Toggle the navigation Toggle site search Home Investment Trust NAV and Portfolio Information NAV and Portfolio Information Net Asset Value 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 29 November 2021 was 796.33 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 765.55 pence per share (cum income). The mid-market price at the close of business on 29 November 2021 was 767.00 pence per share. Net Asset Value Excluding Income (pence) Including Income (pence) NAV with debt at par 783.38 796.33 NAV with debt at fair value 752.60 765.55 Performance YTD % 1 year % 3 years % 5 years % 10 years % NAV total return (with debt at par)2 17.6 24.9 38.7 58.7 205.3 NAV total return (with debt at fair value)2 20.8 28.4 37.9 59.4 196.7 FTSE Actuaries All-Share Index Total Return3 13.9 16.7 18.2 29.5 118.1 Share price total return3 14.5 29.5 56.9 76.8 227.9 Change in Retail Price Index4 5.6 6.0 9.7 17.8 31.1 1 The fair value of the IPS business has been calculated as at 30 June 2021 and was published as part of the half year results announcement on 29 July 2021. 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: Office for National Statistics, subject to latest published RPI, October 2021. 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 Alison Skerritt, 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 29 October 2021 % of portfolio 31 December 2020 % of portfolio 31 December 2019 UK 81.9 82.1 80.7 Europe 9.9 10.1 7.8 North America 6.4 5.4 8.3 Japan 1.1 1.1 1.1 Other 0.0 0.4 1.2 Other Pacific 0.7 0.9 0.9 TOTAL 100 100 100 Full Portfolio Listing Full Portfolio Listing Law Debenture will now be publishing details of its full investment portfolio monthly. As at 29 October 2021 the portfolio comprised as follows: Holding Name Location Sector Industry £000 % GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 25,269 2.57 Barclays UK Financials Banks 21,843 2.22 Royal Dutch Shell UK Oil & Gas Oil & gas producers 21,060 2.14 BP UK Oil & Gas Oil & gas producers 19,961 2.03 HSBC UK Financials Banks 19,146 1.95 Rio Tinto UK Basic Materials Mining 17,102 1.74 Ceres Power UK Oil & Gas Oil equipment services & distribution 16,359 1.67 Lloyds Banking Group UK Financials Banks 15,066 1.54 Direct Line Insurance UK Financials Nonlife insurance 14,620 1.49 Herald Investment Trust UK Financials Equity investment instruments 14,100 1.44 Prudential Corp UK Financials Life insurance/assurance 13,959 1.42 NatWest UK Financials Banks 13,819 1.41 Accsys Technologies UK Industrials Construction & materials 13,752 1.40 Severn Trent UK Utilities Gas, water & multiutilities 13,690 1.40 Senior UK Industrials Aerospace & defence 13,668 1.39 Relx UK Consumer Services Media 13,584 1.38 Aviva UK Financials Life insurance/assurance 13,361 1.36 Morgan Advanced Materials UK Industrials Electronic & electrical equipment 13,302 1.36 National Grid UK Utilities Gas, water & multiutilities 13,181 1.34 Tesco UK Consumer Goods Food & Drug Retailers 12,557 1.28 Anglo American UK Basic Materials Mining 12,521 1.28 Linde Germany Basic Materials Chemicals 11,738 1.20 Marks & Spencer UK Consumer Services General retailers 11,190 1.14 Rolls Royce UK Industrials Aerospace & defence 11,139 1.14 IP Group UK Financials Financial services 11,001 1.12 M & G UK Financials Financial services 10,989 1.12 Croda UK Basic Materials Chemicals 10,871 1.11 Smith (DS) UK Industrials General industrials 10,796 1.10 BHP UK Basic Materials Mining 10,641 1.08 Dunelm UK Consumer Services General retailers 10,616 1.08 Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 10,587 1.08 Land Securities UK Financials Real estate investment trusts 10,467 1.07 Hill & Smith UK Industrials Industrial engineering 10,350 1.06 Flutter Entertainment UK Consumer Services Travel & leisure 10,343 1.05 Vodafone UK Telecommunications Mobile telecommunications 10,262 1.05 Hipgnosis Songs Fund UK Financials Equity investment instruments 10,076 1.03 Applied Materials USA Technology Technology hardware & equipment 9,980 1.02 BAE Systems UK Industrials Aerospace & defence 9,932 1.01 AFC Energy UK Oil & Gas Alternative Energy 9,582 0.98 Irish Continental Group Ireland Consumer Services Travel & leisure 9,410 0.96 ITM Power UK Oil & Gas Oil equipment services & distribution 9,409 0.96 Standard Chartered UK Financials Banks 9,332 0.95 Schlumberger USA Oil & Gas Oil equipment services & distribution 9,209 0.94 Urban Logistics REIT UK Financials Real estate investment trusts 9,061 0.92 Watkin Jones UK Consumer Goods Household goods & home construction 8,936 0.91 BT Group UK Telecommunications Fixed Line Telecommunications 8,678 0.88 Mondi UK Basic Materials Forestry & paper 8,669 0.88 Kier UK Industrials Construction & materials 8,661 0.88 Sanofi France Health Care Pharmaceuticals & biotechnology 8,392 0.86 Cummins USA Industrials Industrial engineering 8,228 0.84 Jubilee Metals Group UK Basic Materials Mining 8,221 0.84 Elementis UK Basic Materials Chemicals 8,174 0.83 Provident Financial UK Financials Financial services 8,140 0.83 Spectris UK Industrials Electronic & electrical equipment 7,999 0.82 Standard Life Aberdeen UK Financials Financial services 7,636 0.78 General Motors USA Consumer Goods Automobiles & parts 7,553 0.77 Hiscox UK Financials Nonlife insurance 7,535 0.77 Johnson Service Group UK Industrials Support services 7,532 0.77 Caterpillar USA Industrials Industrial engineering 7,448 0.76 IMI UK Industrials Industrial engineering 7,149 0.73 Hammerson UK Financials Real estate investment trusts 7,090 0.72 Scottish Oriental Small Co Pacific Financials Equity investment instruments 7,082 0.72 Balfour Beatty UK Industrials Construction & materials 7,021 0.72 Gibson Energy Canada Oil & Gas Oil & gas producers 6,844 0.70 TT Electronics UK Industrials Electronic & electrical equipment 6,793 0.69 Centrica UK Utilities Gas, water & multiutilities 6,786 0.69 Glencore Switzerland Basic Materials Mining 6,392 0.65 Marshalls UK Industrials Construction & materials 6,377 0.65 Royal Mail UK Industrials Industrial transportation 6,308 0.64 Chesnara UK Financials Life insurance/assurance 5,948 0.61 International Personal Finance UK Financials Financial services 5,924 0.60 Smith & Nephew UK Health Care Health care equipment & services 5,899 0.60 Unilever UK Consumer Goods Personal goods 5,867 0.60 Euromoney UK Consumer Services Media 5,792 0.59 Ibstock UK Industrials Construction & materials 5,778 0.59 International Consolidated Airlines UK Consumer Services Travel & leisure 5,622 0.57 Phoenix Group Holdings UK Financials Life insurance/assurance 5,579 0.57 Convatec Group UK Health Care Health care equipment & services 5,559 0.57 Merck & Co USA Health Care Pharmaceuticals & biotechnology 5,465 0.56 Koninklijke DSM Netherlands Basic Materials Chemicals 5,429 0.55 Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,331 0.54 Halfords UK Consumer Services General retailers 5,195 0.53 SigmaRoc UK Industrials Construction & materials 5,055 0.52 Oxford Sciences Innovation UKULM Financials Financial services 4,933 0.50 SSE UK Utilities Electricity 4,931 0.50 Blue Prism Group UK Technology Software & computer services 4,794 0.49 Babcock UK Industrials Aerospace & defence 4,776 0.49 Bawag Austria Financials Banks 4,641 0.47 Redde Northgate UK Industrials Support services 4,634 0.47 Boku UK Industrials Support services 3,958 0.40 Nestle Switzerland Consumer Goods Food producers 3,923 0.40 Studio Retail Group UK Consumer Services General retailers 3,903 0.40 Indus Gas UK Oil & Gas Oil & gas producers 3,878 0.40 Munchener Rueckver Germany Financials Nonlife insurance 3,866 0.39 Novo Nordisk Denmark Health Care Pharmaceuticals & biotechnology 3,769 0.38 Oxford Nanopore Tehcnologies UK Technology Advanced Medical Equipment & Technology 3,537 0.36 Ricardo UK Industrials Support services 3,510 0.36 Vertu Motors UK Consumer Services General retailers 3,494 0.36 Weir Group UK Industrials Industrial engineering 3,470 0.35 Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,429 0.35 Morses Club UK Financials Financial services 3,429 0.35 Kingfisher plc UK Consumer Goods Household goods & home construction 3,350 0.34 i3 Energy UK Oil & Gas Oil & gas producers 3,263 0.33 ASML Netherlands Technology Technology hardware & equipment 3,216 0.33 UniCredit Italy Financials Banks 3,209 0.33 VH Global Sustainable Energy Opportunities UK Other Sustainable Energy 3,090 0.31 iEnergizer Guernsey Industrials Support services 2,965 0.30 Ilika UK Oil & Gas Alternative Energy 2,941 0.30 Marstons UK Consumer Services Travel & leisure 2,925 0.30 Amundi France Financials Financial services 2,812 0.29 Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 2,492 0.25 Stellantis Netherlands Consumer Goods Automobiles & parts 2,307 0.24 Cellnex Telecom Spain Telecommunications Mobile telecommunications 2,301 0.23 Surface Transforms UK Consumer Goods Automobiles & parts 2,291 0.23 Longboat Energy UK Oil & Gas Oil & gas producers 2,250 0.23 Plant Health Care USA Basic Materials Chemicals 2,056 0.21 Moncler Italy Consumer Goods Personal goods 2,037 0.21 Allied Minds UK Financials Financial services 2,035 0.21 Faurecia France Consumer Goods Automobiles & parts 1,935 0.20 Renold UK Industrials Industrial engineering 1,769 0.18 Mirriad Advertising UK Consumer Services Media 1,741 0.18 Worldline France Industrials Support services 1,698 0.17 Nexi Italy Industrials Support services 1,591 0.16 Sig Combibloc Switzerland Industrials General industrials 1,553 0.16 Danone SA France Consumer Goods Food producers 1,356 0.14 Allfunds Group UK Other Other 1,231 0.13 Safran SA France Industrials Aerospace & defence 1,204 0.12 CNH Industrial UK Industrials Industrial engineering 1,165 0.12 Grifols Spain Health Care Pharmaceuticals & biotechnology 1,139 0.12 Velocys UK Oil & Gas Oil equipment services & distribution 1,108 0.11 Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 1,101 0.11 AB Skf Sweden Industrials Construction & materials 1,080 0.11 Logistics Development Group UK Industrials Industrial transportation 941 0.10 Tullow Oil UK Oil & Gas Oil & gas producers 919 0.09 Prosus Netherlands Technology Software & computer services 908 0.09 Harbour Energy UK Oil & Gas Oil & gas producers 659 0.07 Carclo UK Basic Materials Chemicals 541 0.06 Brockhaus Capital Management Germany Financials Financial services 541 0.06 Jackson Financial USA Financials Financial services 461 0.05 AUTO1 Group Germany Other Financial Technology 391 0.04 SIMEC Atlantis Energy UK Utilities Electricity 280 0.03 Unlisted UK Financials Financial services 213 0.02 Providence Resources UK Oil & Gas Oil & gas producers 110 0.01 Better Cap UK Financials Equity investment instruments 25 IN THIS SECTION Investment Objective Shareholder Information Directors and Investment Manager Financial Calendar and Dividend Payments Contact Us Careers Terms & Conditions Privacy & Cookie Policy Modern Slavery Act Sitemap Follow Law Debenture on LinkedIn Follow Law Debenture on Twitter ©2021 The Law Debenture Corporation p.l.c. 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