1st Oct 2026 15:24
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 September 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 business1 on 30 September 2026 was 1,181.64 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,223.08 pence per share (cum income). The mid-market price at the close of business on 30 September 2026 was 1,244.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,169.75 | 1,181.64 |
NAV with debt at fair value | 1,211.19 | 1,223.08 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 15.0 | 21.4 | 73.2 | 75.8 | 184.4 |
NAV total return (with debt at fair value)2 | 15.0 | 20.9 | 71.0 | 88.7 | 212.6 |
FTSE All-Share Index Total Return3 | 9.8 | 16.8 | 53.9 | 68.2 | 118.4 |
Share price total return3 | 20.0 | 20.4 | 71.7 | 96.0 | 256.8 |
Change in Retail Price Index4 | 3.2 | 3.8 | 11.9 | 36.6 | 59.2 |
1 The fair value of the IPS business has been calculated as at 30 June 2026.
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, August 2026.
Geographical Split of investment portfolio
Region | % of portfolio 30 September 2026 | % of portfolio 31 December 2025 |
UK | 90.8 | 89.9 |
Europe | 3.8 | 4.5 |
North America | 4.4 | 4.3 |
Japan | 0.8 | 1.0 |
Other | 0.2 | 0.3 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 30 September 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 61,201 | 4.03 |
Barclays | UK | Financials | Banks | 48,495 | 3.19 |
Shell | UK | Oil & Gas | Oil & gas producers | 44,619 | 2.93 |
BP | UK | Oil & Gas | Oil & gas producers | 42,304 | 2.78 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 41,953 | 2.76 |
Rio Tinto | UK | Basic Materials | Mining | 37,270 | 2.45 |
Standard Chartered | UK | Financials | Banks | 35,291 | 2.32 |
Relx | UK | Consumer Services | Media | 25,200 | 1.66 |
Rolls Royce | UK | Industrials | Aerospace & defence | 23,748 | 1.56 |
Kier | UK | Industrials | Construction & materials | 22,116 | 1.45 |
Hill & Smith | UK | Industrials | Industrial engineering | 22,065 | 1.45 |
IMI | UK | Industrials | Industrial engineering | 21,560 | 1.42 |
Balfour Beatty | UK | Industrials | Construction & materials | 20,865 | 1.37 |
Anglo American | UK | Basic Materials | Mining | 19,662 | 1.29 |
NatWest | UK | Financials | Banks | 19,614 | 1.29 |
Diageo | UK | Consumer Goods | Beverages | 19,482 | 1.28 |
National Grid | UK | Utilities | Gas, water & multiutilities | 19,362 | 1.27 |
M & G | UK | Financials | Financial services | 19,236 | 1.26 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 18,552 | 1.22 |
Marks & Spencer | UK | Consumer Services | General retailers | 18,509 | 1.22 |
Unilever | UK | Consumer Goods | Personal goods | 18,414 | 1.21 |
Lloyds Banking Group | UK | Financials | Banks | 18,173 | 1.19 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 17,760 | 1.17 |
Aviva | UK | Financials | Life insurance/assurance | 17,658 | 1.16 |
Babcock | UK | Industrials | Aerospace & defence | 17,291 | 1.14 |
J Sainsbury | UK | Consumer Services | General retailers | 16,810 | 1.10 |
Hiscox | UK | Financials | Nonlife insurance | 16,770 | 1.10 |
London Stock Exchange Group | UK | Financials | Financial services | 16,316 | 1.07 |
IP Group | UK | Financials | Financial services | 16,093 | 1.06 |
Land Securities | UK | Financials | Real estate investment trusts | 15,435 | 1.01 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 15,356 | 1.01 |
Astrazeneca | UK | Health Care | Pharmaceuticals & biotechnology | 15,350 | 1.01 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 15,018 | 0.99 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 14,992 | 0.98 |
Flutter Entertainment | USA | Consumer Services | Travel & leisure | 14,887 | 0.98 |
BAE Systems | UK | Industrials | Aerospace & defence | 14,678 | 0.96 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 14,546 | 0.96 |
Prudential | UK | Financials | Life insurance/assurance | 14,285 | 0.94 |
Standard Life Aberdeen | UK | Financials | Financial services | 14,272 | 0.94 |
Convatec Group | UK | Health Care | Health care equipment & services | 14,105 | 0.93 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 13,497 | 0.89 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 13,459 | 0.88 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,400 | 0.88 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,267 | 0.87 |
Elementis | UK | Basic Materials | Chemicals | 13,212 | 0.87 |
Boku | UK | Industrials | Support services | 13,078 | 0.86 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 12,984 | 0.85 |
Marshalls | UK | Industrials | Construction & materials | 12,686 | 0.83 |
Johnson Matthey | UK | Basic Materials | Chemicals | 12,632 | 0.83 |
Standard Life | UK | Financials | Life insurance/assurance | 12,376 | 0.81 |
British Land Company | UK | Financials | Real estate investment trusts | 11,946 | 0.78 |
Reckitt Benckiser Group | UK | Consumer Goods | Household goods & home construction | 11,729 | 0.77 |
Greencoat UK Wind | UK | Utilities | Electricity | 11,550 | 0.76 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,533 | 0.76 |
Chesnara | UK | Financials | Life insurance/assurance | 11,164 | 0.73 |
General Motors | USA | Consumer Goods | Automobiles & parts | 11,026 | 0.72 |
Hammerson | UK | Financials | Real estate investment trusts | 10,988 | 0.72 |
Freeport-McMoran | USA | Basic Materials | Mining | 10,547 | 0.69 |
Johnson Service Group | UK | Industrials | Support services | 10,450 | 0.69 |
SigmaRoc | UK | Industrials | Construction & materials | 10,163 | 0.67 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 10,109 | 0.66 |
SSE | UK | Utilities | Electricity | 9,960 | 0.65 |
ITV | UK | Consumer Services | Media | 9,817 | 0.64 |
Associated British Foods | UK | Consumer Goods | Food producers | 9,755 | 0.64 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 9,723 | 0.64 |
Centrica | UK | Utilities | Gas, water & multiutilities | 9,597 | 0.63 |
Weir Group | UK | Industrials | Industrial engineering | 9,450 | 0.62 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 9,380 | 0.62 |
Zigup | UK | Industrials | Support services | 9,049 | 0.59 |
Halfords | UK | Consumer Services | General retailers | 8,645 | 0.57 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,562 | 0.56 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 8,270 | 0.54 |
Workspace Group | UK | Financials | Real estate investment trusts | 8,130 | 0.53 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 8,082 | 0.53 |
H-Power | UK | Oil & Gas | Alternative Energy | 8,081 | 0.53 |
Dunelm | UK | Consumer Services | General retailers | 7,869 | 0.52 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,766 | 0.51 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 7,590 | 0.50 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,492 | 0.49 |
Inchcape | UK | Industrials | Support services | 7,450 | 0.49 |
Whitbread | UK | Consumer Services | Travel & leisure | 7,397 | 0.49 |
Ibstock | UK | Industrials | Construction & materials | 7,116 | 0.47 |
Greencore Group | Ireland | Consumer Goods | Beverages | 7,110 | 0.47 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 6,895 | 0.45 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 6,752 | 0.44 |
Becton Dickinson | USA | Health Care | Health care equipment & services | 6,747 | 0.44 |
Berkeley Group Holdings | UK | Consumer Goods | Household goods & home construction | 6,696 | 0.44 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,586 | 0.43 |
Rathbones Group | UK | Financials | Equity investment instruments | 6,216 | 0.41 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,155 | 0.40 |
Roche Holding | Switzerland | Health Care | Pharmaceuticals & biotechnology | 6,105 | 0.40 |
Castings | UK | Industrials | Construction & materials | 6,037 | 0.40 |
Vertu Motors | UK | Consumer Services | General retailers | 5,881 | 0.39 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,833 | 0.38 |
Croda | UK | Basic Materials | Chemicals | 5,833 | 0.38 |
Safran | France | Industrials | Aerospace & defence | 5,786 | 0.38 |
XP Power | UK | Technology | Technology hardware & equipment | 5,580 | 0.37 |
Breedon Group | UK | Basic Materials | Building Materials | 5,576 | 0.37 |
Great Portland Estates | UK | Financials | Real estate investments & services | 5,439 | 0.36 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,246 | 0.34 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 5,060 | 0.33 |
Vanquis Banking Group | UK | Financials | Financial services | 4,931 | 0.32 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 4,913 | 0.32 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,752 | 0.31 |
Derwent London | UK | Financials | Real estate investment trusts | 4,550 | 0.30 |
ASML | Netherlands | Technology | Technology hardware & equipment | 4,408 | 0.29 |
Princes Group | UK | Consumer Goods | Food & Drug Retailers | 4,092 | 0.27 |
Siemens | Germany | Technology | Software & computer services | 3,733 | 0.25 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 3,709 | 0.24 |
Marstons | UK | Consumer Services | Travel & leisure | 3,647 | 0.24 |
Valterra Platinum | Other | Basic Materials | Mining | 3,330 | 0.22 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,105 | 0.20 |
Renishaw | UK | Technology | Technology hardware & equipment | 2,890 | 0.19 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,867 | 0.19 |
Gelion | UK | Other | Sustainable Energy | 2,701 | 0.18 |
Reach | UK | Consumer Services | Media | 2,656 | 0.17 |
SAP | Germany | Technology | Software & computer services | 2,303 | 0.15 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,282 | 0.15 |
Jubilee Metals Group | UK | Basic Materials | Mining | 2,084 | 0.14 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,752 | 0.12 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,714 | 0.11 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,674 | 0.11 |
First Tin | UK | Basic Materials | Mining | 1,500 | 0.10 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,395 | 0.09 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,353 | 0.09 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,155 | 0.08 |
Kone | Finland | Industrials | Electronic & electrical equipment | 982 | 0.06 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 930 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 824 | 0.05 |
Ampeak Energy | UK | Utilities | Electricity | 361 | 0.02 |
Syncona | UK | Financials | Financial services | 205 | 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
Related Shares:
Law Debenture