- Title:
Net Asset Value and Portfolio Information - Time:
07:00:05 - Date:
4 Aug 2020 - Category:
Corporate updates - ID:
9931U
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 July 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 31 July 2020 was 559.57 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 517.08 pence per share (cum income). The mid-market price at the close of business on 31 July 2020 was 528.00 pence per share. The first interim dividend in respect of the year ending 31 December 2020 of 6.5 pence per share was paid on 28 July 2020.
| Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
| NAV with debt at par |
554.23 |
559.57 |
| NAV with debt at fair value |
511.75 |
517.08 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
| NAV total return (with debt at par)2 |
-20.1 |
-14.8 |
-7.3 |
18.0 |
123.3 |
| NAV total return (with debt at fair value)2 |
-22.6 |
-17.2 |
-10.5 |
11.7 |
108.1 |
| FTSE Actuaries All-Share Index Total Return3 |
-20.5 |
-17.8 |
-9.1 |
8.4 |
73.0 |
| Share price total return3 |
-14.8 |
-6.3 |
2.5 |
19.8 |
145.1 |
| Change in Retail Price Index4 |
0.3 |
1.1 |
7.5 |
13.1 |
30.6 |
1 The fair value of the IPS business has been calculated as at 30 June 2020 and was published as part of the interim results announcement on 31 July 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: Refinitiv.
4 Source: Bloomberg, subject to latest published RPI based on June 2020.
Geographical Split of investment portfolio
| Region |
% of portfolio 31 July 2020 |
% of portfolio 31 December 2019 |
% of portfolio 31 December 2018 |
| UK |
79.7 |
80.7 |
74.5 |
| Europe |
10.5 |
7.8 |
8.6 |
| North America |
7.1 |
8.3 |
9.9 |
| Japan |
1.1 |
1.1 |
1.1 |
| Other |
0.7 |
1.2 |
1.4 |
| Other Pacific |
0.9 |
0.9 |
4.5 |
| TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
Law Debenture now publishes details of its full investment portfolio monthly. As at 31 July 2020 the portfolio comprised as follows:
| Holding Name |
Location |
Sector |
Industry |
£000 |
% |
| Glaxosmithkline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
25,624 |
3.81 |
| Rio Tinto |
UK |
Basic Materials |
Mining |
17,306 |
2.57 |
| Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
16,861 |
2.51 |
| Royal Dutch Shell |
UK |
Oil & Gas |
Oil & gas producers |
13,510 |
2.01 |
| Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
13,094 |
1.94 |
| National Grid |
UK |
Utilities |
Gas, water & multiutilities |
12,682 |
1.89 |
| Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
12,250 |
1.83 |
| Relx |
UK |
Consumer Services |
Media |
12,113 |
1.81 |
| Dunelm |
UK |
Consumer Services |
General retailers |
11,430 |
1.71 |
| Astrazeneca |
UK |
Health Care |
Pharmaceuticals & biotechnology |
10,570 |
1.58 |
| Prudential Corp |
UK |
Financials |
Life insurance/assurance |
10,325 |
1.54 |
| Urban Logistics REIT |
UK |
Financials |
Real estate investment trusts |
9,795 |
1.46 |
| Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
9,630 |
1.44 |
| BHP |
UK |
Basic Materials |
Mining |
9,103 |
1.36 |
| HSBC |
UK |
Financials |
Banks |
9,022 |
1.35 |
| Cummins |
USA |
Industrials |
Industrial engineering |
8,858 |
1.32 |
| BAE Systems |
UK |
Industrials |
Aerospace & defence |
8,820 |
1.32 |
| BP |
UK |
Oil & Gas |
Oil & gas producers |
8,805 |
1.31 |
| Land Securities |
UK |
Financials |
Real estate investment trusts |
8,782 |
1.31 |
| Flutter Entertainment PLC |
UK |
Consumer Services |
Travel & leisure |
8,603 |
1.28 |
| Hipgnosis Songs Fund |
UK |
Financials |
Equity investment instruments |
8,411 |
1.26 |
| Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
8,335 |
1.24 |
| Hill & Smith |
UK |
Industrials |
Industrial engineering |
8,054 |
1.20 |
| M & G |
UK |
Financials |
Financial services |
8,028 |
1.20 |
| Aviva |
UK |
Financials |
Life insurance/assurance |
7,608 |
1.14 |
| Toyota Motor |
Japan |
Consumer Goods |
Automobiles & parts |
7,405 |
1.11 |
| Smith (DS) |
UK |
Industrials |
General industrials |
7,355 |
1.10 |
| Standard Chartered |
UK |
Financials |
Banks |
7,273 |
1.09 |
| Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
7,132 |
1.06 |
| Caterpillar |
USA |
Industrials |
Industrial engineering |
7,102 |
1.06 |
| RSA Insurance |
UK |
Financials |
Nonlife insurance |
7,080 |
1.06 |
| Hiscox |
UK |
Financials |
Nonlife insurance |
7,070 |
1.06 |
| Anglo American |
UK |
Basic Materials |
Mining |
7,013 |
1.05 |
| ITM Power plc |
UK |
Oil & Gas |
Oil equipment services & distribution |
6,854 |
1.02 |
| Balfour Beatty |
UK |
Industrials |
Construction & materials |
6,651 |
0.99 |
| Accsys Technologies |
UK |
Industrials |
Construction & materials |
6,623 |
0.99 |
| Croda |
UK |
Basic Materials |
Chemicals |
6,575 |
0.98 |
| Mondi |
UK |
Basic Materials |
Forestry & paper |
6,470 |
0.97 |
| Scottish Oriental Small Co |
Pacific |
Financials |
Equity investment instruments |
5,997 |
0.90 |
| Chesnara |
UK |
Financials |
Life insurance/assurance |
5,937 |
0.89 |
| IP Group plc |
UK |
Financials |
Financial services |
5,891 |
0.88 |
| Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
5,835 |
0.87 |
| St Modwen Properties |
UK |
Financials |
Real estate investments & services |
5,698 |
0.85 |
| Applied Materials |
USA |
Technology |
Technology hardware & equipment |
5,650 |
0.84 |
| Spectris |
UK |
Industrials |
Electronic & electrical equipment |
5,459 |
0.81 |
| Marshalls |
UK |
Industrials |
Construction & materials |
5,351 |
0.80 |
| Johnson Service |
UK |
Industrials |
Support services |
5,296 |
0.79 |
| Deere |
USA |
Industrials |
Industrial engineering |
5,259 |
0.78 |
| Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
5,062 |
0.76 |
| Standard Life Aberdeen |
UK |
Financials |
Financial services |
5,024 |
0.75 |
| Royal Mail |
UK |
Industrials |
Industrial transportation |
4,826 |
0.72 |
| Lloyds Banking Group |
UK |
Financials |
Banks |
4,731 |
0.71 |
| Linde |
Germany |
Basic Materials |
Chemicals |
4,672 |
0.70 |
| Irish Continental |
Ireland |
Consumer Services |
Travel & leisure |
4,670 |
0.70 |
| Unilever |
UK |
Consumer Goods |
Personal goods |
4,573 |
0.68 |
| IMI |
UK |
Industrials |
Industrial engineering |
4,568 |
0.68 |
| Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
4,559 |
0.68 |
| Rolls Royce |
UK |
Industrials |
Aerospace & defence |
4,516 |
0.67 |
| Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,481 |
0.67 |
| Senior |
UK |
Industrials |
Aerospace & defence |
4,449 |
0.66 |
| British American Tobacco |
UK |
Consumer Goods |
Tobacco |
4,418 |
0.66 |
| Pfizer |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,408 |
0.66 |
| General Motors |
USA |
Consumer Goods |
Automobiles & parts |
4,278 |
0.64 |
| Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
4,045 |
0.60 |
| Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
4,008 |
0.60 |
| Euromoney |
UK |
Consumer Services |
Media |
3,991 |
0.60 |
| NatWest |
UK |
Financials |
Banks |
3,973 |
0.59 |
| TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
3,943 |
0.59 |
| SSE |
UK |
Utilities |
Electricity |
3,903 |
0.58 |
| Koninklijke DSM |
Netherlands |
Basic Materials |
Chemicals |
3,890 |
0.58 |
| Ryanair |
Ireland |
Consumer Services |
Travel & leisure |
3,788 |
0.57 |
| Taylor Wimpey |
UK |
Consumer Goods |
Household goods & home construction |
3,787 |
0.57 |
| Foresight Solar |
UK |
Financials |
Equity investment instruments |
3,763 |
0.56 |
| Allied Minds |
UK |
Financials |
Financial services |
3,705 |
0.55 |
| Nestle |
Switzerland |
Consumer Goods |
Food producers |
3,685 |
0.55 |
| Provident Financial |
UK |
Financials |
Financial services |
3,622 |
0.54 |
| Muenchener Rueckver |
Germany |
Financials |
Nonlife insurance |
3,602 |
0.54 |
| Babcock |
UK |
Industrials |
Aerospace & defence |
3,594 |
0.54 |
| Ibstock |
UK |
Industrials |
Construction & materials |
3,490 |
0.52 |
| Grit Real Estate Income |
Other |
Financials |
Real estate investments & services |
3,477 |
0.52 |
| Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
3,381 |
0.50 |
| Marks and Spencer |
UK |
Consumer Services |
General retailers |
3,321 |
0.50 |
| Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
3,293 |
0.49 |
| Studio Retail Group plc |
UK |
Consumer Services |
General retailers |
3,207 |
0.48 |
| Vivendi |
France |
Consumer Services |
Media |
3,200 |
0.48 |
| Prosus |
Netherlands |
Technology |
Software & computer services |
3,145 |
0.47 |
| Elementis |
UK |
Basic Materials |
Chemicals |
3,091 |
0.46 |
| Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
2,927 |
0.44 |
| Bawag |
Austria |
Financials |
Banks |
2,889 |
0.43 |
| Novo-Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
2,857 |
0.43 |
| UniCredit |
Italy |
Financials |
Banks |
2,823 |
0.42 |
| SigmaRoc |
UK |
Industrials |
Construction & materials |
2,751 |
0.41 |
| Simec Atlantis Energy |
UK |
Utilities |
Electricity |
2,716 |
0.41 |
| Meggitt |
UK |
Industrials |
Aerospace & defence |
2,688 |
0.40 |
| Cellnex Telecom Sau |
Spain |
Telecommunications |
Mobile telecommunications |
2,674 |
0.40 |
| Deutsche Boerse |
Germany |
Financials |
Financial services |
2,575 |
0.38 |
| Telecom Italia RSP |
Italy |
Telecommunications |
Mobile telecommunications |
2,560 |
0.38 |
| Amundi |
France |
Financials |
Financial services |
2,496 |
0.37 |
| Hammerson |
UK |
Financials |
Real estate investment trusts |
2,469 |
0.37 |
| Worldline |
France |
Industrials |
Support services |
2,421 |
0.36 |
| International Personal Finance |
UK |
Financials |
Financial services |
2,402 |
0.36 |
| Total (Fra) |
France |
Oil & Gas |
Oil & gas producers |
2,397 |
0.36 |
| Weir Group |
UK |
Industrials |
Industrial engineering |
2,392 |
0.36 |
| St. James's Place |
UK |
Financials |
Life insurance/assurance |
2,355 |
0.35 |
| International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
2,265 |
0.34 |
| Halfords |
UK |
Consumer Services |
General retailers |
2,114 |
0.32 |
| ASML |
Netherlands |
Technology |
Technology hardware & equipment |
2,036 |
0.30 |
| Sig Combibloc |
Switzerland |
Industrials |
General industrials |
2,002 |
0.30 |
| Redde Northgate |
UK |
Industrials |
Support services |
1,928 |
0.29 |
| Carnival |
UK |
Consumer Services |
Travel & leisure |
1,859 |
0.28 |
| Augean |
UK |
Industrials |
Support services |
1,832 |
0.27 |
| Daily Mail & General Trust 'A' |
UK |
Consumer Services |
Media |
1,739 |
0.26 |
| JDE Peet's |
Netherlands |
Consumer Goods |
Food producers |
1,576 |
0.24 |
| Boku |
UK |
Industrials |
Support services |
1,574 |
0.23 |
| Nexi |
Italy |
Industrials |
Support services |
1,557 |
0.23 |
| Grifols, S.A. |
Spain |
Health Care |
Pharmaceuticals & biotechnology |
1,535 |
0.23 |
| Embraer |
Other |
Industrials |
Aerospace & defence |
1,516 |
0.23 |
| Ricardo |
UK |
Industrials |
Support services |
1,508 |
0.22 |
| Marstons |
UK |
Consumer Services |
Travel & leisure |
1,479 |
0.22 |
| Premier Oil |
UK |
Oil & Gas |
Oil & gas producers |
1,322 |
0.20 |
| Morses Club |
UK |
Financials |
Financial services |
1,284 |
0.19 |
| AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
1,246 |
0.19 |
| Kier |
UK |
Industrials |
Construction & materials |
1,178 |
0.18 |
| Moncler |
Italy |
Consumer Goods |
Personal goods |
1,140 |
0.17 |
| Schlumberger |
USA |
Oil & Gas |
Oil equipment services & distribution |
1,109 |
0.17 |
| Velocys |
UK |
Oil & Gas |
Oil equipment services & distribution |
1,018 |
0.15 |
| Hipgnosis Songs Fund - C Shares |
UK |
Financials |
Equity investment instruments |
1,000 |
0.15 |
| AMS AG |
Switzerland |
Technology |
Technology hardware & equipment |
980 |
0.15 |
| EQTEC |
Ireland |
Utilities |
Electricity |
978 |
0.15 |
| Wincanton |
UK |
Industrials |
Industrial transportation |
850 |
0.13 |
| Ilika |
UK |
Oil & Gas |
Alternative Energy |
800 |
0.12 |
| Brockhaus Capital Management |
Germany |
Financials |
Financial services |
710 |
0.11 |
| Eddie Stobart Logistics |
UK |
Industrials |
Industrial transportation |
683 |
0.10 |
| Renold |
UK |
Industrials |
Industrial engineering |
612 |
0.09 |
| GVS |
Italy |
Industrials |
Waste & Environ Svcs & Equip |
603 |
0.09 |
| Tullow Oil |
UK |
Oil & Gas |
Oil & gas producers |
502 |
0.07 |
| Severfield |
UK |
Industrials |
Industrial engineering |
490 |
0.07 |
| Centrica |
UK |
Utilities |
Gas, water & multiutilities |
488 |
0.07 |
| National Oilwell Vaeco |
USA |
Oil & Gas |
Oil equipment services & distribution |
439 |
0.07 |
| Mirriad Advertising |
UK |
Consumer Services |
Media |
349 |
0.05 |
| Unlisted |
UK |
Other |
Other |
213 |
0.03 |
| Providence Resources |
UK |
Oil & Gas |
Oil & gas producers |
173 |
0.03 |
| Carclo |
UK |
Basic Materials |
Chemicals |
88 |
0.01 |
| Now Inc |
USA |
Oil & Gas |
Oil equipment services & distribution |
75 |
0.01 |
| Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
0.00 |
| Fastjet |
UK |
Consumer Services |
Travel & leisure |
21 |
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 Information07:00:054 Aug 2020Corporate updates9931U