REG - Law Debenture Corp - Net Asset Value(s)
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RNS Number : 1361Z Law Debenture Corp PLC 01 April 2026
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 March 2026
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 31 March 2026 was 1,041.35 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 1,081.39 pence
per share (cum income). The mid-market price at the close of business on 31
March 2026 was 1,056.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 1,031.48 1,041.35
NAV with debt at fair value 1,071.52 1,081.39
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 0.5 29.6 53.1 69.6 181.2
NAV total return (with debt at fair value)(2) 1.0 29.0 53.6 83.4 200.8
FTSE Actuaries All-Share Index Total Return(3) 2.4 21.5 45.6 69.3 129.8
Share price total return(3) 1.2 24.3 47.4 76.1 236.4
Change in Retail Price Index(4) -0.1 3.3 11.2 37.5 56.3
(1) The fair value of the IPS business has been calculated as at 31 December
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: LSEG, London Stock Exchange Group.
(4) Source: Office for National Statistics, subject to latest published RPI,
February 2026.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
31 March 2026 31 December 2025
UK 90.3 89.9
Europe 5.0 4.5
North America 3.5 4.3
Japan 0.9 1.0
Other 0.3 0.3
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 31 March 2026 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
HSBC UK Financials Banks 52,967 4.01
Barclays UK Financials Banks 45,170 3.42
Shell UK Oil & Gas Oil & gas producers 44,781 3.39
Rio Tinto UK Basic Materials Mining 36,451 2.76
BP UK Oil & Gas Oil & gas producers 34,559 2.61
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 33,850 2.56
Senior UK Industrials Aerospace & defence 25,831 1.95
Standard Chartered UK Financials Banks 23,873 1.81
National Grid UK Utilities Gas, water & multiutilities 21,459 1.62
Balfour Beatty UK Industrials Construction & materials 20,898 1.58
Ceres Power UK Oil & Gas Oil equipment services & distribution 20,152 1.52
Relx UK Consumer Services Media 18,818 1.42
Flutter Entertainment UK Consumer Services Travel & leisure 18,490 1.40
Rolls Royce UK Industrials Aerospace & defence 18,387 1.39
J Sainsbury UK Consumer Services General retailers 18,126 1.37
Lloyds Banking Group UK Financials Banks 17,545 1.33
IMI UK Industrials Industrial engineering 17,380 1.31
BT Group UK Telecommunications Fixed Line Telecommunications 16,840 1.27
BAE Systems UK Industrials Aerospace & defence 16,500 1.25
M & G UK Financials Financial services 16,320 1.23
Marks & Spencer UK Consumer Services General retailers 16,277 1.23
Prudential UK Financials Life insurance/assurance 15,923 1.20
Kingfisher UK Consumer Goods Household goods & home construction 15,744 1.19
NatWest UK Financials Banks 15,738 1.19
Aviva UK Financials Life insurance/assurance 15,446 1.17
Anglo American UK Basic Materials Mining 15,394 1.16
Irish Continental Group Ireland Consumer Services Travel & leisure 14,521 1.10
Kier UK Industrials Construction & materials 14,518 1.10
Herald Investment Trust UK Financials Equity investment instruments 14,490 1.10
Hill & Smith UK Industrials Industrial engineering 14,011 1.06
Hiscox UK Financials Nonlife insurance 13,668 1.03
Boku UK Industrials Support services 13,597 1.03
Severn Trent UK Utilities Gas, water & multiutilities 13,407 1.01
Cranswick UK Consumer Goods Food producers 12,498 0.95
Vodafone UK Telecommunications Mobile telecommunications 12,458 0.94
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 12,423 0.94
Johnson Matthey UK Other Sustainable Energy 12,324 0.93
International Consolidated Airlines UK Consumer Services Travel & leisure 12,024 0.91
Land Securities UK Financials Real estate investment trusts 12,020 0.91
Segro UK Financials Real estate investment trusts 11,910 0.90
Infineon Technologies Germany Industrials Electronic & electrical equipment 11,795 0.89
Shaftesbury Capital UK Financials Real estate investment trusts 11,794 0.89
Babcock UK Industrials Aerospace & defence 11,602 0.88
IP Group UK Financials Financial services 11,263 0.85
London Stock Exchange Group UK Financials Financial services 11,080 0.84
General Motors USA Consumer Goods Automobiles & parts 10,703 0.81
British Land Company UK Financials Real estate investment trusts 10,662 0.81
SSE UK Utilities Electricity 10,376 0.78
ITV UK Consumer Services Media 10,125 0.77
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 10,025 0.76
VH Global Energy Infrastructure UK Other Sustainable Energy 10,024 0.76
Associated British Foods UK Consumer Goods Food producers 9,849 0.75
Smith & Nephew UK Health Care Health care equipment & services 9,717 0.74
Greencoat UK Wind UK Utilities Electricity 9,665 0.73
Chesnara UK Financials Life insurance/assurance 9,572 0.72
Standard Life UK Financials Life insurance/assurance 9,492 0.72
Hammerson UK Financials Real estate investment trusts 9,394 0.71
AFC Energy UK Oil & Gas Alternative Energy 9,241 0.70
Standard Life Aberdeen UK Financials Financial services 9,011 0.68
Sabre Insurance Group UK Financials Nonlife insurance 8,982 0.68
Freeport-McMoran USA Basic Materials Mining 8,889 0.67
Johnson Service Group UK Industrials Support services 8,727 0.66
Weir Group UK Industrials Industrial engineering 8,388 0.63
HICL Infrastructure UK Financials Equity investment instruments 8,302 0.63
Ibstock UK Industrials Construction & materials 7,975 0.60
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 7,775 0.59
Sanofi France Health Care Pharmaceuticals & biotechnology 7,622 0.58
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 7,565 0.57
Vanquis Banking Group UK Financials Financial services 7,540 0.57
Inchcape UK Industrials Support services 7,500 0.57
Gibson Energy Canada Oil & Gas Oil & gas producers 7,495 0.57
Haleon UK Health Care Pharmaceuticals & biotechnology 7,474 0.57
Marshalls UK Industrials Construction & materials 7,438 0.56
SigmaRoc UK Industrials Construction & materials 7,424 0.56
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 7,407 0.56
Workspace Group UK Financials Real estate investment trusts 7,406 0.56
ITM Power UK Oil & Gas Oil equipment services & distribution 7,208 0.55
Whitbread UK Consumer Services Travel & leisure 7,115 0.54
Dunelm UK Consumer Services General retailers 6,899 0.52
Elementis UK Basic Materials Chemicals 6,821 0.52
Accsys Technologies UK Industrials Construction & materials 6,379 0.48
Zigup UK Industrials Support services 6,369 0.48
Mondi UK Basic Materials Forestry & paper 6,327 0.48
Serica Energy UK Oil & Gas Oil & gas producers 5,870 0.44
Roche Holding Switzerland Health Care Pharmaceuticals & biotechnology 5,773 0.44
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,489 0.42
Oxford Sciences Innovation UKULM Financials Financial services 5,367 0.41
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 5,255 0.40
Rathbones Group UK Financials Equity investment instruments 4,970 0.38
Safran France Industrials Aerospace & defence 4,955 0.37
Great Portland Estates UK Financials Real estate investments & services 4,953 0.37
Croda UK Basic Materials Chemicals 4,926 0.37
Invinity Energy Systems UK Oil & Gas Alternative Energy 4,831 0.37
Halfords UK Consumer Services General retailers 4,200 0.32
3I INFRASTRUCTURE UK Financials Equity investment instruments 4,163 0.31
Marstons UK Consumer Services Travel & leisure 4,009 0.30
TT Electronics UK Industrials Electronic & electrical equipment 3,989 0.30
Bellway UK Consumer Goods Household goods & home construction 3,962 0.30
Vertu Motors UK Consumer Services General retailers 3,919 0.30
Derwent London UK Financials Real estate investment trusts 3,915 0.30
Castings UK Industrials Construction & materials 3,756 0.28
Valterra Platinum Other Basic Materials Mining 3,514 0.27
Reach UK Consumer Services Media 3,479 0.26
Easyjet UK Industrials Aerospace & defence 3,471 0.26
XP Power UK Technology Technology hardware & equipment 3,351 0.25
Greencore Group Ireland Consumer Goods Beverages 3,293 0.25
Munchener Rueckver Germany Financials Nonlife insurance 3,175 0.24
ASML Netherlands Technology Technology hardware & equipment 3,156 0.24
Jubilee Metals Group UK Basic Materials Mining 3,152 0.24
Siemens Germany Technology Software & computer services 2,845 0.22
Ilika UK Oil & Gas Alternative Energy 2,738 0.21
Tate & Lyle UK Consumer Goods Food producers 2,715 0.21
Gelion UK Other Sustainable Energy 2,593 0.20
Deutsche Boerse Germany Financials Financial services 2,572 0.19
Next Fifteen Communications Group UK Consumer Services Media 2,260 0.17
Seascape Energy Asia UK Oil & Gas Oil & gas producers 2,220 0.17
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,963 0.15
SAP Germany Technology Software & computer services 1,891 0.14
Renishaw UK Technology Technology hardware & equipment 1,765 0.13
Hercules Site Services UK Industrials Construction & materials 1,714 0.13
Watkin Jones UK Consumer Goods Household goods & home construction 1,553 0.12
Arbuthnot Banking Group UK Financials Financial services 1,446 0.11
First Tin UK Basic Materials Mining 1,320 0.10
ASM International Netherlands Industrials Electronic & electrical equipment 1,228 0.09
Kistos UK Oil & Gas Oil & gas producers 1,148 0.09
Kone Finland Industrials Electronic & electrical equipment 1,070 0.08
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 1,005 0.08
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 932 0.07
DSM-Firmenich Netherlands Basic Materials Chemicals 810 0.06
Logistics Development Group UK Industrials Industrial transportation 800 0.06
Carclo UK Basic Materials Chemicals 547 0.04
Ampeak Energy UK Utilities Electricity 470 0.04
Surface Transforms UK Consumer Goods Automobiles & parts 85 0.01
Deltic Energy UK Oil & Gas Oil & gas producers 48
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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