3rd Mar 2025 16:59
The Law Debenture Corporation p.l.c.
Net Asset Value as at 28 February 2025
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 February 2025 was 868.93 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 901.40 pence per share (cum income). The mid-market price at the close of business on 28 February 2025 was 905.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 866.14 | 868.93 |
NAV with debt at fair value | 898.60 | 901.40 |
Performance
| YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV total return (with debt at par)2 | 3.2 | 17.6 | 20.4 | 64.8 | 113.8 |
NAV total return (with debt at fair value)2 | 3.1 | 17.3 | 28.3 | 81.2 | 128.1 |
FTSE Actuaries All-Share Index Total Return3 | 6.9 | 18.4 | 27.7 | 53.4 | 82.7 |
Share price total return3 | 1.3 | 19.1 | 26.2 | 100.7 | 146.4 |
Change in Retail Price Index4 | -0.1 | 2.8 | 22.3 | 34.8 | 52.6 |
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, January 2025.
Geographical Split of investment portfolio
Region | % of portfolio 28 February 2025 | % of portfolio 31 December 2024 |
UK | 88.1 | 87.6 |
Europe | 5.4 | 5.5 |
North America | 5.4 | 5.6 |
Japan | 1.1 | 1.3 |
Other | 0 | 0 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 28 February 2025 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 40,487 | 3.76 |
Barclays | UK | Financials | Banks | 36,111 | 3.35 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 35,937 | 3.34 |
Shell | UK | Oil & Gas | Oil & gas producers | 32,950 | 3.05 |
Rolls Royce | UK | Industrials | Aerospace & defence | 31,248 | 2.89 |
BP | UK | Oil & Gas | Oil & gas producers | 24,926 | 2.31 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 24,051 | 2.23 |
Standard Chartered | UK | Financials | Banks | 23,920 | 2.22 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 19,205 | 1.78 |
Rio Tinto | UK | Basic Materials | Mining | 17,976 | 1.66 |
National Grid | UK | Utilities | Gas, water & multiutilities | 16,484 | 1.53 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 15,566 | 1.44 |
NatWest | UK | Financials | Banks | 15,558 | 1.44 |
Senior | UK | Industrials | Aerospace & defence | 14,577 | 1.35 |
Marks & Spencer | UK | Consumer Services | General retailers | 14,192 | 1.31 |
Aviva | UK | Financials | Life insurance/assurance | 14,000 | 1.30 |
J Sainsbury | UK | Consumer Services | General retailers | 13,824 | 1.28 |
Cummins | USA | Industrials | Industrial engineering | 13,765 | 1.27 |
IMI | UK | Industrials | Industrial engineering | 13,764 | 1.27 |
BAE Systems | UK | Industrials | Aerospace & defence | 13,348 | 1.24 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 13,230 | 1.23 |
Babcock | UK | Industrials | Aerospace & defence | 12,910 | 1.20 |
Kier | UK | Industrials | Construction & materials | 12,851 | 1.19 |
Anglo American | UK | Basic Materials | Mining | 12,848 | 1.19 |
Balfour Beatty | UK | Industrials | Construction & materials | 12,837 | 1.19 |
Hill & Smith | UK | Industrials | Industrial engineering | 12,713 | 1.18 |
M & G | UK | Financials | Financial services | 12,678 | 1.17 |
Lloyds Banking Group | UK | Financials | Banks | 12,407 | 1.15 |
Land Securities | UK | Financials | Real estate investment trusts | 12,270 | 1.14 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 12,110 | 1.12 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,707 | 1.08 |
Cranswick | UK | Consumer Goods | Food producers | 11,697 | 1.08 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 11,223 | 1.04 |
Prudential | UK | Financials | Life insurance/assurance | 11,158 | 1.03 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 11,115 | 1.03 |
Boku | UK | Industrials | Support services | 10,907 | 1.01 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 10,884 | 1.01 |
Hiscox | UK | Financials | Nonlife insurance | 10,719 | 0.99 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 10,598 | 0.98 |
Schroders | UK | Financials | Equity investment instruments | 10,517 | 0.97 |
ITV | UK | Consumer Services | Media | 10,487 | 0.97 |
Marshalls | UK | Industrials | Construction & materials | 10,421 | 0.97 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 9,523 | 0.88 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 9,434 | 0.87 |
Ibstock | UK | Industrials | Construction & materials | 9,238 | 0.86 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 9,128 | 0.85 |
Johnson Service Group | UK | Industrials | Support services | 8,632 | 0.80 |
Dunelm | UK | Consumer Services | General retailers | 8,080 | 0.75 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,964 | 0.74 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,821 | 0.72 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 7,720 | 0.71 |
Beazley | UK | Financials | Nonlife insurance | 7,438 | 0.69 |
General Motors | USA | Consumer Goods | Automobiles & parts | 7,426 | 0.69 |
Hammerson | UK | Financials | Real estate investment trusts | 7,324 | 0.68 |
Weir Group | UK | Industrials | Industrial engineering | 7,290 | 0.68 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 7,252 | 0.67 |
Johnson Matthey | UK | Other | Sustainable Energy | 7,150 | 0.66 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 7,008 | 0.65 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 6,965 | 0.64 |
Whitbread | Canada | Consumer Services | Travel & leisure | 6,952 | 0.64 |
Spectris | UK | Industrials | Electronic & electrical equipment | 6,831 | 0.63 |
IP Group | UK | Financials | Financial services | 6,825 | 0.63 |
Elementis | UK | Basic Materials | Chemicals | 6,809 | 0.63 |
International Personal Finance | UK | Financials | Financial services | 6,721 | 0.62 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 6,283 | 0.58 |
Freeport-McMoran | USA | Basic Materials | Mining | 5,867 | 0.54 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 5,769 | 0.53 |
Greencoat UK Wind | UK | Utilities | Electricity | 5,625 | 0.52 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,504 | 0.51 |
WPP LLP | UK | Consumer Services | Media | 5,474 | 0.51 |
Chesnara | UK | Financials | Life insurance/assurance | 5,426 | 0.50 |
Segro | UK | Financials | Real estate investment trusts | 5,282 | 0.49 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 5,115 | 0.47 |
Inchcape | UK | Industrials | Support services | 5,093 | 0.47 |
SigmaRoc | UK | Industrials | Construction & materials | 5,090 | 0.47 |
Reach | UK | Consumer Services | Media | 4,913 | 0.45 |
Associated British Foods | UK | Consumer Goods | Food producers | 4,735 | 0.44 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,600 | 0.43 |
SSE | UK | Utilities | Electricity | 4,572 | 0.42 |
Zigup | UK | Industrials | Support services | 4,401 | 0.41 |
Standard Life Aberdeen | UK | Financials | Financial services | 4,360 | 0.40 |
Accsys Technologies | UK | Industrials | Construction & materials | 4,337 | 0.40 |
Workspace Group | UK | Financials | Real estate investment trusts | 4,320 | 0.40 |
Epwin Group | UK | Consumer Goods | Household goods & home construction | 4,270 | 0.40 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 3,995 | 0.37 |
Castings | UK | Industrials | Construction & materials | 3,990 | 0.37 |
Halfords | UK | Consumer Services | General retailers | 3,966 | 0.37 |
Convatec Group | UK | Health Care | Health care equipment & services | 3,891 | 0.36 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 3,588 | 0.33 |
Vanquis Banking Group | UK | Financials | Financial services | 3,555 | 0.33 |
Bellway | UK | Consumer Goods | Household goods & home construction | 3,510 | 0.33 |
Vertu Motors | UK | Consumer Services | General retailers | 3,506 | 0.32 |
Croda | UK | Basic Materials | Chemicals | 3,304 | 0.31 |
SAP | Germany | Technology | Software & computer services | 3,202 | 0.30 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,020 | 0.28 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,003 | 0.28 |
Siemens | Germany | Technology | Software & computer services | 2,885 | 0.27 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 2,869 | 0.27 |
XP Power | UK | Technology | Technology hardware & equipment | 2,800 | 0.26 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 2,776 | 0.26 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 2,710 | 0.25 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,649 | 0.25 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,640 | 0.24 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 2,629 | 0.24 |
Safran | France | Industrials | Aerospace & defence | 2,536 | 0.23 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,473 | 0.23 |
Deutsche Boerse | Germany | Financials | Financial services | 2,426 | 0.22 |
Renold | UK | Industrials | Industrial engineering | 2,414 | 0.22 |
DVS | Denmark | Industrials | Industrial transportation | 2,233 | 0.21 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,203 | 0.20 |
Bawag | Austria | Financials | Banks | 2,048 | 0.19 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,980 | 0.18 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,897 | 0.18 |
SGS | Switzerland | Industrials | Support services | 1,892 | 0.18 |
Jubilee Metals Group | UK | Basic Materials | Mining | 1,870 | 0.17 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,869 | 0.17 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 1,862 | 0.17 |
ASML | Netherlands | Technology | Technology hardware & equipment | 1,809 | 0.17 |
Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,694 | 0.16 |
Gelion | UK | Other | Sustainable Energy | 1,654 | 0.15 |
Great Portland Estates | UK | Financials | Real estate investments & services | 1,641 | 0.15 |
LVMH | France | Consumer Goods | Leisure Goods | 1,620 | 0.15 |
Marstons | UK | Consumer Services | Travel & leisure | 1,551 | 0.14 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 1,547 | 0.14 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,508 | 0.14 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,397 | 0.13 |
Danone | France | Consumer Goods | Food producers | 1,395 | 0.13 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 1,282 | 0.12 |
Aena | Spain | Consumer Services | Travel & leisure | 1,139 | 0.11 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 1,080 | 0.10 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,039 | 0.10 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,000 | 0.09 |
Logistics Development Group | UK | Industrials | Industrial transportation | 995 | 0.09 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 930 | 0.09 |
Syensqo | Belgium | Basic Materials | Chemicals | 878 | 0.08 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 541 | 0.05 |
First Tin | UK | Basic Materials | Mining | 540 | 0.05 |
Kistos | UK | Oil & Gas | Oil & gas producers | 531 | 0.05 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 361 | 0.03 |
Carclo | UK | Basic Materials | Chemicals | 269 | 0.02 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 220 | 0.02 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 112 | 0.01 |
LDIC Investments | UK | Financials | Financial services | 88 | 0.01 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 56 | 0.01 |
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
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