The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 December 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 December 2020 was 695.81 pence per share (cum income) which excludes the proposed 2020 third interim dividend of 6.5 pence as the shares went ex-dividend on 24 December 2020.
The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020. The fair value at 31 December 2020 is currently being calculated and will be published as part of our audited results. This, along with other year-end adjustments, will result in a slight variance between the NAV we have and the final audited NAV we will disclose in our Annual Report and Accounts.
With the Corporation's long term debt stated at fair value, the NAV was 651.64 pence per share (cum income). The mid-market price at the close of business on 31 December 2020 was 690.00 pence per share. The third interim dividend will be paid on 28 January 2021 to holders on the register at the record date of 29 December 2020.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 689.72 | 695.81 |
| NAV with debt at fair value | 645.55 | 651.64 |
Performance
|
| 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 0.6 | 12.2 | 54.4 | 140.5 |
| NAV total return (with debt at fair value)2 | -1.2 | 9.7 | 48.2 | 127.3 |
| FTSE Actuaries All-Share Index Total Return3 | -9.8 | -2.7 | 28.5 | 71.9 |
| Share price total return3 | 12.9 | 24.3 | 67.3 | 174.8 |
| Change in Retail Price Index4 | 0.9 | 6.4 | 13.0 | 29.4 |
1 The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2020. The fair value at 31 December 2020 is currently being calculated and will be published as part of our audited results. This, along with other year-end adjustments, will result in a slight variance between the NAV we have and the final audited NAV we will disclose in our Annual Report and Accounts.
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; November 2020.
Geographical Split of investment portfolio
| Region | % of portfolio 31 December 2020 | % of portfolio 31 December 2019 |
| UK | 82.2 | 80.7 |
| Europe | 10.0 | 7.8 |
| North America | 5.4 | 8.3 |
| Japan | 1.1 | 1.1 |
| Other | 0.4 | 1.2 |
| Other Pacific | 0.9 | 0.9 |
| TOTAL | 100 | 100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 December 2020 the portfolio comprised as follows:
| Holding Name | Location | Sector | Industry | £000 | % |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 24,198 | 2.99 |
| Glaxosmithkline | UK | Health Care | Pharmaceuticals & biotechnology | 22,479 | 2.78 |
| Rio Tinto | UK | Basic Materials | Mining | 20,513 | 2.54 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 17,506 | 2.17 |
| Royal Dutch Shell | UK | Oil & Gas | Oil & gas producers | 15,743 | 1.94 |
| BP | UK | Oil & Gas | Oil & gas producers | 14,524 | 1.79 |
| Prudential Corp | UK | Financials | Life insurance/assurance | 12,581 | 1.55 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 12,189 | 1.50 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,974 | 1.48 |
| HSBC | UK | Financials | Banks | 11,881 | 1.46 |
| ITM Power plc | UK | Oil & Gas | Oil equipment services & distribution | 11,488 | 1.42 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,440 | 1.41 |
| Accsys Technologies | UK | Industrials | Construction & materials | 11,131 | 1.37 |
| Aviva | UK | Financials | Life insurance/assurance | 11,008 | 1.36 |
| Anglo American | UK | Basic Materials | Mining | 10,910 | 1.34 |
| Relx | UK | Consumer Services | Media | 10,755 | 1.33 |
| BHP | UK | Basic Materials | Mining | 10,588 | 1.30 |
| Smith (DS) | UK | Industrials | General industrials | 10,548 | 1.30 |
| Royal Mail | UK | Industrials | Industrial transportation | 10,466 | 1.29 |
| Direct Line Insurance | UK | Financials | Nonlife insurance | 10,368 | 1.28 |
| Land Securities | UK | Financials | Real estate investment trusts | 10,254 | 1.26 |
| Dunelm | UK | Consumer Services | General retailers | 10,068 | 1.24 |
| Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 10,035 | 1.24 |
| M & G | UK | Financials | Financial services | 9,898 | 1.22 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 9,401 | 1.16 |
| Hill & Smith | UK | Industrials | Industrial engineering | 9,372 | 1.15 |
| Toyota Motor | Japan | Consumer Goods | Automobiles & parts | 9,297 | 1.15 |
| NatWest | UK | Financials | Banks | 9,213 | 1.14 |
| Hiscox | UK | Financials | Nonlife insurance | 8,991 | 1.11 |
| BAE Systems | UK | Industrials | Aerospace & defence | 8,798 | 1.08 |
| Standard Chartered | UK | Financials | Banks | 8,784 | 1.08 |
| IP Group plc | UK | Financials | Financial services | 8,765 | 1.08 |
| Urban Logistics REIT | UK | Financials | Real estate investment trusts | 8,730 | 1.08 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 8,580 | 1.06 |
| Standard Life Aberdeen | UK | Financials | Financial services | 8,457 | 1.04 |
| Mondi | UK | Basic Materials | Forestry & paper | 8,168 | 1.01 |
| Caterpillar | USA | Industrials | Industrial engineering | 7,982 | 0.98 |
| Johnson Service | UK | Industrials | Support services | 7,953 | 0.98 |
| Cummins | USA | Industrials | Industrial engineering | 7,801 | 0.96 |
| Lloyds Banking Group | UK | Financials | Banks | 7,652 | 0.94 |
| Senior | UK | Industrials | Aerospace & defence | 7,576 | 0.93 |
| Croda | UK | Basic Materials | Chemicals | 7,561 | 0.93 |
| Balfour Beatty | UK | Industrials | Construction & materials | 7,469 | 0.92 |
| St Modwen Properties | UK | Financials | Real estate investments & services | 7,400 | 0.91 |
| Barclays PLC | UK | Financials | Banks | 7,261 | 0.89 |
| Applied Materials | USA | Technology | Technology hardware & equipment | 7,253 | 0.89 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 7,097 | 0.87 |
| Scottish Oriental Small Co | Pacific | Financials | Equity investment instruments | 7,077 | 0.87 |
| Marks and Spencer | UK | Consumer Services | General retailers | 6,951 | 0.86 |
| Irish Continental | Ireland | Consumer Services | Travel & leisure | 6,949 | 0.86 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 6,849 | 0.84 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 6,815 | 0.84 |
| Provident Financial | UK | Financials | Financial services | 6,780 | 0.84 |
| Elementis | UK | Basic Materials | Chemicals | 6,732 | 0.83 |
| Marshalls | UK | Industrials | Construction & materials | 6,728 | 0.83 |
| Linde | Germany | Basic Materials | Chemicals | 6,627 | 0.82 |
| Chesnara | UK | Financials | Life insurance/assurance | 6,115 | 0.75 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 6,016 | 0.74 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 5,988 | 0.74 |
| Euromoney | UK | Consumer Services | Media | 5,891 | 0.73 |
| Ryanair | Ireland | Consumer Services | Travel & leisure | 5,807 | 0.72 |
| EQTEC | Ireland | Utilities | Electricity | 5,667 | 0.70 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,666 | 0.70 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 5,493 | 0.68 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,491 | 0.68 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 5,472 | 0.67 |
| Taylor Wimpey | UK | Consumer Goods | Household goods & home construction | 5,301 | 0.65 |
| Hammerson | UK | Financials | Real estate investment trusts | 5,201 | 0.64 |
| IMI | UK | Industrials | Industrial engineering | 5,097 | 0.63 |
| Ibstock | UK | Industrials | Construction & materials | 4,951 | 0.61 |
| Halfords | UK | Consumer Services | General retailers | 4,806 | 0.59 |
| British American Tobacco | UK | Consumer Goods | Tobacco | 4,739 | 0.58 |
| SigmaRoc | UK | Industrials | Construction & materials | 4,729 | 0.58 |
| Meggitt | UK | Industrials | Aerospace & defence | 4,665 | 0.57 |
| Boku | UK | Industrials | Support services | 4,571 | 0.56 |
| SSE | UK | Utilities | Electricity | 4,499 | 0.55 |
| Studio Retail Group plc | UK | Consumer Services | General retailers | 4,402 | 0.54 |
| Unilever | UK | Consumer Goods | Personal goods | 4,392 | 0.54 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 4,233 | 0.52 |
| Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 4,193 | 0.52 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,077 | 0.50 |
| Weir Group | UK | Industrials | Industrial engineering | 3,979 | 0.49 |
| BT Group PLC | UK | Telecommunications | Fixed Line Telecommunications | 3,968 | 0.49 |
| Muenchener Rueckver | Germany | Financials | Nonlife insurance | 3,845 | 0.47 |
| Simec Atlantis Energy | UK | Utilities | Electricity | 3,794 | 0.47 |
| International Personal Finance | UK | Financials | Financial services | 3,790 | 0.47 |
| Bawag | Austria | Financials | Banks | 3,670 | 0.45 |
| Grit Real Estate Income | Other | Financials | Real estate investment trusts | 3,624 | 0.45 |
| Foresight Solar | UK | Financials | Equity investment instruments | 3,570 | 0.44 |
| Telecom Italia RSP | Italy | Telecommunications | Mobile telecommunications | 3,559 | 0.44 |
| Nestle | Switzerland | Consumer Goods | Food producers | 3,507 | 0.43 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 3,503 | 0.43 |
| Prosus | Netherlands | Technology | Software & computer services | 3,502 | 0.43 |
| Babcock | UK | Industrials | Aerospace & defence | 3,488 | 0.43 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,346 | 0.41 |
| UniCredit | Italy | Financials | Banks | 3,122 | 0.38 |
| Redde Northgate | UK | Industrials | Support services | 3,105 | 0.38 |
| Cellnex Telecom Sau | Spain | Telecommunications | Mobile telecommunications | 3,095 | 0.38 |
| Carnival | UK | Consumer Services | Travel & leisure | 3,076 | 0.38 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,064 | 0.38 |
| Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 3,048 | 0.38 |
| Allied Minds | UK | Financials | Financial services | 3,006 | 0.37 |
| Sig Combibloc | Switzerland | Industrials | General industrials | 2,900 | 0.36 |
| Vivendi | France | Consumer Services | Media | 2,765 | 0.34 |
| Marstons | UK | Consumer Services | Travel & leisure | 2,759 | 0.34 |
| Worldline | France | Industrials | Support services | 2,612 | 0.32 |
| Amundi | France | Financials | Financial services | 2,579 | 0.32 |
| Ilika | UK | Oil & Gas | Alternative Energy | 2,499 | 0.31 |
| Mirriad Advertising | UK | Consumer Services | Media | 2,328 | 0.29 |
| Novo-Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,294 | 0.28 |
| Augean | UK | Industrials | Support services | 2,137 | 0.26 |
| Total (Fra) | France | Oil & Gas | Oil & gas producers | 2,124 | 0.26 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 1,931 | 0.24 |
| Faurecia | France | Consumer Goods | Automobiles & parts | 1,886 | 0.23 |
| Nexi | Italy | Industrials | Support services | 1,828 | 0.23 |
| Morses Club | UK | Financials | Financial services | 1,795 | 0.22 |
| CNH Industrial | UK | Industrials | Industrial engineering | 1,742 | 0.21 |
| Moncler | Italy | Consumer Goods | Personal goods | 1,740 | 0.21 |
| Ricardo | UK | Industrials | Support services | 1,710 | 0.21 |
| Velocys | UK | Oil & Gas | Oil equipment services & distribution | 1,679 | 0.21 |
| Grifols, S.A. | Spain | Health Care | Pharmaceuticals & biotechnology | 1,447 | 0.18 |
| Kier | UK | Industrials | Construction & materials | 1,425 | 0.18 |
| Centrica | UK | Utilities | Gas, water & multiutilities | 1,396 | 0.17 |
| Brockhaus Capital Management | Germany | Financials | Financial services | 743 | 0.09 |
| Premier Oil | UK | Oil & Gas | Oil & gas producers | 736 | 0.09 |
| Renold | UK | Industrials | Industrial engineering | 734 | 0.09 |
| Eddie Stobart Logistics | UK | Industrials | Industrial transportation | 639 | 0.08 |
| Tullow Oil | UK | Oil & Gas | Oil & gas producers | 591 | 0.07 |
| Unlisted | UK | Other | Other | 213 | 0.03 |
| Carclo | UK | Basic Materials | Chemicals | 198 | 0.02 |
| Providence Resources | UK | Oil & Gas | Oil & gas producers | 156 | 0.02 |
| Now Inc | USA | Oil & Gas | Oil equipment services & distribution | 66 | 0.01 |
| Better Cap | UK | Financials | Equity investment instruments | 25 | 0.00 |
| Permanent TSB | Ireland | Financials | Banks | 3 | 0.00 |
| Fastjet (delisted) | UK | Consumer Services | Travel & leisure |
| 0.00 |
| Interserve (delisted) | UK | Industrials | Support services |
| 0.00 |
| Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications |
| 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., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Alison Skerritt-Black, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
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