NAV and Portfolio Information
Net Asset Value
The Law Debenture Corporation p.l.c.
Net Asset Value as at 2 May 2024
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 2 May 2024 was 819.41 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 850.42 pence per share (cum income). The mid-market price at the close of business on 2 May 2024 was 861.00 pence per share.
|
Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
|
NAV with debt at par |
806.71 |
819.41 |
|
NAV with debt at fair value |
837.72 |
850.42 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV total return (with debt at par)2 |
7.3 |
10.0 |
19.5 |
47.1 |
112.0 |
|
NAV total return (with debt at fair value)2 |
7.8 |
10.3 |
29.5 |
58.9 |
124.7 |
|
FTSE Actuaries All-Share Index Total Return3 |
6.6 |
9.2 |
24.5 |
30.6 |
75.5 |
|
Share price total return3 |
8.7 |
9.9 |
29.3 |
73.3 |
139.7 |
|
Change in Retail Price Index4 |
1.1 |
2.7 |
27.2 |
32.9 |
49.8 |
1 The fair value of the IPS business has been calculated as at 31 December 2023.
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, March 2024.
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 April 2024 |
% of portfolio 31 December 2023 |
% of portfolio 31 December 2022 |
|
UK |
89.0 |
0 |
83.4 |
|
Europe |
6.2 |
0 |
10.4 |
|
North America |
3.3 |
0 |
5.1 |
|
Japan |
1.5 |
0 |
1.1 |
|
Other |
0 |
0 |
0 |
|
Other Pacific |
0 |
0 |
0 |
|
TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
Full Portfolio Listing
As at 30 April 2024 the full holdings of the portfolio comprised of the following:
|
Holding Name |
Location |
Sector |
Industry |
£000 |
% |
|
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
45,223 |
4.52 |
|
Shell |
UK |
Oil & Gas |
Oil & gas producers |
35,788 |
3.58 |
|
HSBC |
UK |
Financials |
Banks |
30,161 |
3.02 |
|
BP |
UK |
Oil & Gas |
Oil & gas producers |
29,663 |
2.97 |
|
GlaxoSmithKline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
27,429 |
2.75 |
|
Barclays |
UK |
Financials |
Banks |
24,932 |
2.50 |
|
Flutter Entertainment |
UK |
Consumer Services |
Travel & leisure |
23,134 |
2.32 |
|
Rio Tinto |
UK |
Basic Materials |
Mining |
20,513 |
2.05 |
|
Marks & Spencer |
UK |
Consumer Services |
General retailers |
20,464 |
2.05 |
|
NatWest |
UK |
Financials |
Banks |
19,728 |
1.98 |
|
Toyota Motor Corporation |
Japan |
Consumer Goods |
Automobiles & parts |
15,201 |
1.52 |
|
Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
14,961 |
1.50 |
|
Anglo American |
UK |
Basic Materials |
Mining |
14,487 |
1.45 |
|
Senior |
UK |
Industrials |
Aerospace & defence |
14,043 |
1.41 |
|
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
13,714 |
1.37 |
|
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
13,345 |
1.34 |
|
Standard Chartered |
UK |
Financials |
Banks |
13,004 |
1.30 |
|
BAE Systems |
UK |
Industrials |
Aerospace & defence |
12,664 |
1.27 |
|
Hill & Smith |
UK |
Industrials |
Industrial engineering |
12,580 |
1.26 |
|
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
12,570 |
1.26 |
|
Shaftesbury Capital PLC |
UK |
Financials |
Real estate investment trusts |
12,123 |
1.21 |
|
Boku |
UK |
Industrials |
Support services |
12,095 |
1.21 |
|
M & G |
UK |
Financials |
Financial services |
12,060 |
1.21 |
|
IMI |
UK |
Industrials |
Industrial engineering |
12,045 |
1.21 |
|
Aviva |
UK |
Financials |
Life insurance/assurance |
11,981 |
1.20 |
|
DS Smith |
UK |
Industrials |
General industrials |
11,794 |
1.18 |
|
Kier |
UK |
Industrials |
Construction & materials |
11,575 |
1.16 |
|
Land Securities |
UK |
Financials |
Real estate investment trusts |
11,537 |
1.16 |
|
Irish Continental Group |
Ireland |
Consumer Services |
Travel & leisure |
11,239 |
1.13 |
|
Hiscox |
UK |
Financials |
Nonlife insurance |
11,126 |
1.11 |
|
Cummins |
USA |
Industrials |
Industrial engineering |
10,629 |
1.06 |
|
Cranswick |
UK |
Consumer Goods |
Food producers |
10,299 |
1.03 |
|
Marshalls |
UK |
Industrials |
Construction & materials |
10,078 |
1.01 |
|
Balfour Beatty |
UK |
Industrials |
Construction & materials |
10,056 |
1.01 |
|
Kingfisher |
UK |
Consumer Goods |
Household goods & home construction |
10,047 |
1.01 |
|
Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
10,028 |
1.00 |
|
ITV |
UK |
Consumer Services |
Media |
10,018 |
1.00 |
|
Babcock |
UK |
Industrials |
Aerospace & defence |
9,779 |
0.98 |
|
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
9,498 |
0.95 |
|
International Distribution Services |
UK |
Industrials |
Industrial transportation |
9,336 |
0.93 |
|
Elementis |
UK |
Basic Materials |
Chemicals |
9,165 |
0.92 |
|
Johnson Service Group |
UK |
Industrials |
Support services |
8,539 |
0.86 |
|
Dunelm |
UK |
Consumer Services |
General retailers |
8,425 |
0.84 |
|
Scottish Oriental Small Co |
UK |
Financials |
Equity investment instruments |
8,342 |
0.84 |
|
Prudential Corp |
UK |
Financials |
Life insurance/assurance |
8,297 |
0.83 |
|
AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
8,107 |
0.81 |
|
Ibstock |
UK |
Industrials |
Construction & materials |
7,627 |
0.76 |
|
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
7,440 |
0.75 |
|
BT Group |
UK |
Telecommunications |
Fixed Line Telecommunications |
7,439 |
0.74 |
|
Hammerson |
UK |
Financials |
Real estate investment trusts |
7,324 |
0.73 |
|
J Sainsbury plc |
UK |
Consumer Services |
General retailers |
7,244 |
0.73 |
|
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
7,076 |
0.71 |
|
Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
6,857 |
0.69 |
|
Haleon |
UK |
Health Care |
Pharmaceuticals & biotechnology |
6,788 |
0.68 |
|
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
6,773 |
0.68 |
|
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
6,698 |
0.67 |
|
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
6,315 |
0.63 |
|
VH Global Sustainable Energy Opportunities |
UK |
Other |
Sustainable Energy |
6,300 |
0.63 |
|
Next Fifteen Communications Group |
UK |
Consumer Services |
Media |
6,279 |
0.63 |
|
Weir Group |
UK |
Industrials |
Industrial engineering |
6,138 |
0.61 |
|
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
6,114 |
0.61 |
|
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
6,104 |
0.61 |
|
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
6,019 |
0.60 |
|
Castings |
UK |
Industrials |
Construction & materials |
5,731 |
0.57 |
|
Beazley PLC (UK) |
UK |
Financials |
Nonlife insurance |
5,636 |
0.56 |
|
Accsys Technologies |
UK |
Industrials |
Construction & materials |
5,358 |
0.54 |
|
International Personal Finance |
UK |
Financials |
Financial services |
5,356 |
0.54 |
|
Dowlais Group plc |
UK |
Consumer Goods |
Automobiles & parts |
5,311 |
0.53 |
|
Chesnara |
UK |
Financials |
Life insurance/assurance |
5,249 |
0.53 |
|
Inchcape |
UK |
Industrials |
Support services |
5,197 |
0.52 |
|
Unilever |
UK |
Consumer Goods |
Personal goods |
5,173 |
0.52 |
|
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
5,067 |
0.51 |
|
SSE |
UK |
Utilities |
Electricity |
5,000 |
0.50 |
|
Workspace Group PLC |
UK |
Financials |
Real estate investment trusts |
4,975 |
0.50 |
|
Halfords |
UK |
Consumer Services |
General retailers |
4,910 |
0.49 |
|
Vertu Motors |
UK |
Consumer Services |
General retailers |
4,737 |
0.47 |
|
IP Group |
UK |
Financials |
Financial services |
4,728 |
0.47 |
|
Air Products and Chemicals |
Canada |
Oil & Gas |
Oil & gas producers |
4,726 |
0.47 |
|
Oxford Nanopore Technologies |
UK |
Technology |
Advanced Medical Equipment & Technology |
4,613 |
0.46 |
|
Redde Northgate |
UK |
Industrials |
Support services |
4,488 |
0.45 |
|
Epwin Group |
UK |
Consumer Goods |
Household goods & home construction |
4,469 |
0.45 |
|
Johnson Matthey |
UK |
Other |
Sustainable Energy |
4,390 |
0.44 |
|
Reach |
UK |
Consumer Services |
Media |
4,254 |
0.43 |
|
SigmaRoc |
UK |
Industrials |
Construction & materials |
4,158 |
0.42 |
|
Novo Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
4,023 |
0.40 |
|
Jubilee Metals Group |
UK |
Basic Materials |
Mining |
3,854 |
0.39 |
|
Bellway |
UK |
Consumer Goods |
Household goods & home construction |
3,795 |
0.38 |
|
Ricardo |
UK |
Industrials |
Support services |
3,787 |
0.38 |
|
i3 Energy |
UK |
Oil & Gas |
Oil & gas producers |
3,450 |
0.35 |
|
Serica Energy |
UK |
Oil & Gas |
Oil & gas producers |
3,255 |
0.33 |
|
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
3,167 |
0.32 |
|
Renold |
UK |
Industrials |
Industrial engineering |
3,023 |
0.30 |
|
SAP |
Germany |
Technology |
Software & computer services |
3,022 |
0.30 |
|
XP Power Ltd |
UK |
Technology |
Technology hardware & equipment |
2,996 |
0.30 |
|
ITM Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
2,978 |
0.30 |
|
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
2,941 |
0.29 |
|
Grit Real Estate Income Group |
Guernsey |
Financials |
Real estate investment trusts |
2,888 |
0.29 |
|
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
2,765 |
0.28 |
|
Airbus SE |
Netherlands |
Industrials |
Aerospace & defence |
2,513 |
0.25 |
|
Sanofi |
France |
Health Care |
Pharmaceuticals & biotechnology |
2,426 |
0.24 |
|
Safran SA |
France |
Industrials |
Aerospace & defence |
2,385 |
0.24 |
|
UniCredit |
Italy |
Financials |
Banks |
2,381 |
0.24 |
|
Munchener Rueckver |
Germany |
Financials |
Nonlife insurance |
2,356 |
0.24 |
|
Vanquis Banking Group |
UK |
Financials |
Financial services |
2,279 |
0.23 |
|
Siemens AG |
Germany |
Technology |
Software & computer services |
2,004 |
0.20 |
|
LVMH |
France |
Consumer Goods |
Leisure Goods |
1,869 |
0.19 |
|
Amundi |
France |
Financials |
Financial services |
1,829 |
0.18 |
|
Deutsche Boerse |
Germany |
Financials |
Financial services |
1,807 |
0.18 |
|
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
1,805 |
0.18 |
|
SGS SA |
Switzerland |
Industrials |
Support services |
1,640 |
0.16 |
|
DSM-Firmenich AG |
Netherlands |
Basic Materials |
Chemicals |
1,634 |
0.16 |
|
Nestle |
Switzerland |
Consumer Goods |
Food producers |
1,580 |
0.16 |
|
Gelion |
UK |
Other |
Sustainable Energy |
1,467 |
0.15 |
|
Heineken NV |
Netherlands |
Consumer Goods |
Beverages |
1,307 |
0.13 |
|
Infineon Technologies AG |
Germany |
Industrials |
Electronic & electrical equipment |
1,265 |
0.13 |
|
Danone SA |
France |
Consumer Goods |
Food producers |
1,236 |
0.12 |
|
Arbuthnot Banking Group |
UK |
Financials |
Financial services |
1,226 |
0.12 |
|
Plant Health Care |
USA |
Basic Materials |
Chemicals |
1,200 |
0.12 |
|
ASM International NV |
Netherlands |
Industrials |
Electronic & electrical equipment |
1,136 |
0.11 |
|
Arkema SA |
France |
Basic Materials |
Chemicals |
1,031 |
0.10 |
|
Marstons |
UK |
Consumer Services |
Travel & leisure |
1,025 |
0.10 |
|
Moncler |
Italy |
Consumer Goods |
Personal goods |
971 |
0.10 |
|
Invinity Energy Systems |
UK |
Oil & Gas |
Alternative Energy |
963 |
0.10 |
|
Logistics Development Group |
UK |
Industrials |
Industrial transportation |
880 |
0.09 |
|
Bawag |
Austria |
Financials |
Banks |
851 |
0.09 |
|
Kistos |
UK |
Oil & Gas |
Oil & gas producers |
801 |
0.08 |
|
Allfunds Group |
UK |
Other |
Other |
777 |
0.08 |
|
Syensqo SA |
Belgium |
Basic Materials |
Chemicals |
770 |
0.08 |
|
Universal Music Group |
Netherlands |
Consumer Services |
Media |
762 |
0.08 |
|
Ondine Biomedical Inc. |
Canada |
Health Care |
Pharmaceuticals & biotechnology |
744 |
0.07 |
|
Ilika |
UK |
Oil & Gas |
Alternative Energy |
735 |
0.07 |
|
First Tin |
UK |
Basic Materials |
Mining |
732 |
0.07 |
|
Kone Oyj |
Finland |
Industrials |
Electronic & electrical equipment |
708 |
0.07 |
|
Aena SME |
Spain |
Consumer Services |
Travel & leisure |
646 |
0.06 |
|
Galderma Group AG |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
580 |
0.06 |
|
Surface Transforms |
UK |
Consumer Goods |
Automobiles & parts |
554 |
0.06 |
|
Longboat Energy |
UK |
Oil & Gas |
Oil & gas producers |
525 |
0.05 |
|
Deltic Energy |
UK |
Oil & Gas |
Oil & gas producers |
317 |
0.03 |
|
Libertine Holdings |
UK |
Other |
Sustainable Energy |
315 |
0.03 |
|
Brockhaus Capital Management |
Germany |
Financials |
Financial services |
255 |
0.03 |
|
Carclo |
UK |
Basic Materials |
Chemicals |
157 |
0.02 |
|
SIMEC Atlantis Energy |
UK |
Utilities |
Electricity |
136 |
0.01 |
|
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
132 |
0.01 |
|
LDIC Investments |
UK |
Financials |
Financial services |
100 |
0.01 |
|
Saietta Group |
UK |
Consumer Goods |
Automobiles & parts |
44 |
|
|
Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
|
|
Puig Brands |
Spain |
Consumer Goods |
Personal goods |
|
|
|
Windar Photonics Plc |
UK |
Industrials |
Waste & Environ Svcs & Equip |
|
|
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