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 16 May 2022 was 789.77 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 772.15 pence per share (cum income). The mid-market price at the close of business on 16 May 2022 was 786.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

775.48

789.77

NAV with debt at fair value

757.87

772.15

                

Performance

 

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

-3.7

3.9

34.6

41.1

179.1

NAV total return (with debt at fair value)2

-0.9

6.2

38.0

45.2

176.1

FTSE Actuaries All-Share Index Total Return3

-0.7

5.9

15.9

19.5

112.3

Share price total return3

-0.5

5.6

48.7

61.1

202.4

Change in Retail Price Index4

1.8

9.0

13.5

20.1

34.3

                

1 The fair value of the IPS business has been calculated as at 31 December 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, March 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

29 April 2022

% of portfolio

31 December 2021

% of portfolio

31 December 2020

UK

83.6

82.6

82.1

Europe

9.1

5.4

10.1

North America

5.1

10.0

5.4

Japan

1.2

1.1

1.1

Other

0.2

0.7

0.4

Other Pacific

0.8

0.2

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 29 April 2022 the portfolio comprised as follows:

Holding Name

Location

Sector

Industry

£000

%

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

30,096

3.21

Shell plc

UK

Oil & Gas

Oil & gas producers

27,163

2.91

BP

UK

Oil & Gas

Oil & gas producers

22,318

2.39

HSBC

UK

Financials

Banks

21,735

2.33

Rio Tinto

UK

Basic Materials

Mining

21,398

2.29

National Grid

UK

Utilities

Gas, water & multiutilities

16,825

1.80

Barclays

UK

Financials

Banks

16,744

1.79

Anglo American

UK

Basic Materials

Mining

16,137

1.73

Severn Trent

UK

Utilities

Gas, water & multiutilities

15,730

1.68

Aviva

UK

Financials

Life insurance/assurance

14,667

1.57

Tesco

UK

Consumer Goods

Food & Drug Retailers

14,418

1.54

Lloyds Banking Group

UK

Financials

Banks

13,764

1.47

Direct Line Insurance

UK

Financials

Nonlife insurance

13,700

1.47

NatWest

UK

Financials

Banks

13,625

1.46

BAE Systems

UK

Industrials

Aerospace & defence

13,320

1.43

Accsys Technologies

UK

Industrials

Construction & materials

12,946

1.39

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

11,876

1.27

M & G

UK

Financials

Financial services

11,776

1.26

Vodafone

UK

Telecommunications

Mobile telecommunications

11,546

1.24

Land Securities

UK

Financials

Real estate investment trusts

11,467

1.23

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

11,294

1.21

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

11,287

1.21

BT Group

UK

Telecommunications

Fixed Line Telecommunications

11,081

1.19

Senior

UK

Industrials

Aerospace & defence

10,921

1.17

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

10,857

1.16

Herald Investment Trust

UK

Financials

Equity investment instruments

10,752

1.15

Standard Chartered

UK

Financials

Banks

10,402

1.11

Relx

UK

Consumer Services

Media

9,568

1.02

Hipgnosis Songs Fund

UK

Financials

Equity investment instruments

9,491

1.02

Prudential Corp

UK

Financials

Life insurance/assurance

9,433

1.01

Kingfisher plc

UK

Consumer Goods

Household goods & home construction

9,371

1.00

Smith (DS)

UK

Industrials

General industrials

9,318

1.00

Watkin Jones

UK

Consumer Goods

Household goods & home construction

9,158

0.98

Centrica

UK

Utilities

Gas, water & multiutilities

8,939

0.96

Linde

Germany

Basic Materials

Chemicals

8,827

0.94

Hiscox

UK

Financials

Nonlife insurance

8,562

0.92

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

8,465

0.91

Marks & Spencer

UK

Consumer Services

General retailers

8,400

0.90

i3 Energy

UK

Oil & Gas

Oil & gas producers

8,393

0.90

Caterpillar

USA

Industrials

Industrial engineering

8,372

0.90

IMI

UK

Industrials

Industrial engineering

8,275

0.89

Dunelm

UK

Consumer Services

General retailers

8,142

0.87

Flutter Entertainment

UK

Consumer Services

Travel & leisure

8,128

0.87

Rolls Royce

UK

Industrials

Aerospace & defence

7,870

0.84

Marshalls

UK

Industrials

Construction & materials

7,829

0.84

Hill & Smith

UK

Industrials

Industrial engineering

7,828

0.84

Convatec Group

UK

Health Care

Health care equipment & services

7,795

0.83

Jubilee Metals Group

UK

Basic Materials

Mining

7,707

0.82

IP Group

UK

Financials

Financial services

7,607

0.81

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

7,483

0.80

Ibstock

UK

Industrials

Construction & materials

7,380

0.79

Scottish Oriental Small Co

Other Asia

Financials

Equity investment instruments

7,208

0.77

Mondi

UK

Basic Materials

Forestry & paper

7,173

0.77

Elementis

UK

Basic Materials

Chemicals

7,143

0.76

Cummins

USA

Industrials

Industrial engineering

7,068

0.76

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

7,049

0.75

Reckitt Benckiser Group Plc

UK

Health Care

Health care equipment & services

6,862

0.73

Hammerson

UK

Financials

Real estate investment trusts

6,757

0.72

Balfour Beatty

UK

Industrials

Construction & materials

6,712

0.72

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

6,709

0.72

Kier

UK

Industrials

Construction & materials

6,443

0.69

Euromoney

UK

Consumer Services

Media

6,403

0.69

Royal Mail

UK

Industrials

Industrial transportation

6,373

0.68

Spectris

UK

Industrials

Electronic & electrical equipment

6,267

0.67

Johnson Service Group

UK

Industrials

Support services

6,247

0.67

Smith & Nephew

UK

Health Care

Health care equipment & services

6,122

0.66

Merck & Co

USA

Health Care

Pharmaceuticals & biotechnology

5,997

0.64

Chesnara

UK

Financials

Life insurance/assurance

5,979

0.64

AFC Energy

UK

Oil & Gas

Alternative Energy

5,946

0.64

Urban Logistics REIT

UK

Financials

Real estate investment trusts

5,871

0.63

VH Global Sustainable Energy Opportunities

UK

Other

Sustainable Energy

5,750

0.62

General Motors

USA

Consumer Goods

Automobiles & parts

5,729

0.61

Standard Life Aberdeen

UK

Financials

Financial services

5,688

0.61

Provident Financial

UK

Financials

Financial services

5,671

0.61

SSE

UK

Utilities

Electricity

5,604

0.60

Unilever

UK

Consumer Goods

Personal goods

5,578

0.60

Halfords

UK

Consumer Services

General retailers

5,442

0.58

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

5,175

0.55

iEnergizer

Guernsey

Industrials

Support services

5,152

0.55

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

4,947

0.53

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,933

0.53

TT Electronics

UK

Industrials

Electronic & electrical equipment

4,848

0.52

Boku

UK

Industrials

Support services

4,699

0.50

Redde Northgate

UK

Industrials

Support services

4,628

0.50

Babcock

UK

Industrials

Aerospace & defence

4,584

0.49

Cranswick PLC

UK

Consumer Goods

Food producers

4,569

0.49

Bayer AG

Germany

Health Care

Pharmaceuticals & biotechnology

4,485

0.48

International Personal Finance

UK

Financials

Financial services

4,464

0.48

Kistos Plc

UK

Oil & Gas

Oil & gas producers

4,463

0.48

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

4,224

0.45

Nestle

Switzerland

Consumer Goods

Food producers

4,193

0.45

ITV PLC

UK

Consumer Services

Media

4,087

0.44

Indus Gas

UK

Oil & Gas

Oil & gas producers

4,050

0.43

SigmaRoc

UK

Industrials

Construction & materials

3,980

0.43

Plant Health Care

USA

Basic Materials

Chemicals

3,626

0.39

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

3,596

0.38

Weir Group

UK

Industrials

Industrial engineering

3,116

0.33

Ricardo

UK

Industrials

Support services

3,042

0.33

Vertu Motors

UK

Consumer Services

General retailers

2,967

0.32

Koninklijke DSM

Netherlands

Basic Materials

Chemicals

2,938

0.31

Marstons

UK

Consumer Services

Travel & leisure

2,761

0.30

Ilika

UK

Oil & Gas

Alternative Energy

2,662

0.28

Munchener Rueckver

Germany

Financials

Nonlife insurance

2,625

0.28

Novo Nordisk

Denmark

Health Care

Pharmaceuticals & biotechnology

2,548

0.27

Libertine Holdings

UK

Other

Sustainable Energy

2,540

0.27

ASML

Netherlands

Technology

Technology hardware & equipment

2,498

0.27

Koninklijke KPN

Netherlands

Telecommunications

Fixed Line Telecommunications

2,262

0.24

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

2,259

0.24

Amundi

France

Financials

Financial services

2,091

0.22

GELION PLC

Other

Other

Sustainable Energy

2,087

0.22

Surface Transforms

UK

Consumer Goods

Automobiles & parts

2,054

0.22

Longboat Energy

UK

Oil & Gas

Oil & gas producers

2,040

0.22

ONDINE BIOMEDICAL INC.

Canada

Health Care

Pharmaceuticals & biotechnology

1,833

0.20

Bawag

Austria

Financials

Banks

1,707

0.18

Moncler

Italy

Consumer Goods

Personal goods

1,638

0.18

Cellnex Telecom

Spain

Telecommunications

Mobile telecommunications

1,631

0.17

Renold

UK

Industrials

Industrial engineering

1,599

0.17

Allied Minds

UK

Financials

Financial services

1,573

0.17

Sig Combibloc

Switzerland

Industrials

General industrials

1,466

0.16

Danone SA

France

Consumer Goods

Food producers

1,380

0.15

Velocys

UK

Oil & Gas

Oil equipment services & distribution

1,380

0.15

Arkema SA

France

Basic Materials

Chemicals

1,365

0.15

SAP

Germany

Technology

Software & computer services

1,358

0.15

Mirriad Advertising

UK

Consumer Services

Media

1,319

0.14

UniCredit

Italy

Financials

Banks

1,302

0.14

CNH Industrial

UK

Industrials

Industrial engineering

1,166

0.12

EDP Renovaveis SA

Spain

Other

Sustainable Energy

1,140

0.12

Tullow Oil

UK

Oil & Gas

Oil & gas producers

1,126

0.12

Safran SA

France

Industrials

Aerospace & defence

1,074

0.11

Deutsche Boerse

Germany

Financials

Financial services

1,062

0.11

Logistics Development Group

UK

Industrials

Industrial transportation

1,056

0.11

First Tin

UK

Basic Materials

Mining

1,000

0.11

Harbour Energy

UK

Oil & Gas

Oil & gas producers

945

0.10

Kion Group AG

Germany

Industrials

Construction & materials

910

0.10

Universal Music Group

Netherlands

Consumer Services

Media

909

0.10

Stellantis

Netherlands

Consumer Goods

Automobiles & parts

837

0.09

Grifols

Spain

Health Care

Pharmaceuticals & biotechnology

789

0.08

Jackson Financial

USA

Financials

Financial services

786

0.08

Allfunds Group

UK

Other

Other

716

0.08

Morses Club

UK

Financials

Financial services

584

0.06

SIMEC Atlantis Energy

UK

Utilities

Electricity

434

0.05

Brockhaus Capital Management

Germany

Financials

Financial services

430

0.05

Carclo

UK

Basic Materials

Chemicals

302

0.03

Unlisted

UK

Financials

Financial services

100

0.01

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