2nd Mar 2026 14:29
The Law Debenture Corporation p.l.c.
Net Asset Value as at 27 February 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 27 February 2026 was 1,140.51 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,173.32 pence per share (cum income). The mid-market price at the close of business on 27 February 2026 was 1,200.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,138.88 | 1,140.51 |
NAV with debt at fair value | 1,171.69 | 1,173.32 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 9.3 | 36.2 | 59.2 | 96.4 | 216.1 |
NAV total return (with debt at fair value)2 | 8.8 | 34.9 | 58.2 | 111.6 | 231.8 |
FTSE Actuaries All-Share Index Total Return3 | 9.7 | 27.3 | 51.6 | 88.7 | 151.0 |
Share price total return3 | 13.9 | 37.3 | 58.7 | 108.2 | 293.1 |
Change in Retail Price Index4 | -0.5 | 3.1 | 11.5 | 37.9 | 56.3 |
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, January 2026.
Geographical Split of investment portfolio
Region | % of portfolio 27 February 2026 | % of portfolio 31 December 2025 |
UK | 89.7 | 89.9 |
Europe | 5.1 | 4.5 |
North America | 3.9 | 4.3 |
Japan | 1.0 | 1.0 |
Other | 0.3 | 0.3 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 27 February 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 60,418 | 4.08 |
Barclays | UK | Financials | Banks | 52,525 | 3.55 |
Rio Tinto | UK | Basic Materials | Mining | 38,509 | 2.60 |
Shell | UK | Oil & Gas | Oil & gas producers | 38,413 | 2.60 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 36,080 | 2.44 |
Standard Chartered | UK | Financials | Banks | 28,134 | 1.90 |
Senior | UK | Industrials | Aerospace & defence | 27,817 | 1.88 |
BP | UK | Oil & Gas | Oil & gas producers | 27,226 | 1.83 |
National Grid | UK | Utilities | Gas, water & multiutilities | 23,522 | 1.58 |
Rolls Royce | UK | Industrials | Aerospace & defence | 21,661 | 1.46 |
Balfour Beatty | UK | Industrials | Construction & materials | 20,981 | 1.41 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 20,555 | 1.38 |
IMI | UK | Industrials | Industrial engineering | 19,800 | 1.33 |
Relx | UK | Consumer Services | Media | 19,631 | 1.32 |
Lloyds Banking Group | UK | Financials | Banks | 19,466 | 1.31 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 19,095 | 1.29 |
M & G | UK | Financials | Financial services | 19,050 | 1.28 |
Marks & Spencer | UK | Consumer Services | General retailers | 19,032 | 1.28 |
J Sainsbury | UK | Consumer Services | General retailers | 18,672 | 1.26 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 18,504 | 1.25 |
Kier | UK | Industrials | Construction & materials | 18,147 | 1.22 |
Anglo American | UK | Basic Materials | Mining | 17,928 | 1.21 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 17,791 | 1.20 |
Aviva | UK | Financials | Life insurance/assurance | 17,643 | 1.19 |
NatWest | UK | Financials | Banks | 17,630 | 1.19 |
Prudential | UK | Financials | Life insurance/assurance | 17,442 | 1.17 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 17,336 | 1.17 |
Hill & Smith | UK | Industrials | Industrial engineering | 15,841 | 1.07 |
BAE Systems | UK | Industrials | Aerospace & defence | 15,840 | 1.07 |
Segro | UK | Financials | Real estate investment trusts | 15,559 | 1.05 |
Boku | UK | Industrials | Support services | 15,348 | 1.03 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 15,343 | 1.03 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 15,330 | 1.03 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 14,975 | 1.01 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 14,561 | 0.98 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 14,414 | 0.97 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 14,282 | 0.96 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 14,246 | 0.96 |
Land Securities | UK | Financials | Real estate investment trusts | 14,053 | 0.95 |
Hiscox | UK | Financials | Nonlife insurance | 13,993 | 0.94 |
Babcock | UK | Industrials | Aerospace & defence | 13,536 | 0.91 |
Johnson Matthey | UK | Other | Sustainable Energy | 13,078 | 0.88 |
Cranswick | UK | Consumer Goods | Food producers | 12,952 | 0.87 |
International Personal Finance | UK | Financials | Financial services | 12,746 | 0.86 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 12,590 | 0.85 |
British Land Company | UK | Financials | Real estate investment trusts | 12,240 | 0.82 |
IP Group | UK | Financials | Financial services | 12,160 | 0.82 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 12,075 | 0.81 |
Hammerson | UK | Financials | Real estate investment trusts | 11,741 | 0.79 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 11,354 | 0.76 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 11,238 | 0.76 |
General Motors | USA | Consumer Goods | Automobiles & parts | 11,085 | 0.75 |
SSE | UK | Utilities | Electricity | 10,756 | 0.72 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 10,717 | 0.72 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 10,612 | 0.71 |
Weir Group | UK | Industrials | Industrial engineering | 10,566 | 0.71 |
Ibstock | UK | Industrials | Construction & materials | 10,439 | 0.70 |
Chesnara | UK | Financials | Life insurance/assurance | 10,400 | 0.70 |
Cummins | USA | Industrials | Industrial engineering | 10,390 | 0.70 |
Associated British Foods | UK | Consumer Goods | Food producers | 10,377 | 0.70 |
Freeport-McMoran | USA | Basic Materials | Mining | 10,094 | 0.68 |
Johnson Service Group | UK | Industrials | Support services | 9,999 | 0.67 |
ITV | UK | Consumer Services | Media | 9,782 | 0.66 |
Greencoat UK Wind | UK | Utilities | Electricity | 9,495 | 0.64 |
SigmaRoc | UK | Industrials | Construction & materials | 9,452 | 0.64 |
Workspace Group | UK | Financials | Real estate investment trusts | 9,342 | 0.63 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,971 | 0.60 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 8,905 | 0.60 |
Dunelm | UK | Consumer Services | General retailers | 8,870 | 0.60 |
London Stock Exchange Group | UK | Financials | Financial services | 8,858 | 0.60 |
Marshalls | UK | Industrials | Construction & materials | 8,726 | 0.59 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 8,652 | 0.58 |
Standard Life Aberdeen | UK | Financials | Financial services | 8,235 | 0.55 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 8,112 | 0.55 |
Whitbread | UK | Consumer Services | Travel & leisure | 8,060 | 0.54 |
Vanquis Banking Group | UK | Financials | Financial services | 8,010 | 0.54 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 7,878 | 0.53 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,630 | 0.51 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 7,588 | 0.51 |
Elementis | UK | Basic Materials | Chemicals | 7,477 | 0.50 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,426 | 0.50 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,321 | 0.49 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 6,863 | 0.46 |
Zigup | UK | Industrials | Support services | 6,836 | 0.46 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,747 | 0.45 |
Inchcape | UK | Industrials | Support services | 6,664 | 0.45 |
Mondi | UK | Basic Materials | Forestry & paper | 6,654 | 0.45 |
Great Portland Estates | UK | Financials | Real estate investments & services | 6,073 | 0.41 |
Safran | France | Industrials | Aerospace & defence | 6,049 | 0.41 |
Rathbones Group | UK | Financials | Equity investment instruments | 5,663 | 0.38 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 5,586 | 0.38 |
Croda | UK | Basic Materials | Chemicals | 5,413 | 0.36 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,333 | 0.36 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,109 | 0.34 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 5,004 | 0.34 |
Valterra Platinum | Other | Basic Materials | Mining | 4,880 | 0.33 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 4,830 | 0.33 |
Halfords | UK | Consumer Services | General retailers | 4,825 | 0.32 |
Easyjet | UK | Industrials | Aerospace & defence | 4,639 | 0.31 |
Marstons | UK | Consumer Services | Travel & leisure | 4,615 | 0.31 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,597 | 0.31 |
Derwent London | UK | Financials | Real estate investment trusts | 4,535 | 0.31 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 4,494 | 0.30 |
Jubilee Metals Group | UK | Basic Materials | Mining | 4,372 | 0.29 |
Castings | UK | Industrials | Construction & materials | 4,263 | 0.29 |
Reach | UK | Consumer Services | Media | 4,167 | 0.28 |
Vertu Motors | UK | Consumer Services | General retailers | 4,103 | 0.28 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,096 | 0.28 |
Gelion | UK | Other | Sustainable Energy | 3,890 | 0.26 |
XP Power | UK | Technology | Technology hardware & equipment | 3,782 | 0.25 |
Greencore Group | Ireland | Consumer Goods | Beverages | 3,660 | 0.25 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,491 | 0.24 |
Siemens | Germany | Technology | Software & computer services | 3,445 | 0.23 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,309 | 0.22 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,245 | 0.22 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,030 | 0.20 |
Tate & Lyle | UK | Consumer Goods | Food producers | 2,825 | 0.19 |
Hercules Site Services | UK | Industrials | Construction & materials | 2,671 | 0.18 |
Deutsche Boerse | Germany | Financials | Financial services | 2,377 | 0.16 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 2,220 | 0.15 |
SAP | Germany | Technology | Software & computer services | 2,184 | 0.15 |
Renishaw | UK | Technology | Technology hardware & equipment | 2,150 | 0.14 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 2,133 | 0.14 |
First Tin | UK | Basic Materials | Mining | 1,980 | 0.13 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,963 | 0.13 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,607 | 0.11 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,594 | 0.11 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,455 | 0.10 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,380 | 0.09 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,264 | 0.09 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,258 | 0.08 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,058 | 0.07 |
Logistics Development Group | UK | Industrials | Industrial transportation | 918 | 0.06 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 799 | 0.05 |
Carclo | UK | Basic Materials | Chemicals | 705 | 0.05 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 662 | 0.04 |
Ampeak Energy | UK | Utilities | Electricity | 524 | 0.04 |
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
Related Shares:
Law Debenture