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 8 April 2021 was 763.79 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 729.65 pence per share (cum income). The mid-market price at the close of business on 8 April 2021 was 753.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

760.25

763.79

NAV with debt at fair value

726.10

729.65

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

10.8

50.2

30.1

71.1

164.0

NAV total return (with debt at fair value)2

13.1

52.8

29.3

69.4

154.8

FTSE Actuaries All-Share Index Total Return3

8.9

30.1

13.7

40.4

81.0

Share price total return3

10.4

48.6

51.6

94.4

201.0

Change in Retail Price Index4

0.2

1.4

6.4

13.8

28.0

1 The fair value of the IPS business has been calculated as at 31 December 2020 and was published as part of the year end results announcement on 26 February 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: Bloomberg, subject to latest published RPI; February 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.

 

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 2021

% of portfolio

31 December 2020

% of portfolio

31 December 2019

UK

81.7

82.0

80.7

Europe

9.5

10.6

7.8

North America

7.0

5.4

8.3

Japan

1.1

1.1

1.1

Other Pacific

0.7

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 31 March 2021 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

Glaxosmithkline

UK

Health Care

Pharmaceuticals & biotechnology

21,571

2.45

Rio Tinto

UK

Basic Materials

Mining

20,813

2.36

Barclays PLC

UK

Financials

Banks

20,079

2.28

HSBC

UK

Financials

Banks

18,350

2.08

BP

UK

Oil & Gas

Oil & gas producers

16,795

1.91

Royal Dutch Shell

UK

Oil & Gas

Oil & gas producers

16,688

1.89

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

16,490

1.87

Royal Mail

UK

Industrials

Industrial transportation

15,636

1.77

Prudential Corp

UK

Financials

Life insurance/assurance

14,388

1.62

Aviva

UK

Financials

Life insurance/assurance

13,818

1.56

Accsys Technologies

UK

Industrials

Construction & materials

13,046

1.47

Anglo American

UK

Basic Materials

Mining

12,791

1.44

Lloyds Banking Group

UK

Financials

Banks

12,761

1.44

Herald Investment Trust

UK

Financials

Equity investment instruments

12,360

1.40

National Grid

UK

Utilities

Gas, water & multiutilities

12,175

1.37

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

11,993

1.35

Vodafone

UK

Telecommunications

Mobile telecommunications

11,540

1.30

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,530

1.30

BHP

UK

Basic Materials

Mining

11,517

1.30

Smith (DS)

UK

Industrials

General industrials

11,478

1.30

General Motors

USA

Consumer Goods

Automobiles & parts

11,467

1.29

IP Group plc

UK

Financials

Financial services

11,019

1.24

Relx

UK

Consumer Services

Media

10,914

1.23

NatWest

UK

Financials

Banks

10,794

1.22

Dunelm

UK

Consumer Services

General retailers

10,773

1.22

Land Securities

UK

Financials

Real estate investment trusts

10,515

1.19

M & G

UK

Financials

Financial services

10,370

1.17

Direct Line Insurance

UK

Financials

Nonlife insurance

10,182

1.15

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

10,157

1.15

Linde

Germany

Basic Materials

Chemicals

10,149

1.15

Caterpillar

USA

Industrials

Industrial engineering

10,106

1.14

Applied Materials

USA

Technology

Technology hardware & equipment

9,693

1.09

BT Group PLC

UK

Telecommunications

Fixed Line Telecommunications

9,675

1.09

Senior

UK

Industrials

Aerospace & defence

9,445

1.07

ITM Power plc

UK

Oil & Gas

Oil equipment services & distribution

9,440

1.07

Standard Chartered

UK

Financials

Banks

9,419

1.06

AFC Energy

UK

Oil & Gas

Alternative Energy

9,324

1.05

Toyota Motor

Japan

Consumer Goods

Automobiles & parts

9,317

1.05

BAE Systems

UK

Industrials

Aerospace & defence

9,086

1.03

Urban Logistics REIT

UK

Financials

Real estate investment trusts

9,038

1.02

Rolls Royce

UK

Industrials

Aerospace & defence

8,898

1.00

Cummins

USA

Industrials

Industrial engineering

8,836

1.00

Mondi

UK

Basic Materials

Forestry & paper

8,785

0.99

Standard Life Aberdeen

UK

Financials

Financial services

8,712

0.98

Hill & Smith

UK

Industrials

Industrial engineering

8,314

0.94

Johnson Service

UK

Industrials

Support services

8,249

0.93

Balfour Beatty

UK

Industrials

Construction & materials

8,160

0.92

Watkin Jones

UK

Consumer Goods

Household goods & home construction

7,844

0.89

Hiscox

UK

Financials

Nonlife insurance

7,783

0.88

Schlumberger

USA

Oil & Gas

Oil equipment services & distribution

7,714

0.87

Marks and Spencer

UK

Consumer Services

General retailers

7,691

0.87

St Modwen Properties

UK

Financials

Real estate investments & services

7,493

0.85

Elementis

UK

Basic Materials

Chemicals

7,348

0.83

Hammerson

UK

Financials

Real estate investment trusts

7,323

0.83

Croda

UK

Basic Materials

Chemicals

7,297

0.82

Spectris

UK

Industrials

Electronic & electrical equipment

7,070

0.80

Halfords

UK

Consumer Services

General retailers

6,840

0.77

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

6,817

0.77

Irish Continental

Ireland

Consumer Services

Travel & leisure

6,629

0.75

Smith & Nephew

UK

Health Care

Health care equipment & services

6,477

0.73

Scottish Oriental Small Co

Pacific

Financials

Equity investment instruments

6,358

0.72

Marshalls

UK

Industrials

Construction & materials

6,161

0.70

TT Electronics

UK

Industrials

Electronic & electrical equipment

6,139

0.69

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

5,998

0.68

Chesnara

UK

Financials

Life insurance/assurance

5,937

0.67

IMI

UK

Industrials

Industrial engineering

5,832

0.66

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,726

0.65

SigmaRoc

UK

Industrials

Construction & materials

5,721

0.65

Ibstock

UK

Industrials

Construction & materials

5,277

0.60

Euromoney

UK

Consumer Services

Media

5,272

0.60

International Personal Finance

UK

Financials

Financial services

4,873

0.55

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,800

0.54

Provident Financial

UK

Financials

Financial services

4,792

0.54

Meggitt

UK

Industrials

Aerospace & defence

4,774

0.54

Tesco

UK

Consumer Goods

Food & Drug Retailers

4,697

0.53

SSE

UK

Utilities

Electricity

4,365

0.49

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

4,177

0.47

Unilever

UK

Consumer Goods

Personal goods

4,056

0.46

Muenchener Rueckver

Germany

Financials

Nonlife insurance

3,997

0.45

Studio Retail Group plc

UK

Consumer Services

General retailers

3,979

0.45

Telecom Italia RSP

Italy

Telecommunications

Mobile telecommunications

3,914

0.44

Indus Gas

UK

Oil & Gas

Oil & gas producers

3,878

0.44

Boku

UK

Industrials

Support services

3,862

0.44

Bawag

Austria

Financials

Banks

3,795

0.43

Grit Real Estate Income

Guernsey

Financials

Real estate investment trusts

3,700

0.42

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

3,670

0.41

Marstons

UK

Consumer Services

Travel & leisure

3,602

0.41

Redde Northgate

UK

Industrials

Support services

3,595

0.41

Prosus

Netherlands

Technology

Software & computer services

3,580

0.40

Carnival

UK

Consumer Services

Travel & leisure

3,567

0.40

Weir Group

UK

Industrials

Industrial engineering

3,553

0.40

Foresight Solar

UK

Financials

Equity investment instruments

3,553

0.40

SANOFI SA

France

Health Care

Pharmaceuticals & biotechnology

3,549

0.40

UniCredit

Italy

Financials

Banks

3,514

0.40

Nestle

Switzerland

Consumer Goods

Food producers

3,298

0.37

Convatec Group

UK

Health Care

Health care equipment & services

3,138

0.35

iEnergizer Ltd

Guernsey

Industrials

Support services

3,060

0.35

Cellnex Telecom Sau

Spain

Telecommunications

Mobile telecommunications

2,946

0.33

VH Global Sustainable Energy Opportunities plc

UK

Other

Sustainable Energy

2,946

0.33

Mirriad Advertising

UK

Consumer Services

Media

2,945

0.33

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

2,853

0.32

Babcock

UK

Industrials

Aerospace & defence

2,849

0.32

Plant Health Care PLC

USA

Basic Materials

Chemicals

2,769

0.31

Morses Club

UK

Financials

Financial services

2,666

0.30

Ricardo

UK

Industrials

Support services

2,513

0.28

Amundi

France

Financials

Financial services

2,509

0.28

Sig Combibloc

Switzerland

Industrials

General industrials

2,445

0.28

Worldline

France

Industrials

Support services

2,427

0.27

ASML

Netherlands

Technology

Technology hardware & equipment

2,392

0.27

Novo-Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,316

0.26

Ilika

UK

Oil & Gas

Alternative Energy

2,312

0.26

Stellantis N.V.

Netherlands

Consumer Goods

Automobiles & parts

2,144

0.24

Augean

UK

Industrials

Support services

2,137

0.24

Allied Minds

UK

Financials

Financial services

2,044

0.23

Faurecia

France

Consumer Goods

Automobiles & parts

1,953

0.22

Bacanora Lithium PLC

UK

Basic Materials

Mining

1,844

0.21

Kier

UK

Industrials

Construction & materials

1,803

0.20

CNH Industrial

UK

Industrials

Industrial engineering

1,726

0.19

Moncler

Italy

Consumer Goods

Personal goods

1,625

0.18

Centrica

UK

Utilities

Gas, water & multiutilities

1,624

0.18

Nexi

Italy

Industrials

Support services

1,581

0.18

Vertu Motors PLC

UK

Consumer Services

General retailers

1,510

0.17

Surface Transforms plc

UK

Consumer Goods

Automobiles & parts

1,440

0.16

Simec Atlantis Energy

UK

Utilities

Electricity

1,355

0.15

Grifols, S.A.

Spain

Health Care

Pharmaceuticals & biotechnology

1,348

0.15

Renold

UK

Industrials

Industrial engineering

1,298

0.15

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

1,162

0.13

Velocys

UK

Oil & Gas

Oil equipment services & distribution

991

0.11

Logistics Development Group Plc

UK

Industrials

Industrial transportation

984

0.11

EQTEC

Ireland

Utilities

Electricity

959

0.11

Tullow Oil

UK

Oil & Gas

Oil & gas producers

944

0.11

Premier Oil

UK

Oil & Gas

Oil & gas producers

892

0.10

Embracer Group

Sweden

Consumer Goods

Leisure Goods

618

0.07

Brockhaus Capital Management

Germany

Financials

Financial services

566

0.06

AUTO1 Group SE

Germany

Other

Financial Technology

566

0.06

Carclo

UK

Basic Materials

Chemicals

388

0.04

Unlisted

UK

Other

Other

213

0.02

Providence Resources

UK

Oil & Gas

Oil & gas producers

110

0.01

Now Inc

USA

Oil & Gas

Oil equipment services & distribution

92

0.01

Better Cap

UK

Financials

Equity investment instruments

25

0.00

Permanent TSB

Ireland

Financials

Banks

4

0.00

Fastjet (delisted)

UK

Consumer Services

Travel & leisure

                            

0.00

Interserve (delisted)

UK

Industrials

Support services

                            

0.00