1st Jul 2025 17:11
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 June 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 business1 on 30 June 2025 was 942.65 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 977.24 pence per share (cum income). The mid-market price at the close of business on 30 June 2025 was 1,000.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 930.74 | 942.65 |
NAV with debt at fair value | 965.33 | 977.24 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 14.5 | 18.3 | 45.8 | 96.7 | 144.1 |
NAV total return (with debt at fair value)2 | 14.2 | 18.3 | 51.2 | 118.9 | 158.7 |
FTSE Actuaries All-Share Index Total Return3 | 9.1 | 11.2 | 35.5 | 67.3 | 92.7 |
Share price total return3 | 14.2 | 22.8 | 48.0 | 135.9 | 187.5 |
Change in Retail Price Index4 | 2.8 | 4.3 | 18.5 | 37.6 | 55.6 |
1 The fair value of the IPS business has been calculated as at 31 December 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, May 2025.
Geographical Split of investment portfolio
Region | % of portfolio 30 June 2025 | % of portfolio 31 December 2024 |
UK | 89.4 | 87.6 |
Europe | 5.0 | 5.5 |
North America | 4.5 | 5.6 |
Japan | 0.9 | 1.3 |
Other | 0.2 | 0 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 30 June 2025 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Barclays | UK | Financials | Banks | 39,121 | 3.23 |
HSBC | UK | Financials | Banks | 38,236 | 3.16 |
Shell | UK | Oil & Gas | Oil & gas producers | 31,919 | 2.63 |
Rolls Royce | UK | Industrials | Aerospace & defence | 29,264 | 2.41 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 28,896 | 2.38 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 22,788 | 1.88 |
BP | UK | Oil & Gas | Oil & gas producers | 20,845 | 1.72 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 20,271 | 1.68 |
Standard Chartered | UK | Financials | Banks | 18,536 | 1.54 |
Kier | UK | Industrials | Construction & materials | 17,983 | 1.49 |
National Grid | UK | Utilities | Gas, water & multiutilities | 17,950 | 1.49 |
Boku | UK | Industrials | Support services | 16,992 | 1.41 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 16,953 | 1.40 |
Senior | UK | Industrials | Aerospace & defence | 16,600 | 1.37 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 16,132 | 1.34 |
Aviva | UK | Financials | Life insurance/assurance | 15,924 | 1.32 |
Rio Tinto | UK | Basic Materials | Mining | 15,919 | 1.32 |
J Sainsbury | UK | Consumer Services | General retailers | 15,483 | 1.28 |
M & G | UK | Financials | Financial services | 15,420 | 1.28 |
NatWest | UK | Financials | Banks | 14,575 | 1.21 |
Lloyds Banking Group | UK | Financials | Banks | 14,569 | 1.21 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 14,439 | 1.20 |
Balfour Beatty | UK | Industrials | Construction & materials | 14,430 | 1.20 |
IMI | UK | Industrials | Industrial engineering | 14,396 | 1.19 |
BAE Systems | UK | Industrials | Aerospace & defence | 14,145 | 1.17 |
Babcock | UK | Industrials | Aerospace & defence | 14,073 | 1.17 |
Prudential | UK | Financials | Life insurance/assurance | 13,999 | 1.16 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 13,860 | 1.15 |
Land Securities | UK | Financials | Real estate investment trusts | 13,705 | 1.14 |
Cranswick | UK | Consumer Goods | Food producers | 12,785 | 1.06 |
Marks & Spencer | UK | Consumer Services | General retailers | 12,404 | 1.03 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 12,376 | 1.03 |
ITV | UK | Consumer Services | Media | 12,154 | 1.01 |
Greencoat UK Wind | UK | Utilities | Electricity | 12,050 | 1.00 |
Hill & Smith | UK | Industrials | Industrial engineering | 11,928 | 0.99 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,889 | 0.98 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 11,712 | 0.97 |
Marshalls | UK | Industrials | Construction & materials | 11,420 | 0.95 |
Hiscox | UK | Financials | Nonlife insurance | 11,352 | 0.94 |
Johnson Matthey | UK | Other | Sustainable Energy | 11,271 | 0.93 |
Cummins | USA | Industrials | Industrial engineering | 11,206 | 0.93 |
Schroders | UK | Financials | Financial services | 11,203 | 0.93 |
Anglo American | UK | Basic Materials | Mining | 10,415 | 0.86 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,394 | 0.86 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 10,234 | 0.85 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 10,164 | 0.84 |
Ibstock | UK | Industrials | Construction & materials | 10,083 | 0.84 |
Johnson Service Group | UK | Industrials | Support services | 10,015 | 0.83 |
Dunelm | UK | Consumer Services | General retailers | 9,836 | 0.81 |
IP Group | UK | Financials | Financial services | 9,813 | 0.81 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 9,790 | 0.81 |
Hammerson | UK | Financials | Real estate investment trusts | 9,534 | 0.79 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 9,205 | 0.76 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 9,128 | 0.76 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 9,127 | 0.76 |
Spectris | UK | Industrials | Electronic & electrical equipment | 9,111 | 0.75 |
International Personal Finance | UK | Financials | Financial services | 8,745 | 0.72 |
Associated British Foods | UK | Consumer Goods | Food producers | 8,742 | 0.72 |
Reckitt Benckiser Group | UK | Health Care | Health care equipment & services | 8,671 | 0.72 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 8,556 | 0.71 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 8,487 | 0.70 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 8,450 | 0.70 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 8,229 | 0.68 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 8,204 | 0.68 |
Beazley | UK | Financials | Nonlife insurance | 7,948 | 0.66 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,486 | 0.62 |
Weir Group | UK | Industrials | Industrial engineering | 7,470 | 0.62 |
Whitbread | Canada | Consumer Services | Travel & leisure | 7,332 | 0.61 |
SSE | UK | Utilities | Electricity | 7,322 | 0.61 |
Renold | UK | Industrials | Industrial engineering | 7,221 | 0.60 |
Elementis | UK | Basic Materials | Chemicals | 7,215 | 0.60 |
SigmaRoc | UK | Industrials | Construction & materials | 6,850 | 0.57 |
General Motors | USA | Consumer Goods | Automobiles & parts | 6,805 | 0.56 |
Vanquis Banking Group | UK | Financials | Financial services | 6,708 | 0.56 |
Standard Life Aberdeen | UK | Financials | Financial services | 6,552 | 0.54 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,319 | 0.52 |
Freeport-McMoran | USA | Basic Materials | Mining | 6,309 | 0.52 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 6,291 | 0.52 |
Great Portland Estates | UK | Financials | Real estate investments & services | 6,265 | 0.52 |
Chesnara | UK | Financials | Life insurance/assurance | 6,240 | 0.52 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 6,025 | 0.50 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,945 | 0.49 |
Workspace Group | UK | Financials | Real estate investment trusts | 5,677 | 0.47 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,560 | 0.46 |
Epwin Group | UK | Consumer Goods | Household goods & home construction | 5,528 | 0.46 |
Inchcape | UK | Industrials | Support services | 5,445 | 0.45 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 5,292 | 0.44 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 5,136 | 0.43 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,133 | 0.43 |
Segro | UK | Financials | Real estate investment trusts | 5,097 | 0.42 |
Halfords | UK | Consumer Services | General retailers | 5,040 | 0.42 |
Zigup | UK | Industrials | Support services | 5,024 | 0.42 |
Easyjet | UK | Industrials | Aerospace & defence | 4,790 | 0.40 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,759 | 0.39 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 4,601 | 0.38 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,533 | 0.38 |
Castings | UK | Industrials | Construction & materials | 4,354 | 0.36 |
Rathbones Group | UK | Financials | Equity investment instruments | 4,340 | 0.36 |
Ilika | UK | Oil & Gas | Alternative Energy | 4,298 | 0.36 |
Vertu Motors | UK | Consumer Services | General retailers | 4,293 | 0.36 |
Reach | UK | Consumer Services | Media | 4,231 | 0.35 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 3,918 | 0.32 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,830 | 0.32 |
Gelion | UK | Other | Sustainable Energy | 3,797 | 0.31 |
SAP | Germany | Technology | Software & computer services | 3,241 | 0.27 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,158 | 0.26 |
Siemens | Germany | Technology | Software & computer services | 2,983 | 0.25 |
Croda | UK | Basic Materials | Chemicals | 2,924 | 0.24 |
Safran | France | Industrials | Aerospace & defence | 2,914 | 0.24 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,790 | 0.23 |
Deutsche Boerse | Germany | Financials | Financial services | 2,782 | 0.23 |
Jubilee Metals Group | UK | Basic Materials | Mining | 2,607 | 0.22 |
XP Power | UK | Technology | Technology hardware & equipment | 2,524 | 0.21 |
DVS | Denmark | Industrials | Industrial transportation | 2,464 | 0.20 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 2,405 | 0.20 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,963 | 0.16 |
ASML | Netherlands | Technology | Technology hardware & equipment | 1,880 | 0.16 |
Valterra Platinum | Other | Basic Materials | Mining | 1,823 | 0.15 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,802 | 0.15 |
Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,784 | 0.15 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,739 | 0.14 |
SGS | Switzerland | Industrials | Support services | 1,717 | 0.14 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,697 | 0.14 |
Marstons | UK | Consumer Services | Travel & leisure | 1,531 | 0.13 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 1,530 | 0.13 |
Danone | France | Consumer Goods | Food producers | 1,462 | 0.12 |
Renishaw | UK | Technology | Technology hardware & equipment | 1,430 | 0.12 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,424 | 0.12 |
Aena | Spain | Consumer Services | Travel & leisure | 1,253 | 0.10 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 1,168 | 0.10 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,118 | 0.09 |
LVMH | France | Consumer Goods | Leisure Goods | 1,079 | 0.09 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,072 | 0.09 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,029 | 0.09 |
Logistics Development Group | UK | Industrials | Industrial transportation | 889 | 0.07 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 803 | 0.07 |
Kistos | UK | Oil & Gas | Oil & gas producers | 765 | 0.06 |
First Tin | UK | Basic Materials | Mining | 684 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 599 | 0.05 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 515 | 0.04 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 416 | 0.03 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 131 | 0.01 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 95 | 0.01 |
LDIC Investments | UK | Financials | Financial services | 88 | 0.01 |
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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