,492

0.27

Marstons

UK

Consumer Services

Travel & leisure

2,391

0.25

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

2,274

0.24

Surface Transforms

UK

Consumer Goods

Automobiles & parts

2,173

0.23

Moncler

Italy

Consumer Goods

Personal goods

2,123

0.23

Stellantis

Netherlands

Consumer Goods

Automobiles & parts

2,050

0.22

GELION PLC

Other

Other

Sustainable Energy

2,041

0.22

Allied Minds

UK

Financials

Financial services

1,943

0.21

Longboat Energy

UK

Oil & Gas

Oil & gas producers

1,890

0.20

Renold

UK

Industrials

Industrial engineering

1,836

0.20

Plant Health Care

USA

Basic Materials

Chemicals

1,729

0.18

Faurecia

France

Consumer Goods

Automobiles & parts

1,644

0.18

Sig Combibloc

Switzerland

Industrials

General industrials

1,615

0.17

Mirriad Advertising

UK

Consumer Services

Media

1,477

0.16

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,360

0.14

Danone SA

France

Consumer Goods

Food producers

1,264

0.13

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

1,189

0.13

CNH Industrial

UK

Industrials

Industrial engineering

1,153

0.12

AB Skf

Sweden

Industrials

Construction & materials

1,101

0.12

Nexi

Italy

Industrials

Support services

1,097

0.12

Safran SA

France

Industrials

Aerospace & defence

1,035

0.11

Allfunds Group

UK

Other

Other

1,034

0.11

Logistics Development Group

UK

Industrials

Industrial transportation

972

0.10

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

958

0.10

Prosus

Netherlands

Technology

Software & computer services

853

0.09

Tullow Oil

UK

Oil & Gas

Oil & gas producers

835

0.09

Harbour Energy

UK

Oil & Gas

Oil & gas producers

736

0.08

Brockhaus Capital Management

Germany

Financials

Financial services

558

0.06

Jackson Financial

USA

Financials

Financial services

556

0.06

Worldline

France

Industrials

Support services

533

0.06

Carclo

UK

Basic Materials

Chemicals

531

0.06

AUTO1 Group

Germany

Other

Financial Technology

298

0.03

SIMEC Atlantis Energy

UK

Utilities

Electricity

289

0.03

Unlisted

UK

Financials

Financial services

213

0.02

Providence Resources

UK

Oil & Gas

Oil & gas producers

73

0.01

Better Cap

UK

Financials

Equity investment instruments

25

                            

Permanent TSB

Ireland

Financials

Banks

5