TIDMLWDB
The Law Debenture Corporation p.l.c. Interim Management Statement
for the nine months ended 30 September 2009 (including subsidiaries)
Company history
From its origins in 1889, Law Debenture has diversified to become a group with
a unique range of activities in the financial services sector. The group
divides into two distinct complementary areas of business.
Firstly, we are a global investment trust, listed on the London Stock Exchange.
Our portfolio of investments is managed by Henderson Global Investors Limited
under a contract terminable by either side on 12 months' notice.
Secondly, we are a leading provider of independent fiduciary services. Our
activities are corporate trusts, treasury management and structured finance
administration, pension trusts, corporate services (including agent for service
of process) and whistle blowing services. We have offices in London,
Sunderland, New York, Delaware, Hong Kong, the Channel Islands and the Cayman
Islands.
Fund objective
Our objective is to achieve long term capital growth in real terms and steadily
increasing income. The aim is to achieve a higher rate of total return than the
FTSE All-Share Index through investing in a portfolio diversified both
geographically and by industry.
Company Information
The interim dividend for 2009 of 4.2p was paid on 9 September 2009. There are
no other material events or transactions to report.
Trust information
Sector Global Growth
Benchmark FTSE All-Share index
Trust type Conventional (Ords)
Launch date December 1889
Financial year end 31 December
Dividend payment April, September
Last ex div date 12 August 2009
Management fee 0.25%
Performance fee No
Total expense ratio (TER) 0.39%
Trust statistics at 30 September 2009
Gross total assets GBP367m
NAV per ordinary share (cum income) 279.7p
NAV per ordinary share (ex income) 275.0p
Share price (code LWDB) 275.5p
Premium/(discount) (cum income) -1.5%
Group gearing (net) 108%
Gearing - AIC (gross) 112%
Yield 4.4%
Performance to 30 September 2009 9mths 1yr 3yrs 5yrs 10yrs
Share price (total 30.1% 6.7% -2.6% 50.7% 76.3%
return)
Net asset value 33.1% 16.2% 3.2% 58.7% 80.1%
(total return)
FTSE All-Share (total 23.4% 10.8% -3.4% 38.4% 28.5%
return)
Geographic breakdown at 30 September 2009 Sector breakdown at 30 September 2009
UK 71.4% Financials 19.6%
Europe 11.5% Industrials 17.7%
Other Pacific 7.5% Consumer goods 13.7%
North America 4.9% Pooled equity 11.2%
investments
Japan 4.7% Oil & gas 10.0%
OEICs Consumer services 9.5%
included
above: Health care 8.0%
Henderson 3.0% Utilities 4.0%
Japan Capital
Growth Basic materials 3.4%
(Japan)
Telecommunications 2.9%
Henderson 2.7%
Asia Pacific
Capital
Growth
(Pacific)
Baillie 2.0%
Gifford
Pacific
First State 1.8%
Asia Pacific
Top Ten Equity Holdings (excluding OEICs) at 30 September 2009 as a percentage
of the portfolio
HSBC 3.3% Senior 1.6%
BP 3.3% Hill & Smith 1.5%
Royal Dutch 3.2% Vodafone 1.5%
Shell
GlaxoSmithKline 3.1% Bellway 1.4%
British 1.9% Tesco 1.3%
American Tobacco
(Corporate bonds include National Grid 6.125% 15/04/14: 1.6% and Imperial
Tobacco 6.875% 13/06/12: 1.3%)
Contacts
Caroline Banszky Tim Fullwood
Managing Director Chief Financial Officer
Email: Email:
caroline.banszky@lawdeb.co.uk tim.fullwood@lawdeb.co.uk
Tel: +44 (0)207 606 5451
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