REG - Law Debenture Corp - Net Asset Value(s)
Mon 15:00
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RNS Number : 5111X Law Debenture Corp PLC 01 September 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 29 August 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 business(1)
on 29 August 2025 was 980.86 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 1,019.34 pence
per share (cum income). The mid-market price at the close of business on 29
August 2025 was 990.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 974.86 980.86
NAV with debt at fair value 1,013.35 1,019.34
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 19.1 18.0 50.0 104.0 159.9
NAV total return (with debt at fair value)(2) 19.2 18.8 54.1 127.1 176.0
FTSE Actuaries All-Share Index Total Return(3) 14.5 12.6 38.6 77.7 108.5
Share price total return(3) 13.0 14.9 51.5 124.0 198.2
Change in Retail Price Index(4) 3.6 4.8 17.7 38.5 56.4
(1) The fair value of the IPS business has been calculated as at 30 June 2025.
(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,
July 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
29 August 2025 31 December 2024
UK 90.0 87.6
Europe 4.4 5.5
North America 4.4 5.6
Japan 1.0 1.3
Other 0.2 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 29 August 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
Barclays UK Financials Banks 41,795 3.39
HSBC UK Financials Banks 41,055 3.32
Shell UK Oil & Gas Oil & gas producers 34,050 2.75
Flutter Entertainment UK Consumer Services Travel & leisure 31,682 2.56
BP UK Oil & Gas Oil & gas producers 24,630 1.99
Rio Tinto UK Basic Materials Mining 24,368 1.97
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 23,813 1.93
Rolls Royce UK Industrials Aerospace & defence 22,727 1.84
Standard Chartered UK Financials Banks 21,277 1.72
Tesco UK Consumer Goods Food & Drug Retailers 18,821 1.52
Senior UK Industrials Aerospace & defence 18,063 1.46
Boku UK Industrials Support services 17,963 1.45
National Grid UK Utilities Gas, water & multiutilities 17,603 1.42
BT Group UK Telecommunications Fixed Line Telecommunications 17,320 1.40
Aviva UK Financials Life insurance/assurance 16,763 1.36
Kier UK Industrials Construction & materials 16,370 1.32
Balfour Beatty UK Industrials Construction & materials 16,365 1.32
J Sainsbury UK Consumer Services General retailers 16,018 1.30
M & G UK Financials Financial services 15,906 1.29
IMI UK Industrials Industrial engineering 15,634 1.26
Prudential UK Financials Life insurance/assurance 15,162 1.23
Lloyds Banking Group UK Financials Banks 15,105 1.22
NatWest UK Financials Banks 14,546 1.18
Kingfisher UK Consumer Goods Household goods & home construction 14,284 1.16
Herald Investment Trust UK Financials Equity investment instruments 14,130 1.14
Hill & Smith UK Industrials Industrial engineering 14,077 1.14
Cummins USA Industrials Industrial engineering 13,867 1.12
Shaftesbury Capital UK Financials Real estate investment trusts 13,487 1.09
BAE Systems UK Industrials Aerospace & defence 13,181 1.07
International Consolidated Airlines UK Consumer Services Travel & leisure 13,131 1.06
Irish Continental Group Ireland Consumer Services Travel & leisure 13,069 1.06
Johnson Matthey UK Other Sustainable Energy 12,422 1.00
Cranswick UK Consumer Goods Food producers 12,187 0.99
Marks & Spencer UK Consumer Services General retailers 12,089 0.98
Land Securities UK Financials Real estate investment trusts 12,042 0.97
ITV UK Consumer Services Media 12,029 0.97
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 11,936 0.97
Hiscox UK Financials Nonlife insurance 11,804 0.95
Schroders UK Financials Financial services 11,774 0.95
IP Group UK Financials Financial services 11,342 0.92
Smith & Nephew UK Health Care Health care equipment & services 11,341 0.92
Severn Trent UK Utilities Gas, water & multiutilities 11,249 0.91
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 11,199 0.91
Anglo American UK Basic Materials Mining 11,020 0.89
Babcock UK Industrials Aerospace & defence 10,931 0.88
Greencoat UK Wind UK Utilities Electricity 10,910 0.88
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 10,550 0.85
International Personal Finance UK Financials Financial services 10,480 0.85
Ibstock UK Industrials Construction & materials 10,222 0.83
Dunelm UK Consumer Services General retailers 9,952 0.80
VH Global Energy Infrastructure UK Other Sustainable Energy 9,800 0.79
Vodafone UK Telecommunications Mobile telecommunications 9,715 0.79
Reckitt Benckiser Group UK Health Care Health care equipment & services 9,674 0.78
Phoenix Group Holdings UK Financials Life insurance/assurance 9,541 0.77
Johnson Service Group UK Industrials Support services 9,506 0.77
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 9,443 0.76
Associated British Foods UK Consumer Goods Food producers 9,180 0.74
Hammerson UK Financials Real estate investment trusts 9,152 0.74
Chesnara UK Financials Life insurance/assurance 8,982 0.73
Marshalls UK Industrials Construction & materials 8,489 0.69
AFC Energy UK Oil & Gas Alternative Energy 8,389 0.68
HICL Infrastructure UK Financials Equity investment instruments 8,386 0.68
General Motors USA Consumer Goods Automobiles & parts 8,246 0.67
Sabre Insurance Group UK Financials Nonlife insurance 8,246 0.67
Whitbread UK Consumer Services Travel & leisure 8,177 0.66
Vanquis Banking Group UK Financials Financial services 7,647 0.62
Ceres Power UK Oil & Gas Oil equipment services & distribution 7,492 0.61
Weir Group UK Industrials Industrial engineering 7,392 0.60
SigmaRoc UK Industrials Construction & materials 7,335 0.59
Elementis UK Basic Materials Chemicals 7,323 0.59
Standard Life Aberdeen UK Financials Financial services 7,294 0.59
Renold UK Industrials Industrial engineering 7,257 0.59
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 7,256 0.59
Haleon UK Health Care Pharmaceuticals & biotechnology 7,256 0.59
SSE UK Utilities Electricity 6,920 0.56
ITM Power UK Oil & Gas Oil equipment services & distribution 6,873 0.56
Accsys Technologies UK Industrials Construction & materials 6,725 0.54
Beazley UK Financials Nonlife insurance 6,660 0.54
Freeport-McMoran USA Basic Materials Mining 6,577 0.53
Gibson Energy Canada Oil & Gas Oil & gas producers 6,522 0.53
Infineon Technologies Germany Industrials Electronic & electrical equipment 6,137 0.50
British Land Company UK Financials Real estate investment trusts 5,866 0.47
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,767 0.47
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,444 0.44
Workspace Group UK Financials Real estate investment trusts 5,400 0.44
Great Portland Estates UK Financials Real estate investments & services 5,338 0.43
Zigup UK Industrials Support services 5,235 0.42
Invinity Energy Systems UK Oil & Gas Alternative Energy 5,108 0.41
Inchcape UK Industrials Support services 5,006 0.40
Oxford Sciences Innovation UKULM Financials Financial services 5,000 0.40
Easyjet UK Industrials Aerospace & defence 4,896 0.40
Segro UK Financials Real estate investment trusts 4,703 0.38
Roche Switzerland Health Care Pharmaceuticals & biotechnology 4,670 0.38
Rathbones Group UK Financials Equity investment instruments 4,595 0.37
Halfords UK Consumer Services General retailers 4,461 0.36
Croda UK Basic Materials Chemicals 4,389 0.36
Ilika UK Oil & Gas Alternative Energy 4,336 0.35
Castings UK Industrials Construction & materials 4,132 0.33
Sanofi France Health Care Pharmaceuticals & biotechnology 4,060 0.33
Vertu Motors UK Consumer Services General retailers 4,055 0.33
Tate & Lyle UK Consumer Goods Food producers 3,986 0.32
Reach UK Consumer Services Media 3,976 0.32
Bellway UK Consumer Goods Household goods & home construction 3,841 0.31
TT Electronics UK Industrials Electronic & electrical equipment 3,447 0.28
Gelion UK Other Sustainable Energy 3,372 0.27
Siemens Germany Technology Software & computer services 3,261 0.26
Munchener Rueckver Germany Financials Nonlife insurance 3,156 0.26
Serica Energy UK Oil & Gas Oil & gas producers 3,147 0.25
Safran France Industrials Aerospace & defence 3,035 0.25
SAP Germany Technology Software & computer services 2,942 0.24
Next Fifteen Communications Group UK Consumer Services Media 2,645 0.21
Deutsche Boerse Germany Financials Financial services 2,548 0.21
Jubilee Metals Group UK Basic Materials Mining 2,530 0.20
XP Power UK Technology Technology hardware & equipment 2,434 0.20
Seascape Energy Asia UK Oil & Gas Oil & gas producers 2,280 0.18
Valterra Platinum Other Basic Materials Mining 1,907 0.15
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,812 0.15
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 1,797 0.15
ASML Netherlands Technology Technology hardware & equipment 1,780 0.14
SGS Switzerland Industrials Support services 1,753 0.14
Watkin Jones UK Consumer Goods Household goods & home construction 1,736 0.14
Hercules Site Services UK Industrials Construction & materials 1,616 0.13
Renishaw UK Technology Technology hardware & equipment 1,615 0.13
Danone France Consumer Goods Food producers 1,518 0.12
Marstons UK Consumer Services Travel & leisure 1,413 0.11
Nestle Switzerland Consumer Goods Food producers 1,372 0.11
Surface Transforms UK Consumer Goods Automobiles & parts 1,353 0.11
Arbuthnot Banking Group UK Financials Financial services 1,250 0.10
DSM-Firmenich Netherlands Basic Materials Chemicals 1,090 0.09
Kone Finland Industrials Electronic & electrical equipment 1,038 0.08
Logistics Development Group UK Industrials Industrial transportation 859 0.07
ASM International Netherlands Industrials Electronic & electrical equipment 784 0.06
Kistos UK Oil & Gas Oil & gas producers 698 0.06
First Tin UK Basic Materials Mining 696 0.06
Carclo UK Basic Materials Chemicals 591 0.05
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 447 0.04
Ampeak Energy UK Utilities Electricity 434 0.04
Indus Gas UK Oil & Gas Oil & gas producers 254 0.02
Deltic Energy UK Oil & Gas Oil & gas producers 108 0.01
LDIC Investments UK Financials Financial services
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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