Net Asset Value and Portfolio Update | RNS | Ticker

Net Asset Value and Portfolio Update

RNS Announcement

RNS Number : 7689E

Law Debenture Corp PLC

03 March 2020

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 February 2020

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 28 February 2020 was 660.38 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 624.69 pence per share (cum income). The mid-market price at the close of business on 28 February 2020 was 566.00 pence per share.

Net Asset Value	Excluding Income	Including Income
NAV with debt at par	637.97	660.38
NAV with debt at fair value	602.28	624.69

Performance

	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)²	1.4	11.3	29.7	159.2
NAV total return (with debt at fair value)²	-1.0	10.0	25.8	146.5
FTSE Actuaries All-Share Index Total Return³	-1.4	4.7	19.1	93.0
Share price total return³	0.3	11.7	22.8	175.7
Change in Retail Price Index³	2.7	9.5	13.8	33.8

¹ The fair value of the IPS business has been calculated as at 28 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: Bloomberg.

⁴ Source: Bloomberg, subject to one month lag based on timing of release of February 2020 RPI data.

Geographical Split of investment portfolio

Region	% of portfolio 28 February 2020	% of portfolio 31 December 2019	% of portfolio 31 December 2018
UK	79.8	80.7	74.5
Europe	9.2	7.8	8.6
North America	7.9	8.3	9.9
Japan	1.1	1.1	1.1
Other Pacific	0.8	0.9	4.5
Other	1.2	1.2	1.4
TOTAL	100	100	100

Full Portfolio Listing

Law Debenture will now be publishing details of its full investment portfolio monthly. As at 28 February 2020 the portfolio comprised as follows:

Holding Name	Location	Sector	Industry	£000	%
Glaxosmithkline	UK	Health Care	Pharmaceuticals & biotechnology	26,167	3.47
Royal Dutch Shell	UK	Oil & Gas	Oil & gas producers	20,795	2.76
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	17,939	2.38
Relx	UK	Consumer Services	Media	14,003	1.86
National Grid	UK	Utilities	Gas, water & multiutilities	13,845	1.84
HSBC	UK	Financials	Banks	13,811	1.83
Rio Tinto	UK	Basic Materials	Mining	13,524	1.79
Johnson Service	UK	Industrials	Support services	12,776	1.69
BP	UK	Oil & Gas	Oil & gas producers	12,672	1.68
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,320	1.63
Astrazeneca	UK	Health Care	Pharmaceuticals & biotechnology	12,155	1.61
Prudential Corp	UK	Financials	Life insurance/ assurance	11,829	1.57
Herald Investment Trust	UK	Financials	Equity investment instruments	11,492	1.52
Dunelm	UK	Consumer Services	General retailers	11,206	1.49
BAE Systems	UK	Industrials	Aerospace & defence	10,951	1.45
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,425	1.38
Land Securities	UK	Financials	Real estate investment trusts	10,421	1.38
Rolls Royce	UK	Industrials	Aerospace & defence	10,227	1.36
Standard Chartered	UK	Financials	Banks	10,046	1.33
Direct Line Insurance	UK	Financials	Nonlife insurance	9,974	1.32
Urban Logistics REIT	UK	Financials	Real estate investment trusts	9,520	1.26
Senior	UK	Industrials	Aerospace & defence	9,216	1.22
Watkin Jones	UK	Consumer Goods	Household goods & home construction	9,144	1.21
Hiscox	UK	Financials	Nonlife insurance	9,077	1.20
Lloyds Banking	UK	Financials	Banks	9,036	1.20
St Modwen Properties	UK	Financials	Real estate investments & services	8,871	1.18
Smith (DS)	UK	Industrials	General industrials	8,848	1.17
Royal Bank Of Scotland	UK	Financials	Banks	8,486	1.13
Toyota Motor	Japan	Consumer Goods	Automobiles & parts	8,452	1.12
Flutter Entertainment PLC	UK	Consumer Services	Travel & leisure	8,262	1.10
Hill & Smith	UK	Industrials	Industrial engineering	8,231	1.09
Smith & Nephew	UK	Health Care	Health care equipment & services	8,173	1.08
BHP	UK	Basic Materials	Mining	7,801	1.03
British American Tobacco	UK	Consumer Goods	Tobacco	7,656	1.02
Hipgnosis Songs Fund	UK	Financials	Equity investment instruments	7,508	1.00
Croda	UK	Basic Materials	Chemicals	7,508	1.00
M & G	UK	Financials	Financial services	7,451	0.99
Mondi	UK	Basic Materials	Forestry & paper	7,415	0.98
RSA Insurance	UK	Financials	Nonlife insurance	7,263	0.96
Accsys Technologies	UK	Industrials	Construction & materials	7,261	0.96
Cummins	USA	Industrials	Industrial engineering	7,080	0.94
Hammerson	UK	Financials	Real estate investment trusts	6,988	0.93
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,873	0.91
Caterpillar	USA	Industrials	Industrial engineering	6,783	0.90
Provident Financial	UK	Financials	Financial services	6,561	0.87
Marshalls	UK	Industrials	Construction & materials	6,543	0.87
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	6,489	0.86
Applied Materials	USA	Technology	Technology hardware & equipment	6,352	0.84
Scottish Oriental Small Co	Pacific	Financials	Equity investment instruments	6,332	0.84
Microsoft	USA	Technology	Software & computer services	6,322	0.84
Ibstock	UK	Industrials	Construction & materials	6,014	0.80
IP Group plc	UK	Financials	Financial services	5,908	0.78
Spectris	UK	Industrials	Electronic & electrical equipment	5,772	0.77
Babcock	UK	Industrials	Aerospace & defence	5,527	0.73
Carnival	UK	Consumer Services	Travel & leisure	5,477	0.73
Taylor Wimpey	UK	Consumer Goods	Household goods & home construction	5,459	0.72
Euromoney	UK	Consumer Services	Media	5,419	0.72
Meggitt	UK	Industrials	Aerospace & defence	5,410	0.72
Aviva	UK	Financials	Life insurance/assurance	5,383	0.71
General Motors	USA	Consumer Goods	Automobiles & parts	5,351	0.71
International Personal Finance	UK	Financials	Financial services	5,300	0.70
Irish Continental	Ireland	Consumer Services	Travel & leisure	5,280	0.70
Johnson & Johnson	USA	Health Care	Pharmaceuticals & biotechnology	5,245	0.70
Balfour Beatty	UK	Industrials	Construction & materials	4,959	0.66
Royal Mail	UK	Industrials	Industrial transportation	4,874	0.65
Grit Real Estate Income	Other	Financials	Real estate investments & services	4,795	0.64
Deere	USA	Industrials	Industrial engineering	4,766	0.63
Chesnara	UK	Financials	Life insurance/ assurance	4,759	0.63
Vodafone	UK	Telecommunications	Mobile telecommunications	4,702	0.62
SSE	UK	Utilities	Electricity	4,587	0.61
Standard Life Aberdeen	UK	Financials	Financial services	4,575	0.61
IMI	UK	Industrials	Industrial engineering	4,401	0.58
Indus Gas	UK	Oil & Gas	Oil & gas producers	4,393	0.58
Ryanair	Ireland	Consumer Services	Travel & leisure	4,216	0.56
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	4,149	0.55
Embraer	Other	Industrials	Aerospace & defence	4,082	0.54
Foresight Solar	UK	Financials	Equity investment instruments	3,973	0.53
Pfizer	USA	Health Care	Pharmaceuticals & biotechnology	3,912	0.52
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,881	0.51
Oxford Sciences Innovation	UKULM	Financials	Financial services	3,855	0.51
Koninklijke DSM	Netherlands	Basic Materials	Chemicals	3,844	0.51
Linde	Germany	Basic Materials	Chemicals	3,692	0.49
Phoenix Group Holdings	UK	Financials	Life insurance/ assurance	3,456	0.46
Muenchener Rueckver	Germany	Financials	Nonlife insurance	3,450	0.46
Nestle	Switzerland	Consumer Goods	Food producers	3,421	0.45
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	3,331	0.44
ITM Power plc	UK	Oil & Gas	Oil equipment services & distribution	3,237	0.43
Studio Retail Group plc	UK	Consumer Services	General retailers	3,116	0.41
Bawag	Austria	Financials	Banks	3,066	0.41
Novo-Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,050	0.40
Total (Fra)	France	Oil & Gas	Oil & gas producers	3,012	0.40
Elementis	UK	Basic Materials	Chemicals	2,998	0.40
Allied Minds	UK	Financials	Financial services	2,965	0.39
Telecom Italia RSP	Italy	Telecommunications	Mobile telecommunications	2,951	0.39
Premier Oil	UK	Oil & Gas	Oil & gas producers	2,910	0.39
Pernod-Ricard	France	Consumer Goods	Beverages	2,835	0.38
SigmaRoc	UK	Industrials	Construction & materials	2,615	0.35
Weir Group	UK	Industrials	Industrial engineering	2,611	0.35
St. James's Place	UK	Financials	Life insurance/ assurance	2,539	0.34
Deutsche Boerse	Germany	Financials	Financial services	2,473	0.33
Marstons	UK	Consumer Services	Travel & leisure	2,411	0.32
Morses Club	UK	Financials	Financial services	2,365	0.31
Vivendi	France	Consumer Services	Media	2,301	0.31
Deutsche Telekom	Germany	Telecommunications	Mobile telecommunications	2,298	0.30
Cellnex Telecom Sau	Spain	Telecommunications	Mobile telecommunications	2,287	0.30
Redde Northgate	UK	Industrials	Support services	2,266	0.30
SAP	Germany	Technology	Software & computer services	2,239	0.30
SGS	Switzerland	Industrials	Support services	2,150	0.29
Legrand	France	Industrials	Electronic & electrical equipment	2,130	0.28
Kier	UK	Industrials	Construction & materials	2,070	0.27
Prosus	Netherlands	Technology	Software & computer services	2,056	0.27
Daily Mail & General Trust 'A'	UK	Consumer Services	Media	2,043	0.27
Augean	UK	Industrials	Support services	1,913	0.25
Worldline	France	Industrials	Support services	1,787	0.24
Schlumberger	USA	Oil & Gas	Oil equipment services & distribution	1,691	0.22
Amundi	France	Financials	Financial services	1,672	0.22
Sig Combibloc	Switzerland	Industrials	General industrials	1,635	0.22
UniCredit	Italy	Financials	Banks	1,619	0.21
Simec Atlantis Energy	UK	Utilities	Electricity	1,509	0.20
Wincanton	UK	Industrials	Industrial transportation	1,249	0.17
Moncler	Italy	Consumer Goods	Personal goods	1,174	0.16
ASML	Netherlands	Technology	Technology hardware & equipment	1,127	0.15
Eddie Stobart Logistics	UK	Industrials	Industrial transportation	897	0.12
National Oilwell Vaeco	USA	Oil & Gas	Oil equipment services & distribution	729	0.10
Centrica	UK	Utilities	Gas, water & multiutilities	721	0.10
Severfield	UK	Industrials	Industrial engineering	692	0.09
Renold	UK	Industrials	Industrial engineering	689	0.09
Tullow Oil	UK	Oil & Gas	Oil & gas producers	671	0.09
Velocys	UK	Oil & Gas	Oil equipment services & distribution	640	0.08
Better Cap	UK	Financials	Equity investment instruments	300	0.04
Unlisted	UK	Other	Other	213	0.03
Mirriad Advertising	UK	Consumer Services	Media	194	0.03
Carclo	UK	Basic Materials	Chemicals	109	0.01
Now Inc	USA	Oil & Gas	Oil equipment services & distribution	86	0.01
Fastjet	UK	Consumer Services	Travel & leisure	77	0.01
Providence Resources	UK	Oil & Gas	Oil & gas producers	76	0.01
Permanent TSB	Ireland	Financials	Banks	3	0.00

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., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Debbie Fish, Company Secretariat, 020 7696 5940).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

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END

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RNS metadata

Title: Net Asset Value and Portfolio Update
Time: 07:00:10
Date: 3 Mar 2020
Category: Corporate updates
ID: 7689E