Law Debenture Corp PLC Net Asset Value(s)

RNS Number : 9535R

Law Debenture Corp PLC

02 January 2025

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 December 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 31 December 2024 was 842.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 874.14 pence per share (cum income). The mid-market price at the close of business on 31 December 2024 was 893.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	841.81	842.00
NAV with debt at fair value	873.96	874.14

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)²	13.5	13.5	14.7	43.8	119.1
NAV total return (with debt at fair value)²	13.8	13.8	24.8	56.4	133.6
FTSE Actuaries All-Share Index Total Return³	9.5	9.5	18.5	26.5	81.9
Share price total return³	15.9	15.9	25.8	72.4	147.5
Change in Retail Price Index⁴	3.1	3.6	23.0	33.9	51.8

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, November 2024.

Geographical Split of investment portfolio

Region	% of portfolio 31 December 2024	% of portfolio 31 December 2023
UK	87.6	88.2
Europe	5.5	7.4
North America	5.6	3.2
Japan	1.3	1.2
Other	0	0
Other Pacific	0	0
TOTAL	100	100

Full Portfolio Listing

As at 31 December 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Flutter Entertainment	UK	Consumer Services	Travel & leisure	39,368	3.77
HSBC	UK	Financials	Banks	34,055	3.26
Barclays	UK	Financials	Banks	31,105	2.98
Shell	UK	Oil & Gas	Oil & gas producers	30,950	2.96
Rolls Royce	UK	Industrials	Aerospace & defence	23,881	2.28
BP	UK	Oil & Gas	Oil & gas producers	22,398	2.14
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	22,074	2.12
Standard Chartered	UK	Financials	Banks	18,642	1.79
Tesco	UK	Consumer Goods	Food & Drug Retailers	18,609	1.79
Rio Tinto	UK	Basic Materials	Mining	17,711	1.70
National Grid	UK	Utilities	Gas, water & multiutilities	16,051	1.54
Marks & Spencer	UK	Consumer Services	General retailers	15,020	1.44
J Sainsbury plc	UK	Consumer Services	General retailers	14,638	1.40
Herald Investment Trust	UK	Financials	Equity investment instruments	14,550	1.40
Senior	UK	Industrials	Aerospace & defence	14,415	1.38
BT Group	UK	Telecommunications	Fixed Line Telecommunications	14,045	1.35
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	13,190	1.27
Cummins	USA	Industrials	Industrial engineering	13,093	1.26
NatWest	UK	Financials	Banks	13,068	1.25
Anglo American	UK	Basic Materials	Mining	13,002	1.25
Kier	UK	Industrials	Construction & materials	12,799	1.23
Boku	UK	Industrials	Support services	12,585	1.21
Balfour Beatty	UK	Industrials	Construction & materials	12,572	1.21
IMI	UK	Industrials	Industrial engineering	12,519	1.20
Marshalls	UK	Industrials	Construction & materials	12,483	1.20
Hill & Smith	UK	Industrials	Industrial engineering	12,420	1.19
Aviva	UK	Financials	Life insurance/assurance	12,058	1.16
M & G	UK	Financials	Financial services	11,859	1.14
Cranswick	UK	Consumer Goods	Food producers	11,590	1.11
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,560	1.11
Land Securities	UK	Financials	Real estate investment trusts	11,526	1.11
Kingfisher	UK	Consumer Goods	Household goods & home construction	11,310	1.09
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	11,295	1.08
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,151	1.07
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,910	1.05
BAE Systems	UK	Industrials	Aerospace & defence	10,906	1.05
ITV	UK	Consumer Services	Media	10,856	1.04
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	10,378	1.00
Ibstock	UK	Industrials	Construction & materials	9,938	0.95
Hiscox	UK	Financials	Nonlife insurance	9,778	0.94
Prudential Corp	UK	Financials	Life insurance/assurance	9,769	0.94
Babcock	UK	Industrials	Aerospace & defence	9,635	0.92
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	9,443	0.91
Schroders PLC	UK	Financials	Equity investment instruments	9,194	0.88
Johnson Service Group	UK	Industrials	Support services	8,922	0.86
Dunelm	UK	Consumer Services	General retailers	8,848	0.85
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	8,762	0.84
IP Group	UK	Financials	Financial services	8,539	0.82
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	8,319	0.80
Smith & Nephew	UK	Health Care	Health care equipment & services	8,126	0.78
General Motors	USA	Consumer Goods	Automobiles & parts	8,088	0.78
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	7,943	0.76
Whitbread PLC	Canada	Consumer Services	Travel & leisure	7,660	0.74
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,548	0.72
Hammerson	UK	Financials	Real estate investment trusts	7,518	0.72
Vodafone	UK	Telecommunications	Mobile telecommunications	7,511	0.72
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,462	0.72
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,126	0.68
AFC Energy	UK	Oil & Gas	Alternative Energy	7,120	0.68
WPP LLP	UK	Consumer Services	Media	7,033	0.67
Beazley PLC (UK)	UK	Financials	Nonlife insurance	6,940	0.67
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	6,760	0.65
Johnson Matthey	UK	Other	Sustainable Energy	6,700	0.64
International Personal Finance	UK	Financials	Financial services	6,695	0.64
Weir Group	UK	Industrials	Industrial engineering	6,552	0.63
Elementis	UK	Basic Materials	Chemicals	6,539	0.63
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,329	0.61
Sabre Insurance Group PLC	UK	Financials	Nonlife insurance	6,210	0.60
Freeport-McMoran Inc	USA	Basic Materials	Mining	6,089	0.58
Spectris	UK	Industrials	Electronic & electrical equipment	5,952	0.57
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,797	0.56
Chesnara	UK	Financials	Life insurance/assurance	5,520	0.53
Lloyds Banking Group	UK	Financials	Banks	5,478	0.53
Inchcape	UK	Industrials	Support services	5,002	0.48
Workspace Group PLC	UK	Financials	Real estate investment trusts	4,910	0.47
Reach	UK	Consumer Services	Media	4,814	0.46
SSE	UK	Utilities	Electricity	4,812	0.46
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,767	0.46
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,717	0.45
SigmaRoc	UK	Industrials	Construction & materials	4,592	0.44
Centrica	UK	Utilities	Gas, water & multiutilities	4,409	0.42
Accsys Technologies	UK	Industrials	Construction & materials	4,327	0.42
Halfords	UK	Consumer Services	General retailers	4,265	0.41
Castings	UK	Industrials	Construction & materials	4,021	0.39
Vertu Motors	UK	Consumer Services	General retailers	3,977	0.38
Next Fifteen Communications Group	UK	Consumer Services	Media	3,930	0.38
Zigup	UK	Industrials	Support services	3,753	0.36
Bellway	UK	Consumer Goods	Household goods & home construction	3,738	0.36
TT Electronics	UK	Industrials	Electronic & electrical equipment	3,556	0.34
XP Power Ltd	UK	Technology	Technology hardware & equipment	3,520	0.34
Ricardo	UK	Industrials	Support services	3,503	0.34
Croda	UK	Basic Materials	Chemicals	3,384	0.32
Convatec Group	UK	Health Care	Health care equipment & services	3,318	0.32
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	3,234	0.31
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,020	0.29
Vanquis Banking Group	UK	Financials	Financial services	2,985	0.29
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,944	0.28
Renold	UK	Industrials	Industrial engineering	2,924	0.28
SAP	Germany	Technology	Software & computer services	2,857	0.27
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,699	0.26
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,561	0.25
UniCredit	Italy	Financials	Banks	2,560	0.25
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	2,510	0.24
Siemens AG	Germany	Technology	Software & computer services	2,479	0.24
DVS A/S	Denmark	Industrials	Industrial transportation	2,375	0.23
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,366	0.23
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,359	0.23
Deutsche Boerse	Germany	Financials	Financial services	2,157	0.21
Safran SA	France	Industrials	Aerospace & defence	2,152	0.21
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,113	0.20
Jubilee Metals Group	UK	Basic Materials	Mining	2,040	0.20
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,996	0.19
Gelion	UK	Other	Sustainable Energy	1,985	0.19
SGS SA	Switzerland	Industrials	Support services	1,859	0.18
ASML	Netherlands	Technology	Technology hardware & equipment	1,813	0.17
Great Portland Estates	UK	Financials	Real estate investments & services	1,722	0.17
Bawag	Austria	Financials	Banks	1,711	0.16
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,664	0.16
Marstons	UK	Consumer Services	Travel & leisure	1,619	0.16
Hercules Site Services Plc	UK	Industrials	Construction & materials	1,576	0.15
LVMH	France	Consumer Goods	Leisure Goods	1,486	0.14
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,422	0.14
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,389	0.13
Danone SA	France	Consumer Goods	Food producers	1,316	0.13
Nestle	Switzerland	Consumer Goods	Food producers	1,297	0.12
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,225	0.12
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,214	0.12
Aena SME	Spain	Consumer Services	Travel & leisure	1,051	0.10
Arbuthnot Banking Group	UK	Financials	Financial services	1,039	0.10
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	1,020	0.10
Ilika	UK	Oil & Gas	Alternative Energy	963	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	956	0.09
Syensqo SA	Belgium	Basic Materials	Chemicals	876	0.08
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	870	0.08
Gran Tierra Energy Inc	Canada	Oil & Gas	Oil & gas producers	861	0.08
First Tin	UK	Basic Materials	Mining	660	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	510	0.05
Kistos	UK	Oil & Gas	Oil & gas producers	468	0.04
Surface Transforms	UK	Consumer Goods	Automobiles & parts	381	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	307	0.03
Carclo	UK	Basic Materials	Chemicals	294	0.03
Indus Gas	UK	Oil & Gas	Oil & gas producers	144	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	82	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

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