The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 May 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 28 May 2021 was 788.07 pence per share (cum income) which includes the proposed 2021 first interim dividend of 6.875 pence per share as the shares go ex-dividend on 03 June 2021. With the Corporation's long term debt stated at fair value, the NAV was 755.02 pence per share (cum income). The mid-market price at the close of business on 28 May 2021 was 766.00 pence per share. The first interim dividend will be paid on 07 July 2021 to shareholders on the register at the record date of 04 June 2021.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 778.80 | 788.07 |
| NAV with debt at fair value | 745.75 | 755.02 |
Performance
|
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 14.4 | 40.9 | 25.6 | 77.8 | 167.5 |
| NAV total return (with debt at fair value)2 | 17.0 | 44.2 | 24.7 | 76.7 | 158.9 |
| FTSE Actuaries All-Share Index Total Return3 | 10.9 | 20.5 | 8.9 | 41.5 | 85.6 |
| Share price total return3 | 12.3 | 56.5 | 41.5 | 88.0 | 188.2 |
| Change in Retail Price Index4 | 1.9 | 2.9 | 7.7 | 15.2 | 28.5 |
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 subject to latest published RPI; April 2021.
Geographical Split of investment portfolio
| Region | % of portfolio 28 May 2021 | % of portfolio 31 December 2020 | % of portfolio 31 December 2019 |
| UK | 82.9 | 82.1 | 80.7 |
| Europe | 9.0 | 10.1 | 7.8 |
| North America | 6.4 | 5.4 | 8.3 |
| Japan | 1.0 | 1.1 | 1.1 |
| Other | - | 0.4 | 1.2 |
| 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 28 May 2021 the portfolio comprised as follows:
| Holding Name | Location | Sector | Industry | £000 | % |
| Rio Tinto | UK | Basic Materials | Mining | 22,740 | 2.42 |
| GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 22,515 | 2.40 |
| Barclays | UK | Financials | Banks | 19,775 | 2.11 |
| HSBC | UK | Financials | Banks | 19,745 | 2.10 |
| BP | UK | Oil & Gas | Oil & gas producers | 17,451 | 1.86 |
| Royal Mail | UK | Industrials | Industrial transportation | 17,069 | 1.82 |
| Royal Dutch Shell | UK | Oil & Gas | Oil & gas producers | 16,043 | 1.71 |
| Lloyds Banking Group | UK | Financials | Banks | 14,967 | 1.59 |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 14,294 | 1.52 |
| Accsys Technologies | UK | Industrials | Construction & materials | 14,245 | 1.52 |
| Anglo American | UK | Basic Materials | Mining | 14,108 | 1.50 |
| Prudential Corp | UK | Financials | Life insurance/assurance | 14,019 | 1.49 |
| Aviva | UK | Financials | Life insurance/assurance | 13,919 | 1.48 |
| Senior | UK | Industrials | Aerospace & defence | 13,565 | 1.44 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 13,235 | 1.41 |
| NatWest | UK | Financials | Banks | 12,938 | 1.38 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 12,900 | 1.37 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 12,840 | 1.37 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 12,255 | 1.30 |
| M & G | UK | Financials | Financial services | 12,225 | 1.30 |
| Dunelm | UK | Consumer Services | General retailers | 12,160 | 1.29 |
| Smith (DS) | UK | Industrials | General industrials | 11,782 | 1.25 |
| BHP | UK | Basic Materials | Mining | 11,677 | 1.24 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 11,226 | 1.20 |
| Direct Line Insurance | UK | Financials | Nonlife insurance | 11,149 | 1.19 |
| Relx | UK | Consumer Services | Media | 11,031 | 1.17 |
| IP Group | UK | Financials | Financial services | 10,965 | 1.17 |
| BT Group | UK | Telecommunications | Fixed Line Telecommunications | 10,928 | 1.16 |
| Land Securities | UK | Financials | Real estate investment trusts | 10,714 | 1.14 |
| Linde | Germany | Basic Materials | Chemicals | 10,586 | 1.13 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 10,192 | 1.09 |
| St Modwen Properties | UK | Financials | Real estate investments & services | 10,157 | 1.08 |
| Hipgnosis Songs Fund | UK | Financials | Equity investment instruments | 10,011 | 1.07 |
| Applied Materials | USA | Technology | Technology hardware & equipment | 9,735 | 1.04 |
| Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 9,666 | 1.03 |
| Johnson Service Group | UK | Industrials | Support services | 9,660 | 1.03 |
| Standard Chartered | UK | Financials | Banks | 9,576 | 1.02 |
| BAE Systems | UK | Industrials | Aerospace & defence | 9,479 | 1.01 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 9,408 | 1.00 |
| Elementis | UK | Basic Materials | Chemicals | 9,270 | 0.99 |
| Mondi | UK | Basic Materials | Forestry & paper | 9,056 | 0.96 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 9,041 | 0.96 |
| Hammerson | UK | Financials | Real estate investment trusts | 8,807 | 0.94 |
| Hill & Smith | UK | Industrials | Industrial engineering | 8,665 | 0.92 |
| Schlumberger | USA | Oil & Gas | Oil equipment services & distribution | 8,633 | 0.92 |
| Balfour Beatty | UK | Industrials | Construction & materials | 8,591 | 0.91 |
| Cummins | USA | Industrials | Industrial engineering | 8,520 | 0.91 |
| Caterpillar | USA | Industrials | Industrial engineering | 8,495 | 0.90 |
| Marks & Spencer | UK | Consumer Services | General retailers | 8,435 | 0.90 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 8,307 | 0.88 |
| Standard Life Aberdeen | UK | Financials | Financial services | 8,267 | 0.88 |
| Urban Logistics REIT | UK | Financials | Real estate investment trusts | 8,031 | 0.86 |
| Croda | UK | Basic Materials | Chemicals | 8,028 | 0.85 |
| ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,840 | 0.83 |
| IMI | UK | Industrials | Industrial engineering | 7,258 | 0.77 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 7,240 | 0.77 |
| Hiscox | UK | Financials | Nonlife insurance | 7,093 | 0.76 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 6,961 | 0.74 |
| Halfords | UK | Consumer Services | General retailers | 6,865 | 0.73 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,860 | 0.73 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 6,821 | 0.73 |
| Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 6,754 | 0.72 |
| Marshalls | UK | Industrials | Construction & materials | 6,624 | 0.71 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,479 | 0.69 |
| SigmaRoc | UK | Industrials | Construction & materials | 6,408 | 0.68 |
| Scottish Oriental Small Co | Pacific | Financials | Equity investment instruments | 6,358 | 0.68 |
| Unilever | UK | Consumer Goods | Personal goods | 6,338 | 0.67 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 6,257 | 0.67 |
| Convatec Group | UK | Health Care | Health care equipment & services | 6,175 | 0.66 |
| International Personal Finance | UK | Financials | Financial services | 6,138 | 0.65 |
| Euromoney | UK | Consumer Services | Media | 5,869 | 0.62 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,791 | 0.62 |
| Chesnara | UK | Financials | Life insurance/assurance | 5,760 | 0.61 |
| Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 5,662 | 0.60 |
| Ibstock | UK | Industrials | Construction & materials | 5,497 | 0.59 |
| Centrica | UK | Utilities | Gas, water & multiutilities | 5,466 | 0.58 |
| Provident Financial | UK | Financials | Financial services | 5,251 | 0.56 |
| Meggitt | UK | Industrials | Aerospace & defence | 5,086 | 0.54 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,847 | 0.52 |
| SSE | UK | Utilities | Electricity | 4,626 | 0.49 |
| Redde Northgate | UK | Industrials | Support services | 4,494 | 0.48 |
| Babcock | UK | Industrials | Aerospace & defence | 4,473 | 0.48 |
| Koninklijke DSM | Netherlands | Basic Materials | Chemicals | 4,413 | 0.47 |
| Jubilee Metals Group | UK | Basic Materials | Mining | 4,325 | 0.46 |
| Studio Retail Group | UK | Consumer Services | General retailers | 4,236 | 0.45 |
| Bawag | Austria | Financials | Banks | 3,944 | 0.42 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 3,878 | 0.41 |
| Weir Group | UK | Industrials | Industrial engineering | 3,838 | 0.41 |
| Ricardo | UK | Industrials | Support services | 3,836 | 0.41 |
| Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 3,792 | 0.40 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 3,678 | 0.39 |
| Muenchener Rueckver | Germany | Financials | Nonlife insurance | 3,604 | 0.38 |
| Nestle | Switzerland | Consumer Goods | Food producers | 3,544 | 0.38 |
| Morses Club | UK | Financials | Financial services | 3,532 | 0.38 |
| Boku | UK | Industrials | Support services | 3,492 | 0.37 |
| Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,473 | 0.37 |
| Kier | UK | Industrials | Construction & materials | 3,450 | 0.37 |
| Marstons | UK | Consumer Services | Travel & leisure | 3,361 | 0.36 |
| VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 3,012 | 0.32 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 3,002 | 0.32 |
| UniCredit | Italy | Financials | Banks | 2,994 | 0.32 |
| iEnergizer | Guernsey | Industrials | Support services | 2,980 | 0.32 |
| Plant Health Care | USA | Basic Materials | Chemicals | 2,878 | 0.31 |
| Augean | UK | Industrials | Support services | 2,799 | 0.30 |
| Stellantis | Netherlands | Consumer Goods | Automobiles & parts | 2,720 | 0.29 |
| Sig Combibloc | Switzerland | Industrials | General industrials | 2,716 | 0.29 |
| Amundi | France | Financials | Financial services | 2,709 | 0.29 |
| Worldline | France | Industrials | Support services | 2,707 | 0.29 |
| Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,625 | 0.28 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 2,580 | 0.27 |
| Bacanora Lithium | UK | Basic Materials | Mining | 2,490 | 0.27 |
| Vertu Motors | UK | Consumer Services | General retailers | 2,463 | 0.26 |
| Mirriad Advertising | UK | Consumer Services | Media | 2,427 | 0.26 |
| Prosus | Netherlands | Technology | Software & computer services | 2,388 | 0.25 |
| Ilika | UK | Oil & Gas | Alternative Energy | 2,375 | 0.25 |
| CNH Industrial | UK | Industrials | Industrial engineering | 2,109 | 0.22 |
| Allied Minds | UK | Financials | Financial services | 2,072 | 0.22 |
| Faurecia | France | Consumer Goods | Automobiles & parts | 1,973 | 0.21 |
| Moncler | Italy | Consumer Goods | Personal goods | 1,944 | 0.21 |
| Nexi | Italy | Industrials | Support services | 1,788 | 0.19 |
| Renold | UK | Industrials | Industrial engineering | 1,555 | 0.17 |
| Grifols | Spain | Health Care | Pharmaceuticals & biotechnology | 1,325 | 0.14 |
| Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,320 | 0.14 |
| SIMEC Atlantis Energy | UK | Utilities | Electricity | 1,265 | 0.13 |
| Telecom Italia RSP | Italy | Telecommunications | Mobile telecommunications | 1,195 | 0.13 |
| Koninklijke KPN | Netherlands | Telecommunications | Fixed Line Telecommunications | 1,109 | 0.12 |
| Tullow Oil | UK | Oil & Gas | Oil & gas producers | 1,026 | 0.11 |
| Velocys | UK | Oil & Gas | Oil equipment services & distribution | 991 | 0.11 |
| Harbour Energy | UK | Oil & Gas | Oil & gas producers | 767 | 0.08 |
| Logistics Development Group | UK | Industrials | Industrial transportation | 765 | 0.08 |
| Carclo | UK | Basic Materials | Chemicals | 685 | 0.07 |
| Embracer Group | Sweden | Consumer Goods | Leisure Goods | 639 | 0.07 |
| Allfunds Group | UK | Other | Other | 626 | 0.07 |
| Brockhaus Capital Management | Germany | Financials | Financial services | 533 | 0.06 |
| AUTO1 Group | Germany | Other | Financial Technology | 510 | 0.05 |
| Unlisted | UK | Financials | Financial services | 213 | 0.02 |
| Providence Resources | UK | Oil & Gas | Oil & gas producers | 113 | 0.01 |
| NOW Inc | USA | Oil & Gas | Oil equipment services & distribution | 92 | 0.01 |
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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