Net Asset Value(s) and Portfolio Information
Source: RNS
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 August 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 August 2020 was 586.26 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 546.88 pence per share (cum income). The mid-market price at the close of business on 31 August 2020 was 539.00 pence per share.
|
Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
|
NAV with debt at par |
577.06 |
586.26 |
|
NAV with debt at fair value |
537.68 |
546.88 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV total return (with debt at par)2 |
-16.2 |
-8.0 |
-3.8 |
27.4 |
137.1 |
|
NAV total return (with debt at fair value)2 |
-18.1 |
-9.3 |
-6.0 |
21.5 |
123.0 |
|
FTSE Actuaries All-Share Index Total Return3 |
-18.5 |
-12.6 |
-8.2 |
17.3 |
77.6 |
|
Share price total return3 |
-13.0 |
-0.1 |
-0.8 |
33.1 |
153.4 |
|
Change in Retail Price Index4 |
0.8 |
1.6 |
7.8 |
13.8 |
31.6 |
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; July 2020.
Geographical Split of investment portfolio
|
Region |
% of portfolio 31 August 2020 |
% of portfolio 31 December 2019 |
% of portfolio 31 December 2018 |
|
UK |
79.5 |
80.7 |
74.5 |
|
Europe |
10.5 |
7.8 |
8.6 |
|
North America |
7.4 |
8.3 |
9.9 |
|
Japan |
1.2 |
1.1 |
1.1 |
|
Other |
0.5 |
1.2 |
1.4 |
|
Other Pacific |
0.9 |
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 31 August 2020 the portfolio comprised as follows:
|
Name |
Country |
Sector |
Industry |
MV £000 |
% of Portfolio |
|
Glaxosmithkline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
24,656 |
3.56 |
|
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
21,262 |
3.07 |
|
Rio Tinto |
UK |
Basic Materials |
Mining |
17,379 |
2.51 |
|
Royal Dutch Shell |
UK |
Oil & Gas |
Oil & gas producers |
13,288 |
1.92 |
|
Dunelm |
UK |
Consumer Services |
General retailers |
13,280 |
1.92 |
|
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
12,953 |
1.87 |
|
Relx |
UK |
Consumer Services |
Media |
12,769 |
1.84 |
|
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
11,879 |
1.72 |
|
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
11,650 |
1.68 |
|
Prudential Corp |
UK |
Financials |
Life insurance/assurance |
11,409 |
1.65 |
|
Astrazeneca |
UK |
Health Care |
Pharmaceuticals & biotechnology |
10,333 |
1.49 |
|
Urban Logistics REIT |
UK |
Financials |
Real estate investment trusts |
10,071 |
1.45 |
|
Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
9,584 |
1.38 |
|
BHP |
UK |
Basic Materials |
Mining |
9,418 |
1.36 |
|
BAE Systems |
UK |
Industrials |
Aerospace & defence |
9,353 |
1.35 |
|
Cummins |
USA |
Industrials |
Industrial engineering |
9,299 |
1.34 |
|
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
8,874 |
1.28 |
|
Land Securities |
UK |
Financials |
Real estate investment trusts |
8,808 |
1.27 |
|
HSBC |
UK |
Financials |
Banks |
8,703 |
1.26 |
|
Hipgnosis Songs Fund |
UK |
Financials |
Equity investment instruments |
8,699 |
1.26 |
|
M & G |
UK |
Financials |
Financial services |
8,648 |
1.25 |
|
BP |
UK |
Oil & Gas |
Oil & gas producers |
8,454 |
1.22 |
|
Toyota Motor |
Japan |
Consumer Goods |
Automobiles & parts |
8,163 |
1.18 |
|
Aviva |
UK |
Financials |
Life insurance/assurance |
8,156 |
1.18 |
|
Hill & Smith |
UK |
Industrials |
Industrial engineering |
8,094 |
1.17 |
|
ITM Power plc |
UK |
Oil & Gas |
Oil equipment services & distribution |
7,880 |
1.14 |
|
Caterpillar |
USA |
Industrials |
Industrial engineering |
7,448 |
1.08 |
|
RSA Insurance |
UK |
Financials |
Nonlife insurance |
7,413 |
1.07 |
|
Standard Chartered |
UK |
Financials |
Banks |
7,398 |
1.07 |
|
Smith (DS) |
UK |
Industrials |
General industrials |
7,285 |
1.05 |
|
Accsys Technologies |
UK |
Industrials |
Construction & materials |
7,261 |
1.05 |
|
Hiscox |
UK |
Financials |
Nonlife insurance |
7,177 |
1.04 |
|
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
7,151 |
1.03 |
|
Mondi |
UK |
Basic Materials |
Forestry & paper |
6,937 |
1 |
|
Anglo American |
UK |
Basic Materials |
Mining |
6,872 |
0.99 |
|
Croda |
UK |
Basic Materials |
Chemicals |
6,779 |
0.98 |
|
IP Group plc |
UK |
Financials |
Financial services |
6,494 |
0.94 |
|
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
6,332 |
0.91 |
|
Scottish Oriental Small Co |
Pacific |
Financials |
Equity investment instruments |
6,172 |
0.89 |
|
Balfour Beatty |
UK |
Industrials |
Construction & materials |
6,164 |
0.89 |
|
Chesnara |
UK |
Financials |
Life insurance/assurance |
6,156 |
0.89 |
|
Deere |
USA |
Industrials |
Industrial engineering |
6,131 |
0.89 |
|
Johnson Service |
UK |
Industrials |
Support services |
6,064 |
0.88 |
|
St Modwen Properties |
UK |
Financials |
Real estate investments & services |
5,985 |
0.86 |
|
Standard Life Aberdeen |
UK |
Financials |
Financial services |
5,942 |
0.86 |
|
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
5,813 |
0.84 |
|
Marshalls |
UK |
Industrials |
Construction & materials |
5,706 |
0.82 |
|
Marks and Spencer |
UK |
Consumer Services |
General retailers |
5,555 |
0.8 |
|
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
5,461 |
0.79 |
|
Provident Financial |
UK |
Financials |
Financial services |
5,437 |
0.79 |
|
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
5,387 |
0.78 |
|
Royal Mail |
UK |
Industrials |
Industrial transportation |
5,382 |
0.78 |
|
Applied Materials |
USA |
Technology |
Technology hardware & equipment |
5,294 |
0.76 |
|
Lloyds Banking Group |
UK |
Financials |
Banks |
5,103 |
0.74 |
|
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
4,984 |
0.72 |
|
Simec Atlantis Energy |
UK |
Utilities |
Electricity |
4,779 |
0.69 |
|
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
4,701 |
0.68 |
|
Linde |
Germany |
Basic Materials |
Chemicals |
4,680 |
0.68 |
|
IMI |
UK |
Industrials |
Industrial engineering |
4,616 |
0.67 |
|
Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
4,591 |
0.66 |
|
Irish Continental |
Ireland |
Consumer Services |
Travel & leisure |
4,560 |
0.66 |
|
Unilever |
UK |
Consumer Goods |
Personal goods |
4,460 |
0.64 |
|
Senior |
UK |
Industrials |
Aerospace & defence |
4,454 |
0.64 |
|
British American Tobacco |
UK |
Consumer Goods |
Tobacco |
4,431 |
0.64 |
|
Ryanair |
Ireland |
Consumer Services |
Travel & leisure |
4,315 |
0.62 |
|
Pfizer |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,236 |
0.61 |
|
NatWest |
UK |
Financials |
Banks |
4,228 |
0.61 |
|
Elementis |
UK |
Basic Materials |
Chemicals |
4,222 |
0.61 |
|
Euromoney |
UK |
Consumer Services |
Media |
4,202 |
0.61 |
|
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
4,105 |
0.59 |
|
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
4,008 |
0.58 |
|
Koninklijke DSM |
Netherlands |
Basic Materials |
Chemicals |
4,001 |
0.58 |
|
Taylor Wimpey |
UK |
Consumer Goods |
Household goods & home construction |
3,918 |
0.57 |
|
Allied Minds |
UK |
Financials |
Financial services |
3,913 |
0.57 |
|
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
3,900 |
0.56 |
|
Muenchener Rueckver |
Germany |
Financials |
Nonlife insurance |
3,872 |
0.56 |
|
SSE |
UK |
Utilities |
Electricity |
3,777 |
0.55 |
|
Foresight Solar |
UK |
Financials |
Equity investment instruments |
3,763 |
0.54 |
|
Nestle |
Switzerland |
Consumer Goods |
Food producers |
3,659 |
0.53 |
|
Vivendi |
France |
Consumer Services |
Media |
3,598 |
0.52 |
|
Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
3,460 |
0.5 |
|
Studio Retail Group plc |
UK |
Consumer Services |
General retailers |
3,434 |
0.5 |
|
Ibstock |
UK |
Industrials |
Construction & materials |
3,396 |
0.49 |
|
Babcock |
UK |
Industrials |
Aerospace & defence |
3,391 |
0.49 |
|
Cellnex Telecom Sau |
Spain |
Telecommunications |
Mobile telecommunications |
3,377 |
0.49 |
|
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
3,346 |
0.48 |
|
Telecom Italia RSP |
Italy |
Telecommunications |
Mobile telecommunications |
3,322 |
0.48 |
|
Grit Real Estate Income |
Other |
Financials |
Real estate investment trusts |
3,275 |
0.47 |
|
Prosus |
Netherlands |
Technology |
Software & computer services |
3,184 |
0.46 |
|
UniCredit |
Italy |
Financials |
Banks |
2,974 |
0.43 |
|
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
2,971 |
0.43 |
|
International Personal Finance |
UK |
Financials |
Financial services |
2,970 |
0.43 |
|
SigmaRoc |
UK |
Industrials |
Construction & materials |
2,958 |
0.43 |
|
Bawag |
Austria |
Financials |
Banks |
2,911 |
0.42 |
|
Meggitt |
UK |
Industrials |
Aerospace & defence |
2,909 |
0.42 |
|
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
2,889 |
0.42 |
|
Novo-Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
2,812 |
0.41 |
|
Deutsche Boerse |
Germany |
Financials |
Financial services |
2,622 |
0.38 |
|
Boku |
UK |
Industrials |
Support services |
2,553 |
0.37 |
|
Worldline |
France |
Industrials |
Support services |
2,543 |
0.37 |
|
Weir Group |
UK |
Industrials |
Industrial engineering |
2,537 |
0.37 |
|
Amundi |
France |
Financials |
Financial services |
2,512 |
0.36 |
|
Sig Combibloc |
Switzerland |
Industrials |
General industrials |
2,480 |
0.36 |
|
St. James's Place |
UK |
Financials |
Life insurance/assurance |
2,448 |
0.35 |
|
Halfords |
UK |
Consumer Services |
General retailers |
2,393 |
0.35 |
|
Carnival |
UK |
Consumer Services |
Travel & leisure |
2,372 |
0.34 |
|
Redde Northgate |
UK |
Industrials |
Support services |
2,190 |
0.32 |
|
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
2,117 |
0.31 |
|
Marstons |
UK |
Consumer Services |
Travel & leisure |
1,948 |
0.28 |
|
Hammerson |
UK |
Financials |
Real estate investment trusts |
1,865 |
0.27 |
|
Daily Mail & General Trust 'A' |
UK |
Consumer Services |
Media |
1,813 |
0.26 |
|
Augean |
UK |
Industrials |
Support services |
1,730 |
0.25 |
|
JDE Peet's |
Netherlands |
Consumer Goods |
Food producers |
1,526 |
0.22 |
|
Morses Club |
UK |
Financials |
Financial services |
1,524 |
0.22 |
|
Nexi |
Italy |
Industrials |
Support services |
1,515 |
0.22 |
|
EQTEC |
Ireland |
Utilities |
Electricity |
1,422 |
0.21 |
|
Ricardo |
UK |
Industrials |
Support services |
1,395 |
0.2 |
|
Grifols, S.A. |
Spain |
Health Care |
Pharmaceuticals & biotechnology |
1,287 |
0.19 |
|
Velocys |
UK |
Oil & Gas |
Oil equipment services & distribution |
1,219 |
0.18 |
|
AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
1,201 |
0.17 |
|
Total (Fra) |
France |
Oil & Gas |
Oil & gas producers |
1,168 |
0.17 |
|
Schlumberger |
USA |
Oil & Gas |
Oil equipment services & distribution |
1,137 |
0.16 |
|
AMS AG |
Switzerland |
Technology |
Technology hardware & equipment |
1,125 |
0.16 |
|
Moncler |
Italy |
Consumer Goods |
Personal goods |
1,124 |
0.16 |
|
Kier |
UK |
Industrials |
Construction & materials |
1,097 |
0.16 |
|
Hipgnosis Songs Fund - C Shares |
UK |
Financials |
Equity investment instruments |
1,020 |
0.15 |
|
Ilika |
UK |
Oil & Gas |
Alternative Energy |
975 |
0.14 |
|
Wincanton |
UK |
Industrials |
Industrial transportation |
912 |
0.13 |
|
Premier Oil |
UK |
Oil & Gas |
Oil & gas producers |
819 |
0.12 |
|
Eddie Stobart Logistics |
UK |
Industrials |
Industrial transportation |
656 |
0.09 |
|
Brockhaus Capital Management |
Germany |
Financials |
Financial services |
642 |
0.09 |
|
Renold |
UK |
Industrials |
Industrial engineering |
520 |
0.08 |
|
Centrica |
UK |
Utilities |
Gas, water & multiutilities |
460 |
0.07 |
|
National Oilwell Vaeco |
USA |
Oil & Gas |
Oil equipment services & distribution |
448 |
0.06 |
|
Severfield |
UK |
Industrials |
Industrial engineering |
432 |
0.06 |
|
Tullow Oil |
UK |
Oil & Gas |
Oil & gas producers |
410 |
0.06 |
|
Mirriad Advertising |
UK |
Consumer Services |
Media |
369 |
0.05 |
|
Unlisted |
UK |
Other |
Other |
213 |
0.03 |
|
Carclo |
UK |
Basic Materials |
Chemicals |
174 |
0.03 |
|
Providence Resources |
UK |
Oil & Gas |
Oil & gas producers |
163 |
0.02 |
|
GVS |
Italy |
Industrials |
Waste & Environ Svcs & Equip |
159 |
0.02 |
|
Now Inc |
USA |
Oil & Gas |
Oil equipment services & distribution |
68 |
0.01 |
|
Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
0 |
|
Permanent TSB |
Ireland |
Financials |
Banks |
2 |
0 |
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
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