The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 September 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 30 September 2020 was 565.53 pence per share (cum income) which excludes the proposed 2020 second interim dividend of 6.5 pence as the shares went ex-dividend on 24 September 2020. With the Corporation's long term debt stated at fair value, the NAV was 525.16 pence per share (cum income). The mid-market price at the close of business on 30 September 2020 was 503.00 pence per share. The second interim dividend will be paid on 28 October 2020 to shareholders on the register at the record date of 25 September 2020.
|
Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
|
NAV with debt at par |
560.93 |
565.53 |
|
NAV with debt at fair value |
520.57 |
525.16 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV total return (with debt at par)2 |
-18.3 |
-13.0 |
-6.2 |
27.6 |
116.2 |
|
NAV total return (with debt at fair value)2 |
-20.4 |
-14.7 |
-9.2 |
21.4 |
102.6 |
|
FTSE Actuaries All-Share Index Total Return3 |
-19.9 |
-16.6 |
-9.3 |
18.6 |
63.9 |
|
Share price total return3 |
-13.0 |
-4.1 |
2.2 |
29.6 |
138.6 |
|
Change in Retail Price Index4 |
0.5 |
0.5 |
6.8 |
12.9 |
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; August 2020.
Geographical Split of investment portfolio
|
Region |
% of portfolio 30 September 2020 |
% of portfolio 31 December 2019 |
% of portfolio 31 December 2018 |
|
UK |
79.3 |
80.7 |
74.5 |
|
Europe |
10.5 |
7.8 |
8.6 |
|
North America |
7.7 |
8.3 |
9.9 |
|
Japan |
1.2 |
1.1 |
1.1 |
|
Other |
0.4 |
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 30 September 2020 the portfolio comprised as follows:
|
Holding Name |
Location |
Sector |
Industry |
£000 |
% |
|
GlaxoSmithKline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
24,321 |
3.57 |
|
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
21,185 |
3.11 |
|
Rio Tinto |
UK |
Basic Materials |
Mining |
17,456 |
2.56 |
|
Dunelm |
UK |
Consumer Services |
General retailers |
12,955 |
1.91 |
|
Relx |
UK |
Consumer Services |
Media |
12,941 |
1.90 |
|
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
12,780 |
1.88 |
|
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
12,533 |
1.84 |
|
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
12,195 |
1.79 |
|
Royal Dutch Shell |
UK |
Oil & Gas |
Oil & gas producers |
11,749 |
1.73 |
|
AstraZeneca |
UK |
Health Care |
Pharmaceuticals & biotechnology |
10,479 |
1.54 |
|
Prudential Corp |
UK |
Financials |
Life insurance/assurance |
10,358 |
1.52 |
|
Cummins |
USA |
Industrials |
Industrial engineering |
9,807 |
1.44 |
|
Urban Logistics REIT |
UK |
Financials |
Real estate investment trusts |
9,727 |
1.43 |
|
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
9,144 |
1.35 |
|
BHP |
UK |
Basic Materials |
Mining |
9,096 |
1.34 |
|
Direct Line Insurance |
UK |
Financials |
Nonlife insurance |
8,756 |
1.29 |
|
BAE Systems |
UK |
Industrials |
Aerospace & defence |
8,676 |
1.28 |
|
Anglo American |
UK |
Basic Materials |
Mining |
8,441 |
1.24 |
|
Hipgnosis Songs Fund |
UK |
Financials |
Equity investment instruments |
8,411 |
1.24 |
|
Toyota Motor |
Japan |
Consumer Goods |
Automobiles & parts |
8,394 |
1.24 |
|
Smith (DS) |
UK |
Industrials |
General industrials |
8,284 |
1.22 |
|
Aviva |
UK |
Financials |
Life insurance/assurance |
8,242 |
1.21 |
|
Hiscox |
UK |
Financials |
Nonlife insurance |
8,081 |
1.19 |
|
Caterpillar |
USA |
Industrials |
Industrial engineering |
8,074 |
1.19 |
|
M & G |
UK |
Financials |
Financial services |
7,973 |
1.17 |
|
Land Securities |
UK |
Financials |
Real estate investment trusts |
7,961 |
1.17 |
|
HSBC |
UK |
Financials |
Banks |
7,949 |
1.17 |
|
Hill & Smith |
UK |
Industrials |
Industrial engineering |
7,947 |
1.17 |
|
Mondi |
UK |
Basic Materials |
Forestry & paper |
7,785 |
1.15 |
|
RSA Insurance |
UK |
Financials |
Nonlife insurance |
7,453 |
1.10 |
|
ITM Power plc |
UK |
Oil & Gas |
Oil equipment services & distribution |
7,424 |
1.09 |
|
Accsys Technologies |
UK |
Industrials |
Construction & materials |
7,229 |
1.06 |
|
BP |
UK |
Oil & Gas |
Oil & gas producers |
7,206 |
1.06 |
|
Croda |
UK |
Basic Materials |
Chemicals |
7,175 |
1.06 |
|
Royal Mail |
UK |
Industrials |
Industrial transportation |
7,170 |
1.06 |
|
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
7,125 |
1.05 |
|
IP Group plc |
UK |
Financials |
Financial services |
6,911 |
1.02 |
|
Standard Chartered |
UK |
Financials |
Banks |
6,715 |
0.99 |
|
Deere |
USA |
Industrials |
Industrial engineering |
6,696 |
0.99 |
|
Scottish Oriental Small Co |
Pacific |
Financials |
Equity investment instruments |
6,347 |
0.93 |
|
Balfour Beatty |
UK |
Industrials |
Construction & materials |
6,181 |
0.91 |
|
Marshalls |
UK |
Industrials |
Construction & materials |
5,873 |
0.86 |
|
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
5,831 |
0.86 |
|
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
5,823 |
0.86 |
|
St Modwen Properties |
UK |
Financials |
Real estate investments & services |
5,781 |
0.85 |
|
Chesnara |
UK |
Financials |
Life insurance/assurance |
5,729 |
0.84 |
|
Standard Life Aberdeen |
UK |
Financials |
Financial services |
5,664 |
0.83 |
|
Applied Materials |
USA |
Technology |
Technology hardware & equipment |
5,288 |
0.78 |
|
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
5,179 |
0.76 |
|
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
5,158 |
0.76 |
|
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
5,152 |
0.76 |
|
Johnson Service |
UK |
Industrials |
Support services |
5,109 |
0.75 |
|
Marks and Spencer |
UK |
Consumer Services |
General retailers |
4,876 |
0.72 |
|
British American Tobacco |
UK |
Consumer Goods |
Tobacco |
4,860 |
0.72 |
|
Unilever |
UK |
Consumer Goods |
Personal goods |
4,776 |
0.70 |
|
Lloyds Banking Group |
UK |
Financials |
Banks |
4,744 |
0.70 |
|
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
4,639 |
0.68 |
|
Linde |
Germany |
Basic Materials |
Chemicals |
4,592 |
0.68 |
|
IMI |
UK |
Industrials |
Industrial engineering |
4,589 |
0.68 |
|
Irish Continental |
Ireland |
Consumer Services |
Travel & leisure |
4,461 |
0.66 |
|
Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
4,460 |
0.66 |
|
Elementis |
UK |
Basic Materials |
Chemicals |
4,453 |
0.66 |
|
Euromoney |
UK |
Consumer Services |
Media |
4,432 |
0.65 |
|
Provident Financial |
UK |
Financials |
Financial services |
4,282 |
0.63 |
|
Pfizer |
USA |
Health Care |
Pharmaceuticals & biotechnology |
4,259 |
0.63 |
|
Koninklijke DSM |
Netherlands |
Basic Materials |
Chemicals |
4,252 |
0.63 |
|
Ryanair |
Ireland |
Consumer Services |
Travel & leisure |
4,138 |
0.61 |
|
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
4,008 |
0.59 |
|
NatWest |
UK |
Financials |
Banks |
3,975 |
0.58 |
|
Simec Atlantis Energy |
UK |
Utilities |
Electricity |
3,823 |
0.56 |
|
Senior |
UK |
Industrials |
Aerospace & defence |
3,774 |
0.56 |
|
Nestle |
Switzerland |
Consumer Goods |
Food producers |
3,742 |
0.55 |
|
Ibstock |
UK |
Industrials |
Construction & materials |
3,736 |
0.55 |
|
Studio Retail Group plc |
UK |
Consumer Services |
General retailers |
3,706 |
0.55 |
|
Vivendi |
France |
Consumer Services |
Media |
3,657 |
0.54 |
|
SSE |
UK |
Utilities |
Electricity |
3,624 |
0.53 |
|
Foresight Solar |
UK |
Financials |
Equity investment instruments |
3,623 |
0.53 |
|
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
3,594 |
0.53 |
|
Muenchener Rueckver |
Germany |
Financials |
Nonlife insurance |
3,513 |
0.52 |
|
Taylor Wimpey |
UK |
Consumer Goods |
Household goods & home construction |
3,469 |
0.51 |
|
Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
3,436 |
0.51 |
|
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
3,346 |
0.49 |
|
Allied Minds |
UK |
Financials |
Financial services |
3,339 |
0.49 |
|
Cellnex Telecom Sau |
Spain |
Telecommunications |
Mobile telecommunications |
3,327 |
0.49 |
|
SigmaRoc |
UK |
Industrials |
Construction & materials |
3,233 |
0.48 |
|
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
3,179 |
0.47 |
|
Hammerson ORD GBP0.05 |
UK |
Financials |
Real estate investment trusts |
3,138 |
0.46 |
|
Babcock |
UK |
Industrials |
Aerospace & defence |
3,119 |
0.46 |
|
Novo-Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
3,042 |
0.45 |
|
Prosus |
Netherlands |
Technology |
Software & computer services |
3,039 |
0.45 |
|
Telecom Italia RSP |
Italy |
Telecommunications |
Mobile telecommunications |
2,949 |
0.43 |
|
Bawag |
Austria |
Financials |
Banks |
2,872 |
0.42 |
|
Grit Real Estate Income |
Other |
Financials |
Real estate investment trusts |
2,775 |
0.41 |
|
Halfords |
UK |
Consumer Services |
General retailers |
2,627 |
0.39 |
|
Sig Combibloc |
Switzerland |
Industrials |
General industrials |
2,623 |
0.39 |
|
UniCredit |
Italy |
Financials |
Banks |
2,586 |
0.38 |
|
Meggitt |
UK |
Industrials |
Aerospace & defence |
2,575 |
0.38 |
|
Boku |
UK |
Industrials |
Support services |
2,554 |
0.38 |
|
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
2,534 |
0.37 |
|
Deutsche Boerse |
Germany |
Financials |
Financial services |
2,520 |
0.37 |
|
Weir Group |
UK |
Industrials |
Industrial engineering |
2,500 |
0.37 |
|
Amundi |
France |
Financials |
Financial services |
2,358 |
0.35 |
|
Worldline |
France |
Industrials |
Support services |
2,353 |
0.35 |
|
St. James's Place |
UK |
Financials |
Life insurance/assurance |
2,328 |
0.34 |
|
Carnival |
UK |
Consumer Services |
Travel & leisure |
2,247 |
0.33 |
|
Redde Northgate |
UK |
Industrials |
Support services |
2,150 |
0.32 |
|
International Personal Finance |
UK |
Financials |
Financial services |
2,042 |
0.30 |
|
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
1,793 |
0.26 |
|
Daily Mail & General Trust 'A' |
UK |
Consumer Services |
Media |
1,791 |
0.26 |
|
Nexi |
Italy |
Industrials |
Support services |
1,777 |
0.26 |
|
Augean |
UK |
Industrials |
Support services |
1,730 |
0.25 |
|
Ricardo |
UK |
Industrials |
Support services |
1,645 |
0.24 |
|
Marstons |
UK |
Consumer Services |
Travel & leisure |
1,618 |
0.24 |
|
JDE Peet's |
Netherlands |
Consumer Goods |
Food producers |
1,460 |
0.21 |
|
Grifols, S.A. |
Spain |
Health Care |
Pharmaceuticals & biotechnology |
1,443 |
0.21 |
|
AMS AG |
Switzerland |
Technology |
Technology hardware & equipment |
1,317 |
0.19 |
|
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
1,306 |
0.19 |
|
Moncler |
Italy |
Consumer Goods |
Personal goods |
1,237 |
0.18 |
|
EQTEC |
Ireland |
Utilities |
Electricity |
1,111 |
0.16 |
|
Morses Club |
UK |
Financials |
Financial services |
1,093 |
0.16 |
|
AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
1,084 |
0.16 |
|
Ilika |
UK |
Oil & Gas |
Alternative Energy |
1,062 |
0.16 |
|
Total (Fra) |
France |
Oil & Gas |
Oil & gas producers |
1,047 |
0.15 |
|
Hipgnosis Songs Fund - C Shares |
UK |
Financials |
Equity investment instruments |
1,015 |
0.15 |
|
Velocys |
UK |
Oil & Gas |
Oil equipment services & distribution |
991 |
0.15 |
|
Schlumberger |
USA |
Oil & Gas |
Oil equipment services & distribution |
963 |
0.14 |
|
Wincanton |
UK |
Industrials |
Industrial transportation |
955 |
0.14 |
|
Kier |
UK |
Industrials |
Construction & materials |
891 |
0.13 |
|
Brockhaus Capital Management |
Germany |
Financials |
Financial services |
722 |
0.11 |
|
Mirriad Advertising |
UK |
Consumer Services |
Media |
660 |
0.10 |
|
Renold |
UK |
Industrials |
Industrial engineering |
630 |
0.09 |
|
Premier Oil |
UK |
Oil & Gas |
Oil & gas producers |
622 |
0.09 |
|
Eddie Stobart Logistics |
UK |
Industrials |
Industrial transportation |
595 |
0.09 |
|
Severfield |
UK |
Industrials |
Industrial engineering |
419 |
0.06 |
|
Centrica |
UK |
Utilities |
Gas, water & multiutilities |
401 |
0.06 |
|
National Oilwell Vaeco |
USA |
Oil & Gas |
Oil equipment services & distribution |
350 |
0.05 |
|
Tullow Oil |
UK |
Oil & Gas |
Oil & gas producers |
305 |
0.04 |
|
Carclo |
UK |
Basic Materials |
Chemicals |
283 |
0.04 |
|
Unlisted |
UK |
Other |
Other |
213 |
0.03 |
|
Providence Resources |
UK |
Oil & Gas |
Oil & gas producers |
209 |
0.03 |
|
Now Inc |
USA |
Oil & Gas |
Oil equipment services & distribution |
44 |
0.01 |
|
Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
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
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