NAV and Portfolio Information
Net Asset Value
Net Asset Value as at 19 November 2024
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 19 November 2024 was 839.81 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 870.03 pence per share (cum income). The mid-market price at the close of business on 19 November 2024 was 880.00 pence per share.
|
Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
|
NAV with debt at par |
834.74 |
839.81 |
|
NAV with debt at fair value |
864.97 |
870.03 |
Performance
|
|
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
|
NAV total return (with debt at par)2 |
12.1 |
16.7 |
15.1 |
50.4 |
118.6 |
|
NAV total return (with debt at fair value)2 |
12.3 |
15.8 |
23.6 |
63.8 |
131.9 |
|
FTSE Actuaries All-Share Index Total Return3 |
8.2 |
12.3 |
19.5 |
30.5 |
79.1 |
|
Share price total return3 |
13.2 |
15.0 |
26.0 |
80.6 |
146.3 |
|
Change in Retail Price Index4 |
3.1 |
3.4 |
25.2 |
34.5 |
51.6 |
1 The fair value of the IPS business has been calculated as at 30 June 2024.
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 Share Price source: Refinitiv.
4 Source: Office for National Statistics, subject to latest published RPI, October 2024.
In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.
Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
Geographical Split and Full Portfolio Listing
Immediately following the end of each month, we also publish information about the geographical split and full portfolio listing.
The current data is as follows
Geographical Split of investment portfolio
|
Region |
% of portfolio 31 October 2024 |
% of portfolio 31 December 2023 |
% of portfolio 31 December 2022 |
|
UK |
87.9 |
0 |
83.4 |
|
Europe |
5.8 |
0 |
10.4 |
|
North America |
5.2 |
0 |
5.1 |
|
Japan |
1.1 |
0 |
1.1 |
|
Other |
0 |
0 |
0 |
|
Other Pacific |
0 |
0 |
0 |
|
TOTAL |
100 |
100 |
100 |
Full Portfolio Listing
As at 31 October 2024 the full holdings of the portfolio comprised of the following:
|
Holding Name |
Location |
Sector |
Industry |
£000 |
% |
|
Flutter Entertainment |
UK |
Consumer Services |
Travel & leisure |
36,270 |
3.53 |
|
Shell |
UK |
Oil & Gas |
Oil & gas producers |
32,213 |
3.13 |
|
HSBC |
UK |
Financials |
Banks |
30,859 |
3.00 |
|
Rolls Royce |
UK |
Industrials |
Aerospace & defence |
27,830 |
2.71 |
|
Barclays |
UK |
Financials |
Banks |
27,550 |
2.68 |
|
GlaxoSmithKline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
22,829 |
2.22 |
|
BP |
UK |
Oil & Gas |
Oil & gas producers |
21,469 |
2.08 |
|
Marks & Spencer |
UK |
Consumer Services |
General retailers |
20,642 |
2.00 |
|
Rio Tinto |
UK |
Basic Materials |
Mining |
18,810 |
1.82 |
|
NatWest |
UK |
Financials |
Banks |
18,380 |
1.78 |
|
Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
17,290 |
1.68 |
|
Standard Chartered |
UK |
Financials |
Banks |
16,975 |
1.65 |
|
National Grid |
UK |
Utilities |
Gas, water & multiutilities |
16,508 |
1.60 |
|
Marshalls |
UK |
Industrials |
Construction & materials |
14,461 |
1.40 |
|
J Sainsbury plc |
UK |
Consumer Services |
General retailers |
14,242 |
1.38 |
|
Hill & Smith |
UK |
Industrials |
Industrial engineering |
13,512 |
1.31 |
|
BT Group |
UK |
Telecommunications |
Fixed Line Telecommunications |
13,479 |
1.31 |
|
Kingfisher |
UK |
Consumer Goods |
Household goods & home construction |
13,307 |
1.29 |
|
Anglo American |
UK |
Basic Materials |
Mining |
13,197 |
1.28 |
|
Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
12,480 |
1.21 |
|
Kier |
UK |
Industrials |
Construction & materials |
12,316 |
1.19 |
|
Balfour Beatty |
UK |
Industrials |
Construction & materials |
12,296 |
1.19 |
|
Boku |
UK |
Industrials |
Support services |
12,235 |
1.19 |
|
Shaftesbury Capital PLC |
UK |
Financials |
Real estate investment trusts |
12,213 |
1.18 |
|
Cranswick |
UK |
Consumer Goods |
Food producers |
12,115 |
1.17 |
|
Cummins |
USA |
Industrials |
Industrial engineering |
11,987 |
1.16 |
|
Senior |
UK |
Industrials |
Aerospace & defence |
11,958 |
1.16 |
|
BAE Systems |
UK |
Industrials |
Aerospace & defence |
11,875 |
1.15 |
|
Land Securities |
UK |
Financials |
Real estate investment trusts |
11,862 |
1.15 |
|
Aviva |
UK |
Financials |
Life insurance/assurance |
11,656 |
1.13 |
|
M & G |
UK |
Financials |
Financial services |
11,634 |
1.13 |
|
IMI |
UK |
Industrials |
Industrial engineering |
11,344 |
1.10 |
|
Ibstock |
UK |
Industrials |
Construction & materials |
11,321 |
1.10 |
|
Irish Continental Group |
Ireland |
Consumer Services |
Travel & leisure |
11,283 |
1.09 |
|
Toyota Motor Corporation |
Japan |
Consumer Goods |
Automobiles & parts |
11,272 |
1.09 |
|
Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
11,171 |
1.08 |
|
ITV |
UK |
Consumer Services |
Media |
10,900 |
1.06 |
|
Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
10,264 |
0.99 |
|
Prudential Corp |
UK |
Financials |
Life insurance/assurance |
9,885 |
0.96 |
|
Johnson Service Group |
UK |
Industrials |
Support services |
9,844 |
0.95 |
|
Schroders PLC |
UK |
Financials |
Equity investment instruments |
9,804 |
0.95 |
|
Hiscox |
UK |
Financials |
Nonlife insurance |
9,778 |
0.95 |
|
Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
9,740 |
0.94 |
|
Dunelm |
UK |
Consumer Services |
General retailers |
9,221 |
0.89 |
|
Scottish Oriental Small Co |
UK |
Financials |
Equity investment instruments |
9,160 |
0.89 |
|
Babcock |
UK |
Industrials |
Aerospace & defence |
9,095 |
0.88 |
|
Elementis |
UK |
Basic Materials |
Chemicals |
8,684 |
0.84 |
|
Oxford Nanopore Technologies |
UK |
Technology |
Advanced Medical Equipment & Technology |
8,320 |
0.81 |
|
Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
7,922 |
0.77 |
|
Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
7,879 |
0.76 |
|
Hammerson |
UK |
Financials |
Real estate investment trusts |
7,727 |
0.75 |
|
General Motors |
USA |
Consumer Goods |
Automobiles & parts |
7,477 |
0.72 |
|
Haleon |
UK |
Health Care |
Pharmaceuticals & biotechnology |
7,444 |
0.72 |
|
International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
7,250 |
0.70 |
|
Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
7,129 |
0.69 |
|
VH Global Sustainable Energy Opportunities |
UK |
Other |
Sustainable Energy |
7,120 |
0.69 |
|
Freeport-McMoran Inc |
USA |
Basic Materials |
Mining |
6,980 |
0.68 |
|
WPP LLP |
UK |
Consumer Services |
Media |
6,916 |
0.67 |
|
Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
6,877 |
0.67 |
|
International Personal Finance |
UK |
Financials |
Financial services |
6,850 |
0.66 |
|
IP Group |
UK |
Financials |
Financial services |
6,819 |
0.66 |
|
Beazley PLC (UK) |
UK |
Financials |
Nonlife insurance |
6,418 |
0.62 |
|
Dowlais Group plc |
UK |
Consumer Goods |
Automobiles & parts |
6,354 |
0.62 |
|
Whitbread PLC |
Canada |
Consumer Services |
Travel & leisure |
6,325 |
0.61 |
|
Weir Group |
UK |
Industrials |
Industrial engineering |
6,264 |
0.61 |
|
Sabre Insurance Group PLC |
UK |
Financials |
Nonlife insurance |
6,147 |
0.60 |
|
Air Products and Chemicals |
Canada |
Oil & Gas |
Oil & gas producers |
6,018 |
0.58 |
|
Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
5,975 |
0.58 |
|
Spectris |
UK |
Industrials |
Electronic & electrical equipment |
5,971 |
0.58 |
|
Workspace Group PLC |
UK |
Financials |
Real estate investment trusts |
5,530 |
0.54 |
|
Halfords |
UK |
Consumer Services |
General retailers |
5,451 |
0.53 |
|
Reach |
UK |
Consumer Services |
Media |
5,335 |
0.52 |
|
AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
5,293 |
0.51 |
|
SSE |
UK |
Utilities |
Electricity |
5,283 |
0.51 |
|
Chesnara |
UK |
Financials |
Life insurance/assurance |
5,238 |
0.51 |
|
Epwin Group |
UK |
Consumer Goods |
Household goods & home construction |
5,213 |
0.51 |
|
SigmaRoc |
UK |
Industrials |
Construction & materials |
4,968 |
0.48 |
|
Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
4,900 |
0.47 |
|
Accsys Technologies |
UK |
Industrials |
Construction & materials |
4,671 |
0.45 |
|
Inchcape |
UK |
Industrials |
Support services |
4,654 |
0.45 |
|
Vertu Motors |
UK |
Consumer Services |
General retailers |
4,542 |
0.44 |
|
Johnson Matthey |
UK |
Other |
Sustainable Energy |
4,464 |
0.43 |
|
Bellway |
UK |
Consumer Goods |
Household goods & home construction |
4,254 |
0.41 |
|
Castings |
UK |
Industrials |
Construction & materials |
4,243 |
0.41 |
|
Zigup |
UK |
Industrials |
Support services |
4,132 |
0.40 |
|
i3 Energy |
UK |
Oil & Gas |
Oil & gas producers |
4,032 |
0.39 |
|
Next Fifteen Communications Group |
UK |
Consumer Services |
Media |
4,025 |
0.39 |
|
Centrica |
UK |
Utilities |
Gas, water & multiutilities |
3,871 |
0.38 |
|
Grit Real Estate Income Group |
Guernsey |
Financials |
Real estate investment trusts |
3,624 |
0.35 |
|
ITM Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
3,507 |
0.34 |
|
Ricardo |
UK |
Industrials |
Support services |
3,503 |
0.34 |
|
XP Power Ltd |
UK |
Technology |
Technology hardware & equipment |
3,335 |
0.32 |
|
Novo Nordisk |
Denmark |
Health Care |
Pharmaceuticals & biotechnology |
3,208 |
0.31 |
|
Renold |
UK |
Industrials |
Industrial engineering |
3,198 |
0.31 |
|
Vanquis Banking Group |
UK |
Financials |
Financial services |
3,029 |
0.29 |
|
UniCredit |
Italy |
Financials |
Banks |
2,762 |
0.27 |
|
TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
2,701 |
0.26 |
|
Munchener Rueckver |
Germany |
Financials |
Nonlife insurance |
2,656 |
0.26 |
|
SAP |
Germany |
Technology |
Software & computer services |
2,652 |
0.26 |
|
Jubilee Metals Group |
UK |
Basic Materials |
Mining |
2,522 |
0.24 |
|
Serica Energy |
UK |
Oil & Gas |
Oil & gas producers |
2,504 |
0.24 |
|
Sanofi |
France |
Health Care |
Pharmaceuticals & biotechnology |
2,502 |
0.24 |
|
Siemens AG |
Germany |
Technology |
Software & computer services |
2,386 |
0.23 |
|
DVS A/S |
Denmark |
Industrials |
Industrial transportation |
2,366 |
0.23 |
|
Invinity Energy Systems |
UK |
Oil & Gas |
Alternative Energy |
2,309 |
0.22 |
|
Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
2,259 |
0.22 |
|
Safran SA |
France |
Industrials |
Aerospace & defence |
2,158 |
0.21 |
|
Deutsche Boerse |
Germany |
Financials |
Financial services |
2,109 |
0.20 |
|
Ondine Biomedical Inc. |
Canada |
Health Care |
Pharmaceuticals & biotechnology |
2,105 |
0.20 |
|
SGS SA |
Switzerland |
Industrials |
Support services |
1,908 |
0.18 |
|
Cellnex Telecom |
Spain |
Telecommunications |
Mobile telecommunications |
1,897 |
0.18 |
|
Great Portland Estates |
UK |
Financials |
Real estate investments & services |
1,878 |
0.18 |
|
Hercules Site Services Plc |
UK |
Industrials |
Construction & materials |
1,838 |
0.18 |
|
Gelion |
UK |
Other |
Sustainable Energy |
1,758 |
0.17 |
|
ASML |
Netherlands |
Technology |
Technology hardware & equipment |
1,694 |
0.16 |
|
Anheuser-Busch InBev |
Belgium |
Consumer Goods |
Beverages |
1,656 |
0.16 |
|
Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
1,593 |
0.15 |
|
Bawag |
Austria |
Financials |
Banks |
1,537 |
0.15 |
|
LVMH |
France |
Consumer Goods |
Leisure Goods |
1,455 |
0.14 |
|
Nestle |
Switzerland |
Consumer Goods |
Food producers |
1,441 |
0.14 |
|
Marstons |
UK |
Consumer Services |
Travel & leisure |
1,415 |
0.14 |
|
DSM-Firmenich AG |
Netherlands |
Basic Materials |
Chemicals |
1,388 |
0.13 |
|
Danone SA |
France |
Consumer Goods |
Food producers |
1,364 |
0.13 |
|
Windar Photonics Plc |
UK |
Industrials |
Waste & Environ Svcs & Equip |
1,331 |
0.13 |
|
Infineon Technologies AG |
Germany |
Industrials |
Electronic & electrical equipment |
1,301 |
0.13 |
|
Aena SME |
Spain |
Consumer Services |
Travel & leisure |
1,103 |
0.11 |
|
Arbuthnot Banking Group |
UK |
Financials |
Financial services |
1,081 |
0.10 |
|
ASM International NV |
Netherlands |
Industrials |
Electronic & electrical equipment |
953 |
0.09 |
|
Kone Oyj |
Finland |
Industrials |
Electronic & electrical equipment |
947 |
0.09 |
|
Syensqo SA |
Belgium |
Basic Materials |
Chemicals |
907 |
0.09 |
|
Logistics Development Group |
UK |
Industrials |
Industrial transportation |
842 |
0.08 |
|
First Tin |
UK |
Basic Materials |
Mining |
720 |
0.07 |
|
Ilika |
UK |
Oil & Gas |
Alternative Energy |
645 |
0.06 |
|
Longboat Energy |
UK |
Oil & Gas |
Oil & gas producers |
510 |
0.05 |
|
Kistos |
UK |
Oil & Gas |
Oil & gas producers |
477 |
0.05 |
|
Carclo |
UK |
Basic Materials |
Chemicals |
390 |
0.04 |
|
SIMEC Atlantis Energy |
UK |
Utilities |
Electricity |
307 |
0.03 |
|
Surface Transforms |
UK |
Consumer Goods |
Automobiles & parts |
203 |
0.02 |
|
Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
140 |
0.01 |
|
Deltic Energy |
UK |
Oil & Gas |
Oil & gas producers |
103 |
0.01 |
|
LDIC Investments |
UK |
Financials |
Financial services |
100 |
0.01 |
|
Better Cap |
UK |
Financials |
Equity investment instruments |
25 |
|
|
Allied Minds |
UK |
Financials |
Financial services |
|
|
|
Saietta Group |
UK |
Consumer Goods |
Automobiles & parts |
|
|
In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.
Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21