The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 September 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 30 September 2024 was 851.99 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 879.38 pence per share (cum income). The mid-market price at the close of business on 30 September 2024 was 889.00 pence per share.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 850.10 | 851.99 |
| NAV with debt at fair value | 877.49 | 879.38 |
Performance
| | YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 13.7 | 17.2 | 18.9 | 53.3 | 125.2 |
| NAV total return (with debt at fair value)2 | 13.5 | 15.6 | 27.6 | 67.0 | 138.0 |
| FTSE Actuaries All-Share Index Total Return3 | 9.9 | 13.4 | 23.9 | 32.2 | 83.6 |
| Share price total return3 | 14.3 | 15.4 | 31.8 | 87.4 | 151.0 |
| Change in Retail Price Index4 | 2.9 | 3.5 | 26.3 | 34.0 | 51.4 |
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, August 2024.
Geographical Split of investment portfolio
| Region | % of portfolio 30 September 2024 | % of portfolio 31 December 2023 | % of portfolio 31 December 2022 |
| UK | 88.7 | 0 | 83.4 |
| Europe | 5.8 | 0 | 10.4 |
| North America | 4.5 | 0 | 5.1 |
| Japan | 1.0 | 0 | 1.1 |
| Other | 0 | 0 | 0 |
| Other Pacific | 0 | 0 | 0 |
| TOTAL | 100 | 100 | 100 |
Full Portfolio Listing
As at 30 September 2024 the full holdings of the portfolio comprised of the following:
| Holding Name | Location | Sector | Industry | £000 | % |
| Flutter Entertainment | UK | Consumer Services | Travel & leisure | 35,150 | 3.35 |
| Shell | UK | Oil & Gas | Oil & gas producers | 30,313 | 2.89 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 30,028 | 2.86 |
| HSBC | UK | Financials | Banks | 29,021 | 2.75 |
| Marks & Spencer | UK | Consumer Services | General retailers | 26,082 | 2.48 |
| Barclays | UK | Financials | Banks | 25,374 | 2.41 |
| GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 24,871 | 2.36 |
| BP | UK | Oil & Gas | Oil & gas producers | 22,324 | 2.12 |
| Rio Tinto | UK | Basic Materials | Mining | 19,868 | 1.89 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 18,124 | 1.72 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 17,417 | 1.65 |
| NatWest | UK | Financials | Banks | 17,195 | 1.63 |
| Standard Chartered | UK | Financials | Banks | 14,950 | 1.42 |
| Kingfisher | UK | Consumer Goods | Household goods & home construction | 14,645 | 1.39 |
| BT Group | UK | Telecommunications | Fixed Line Telecommunications | 14,420 | 1.37 |
| J Sainsbury plc | UK | Consumer Services | General retailers | 14,327 | 1.36 |
| Marshalls | UK | Industrials | Construction & materials | 14,163 | 1.34 |
| Senior | UK | Industrials | Aerospace & defence | 13,764 | 1.31 |
| Hill & Smith | UK | Industrials | Industrial engineering | 13,612 | 1.29 |
| Anglo American | UK | Basic Materials | Mining | 13,357 | 1.27 |
| Shaftesbury Capital PLC | UK | Financials | Real estate investment trusts | 13,248 | 1.26 |
| Land Securities | UK | Financials | Real estate investment trusts | 12,838 | 1.22 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 12,480 | 1.18 |
| IMI | UK | Industrials | Industrial engineering | 12,451 | 1.18 |
| Aviva | UK | Financials | Life insurance/assurance | 12,439 | 1.18 |
| M & G | UK | Financials | Financial services | 12,438 | 1.18 |
| Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 12,006 | 1.14 |
| Cranswick | UK | Consumer Goods | Food producers | 11,996 | 1.14 |
| Balfour Beatty | UK | Industrials | Construction & materials | 11,903 | 1.13 |
| Kier | UK | Industrials | Construction & materials | 11,868 | 1.13 |
| ITV | UK | Consumer Services | Media | 11,807 | 1.12 |
| BAE Systems | UK | Industrials | Aerospace & defence | 11,747 | 1.11 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,730 | 1.11 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,488 | 1.09 |
| Cummins | USA | Industrials | Industrial engineering | 11,368 | 1.08 |
| Boku | UK | Industrials | Support services | 11,186 | 1.06 |
| Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,884 | 1.03 |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 10,837 | 1.03 |
| Prudential Corp | UK | Financials | Life insurance/assurance | 10,652 | 1.01 |
| Elementis | UK | Basic Materials | Chemicals | 10,584 | 1.00 |
| Ibstock | UK | Industrials | Construction & materials | 10,491 | 1.00 |
| Hiscox | UK | Financials | Nonlife insurance | 10,357 | 0.98 |
| Johnson Service Group | UK | Industrials | Support services | 10,266 | 0.97 |
| Schroders PLC | UK | Financials | Equity investment instruments | 9,947 | 0.94 |
| Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 9,843 | 0.93 |
| Dunelm | UK | Consumer Services | General retailers | 9,570 | 0.91 |
| Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 9,569 | 0.91 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 9,492 | 0.90 |
| Babcock | UK | Industrials | Aerospace & defence | 9,107 | 0.86 |
| Hammerson | UK | Financials | Real estate investment trusts | 8,547 | 0.81 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 8,254 | 0.78 |
| Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,858 | 0.75 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 7,826 | 0.74 |
| International Personal Finance | UK | Financials | Financial services | 7,674 | 0.73 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 7,587 | 0.72 |
| VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 7,540 | 0.72 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 7,061 | 0.67 |
| Dowlais Group plc | UK | Consumer Goods | Automobiles & parts | 6,996 | 0.66 |
| Whitbread PLC | Canada | Consumer Services | Travel & leisure | 6,577 | 0.62 |
| Weir Group | UK | Industrials | Industrial engineering | 6,498 | 0.62 |
| Workspace Group PLC | UK | Financials | Real estate investment trusts | 6,490 | 0.62 |
| WPP LLP | UK | Consumer Services | Media | 6,487 | 0.62 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 6,479 | 0.61 |
| Beazley PLC (UK) | UK | Financials | Nonlife insurance | 6,469 | 0.61 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 6,384 | 0.61 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 6,369 | 0.60 |
| IP Group | UK | Financials | Financial services | 5,888 | 0.56 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,701 | 0.54 |
| SSE | UK | Utilities | Electricity | 5,649 | 0.54 |
| Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,564 | 0.53 |
| Reach | UK | Consumer Services | Media | 5,387 | 0.51 |
| Chesnara | UK | Financials | Life insurance/assurance | 5,322 | 0.51 |
| Inchcape | UK | Industrials | Support services | 5,177 | 0.49 |
| Epwin Group | UK | Consumer Goods | Household goods & home construction | 5,064 | 0.48 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,900 | 0.47 |
| Halfords | UK | Consumer Services | General retailers | 4,891 | 0.46 |
| Accsys Technologies | UK | Industrials | Construction & materials | 4,867 | 0.46 |
| Castings | UK | Industrials | Construction & materials | 4,781 | 0.45 |
| Bellway | UK | Consumer Goods | Household goods & home construction | 4,668 | 0.44 |
| Johnson Matthey | UK | Other | Sustainable Energy | 4,563 | 0.43 |
| SigmaRoc | UK | Industrials | Construction & materials | 4,503 | 0.43 |
| Zigup | UK | Industrials | Support services | 4,488 | 0.43 |
| ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 4,200 | 0.40 |
| Vertu Motors | UK | Consumer Services | General retailers | 4,051 | 0.38 |
| Vanquis Banking Group | UK | Financials | Financial services | 3,978 | 0.38 |
| i3 Energy | UK | Oil & Gas | Oil & gas producers | 3,855 | 0.37 |
| Centrica | UK | Utilities | Gas, water & multiutilities | 3,845 | 0.36 |
| Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,745 | 0.36 |
| Freeport-McMoran Inc | USA | Basic Materials | Mining | 3,732 | 0.35 |
| Ricardo | UK | Industrials | Support services | 3,695 | 0.35 |
| Next Fifteen Communications Group | UK | Consumer Services | Media | 3,624 | 0.34 |
| XP Power Ltd | UK | Technology | Technology hardware & equipment | 3,591 | 0.34 |
| SAP | Germany | Technology | Software & computer services | 3,573 | 0.34 |
| Sabre Insurance Group PLC | UK | Financials | Nonlife insurance | 3,540 | 0.34 |
| Renold | UK | Industrials | Industrial engineering | 3,285 | 0.31 |
| Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 3,269 | 0.31 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,269 | 0.31 |
| Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,761 | 0.26 |
| Jubilee Metals Group | UK | Basic Materials | Mining | 2,721 | 0.26 |
| UniCredit | Italy | Financials | Banks | 2,648 | 0.25 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 2,638 | 0.25 |
| Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 2,617 | 0.25 |
| Siemens AG | Germany | Technology | Software & computer services | 2,397 | 0.23 |
| Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,335 | 0.22 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,248 | 0.21 |
| Safran SA | France | Industrials | Aerospace & defence | 2,163 | 0.21 |
| Great Portland Estates | UK | Financials | Real estate investments & services | 2,133 | 0.20 |
| Airbus SE | Netherlands | Industrials | Aerospace & defence | 2,078 | 0.20 |
| Deutsche Boerse | Germany | Financials | Financial services | 2,055 | 0.20 |
| SGS SA | Switzerland | Industrials | Support services | 1,937 | 0.18 |
| Hercules Site Services Plc | UK | Industrials | Construction & materials | 1,737 | 0.16 |
| Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 1,710 | 0.16 |
| LVMH | France | Consumer Goods | Leisure Goods | 1,620 | 0.15 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,575 | 0.15 |
| Gelion | UK | Other | Sustainable Energy | 1,573 | 0.15 |
| DSM-Firmenich AG | Netherlands | Basic Materials | Chemicals | 1,552 | 0.15 |
| Marstons | UK | Consumer Services | Travel & leisure | 1,527 | 0.14 |
| Bawag | Austria | Financials | Banks | 1,478 | 0.14 |
| Nestle | Switzerland | Consumer Goods | Food producers | 1,478 | 0.14 |
| Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,454 | 0.14 |
| Infineon Technologies AG | Germany | Industrials | Electronic & electrical equipment | 1,390 | 0.13 |
| Danone SA | France | Consumer Goods | Food producers | 1,339 | 0.13 |
| Windar Photonics Plc | UK | Industrials | Waste & Environ Svcs & Equip | 1,298 | 0.12 |
| Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 1,278 | 0.12 |
| Arbuthnot Banking Group | UK | Financials | Financial services | 1,081 | 0.10 |
| ASM International NV | Netherlands | Industrials | Electronic & electrical equipment | 1,079 | 0.10 |
| Aena SME | Spain | Consumer Services | Travel & leisure | 1,060 | 0.10 |
| Heineken NV | Netherlands | Consumer Goods | Beverages | 989 | 0.09 |
| Logistics Development Group | UK | Industrials | Industrial transportation | 842 | 0.08 |
| Ilika | UK | Oil & Gas | Alternative Energy | 825 | 0.08 |
| First Tin | UK | Basic Materials | Mining | 810 | 0.08 |
| Kone Oyj | Finland | Industrials | Electronic & electrical equipment | 810 | 0.08 |
| Syensqo SA | Belgium | Basic Materials | Chemicals | 684 | 0.06 |
| Longboat Energy | UK | Oil & Gas | Oil & gas producers | 510 | 0.05 |
| Kistos | UK | Oil & Gas | Oil & gas producers | 495 | 0.05 |
| Carclo | UK | Basic Materials | Chemicals | 445 | 0.04 |
| SIMEC Atlantis Energy | UK | Utilities | Electricity | 343 | 0.03 |
| Surface Transforms | UK | Consumer Goods | Automobiles & parts | 296 | 0.03 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 154 | 0.01 |
| LDIC Investments | UK | Financials | Financial services | 100 | 0.01 |
| Deltic Energy | UK | Oil & Gas | Oil & gas producers | 79 | 0.01 |
| Better Cap | UK | Financials | Equity investment instruments | 25 |
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| Allied Minds | UK | Financials | Financial services |
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| Saietta Group | UK | Consumer Goods | Automobiles & parts |
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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 Nicola Lambourne, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
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