The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 March 2021
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 March 2021 was 745.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 712.60 pence per share (cum income). The mid-market price at the close of business on 31 March 2021 was 725.00 pence per share.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 741.45 | 745.00 |
| NAV with debt at fair value | 709.05 | 712.60 |
Performance
|
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 8.1 | 50.8 | 27.6 | 65.8 | 160.6 |
| NAV total return (with debt at fair value)2 | 10.5 | 52.2 | 27.1 | 64.0 | 151.8 |
| FTSE Actuaries All-Share Index Total Return3 | 5.2 | 26.7 | 9.9 | 35.7 | 79.0 |
| Share price total return3 | 6.3 | 62.2 | 42.9 | 89.3 | 194.0 |
| Change in Retail Price Index4 |
|
|
|
|
|
1 The fair value of the IPS business has been calculated as at 31 December 2020 and was published as part of the year end results announcement on 26 February 2021.
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 one month lag based on timing of release of March 2021 RPI data.
Geographical Split of investment portfolio
| Region | % of portfolio 31 March 2021 | % of portfolio 31 December 2020 | % of portfolio 31 December 2019 |
| UK | 81.7 | 82.0 | 80.7 |
| Europe | 9.5 | 10.6 | 7.8 |
| North America | 7.0 | 5.4 | 8.3 |
| Japan | 1.1 | 1.1 | 1.1 |
|
|
|
|
|
| Other Pacific | 0.7 | 0.9 | 0.9 |
| TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
Law Debenture will now be publishing details of its full investment portfolio monthly. As at 31 March 2021 the portfolio comprised as follows:
| Holding Name | Location | Sector | Industry | £000 | % |
| Glaxosmithkline | UK | Health Care | Pharmaceuticals & biotechnology | 21,571 | 2.45 |
| Rio Tinto | UK | Basic Materials | Mining | 20,813 | 2.36 |
| Barclays PLC | UK | Financials | Banks | 20,079 | 2.28 |
| HSBC | UK | Financials | Banks | 18,350 | 2.08 |
| BP | UK | Oil & Gas | Oil & gas producers | 16,795 | 1.91 |
| Royal Dutch Shell | UK | Oil & Gas | Oil & gas producers | 16,688 | 1.89 |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 16,490 | 1.87 |
| Royal Mail | UK | Industrials | Industrial transportation | 15,636 | 1.77 |
| Prudential Corp | UK | Financials | Life insurance/assurance | 14,388 | 1.62 |
| Aviva | UK | Financials | Life insurance/assurance | 13,818 | 1.56 |
| Accsys Technologies | UK | Industrials | Construction & materials | 13,046 | 1.47 |
| Anglo American | UK | Basic Materials | Mining | 12,791 | 1.44 |
| Lloyds Banking Group | UK | Financials | Banks | 12,761 | 1.44 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 12,360 | 1.40 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 12,175 | 1.37 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,993 | 1.35 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 11,540 | 1.30 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,530 | 1.30 |
| BHP | UK | Basic Materials | Mining | 11,517 | 1.30 |
| Smith (DS) | UK | Industrials | General industrials | 11,478 | 1.30 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 11,467 | 1.29 |
| IP Group plc | UK | Financials | Financial services | 11,019 | 1.24 |
| Relx | UK | Consumer Services | Media | 10,914 | 1.23 |
| NatWest | UK | Financials | Banks | 10,794 | 1.22 |
| Dunelm | UK | Consumer Services | General retailers | 10,773 | 1.22 |
| Land Securities | UK | Financials | Real estate investment trusts | 10,515 | 1.19 |
| M & G | UK | Financials | Financial services | 10,370 | 1.17 |
| Direct Line Insurance | UK | Financials | Nonlife insurance | 10,182 | 1.15 |
| Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 10,157 | 1.15 |
| Linde | Germany | Basic Materials | Chemicals | 10,149 | 1.15 |
| Caterpillar | USA | Industrials | Industrial engineering | 10,106 | 1.14 |
| Applied Materials | USA | Technology | Technology hardware & equipment | 9,693 | 1.09 |
| BT Group PLC | UK | Telecommunications | Fixed Line Telecommunications | 9,675 | 1.09 |
| Senior | UK | Industrials | Aerospace & defence | 9,445 | 1.07 |
| ITM Power plc | UK | Oil & Gas | Oil equipment services & distribution | 9,440 | 1.07 |
| Standard Chartered | UK | Financials | Banks | 9,419 | 1.06 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 9,324 | 1.05 |
| Toyota Motor | Japan | Consumer Goods | Automobiles & parts | 9,317 | 1.05 |
| BAE Systems | UK | Industrials | Aerospace & defence | 9,086 | 1.03 |
| Urban Logistics REIT | UK | Financials | Real estate investment trusts | 9,038 | 1.02 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 8,898 | 1.00 |
| Cummins | USA | Industrials | Industrial engineering | 8,836 | 1.00 |
| Mondi | UK | Basic Materials | Forestry & paper | 8,785 | 0.99 |
| Standard Life Aberdeen | UK | Financials | Financial services | 8,712 | 0.98 |
| Hill & Smith | UK | Industrials | Industrial engineering | 8,314 | 0.94 |
| Johnson Service | UK | Industrials | Support services | 8,249 | 0.93 |
| Balfour Beatty | UK | Industrials | Construction & materials | 8,160 | 0.92 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 7,844 | 0.89 |
| Hiscox | UK | Financials | Nonlife insurance | 7,783 | 0.88 |
| Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 7,714 | 0.87 |
| Marks and Spencer | UK | Consumer Services | General retailers | 7,691 | 0.87 |
| St Modwen Properties | UK | Financials | Real estate investments & services | 7,493 | 0.85 |
| Elementis | UK | Basic Materials | Chemicals | 7,348 | 0.83 |
| Hammerson | UK | Financials | Real estate investment trusts | 7,323 | 0.83 |
| Croda | UK | Basic Materials | Chemicals | 7,297 | 0.82 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 7,070 | 0.80 |
| Halfords | UK | Consumer Services | General retailers | 6,840 | 0.77 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 6,817 | 0.77 |
| Irish Continental | Ireland | Consumer Services | Travel & leisure | 6,629 | 0.75 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 6,477 | 0.73 |
| Scottish Oriental Small Co | Pacific | Financials | Equity investment instruments | 6,358 | 0.72 |
| Marshalls | UK | Industrials | Construction & materials | 6,161 | 0.70 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,139 | 0.69 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,998 | 0.68 |
| Chesnara | UK | Financials | Life insurance/assurance | 5,937 | 0.67 |
| IMI | UK | Industrials | Industrial engineering | 5,832 | 0.66 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,726 | 0.65 |
| SigmaRoc | UK | Industrials | Construction & materials | 5,721 | 0.65 |
| Ibstock | UK | Industrials | Construction & materials | 5,277 | 0.60 |
| Euromoney | UK | Consumer Services | Media | 5,272 | 0.60 |
| International Personal Finance | UK | Financials | Financial services | 4,873 | 0.55 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,800 | 0.54 |
| Provident Financial | UK | Financials | Financial services | 4,792 | 0.54 |
| Meggitt | UK | Industrials | Aerospace & defence | 4,774 | 0.54 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 4,697 | 0.53 |
| SSE | UK | Utilities | Electricity | 4,365 | 0.49 |
| Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 4,177 | 0.47 |
| Unilever | UK | Consumer Goods | Personal goods | 4,056 | 0.46 |
| Muenchener Rueckver | Germany | Financials | Nonlife insurance | 3,997 | 0.45 |
| Studio Retail Group plc | UK | Consumer Services | General retailers | 3,979 | 0.45 |
| Telecom Italia RSP | Italy | Telecommunications | Mobile telecommunications | 3,914 | 0.44 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,878 | 0.44 |
| Boku | UK | Industrials | Support services | 3,862 | 0.44 |
| Bawag | Austria | Financials | Banks | 3,795 | 0.43 |
| Grit Real Estate Income | Guernsey | Financials | Real estate investment trusts | 3,700 | 0.42 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 3,670 | 0.41 |
| Marstons | UK | Consumer Services | Travel & leisure | 3,602 | 0.41 |
| Redde Northgate | UK | Industrials | Support services | 3,595 | 0.41 |
| Prosus | Netherlands | Technology | Software & computer services | 3,580 | 0.40 |
| Carnival | UK | Consumer Services | Travel & leisure | 3,567 | 0.40 |
| Weir Group | UK | Industrials | Industrial engineering | 3,553 | 0.40 |
| Foresight Solar | UK | Financials | Equity investment instruments | 3,553 | 0.40 |
| SANOFI SA | France | Health Care | Pharmaceuticals & biotechnology | 3,549 | 0.40 |
| UniCredit | Italy | Financials | Banks | 3,514 | 0.40 |
| Nestle | Switzerland | Consumer Goods | Food producers | 3,298 | 0.37 |
| Convatec Group | UK | Health Care | Health care equipment & services | 3,138 | 0.35 |
| iEnergizer Ltd | Guernsey | Industrials | Support services | 3,060 | 0.35 |
| Cellnex Telecom Sau | Spain | Telecommunications | Mobile telecommunications | 2,946 | 0.33 |
| VH Global Sustainable Energy Opportunities plc | UK | Other | Sustainable Energy | 2,946 | 0.33 |
| Mirriad Advertising | UK | Consumer Services | Media | 2,945 | 0.33 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,853 | 0.32 |
| Babcock | UK | Industrials | Aerospace & defence | 2,849 | 0.32 |
| Plant Health Care PLC | USA | Basic Materials | Chemicals | 2,769 | 0.31 |
| Morses Club | UK | Financials | Financial services | 2,666 | 0.30 |
| Ricardo | UK | Industrials | Support services | 2,513 | 0.28 |
| Amundi | France | Financials | Financial services | 2,509 | 0.28 |
| Sig Combibloc | Switzerland | Industrials | General industrials | 2,445 | 0.28 |
| Worldline | France | Industrials | Support services | 2,427 | 0.27 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 2,392 | 0.27 |
| Novo-Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,316 | 0.26 |
| Ilika | UK | Oil & Gas | Alternative Energy | 2,312 | 0.26 |
| Stellantis N.V. | Netherlands | Consumer Goods | Automobiles & parts | 2,144 | 0.24 |
| Augean | UK | Industrials | Support services | 2,137 | 0.24 |
| Allied Minds | UK | Financials | Financial services | 2,044 | 0.23 |
| Faurecia | France | Consumer Goods | Automobiles & parts | 1,953 | 0.22 |
| Bacanora Lithium PLC | UK | Basic Materials | Mining | 1,844 | 0.21 |
| Kier | UK | Industrials | Construction & materials | 1,803 | 0.20 |
| CNH Industrial | UK | Industrials | Industrial engineering | 1,726 | 0.19 |
| Moncler | Italy | Consumer Goods | Personal goods | 1,625 | 0.18 |
| Centrica | UK | Utilities | Gas, water & multiutilities | 1,624 | 0.18 |
| Nexi | Italy | Industrials | Support services | 1,581 | 0.18 |
| Vertu Motors PLC | UK | Consumer Services | General retailers | 1,510 | 0.17 |
| Surface Transforms plc | UK | Consumer Goods | Automobiles & parts | 1,440 | 0.16 |
| Simec Atlantis Energy | UK | Utilities | Electricity | 1,355 | 0.15 |
| Grifols, S.A. | Spain | Health Care | Pharmaceuticals & biotechnology | 1,348 | 0.15 |
| Renold | UK | Industrials | Industrial engineering | 1,298 | 0.15 |
| Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 1,162 | 0.13 |
| Velocys | UK | Oil & Gas | Oil equipment services & distribution | 991 | 0.11 |
| Logistics Development Group Plc | UK | Industrials | Industrial transportation | 984 | 0.11 |
| EQTEC | Ireland | Utilities | Electricity | 959 | 0.11 |
| Tullow Oil | UK | Oil & Gas | Oil & gas producers | 944 | 0.11 |
| Premier Oil | UK | Oil & Gas | Oil & gas producers | 892 | 0.10 |
| Embracer Group | Sweden | Consumer Goods | Leisure Goods | 618 | 0.07 |
| Brockhaus Capital Management | Germany | Financials | Financial services | 566 | 0.06 |
| AUTO1 Group SE | Germany | Other | Financial Technology | 566 | 0.06 |
| Carclo | UK | Basic Materials | Chemicals | 388 | 0.04 |
| Unlisted | UK | Other | Other | 213 | 0.02 |
| Providence Resources | UK | Oil & Gas | Oil & gas producers | 110 | 0.01 |
| Now Inc | USA | Oil & Gas | Oil equipment services & distribution | 92 | 0.01 |
| Better Cap | UK | Financials | Equity investment instruments | 25 | 0.00 |
| Permanent TSB | Ireland | Financials | Banks | 4 | 0.00 |
| Fastjet (delisted) | UK | Consumer Services | Travel & leisure |
| 0.00 |
| Interserve (delisted) | UK | Industrials | Support services |
| 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
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
