- Title:
Net Asset Value and Portfolio information - Time:
07:00:06 - Date:
4 May 2020 - Category:
Corporate updates - ID:
7323L
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 April 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 30 April 2020 was 553.07 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 517.23 pence per share (cum income). The final dividend in respect of the year ended 31 December 2019 of 19.4 pence per share was paid on 16 April 2020. The mid-market price at the close of business on 30 April 2020 was 497.00 pence per share.
| Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
| NAV with debt at par |
545.95 |
553.07 |
| NAV with debt at fair value |
510.11 |
517.23 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
| NAV total return (with debt at par)2 |
-21.8 |
-15.5 |
-5.8 |
12.7 |
111.4 |
| NAV total return (with debt at fair value)2 |
-23.5 |
-17.9 |
-7.9 |
8.2 |
99.2 |
| FTSE Actuaries All-Share Index Total Return3 |
-21.4 |
-16.7 |
-7.5 |
4.8 |
63.4 |
| Share price total return3 |
-20.8 |
-15.1 |
-2.7 |
17.7 |
132.4 |
| Change in Retail Price Index4 |
0.2 |
2.6 |
8.7 |
13.8 |
32.6 |
1 The fair value of the IPS business has been calculated as at 31 December 2019 and was published as part of the year end results announcement on 27 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: Thomson Reuters.
4 Source: Bloomberg, subject to the latest published RPI data based on March 2020.
Geographical Split of investment portfolio
| Region |
% of portfolio 30 April 2020 |
% of portfolio 31 December 2019 |
% of portfolio 31 December 2018 |
| UK |
80.0 |
80.7 |
74.5 |
| Europe |
10.1 |
7.8 |
8.6 |
| North America |
7.2 |
8.3 |
9.9 |
| Japan |
1.2 |
1.1 |
1.1 |
| Other |
0.7 |
1.2 |
1.4 |
| Other Pacific |
0.8 |
0.9 |
4.5 |
| TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 30 April 2020 the portfolio comprised as follows:
| Holding Name |
Location |
Sector |
Industry |
£000 |
% |
| Glaxosmithkline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
27,822 |
4.20 |
| Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
19,584 |
2.95 |
| Royal Dutch Shell |
UK |
Oil & Gas |
Oil & gas producers |
16,080 |
2.43 |
| Rio Tinto |
UK |
Basic Materials |
Mining |
13,815 |
2.09 |
| Relx |
UK |
Consumer Services |
Media |
13,474 |
2.04 |
| National Grid |
UK |
Utilities |
Gas, water & multiutilities |
13,156 |
1.99 |
| Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
11,945 |
1.81 |
| Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
11,645 |
1.76 |
| Flutter Entertainment PLC |
UK |
Consumer Services |
Travel & leisure |
11,396 |
1.72 |
| Astrazeneca |
UK |
Health Care |
Pharmaceuticals & biotechnology |
11,145 |
1.69 |
| HSBC |
UK |
Financials |
Banks |
10,810 |
1.63 |
| Prudential Corp |
UK |
Financials |
Life insurance/assurance |
10,540 |
1.59 |
| BP |
UK |
Oil & Gas |
Oil & gas producers |
10,019 |
1.51 |
| Dunelm |
UK |
Consumer Services |
General retailers |
9,481 |
1.43 |
| Land Securities |
UK |
Financials |
Real estate investment trusts |
9,248 |
1.40 |
| BAE Systems |
UK |
Industrials |
Aerospace & defence |
9,151 |
1.38 |
| Urban Logistics REIT |
UK |
Financials |
Real estate investment trusts |
8,968 |
1.36 |
| Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
8,856 |
1.34 |
| Smith (DS) |
UK |
Industrials |
General industrials |
8,783 |
1.33 |
| Johnson Service |
UK |
Industrials |
Support services |
8,680 |
1.31 |
| Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
8,412 |
1.27 |
| Toyota Motor |
Japan |
Consumer Goods |
Automobiles & parts |
8,143 |
1.23 |
| Croda |
UK |
Basic Materials |
Chemicals |
8,049 |
1.22 |
| Cummins |
USA |
Industrials |
Industrial engineering |
7,798 |
1.18 |
| Hill & Smith |
UK |
Industrials |
Industrial engineering |
7,681 |
1.16 |
| Hipgnosis Songs Fund |
UK |
Financials |
Equity investment instruments |
7,436 |
1.12 |
| BHP |
UK |
Basic Materials |
Mining |
7,348 |
1.11 |
| Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
7,323 |
1.11 |
| Standard Chartered |
UK |
Financials |
Banks |
7,277 |
1.10 |
| Balfour Beatty |
UK |
Industrials |
Construction & materials |
7,171 |
1.08 |
| Chesnara |
UK |
Financials |
Life insurance/assurance |
6,929 |
1.05 |
| St Modwen Properties |
UK |
Financials |
Real estate investments & services |
6,799 |
1.03 |
| Mondi |
UK |
Basic Materials |
Forestry & paper |
6,698 |
1.01 |
| M & G |
UK |
Financials |
Financial services |
6,613 |
1.00 |
| Caterpillar |
USA |
Industrials |
Industrial engineering |
6,459 |
0.98 |
| Rolls Royce |
UK |
Industrials |
Aerospace & defence |
6,435 |
0.97 |
| Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
6,371 |
0.96 |
| Aviva |
UK |
Financials |
Life insurance/assurance |
6,369 |
0.96 |
| Hiscox |
UK |
Financials |
Nonlife insurance |
6,260 |
0.95 |
| Accsys Technologies |
UK |
Industrials |
Construction & materials |
6,144 |
0.93 |
| Lloyds Banking |
UK |
Financials |
Banks |
5,803 |
0.88 |
| Marshalls |
UK |
Industrials |
Construction & materials |
5,738 |
0.87 |
| Spectris |
UK |
Industrials |
Electronic & electrical equipment |
5,665 |
0.86 |
| Senior |
UK |
Industrials |
Aerospace & defence |
5,533 |
0.84 |
| Scottish Oriental Small Co |
Pacific |
Financials |
Equity investment instruments |
5,472 |
0.83 |
| British American Tobacco |
UK |
Consumer Goods |
Tobacco |
5,387 |
0.81 |
| Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
5,264 |
0.80 |
| Babcock |
UK |
Industrials |
Aerospace & defence |
5,253 |
0.79 |
| ITM Power plc |
UK |
Oil & Gas |
Oil equipment services & distribution |
5,090 |
0.77 |
| RSA Insurance |
UK |
Financials |
Nonlife insurance |
5,057 |
0.76 |
| Royal Mail |
UK |
Industrials |
Industrial transportation |
4,995 |
0.76 |
| IP Group plc |
UK |
Financials |
Financial services |
4,915 |
0.74 |
| Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,828 |
0.73 |
| Irish Continental |
Ireland |
Consumer Services |
Travel & leisure |
4,720 |
0.71 |
| Taylor Wimpey |
UK |
Consumer Goods |
Household goods & home construction |
4,706 |
0.71 |
| Pfizer |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,563 |
0.69 |
| Applied Materials |
USA |
Technology |
Technology hardware & equipment |
4,534 |
0.69 |
| Deere |
USA |
Industrials |
Industrial engineering |
4,497 |
0.68 |
| Ibstock |
UK |
Industrials |
Construction & materials |
4,415 |
0.67 |
| Koninklijke DSM |
Netherlands |
Basic Materials |
Chemicals |
4,270 |
0.65 |
| Johnson & Johnson |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,163 |
0.63 |
| Royal Bank Of Scotland |
UK |
Financials |
Banks |
4,146 |
0.63 |
| Euromoney |
UK |
Consumer Services |
Media |
4,142 |
0.63 |
| General Motors |
USA |
Consumer Goods |
Automobiles & parts |
3,980 |
0.60 |
| Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
3,925 |
0.59 |
| Anglo American |
UK |
Basic Materials |
Mining |
3,891 |
0.59 |
| TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
3,873 |
0.59 |
| Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
3,855 |
0.58 |
| Foresight Solar |
UK |
Financials |
Equity investment instruments |
3,850 |
0.58 |
| SSE |
UK |
Utilities |
Electricity |
3,750 |
0.57 |
| Standard Life Aberdeen |
UK |
Financials |
Financial services |
3,662 |
0.55 |
| Linde |
Germany |
Basic Materials |
Chemicals |
3,656 |
0.55 |
| IMI |
UK |
Industrials |
Industrial engineering |
3,620 |
0.55 |
| Ryanair |
Ireland |
Consumer Services |
Travel & leisure |
3,616 |
0.55 |
| Nestle |
Switzerland |
Consumer Goods |
Food producers |
3,591 |
0.54 |
| Elementis |
UK |
Basic Materials |
Chemicals |
3,399 |
0.51 |
| Provident Financial |
UK |
Financials |
Financial services |
3,352 |
0.51 |
| Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
3,226 |
0.49 |
| Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
3,056 |
0.46 |
| International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
3,051 |
0.46 |
| Muenchener Rueckver |
Germany |
Financials |
Nonlife insurance |
3,033 |
0.46 |
| Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
3,005 |
0.45 |
| Grit Real Estate Income |
Other |
Financials |
Real estate investments & services |
2,953 |
0.45 |
| Novo-Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
2,906 |
0.44 |
| Studio Retail Group plc |
UK |
Consumer Services |
General retailers |
2,844 |
0.43 |
| Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
2,831 |
0.43 |
| Allied Minds |
UK |
Financials |
Financial services |
2,817 |
0.43 |
| Meggitt |
UK |
Industrials |
Aerospace & defence |
2,793 |
0.42 |
| Pernod-Ricard |
France |
Consumer Goods |
Beverages |
2,726 |
0.41 |
| Vivendi |
France |
Consumer Services |
Media |
2,723 |
0.41 |
| Hammerson |
UK |
Financials |
Real estate investment trusts |
2,714 |
0.41 |
| Prosus |
Netherlands |
Technology |
Software & computer services |
2,559 |
0.39 |
| Cellnex Telecom Sau |
Spain |
Telecommunications |
Mobile telecommunications |
2,521 |
0.38 |
| Deutsche Boerse |
Germany |
Financials |
Financial services |
2,480 |
0.38 |
| Carnival |
UK |
Consumer Services |
Travel & leisure |
2,465 |
0.37 |
| Bawag |
Austria |
Financials |
Banks |
2,448 |
0.37 |
| Total (Fra) |
France |
Oil & Gas |
Oil & gas producers |
2,432 |
0.37 |
| Telecom Italia RSP |
Italy |
Telecommunications |
Mobile telecommunications |
2,355 |
0.36 |
| International Personal Finance |
UK |
Financials |
Financial services |
2,320 |
0.35 |
| Sig Combibloc |
Switzerland |
Industrials |
General industrials |
2,275 |
0.34 |
| SAP |
Germany |
Technology |
Software & computer services |
2,200 |
0.33 |
| SigmaRoc |
UK |
Industrials |
Construction & materials |
2,132 |
0.32 |
| St. James's Place |
UK |
Financials |
Life insurance/assurance |
2,129 |
0.32 |
| Deutsche Telekom |
Germany |
Telecommunications |
Mobile telecommunications |
2,078 |
0.31 |
| Unilever |
UK |
Consumer Goods |
Personal goods |
2,051 |
0.31 |
| SGS |
Switzerland |
Industrials |
Support services |
1,994 |
0.30 |
| Daily Mail & General Trust 'A' |
UK |
Consumer Services |
Media |
1,946 |
0.29 |
| Weir Group |
UK |
Industrials |
Industrial engineering |
1,909 |
0.29 |
| ASML |
Netherlands |
Technology |
Technology hardware & equipment |
1,891 |
0.29 |
| Marks and Spencer |
UK |
Consumer Services |
General retailers |
1,842 |
0.28 |
| Morses Club |
UK |
Financials |
Financial services |
1,731 |
0.26 |
| Embraer |
Other |
Industrials |
Aerospace & defence |
1,726 |
0.26 |
| Grifols, S.A. |
Spain |
Health Care |
Pharmaceuticals & biotechnology |
1,698 |
0.26 |
| Redde Northgate |
UK |
Industrials |
Support services |
1,647 |
0.25 |
| Worldline |
France |
Industrials |
Support services |
1,627 |
0.25 |
| Amundi |
France |
Financials |
Financial services |
1,586 |
0.24 |
| Kier |
UK |
Industrials |
Construction & materials |
1,535 |
0.23 |
| Augean |
UK |
Industrials |
Support services |
1,506 |
0.23 |
| Marstons |
UK |
Consumer Services |
Travel & leisure |
1,389 |
0.21 |
| UniCredit |
Italy |
Financials |
Banks |
1,375 |
0.21 |
| Premier Oil |
UK |
Oil & Gas |
Oil & gas producers |
1,222 |
0.18 |
| Moncler |
Italy |
Consumer Goods |
Personal goods |
1,156 |
0.17 |
| Wincanton |
UK |
Industrials |
Industrial transportation |
1,102 |
0.17 |
| Schlumberger |
USA |
Oil & Gas |
Oil equipment services & distribution |
1,068 |
0.16 |
| Simec Atlantis Energy |
UK |
Utilities |
Electricity |
1,056 |
0.16 |
| Ricardo |
UK |
Industrials |
Support services |
970 |
0.15 |
| Eddie Stobart Logistics |
UK |
Industrials |
Industrial transportation |
709 |
0.11 |
| Severfield |
UK |
Industrials |
Industrial engineering |
575 |
0.09 |
| Tullow Oil |
UK |
Oil & Gas |
Oil & gas producers |
519 |
0.08 |
| National Oilwell Vaeco |
USA |
Oil & Gas |
Oil equipment services & distribution |
501 |
0.08 |
| Ilika |
UK |
Oil & Gas |
Alternative Energy |
500 |
0.08 |
| Velocys |
UK |
Oil & Gas |
Oil equipment services & distribution |
457 |
0.07 |
| Renold |
UK |
Industrials |
Industrial engineering |
444 |
0.07 |
| Centrica |
UK |
Utilities |
Gas, water & multiutilities |
399 |
0.06 |
| Unlisted |
UK |
Other |
Other |
213 |
0.03 |
| Mirriad Advertising |
UK |
Consumer Services |
Media |
169 |
0.03 |
| Providence Resources |
UK |
Oil & Gas |
Oil & gas producers |
73 |
0.01 |
| Carclo |
UK |
Basic Materials |
Chemicals |
63 |
0.01 |
| Now Inc |
USA |
Oil & Gas |
Oil equipment services & distribution |
61 |
0.01 |
| Fastjet |
UK |
Consumer Services |
Travel & leisure |
57 |
0.01 |
| Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
0.00 |
| Permanent TSB |
Ireland |
Financials |
Banks |
2 |
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
Net Asset Value and Portfolio information07:00:064 May 2020Corporate updates7323L